Freewyld Updates—Wins and Challenges

Just two months ago, Eric and I bought an existing vacation rental business in Idyllwild, California, with the intention of renovating the existing units and building 10 to 15 new cabins on the property. This acquisition is our first step in building a hospitality brand known as Freewyld, a world-class short-term rental operation focused on secondary markets near large metropolitan areas. Places for city dwellers to get away and reconnect with nature.On this episode of Get Paid for Your Pad, Eric and I sit down to describe how the Freewyld project is going, explaining how we’ve upgraded the marketing for our new listings and why we’re booking exclusively on Airbnb right now.We share the challenges we’re facing on the development side of the project and discuss how we’re shifting our focus in light of a changing construction timeline.Listen in for insight on doing a scenario analysis before you take over a short-term rental business and find out how we got Strawberry Creek up and running in just eight weeks—and increased its revenue by 20%.Topics Covered What surprised us about our guest avatarMany new to using Airbnb platformMuch younger than expectedWhy we’re booking exclusively on AirbnbLeverage reputation as hosts to book new listingsBuild catalog of 10-plus reviews for each unit  Why ‘the barn’ is struggling to get bookingsLeast attractive property of 4 units availableNeeds redesign to update experienceHow we've upgraded the marketing for our new listings Reduce number of photos (must ALL bring value)Tell story of experience through picturesThe challenges we’re facing on the development sideBackup in county permitting officeAdditional 6 to 12 months to get approvalHow we’re pivoting in light of a changing timelineFocus on buying more existing STR communitiesEnlist help of project manager to find leadsThe benefit of doing a scenario analysis before you buyRun numbers for worst-case scenarioEnsure investors will still get returnOur top wins since taking over Strawberry CreekBusiness up and running in under 2 monthsIncrease revenue by 20% without renovationsResources  The Future of Short-Term Rentals on GPFYP EP404Strawberry Creek VillageOvernight Success Legends X Short-Term Rental AcceleratorSTR Legends Mastermind Review GPFYP on Apple Podcasts Subscribe to the GPFYP NewsletterEmail [email protected]  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.