The Co-Hosting Magic

In recent years a new term was born in the hospitality and short term rental space. It is Co-Hosting. Arguably it was Airbnb who coined the term and even launched a co-hosting network recently to facilitate that activity.

More specifically, there is a discussion recently in the real estate domain about the differences between co-hosting and traditional property management. I wanted to try and portray these differences from my own personal view.

Many of us, especially if you are a landlord, have had some degree of exposure to working with traditional property managers. This model is pretty straight forward. The property manager would sign up with you, then find a tenant and maintain the ongoing relationship with that tenant for you. It is mainly a physical responsibility from the property manager's end to make sure the tenant is satisfied with the dwelling and take care of their needs and issues when such appear.

Co-Hosting is different. Well, how is it different you are asking? there is an emotional element involved in hosting guests. It is about creating experiences. Great experiences if possible.

A big part of this experience is the way you communicate with the guest. We need to remember that people who come to visit at a new place are typically staying away from home ,and sometime, this is their new home for a while. The way you craft their experience is key.

I am in the midst of listening to a great book called Unreasonable Hospitality by Will Guidara . Will is talking about the way you make someone feel. In this case, your guest. The way you make your guest feel will make or break their experience. It has a lot of moving parts however the bottom line is you need to make them feel awesome! If you do, kudos, you are a great host. Will also talks about the magic that you can create in hospitality which we really need more of in our world. This is true no matter what you do for a living, Will Justifiably says.

Some time ago, i participated on an Airbnb host call with the Founder and CEO Brian Chesky . Brian said something truly eye opening on that call. He said that hosting is a craft of the heart. There is no better way to describe what this is all about. If you open your heart to guests and create a dream stay for them, they will remember it for a long period of time and will come back for more.

Maya Angelou said that "“people will forget what you said, they will forget what you did, but will never forget how you made them feel.”

Co-Hosting also facilitates a new stream of disruption in the hospitality industry to allow a one-of-a-kind experience that no one else can duplicate. Your personal touch and way of communication will create a unique experience that only you can provide. Similar to an NFT if you will.

Another element of Co-Hosting is that you are helping someone else (the landlord) who often does not have the time on hand, to bring the best of their property to the world. Figuratively and monetarily as one.

I am very excited to see where this new route of hospitality takes us in the years to come and believe that Co-Hosting will play a key role in that journey.

#shorttermrentals #realestateinvesting #co-hosting #STR