Slick Talk: The Hospitality Podcast
Starting A Hospitality Business at 21 Years Old with Allison Bayley
Wed Jul 05 2023Description
This episode covers various topics related to short-term rentals, including setting boundaries in the business, Alison's journey into the industry, managing properties and market challenges, preparing properties and managing operations, tools and systems used in short-term rentals, building networks and learning from others, managing a team and work-life balance, and financial responsibility and personal growth.
Insights
Audio ID feature in Minute's sensor
Minute's sensor has an Audio ID feature that detects and removes wind noise from audio data using machine learning.
Alison's journey into short-term rentals
Alison's journey into short-term rentals started with attending a seminar on vacation rentals. She has always been passionate about people and worked at her grandparents' campground during summers. Financial independence was emphasized in Alison's household, leading to concerns about college expenses.
Lessons learned in short-term rentals
The speaker shares their experience of becoming a dive master and traveling around different places. They apply lessons learned from Mexico, such as self-sufficiency and resourcefulness, to their business practices. Managing expectations and operations have been challenging as the business has grown.
Preparing properties for the summer season
Preparing properties for the summer season involves a quick turnaround and collaboration with owners. There is a lack of room for error in the fast-paced industry. The market is located in Southern Maine, with properties within a 7-mile range.
Tools and systems used in short-term rentals
The speaker has discovered various tools and systems for managing short-term rentals, including property management software, guest communication platforms, and real-time updates on leads and bookings. They also utilize CRM and organization tools for planning and execution.
Building networks and learning from others
The speaker researched companies and connected with people to gather resources. They value the advantage of having a family established in the community for over 100 years. Attending conferences and learning from experienced individuals have been valuable for their growth.
Managing a team and work-life balance
The speaker values work-life balance and encourages employees to take time off when needed. Running a business requires long hours and constant availability due to guest expectations. Having great people in place allows the speaker to step away from the business without everything falling apart.
Financial responsibility and personal growth
The current speaker mentioned the importance of spreading out financial responsibilities in her business. She believes it would give her more room for negotiation and relieve some burden. The episode concludes with a thank you to listeners and an invitation to contact Allison via email.
Chapters
- Setting boundaries and sticking to what is known in the business
- Alison's journey into short-term rentals
- The speaker's experience and lessons learned in short-term rentals
- Managing short-term rentals and market challenges
- Preparing properties and managing operations
- Tools and systems used in short-term rentals
- Building networks and learning from others
- Managing a team and work-life balance
- Financial responsibility and personal growth
Setting boundaries and sticking to what is known in the business
00:00 - 07:05
- Audio ID feature in Minute's sensor detects and removes wind noise from audio data
- Machine learning is used to differentiate between different types of noise
- Continual improvement and expansion of the Audio ID feature
Alison's journey into short-term rentals
00:00 - 07:05
- Alison's journey into short-term rentals started with attending a seminar on vacation rentals
- Alison has always been passionate about people and worked at her grandparents' campground during summers
- Financial independence was emphasized in Alison's household, leading to concerns about college expenses
The speaker's experience and lessons learned in short-term rentals
06:40 - 13:30
- The speaker discusses their struggle with paying for college and retaking the SATs.
- The speaker shares their experience of becoming a dive master and traveling around different places.
- The conversation shifts to attending prom in high school, regardless of social preferences.
- The interviewer asks about the speaker's academic performance in high school and if they were naturally book smart.
- The speaker admits that schooling was a struggle for them, but they excelled in sports and valued friendships.
- They explain that they are self-taught in business and rely on hands-on experience rather than formal education.
- Mexico had a significant impact on the speaker's life, teaching them self-sufficiency and resourcefulness.
- They apply these lessons to their business practices, ensuring guests have what they need while encouraging self-reliance.
Managing short-term rentals and market challenges
13:05 - 19:48
- The speaker's journey into short-term rentals started when their mom suggested exploring this field.
- They initially didn't fully realize the magnitude of the change they were embarking on.
- Managing 18 homes made them realize that they were running a business.
- There was a constant need for restructuring and adjusting strategies as they faced challenges.
- The speaker highlights the lack of room for error in their fast-paced industry.
- They explain that their market is located in Southern Maine, with properties within a 7-mile range.
- Preparation before May 1st is crucial, as there is limited time to fix any issues during the season.
- During summer, they work long hours and handle numerous guests, making adjustments as needed.
- In fall, they transition to longer-term rentals and have some downtime for cleanup and adjustments.
- January marks the start of gearing up again for the upcoming season, with bookings scheduled by May 1st.
Preparing properties and managing operations
19:24 - 26:05
- The podcast episode is being recorded on May 2nd and will be released at the end of June.
- During the summer months, there is a high demand for vacation rentals in the area.
- In the winter, many owners transition their properties into long-term rentals.
- Preparing properties for the summer season involves a quick turnaround and collaboration with owners.
- Managing expectations and operations have been challenging as the business has grown.
- Breaking away from the norm can lead to problems, so sticking to what they know works best.
- Ventory is a sponsor of the podcast and offers assistance in scaling and growing rental inventory.
Tools and systems used in short-term rentals
25:46 - 33:01
- For all of you listeners that want to learn how to scale and grow your inventory, you can get a free digital copy of Brooks book called From Zero to 500 Properties in five years.
- If anything is broken or if anyone has hurt, you are able to make a claim through safely and within three business days, you can get instantly paid out to replace any items and settle any claims that happen on site without having to deduct from your owner's payouts.
- When it comes to the systems and operations, they have discovered many tools along the way.
- They operate differently now compared to back then when it comes to tech and not trying to step their pinky toe anymore.
- They have found property management software that does what they need it to do with good support and help centers.
- They use hostfully as their PMS and Bri's way for essential guest communication.
- They have started utilizing text messaging for guest communication which has been huge for them.
- They use hostily open API integrated with their money for real-time updates on leads, bookings, etc. They also use CRM and Monday.com for organization and execution planning.
- Monday.com allows them to slim down the number of tabs they need open at all times by providing a centralized place for information.
- It encourages confidence in decision-making because everything is documented in writing.
- They have been using Wheelhouse and Ben Coleman at Revan Research for two years now. They appreciate their skills, knowledge, and being part of a collective unit.
Building networks and learning from others
32:33 - 39:01
- The speaker researched companies like Hosefully, Wheelhouse, and Breaseway on LinkedIn and connected with people to gather resources.
- The speaker acknowledges the advantage of having a family established in the community for over 100 years, which comes with a reputation for great service and hospitality.
- Justin Ford introduced the speaker to VRMA and provided insights on getting started in the industry.
- The speaker loves being wrong because it allows for improvement and learning.
- Attending conferences was a turning point for the speaker, providing new perspectives and paths to explore.
- The speaker refuses to fail and is determined to succeed.
- Being exposed to experienced individuals like Steve Trover and Robin Craigin has helped flatten the learning curve for younger operators.
- Learning from peers who are in similar situations has been valuable for the speaker.
- The speaker relies on their team of three, soon to be four people, all around the age of 26, for support and collaboration.
- One key person in the office is Mo me, who has been friends with the speaker since fourth grade.
Managing a team and work-life balance
38:45 - 45:34
- Mo me is a key person in the office and has been with the business for three summers.
- Age difference can affect technology, processes, and thinking in the workplace.
- The speaker values work-life balance and encourages employees to take time off when needed.
- The speaker has relied on friends and family for support in their business, but it has strained some relationships.
- The speaker is open to anyone who wants to be a good worker and contribute ideas.
- There are differences between an employee mindset and a business owner mindset.
- Running a business requires long hours and constant availability due to guest expectations.
- The speaker hasn't found work-life harmony yet but prioritizes the business heavily.
- Self-control and discipline are necessary as a business owner.
- The speaker is driving towards retirement and is willing to sacrifice personal time now for future benefits.
- Having great people in place allows the speaker to step away from the business without everything falling apart.
- It took time for the speaker to feel confident about their business's success.
- Seeing even small signs of progress brings satisfaction and reassurance.
Financial responsibility and personal growth
45:06 - 51:37
- The guest before the current speaker asked what is the one thing that in your professional life or business that you know you should be doing but you're not doing and why
- The current speaker mentioned that in her business, they carry a lot of the financial aspect on behalf of the owners, such as fees, bookings, supplies, etc., and she feels they should spread out those responsibilities more
- She believes spreading out the financial responsibility would give her more room for negotiation and relieve some of the burden
- The next question for the upcoming guest is about moments or compliments that resonate with them when they are feeling down or unsure
- The current speaker provides an email address as a way to connect with her
- The host expresses gratitude for having the current speaker on the show and mentions meeting up at a conference in Orlando
- They joke about stealing Disney passes from their nieces and plan to meet up at Galaxy's Edge
- The episode concludes with a thank you to listeners and an invitation to contact Allison via email.