If you’ve ever dreamed of making more money from your property—without added stress—there’s an innovative approach gaining traction among real estate investors. On a recent episode of the “Raising Private Money” podcast, Jay Conner sat down with Tim Hubbard, CEO and co-founder of Corzly, to uncover how everyday properties can become high-performing, hands-off revenue streams.
As Jay shared his personal experience, he transformed his traditional rental, the Farmhouse, into a short-term rental with Corzly’s help—and quadrupled his revenue. The kicker? He got to enjoy that extra income with almost zero stress, thanks to Corzly’s full-service property management. Here’s what we learned from Tim on how investors can do the same.
The Opportunity: From Long-Term Rentals to Short-Term Wins
Traditional rentals are tried and true, but they often cap your income potential. Jay’s story is a perfect example. His four-bedroom, two-bath home would have earned about $2,200 a month as a long-term rental. After working with Corzly and converting the property to a short-term rental, he’s now projected to bring in over $60,000 to $80,000 per year—easily four times what he could expect from a long-term tenant.
What’s driving this massive leap in revenue? Shifted travel habits and a booming demand for short-term rentals. As Tim explained, it’s not just about vacationers anymore—business travelers, remote workers, and families are all turning to short-term rentals for stays of a few days, weeks, or even months. The market is larger and more dynamic than most investors realize.
Why Most Investors Miss Out: The Management Hurdle
The obvious downside of short-term rentals is the perceived management hassle: guest communication, cleaning, pricing, and round-the-clock support. This is where many investors hesitate, fearing a mountain of work or a lack of expertise.
But Tim’s team at Corzly has cracked the code on stress-free management. Their virtual, full-service system takes care of everything: listing creation, dynamic pricing (updated multiple times weekly), guest communication, coordination with housekeepers, and even hands-on strategies to win coveted Airbnb badges like Superhost status. Owners just pick their housekeeper and block off personal dates—Corzly does the rest.
The System at Work: Hands-off, High-Performing
Jay’s Farmhouse is now booked on every major platform—Airbnb, Vrbo, Booking.com, and more—with professional photos, optimized headlines, and top-notch guest experiences. Corzly’s team acts as Jay’s voice, responding to guest inquiries 24/7 within five minutes, and handling every detail from check-in codes to collecting reviews, which in turn boosts search rankings and bookings.
Key to their approach is Corzly’s revenue management team. They don’t just “set it and forget it”—they constantly analyze changes in local demand, special events, and booking windows to make timely pricing adjustments. Whether it’s maximizing rates for a barbecue festival weekend or attracting longer mid-term bookings in low season, they ensure each property achieves its full earning potential.
Common Mistakes—And How to Avoid Them
Tim shared that many new hosts make costly mistakes: relying solely on Airbnb (ignoring millions of potential guests on other platforms), mishandling payments or deposits outside known platforms, and missing out on localized pricing trends. Worse, owners who try to “DIY” with little market data often leave significant revenue on the table.
Is Your Property a Good Fit?
Wondering if your property could benefit from the short-term rental approach? Tim advises owners to first check local regulations, then use tools like AirDNA to see what similar properties earn. If the numbers look right, it’s time to consult with an expert.
Corzly’s onboarding is refreshingly simple: owners just fill out one detailed form, supply photos, and get full support setting up amenities, smart locks, and more. Properties can often go live and start earning in as little as three days.
The Bottom Line
Short-term rentals aren’t just for beachfront condos and city apartments anymore. With expert management, properties of all types—even your family farmhouse—can become high-income, hands-off assets. The secret lies in systems, technology, and proven processes. With companies like Corzly, the dream of stress-free real estate cash flow is now within reach for more investors than ever before.
10 Discussion Questions from this Episode:
- How did Jay Conner’s experience transitioning his “Farmhouse” property to a short-term rental model with Coorsley differ from traditional long-term renting? What was the biggest surprise for him?
- Tim Hubbard talks about optimizing properties and identifying target markets. What strategies does his team use to determine how to best market a specific property and set it up for higher revenue?
- What are the key operational tasks that Coorsley handles for property owners, and how does this “hands-off” approach benefit landlords who want more passive income?
- In the episode, Jay mentions converting a four-bedroom property to sleep 10 people. How important do you think flexibility and maximizing sleeping arrangements are in short-term rental success?
- Tim describes dividing Coorsley’s processes into three main departments: listing specialists, guest experience, and revenue management. Which of these do you think is most critical for success, and why?
- What kind of pricing strategies does Tim’s team employ to ensure maximum bookings and revenue? How does dynamic pricing for special events and holidays play into their overall model?
- Reviews and ratings (like the Airbnb Superhost status) are emphasized in the conversation. What are some of the ways Coorsley helps its partners achieve high ratings, and why is this so important?
- Jay notes that short-term rentals can make three or four times what a long-term rental brings in. What do you see as the risks and rewards of converting a long-term rental to a short-term model?
- Tim mentions that many first-time hosts make avoidable mistakes, such as not listing on multiple booking sites or mishandling payments. What other pitfalls should new short-term rental owners watch out for?
- Looking at the future, both Jay and Tim discuss trends in the short-term rental market and the increasing competitiveness. Where do you see the industry heading, and how can owners stay ahead of the curve?
Fun facts that were revealed in the episode:
- 4X the Revenue, Same Property: By turning a standard long-term rental into a short-term rental, Jay Conner was able to make four times the revenue from the same property, with the help of Tim Hubbard’s company, Coorsley.
- Global Management, Local Impact: Tim Hubbard and his team at Coorsley have managed properties for over 50,000 guests across 10 countries and more than 30 cities—all virtually, showing that you can have a hands-off approach no matter where you are!
- Superhost… by Surprise!: Jay and his wife became Airbnb Superhosts within just a few weeks of working with Tim’s team—even before they knew what a Superhost was! The Coorsley team handled everything behind the scenes to make it happen.
Timestamps:
00:01 Quadruple Rent with Short-Term Leasing
03:35 Evolving Vacation Rental Trends
09:02 Globalizing Housekeeping Management Efficiently
10:39 Short-Term Rental Market Insights
12:55 Achieving Superhost Status on Airbnb
17:25 Maximizing Property Booking Success
20:24 Switch to Profitable Short-Term Rentals
25:15 Three Key Hospitality Departments
25:59 Revenue Management Insights
31:57 Optimizing Listings on Booking Sites
32:48 Short-Term Rental Protection Tips
38:11 Rental Market Estimator Tool
42:32 Automated Security Solutions Guidance
43:38 Fall in Love with Problems
44:31 Connect with Tim Hubbard:
https://www.Corzly.com/affiliate
47:03 Invest in Property with Tim:
https://go.jayconner.com/shortterm
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.
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From Landlord to Superhost: How to Maximize Cash Flow With Short-Term Rentals with Tim Hubbard
Jay Conner [00:00:01]:
All right, let me hit you with a question. What if you could take a property you already own and, instead of making, say, $1 in rent, you made $4 in rent? Same house, same location, same everything, except one tiny change that unlocks way more money and way less stress. Now, does this sound too good to be true? Well, that’s exactly what has happened to me with my newest short-term rental. I call it the Farmhouse. I turned the keys over to a company called Coorsley, and they’ve completely, I’m telling you, blown my mind. They handle the guest, they handle the money, they handle the pricing, they handle the headaches, literally everything. And here’s the kicker. I’m making four times the revenue I’d get if I were renting this place for a term.
Jay Conner [00:00:55]:
Four times more. Now today, I’ve got the guy behind all of this here on the show. His name’s Tim Hubbard. He’s the CEO and co-founder of Coursely. Now, his company manages over 50,000 guests across 10 countries and more than 30 cities. And on top of that, he’s built his own 70-plus unit short-term rental portfolio while living abroad and traveling wherever he wants to go, anytime, anywhere. So if you’ve ever wondered how to make your rentals produce more money with less of your time, this is the episode for you. Welcome to the Raising Private Money show.
Jay Conner [00:01:38]:
This is the only podcast for real estate investors who want to fund their deals without relying on banks, relying on credit, or using their own cash. I’m Jay Connor, the private money authority.
Tim Hubbard [00:01:49]:
And I’ll show you how to.
Jay Conner [00:01:50]:
Get private lenders begging to fund your next deal. Because every good deal starts with money. You’re going to meet my good friend Tim Hubbard right after this.
Narrator [00:02:04]:
If you’re a real estate investor and are wondering how to raise and leverage private money to make more profit on every deal, then you’re in the right place to raise private money. We’ll speak with new and seasoned investors to dissect their deals and extract the best tip strategies to help you get the money. Because the money comes first. Now here’s your host, Jay Connor.
Jay Conner [00:02:32]:
Oh my lands. Tim Hubbard, I am so excited to have you here on the show. I had you on my show last year, but then I said, you know what, using your company, I want to see just really how good you and your company are. And boy, have I got a story to share now with the Farmhouse and how I’m getting four times the revenue I would if I hadn’t met you and your amazing Team. So Tim, welcome to the show. You very much, Jay.
Tim Hubbard [00:03:03]:
I am excited to be here. It’s always a pleasure to talk with you, and we’re really excited to have had the opportunity to help you with the farmhouse. It’s been, it’s been an awesome start.
Jay Conner [00:03:14]:
Yes, for sure. Yeah, we just launched it this year, back in January, the fourth week. And I’m telling you, it’s just blowing up. So let’s go ahead and give everybody the big picture. How in the world does your company take a normal rental and turn it into three to four times the revenue, for goodness?
Tim Hubbard [00:03:35]:
Well, there are a lot of pieces that go into that, Jay. You, you know, it starts with having a good property that’s in a desirable area. But I think one of the interesting things that we’ve seen over the last few years is that there are lots of properties all over the place where people want to stay. And it’s not your traditional vacation rental market anymore. It’s just the way people are traveling and living is different. People are staying in short-term rentals more than they ever have before. And so it starts with just having a property and understanding the market dynamics of that property, and then understanding who’s going to stay there at the property. And then of course, on the back end, there are all these other pieces of the operation which my team and I have figured out over the last decade, you know, starting with my portfolio, as you mentioned.
Tim Hubbard [00:04:29]:
And I’ve lived thousands of miles from my properties. And so we figured out how to do this virtually, a nd we’ve kind of just gone from there. So, you know, we’ve got an awesome virtual team and we’re truly experts in the space.
Jay Conner [00:04:41]:
Yeah, well, one thing, and you and your team helped me figure out so much. I mean, I didn’t know who my target market was going to be. You all helped me figure that out. You all helped me figure out what I should do with the property in order to maximize the revenue. You all figured out the pricing. I mean, I don’t, I don’t know how to, you know, price short-term rental. So your team handled all the pricing. Your team goes in there three times a week.
Jay Conner [00:05:11]:
And they don’t just rely on software. I mean, they’re physically with a real human being, are using the software, and they’re checking the pricing to make sure everything is, you know, competitive. And it really, truly is a hands-off experience. I mean, the only thing that I’ve had to do with this short-term rental is to get a 4x in the revenue, to have the housekeeper, and to have the housekeeping company. And you all actually told me how to find the housekeeper, because I mean, I didn’t even know where to start on how to find a housekeeper. And so, and you know, when we were starting, you told me, your team told me so. So, here are the actual dollars, just so the audience and listeners can understand this house. It’s a four-bedroom, two-bath.
Jay Conner [00:06:01]:
One thing you all told me to do is to advertise that it can sleep 10 people. And that’s true. One of the bedrooms has four beds, and one of the bedrooms has two bunk beds. So that’s four of the people you know in one of those bedrooms. And so this, if I were doing just a straight long-term rental on this house, I’d be bringing in about $2,200 a month on that rental. So you know, two times. So it’d be under 30,000 a year. And I remember having a conversation with you and the team before I actually decided to pull the trigger.
Jay Conner [00:06:40]:
And I said, You know, what is the anticipated revenue, realistic revenue on this property? And you all analyze, you know, the demand and the supply around in the area, and y’all told me realistically 60,000, maybe 80,000, and man, Tim, y’all are conservative on your estimates, is all I can say.
Tim Hubbard [00:07:06]:
Well, that’s great to hear. You know, under promise and over deliver. Right, that’s what makes businesses successful.
Jay Conner [00:07:16]:
Exactly, yes. On this property, you know, I’m, I’m 4xing more than 4xing than what I would have been doing just on a straight rental. So is this common? Is this out of the ordinary? I mean, I mean, you and your company have managed over 50,000 guests on all these. By the way, how many properties or is your company virtually managing in, you know, 10 different countries now?
Tim Hubbard [00:07:49]:
We’re around 200 now, but we’re growing quickly and all with good results.
Jay Conner [00:07:54]:
Wow. 200 Pro. And it’s virtual by the way. Let’s go ahead and let the cat out of the bag. You’re all free to take care of this, which blows me away. I know what, I know what the comp. But you don’t have any competition. I don’t know any other company like yours.
Jay Conner [00:08:12]:
I mean, there are some big-name short-term rental companies out there that you know are charging 25% all day long on the revenue. But just let everybody tell them what your fee is. And don’t go up.
Tim Hubbard [00:08:28]:
Yeah. You know, in fact, yeah, we’re. That’s the whole idea, you know, we figured out how to create efficiencies on the back end. We call it a partnership because it really is a partnership. And there is a little piece that we’re not handling. That’s the piece you mentioned, where we’re relying on our partners, housekeepers. We’ve realized that that’s one of the trickier pieces. You know, if we were to hire people in all 30 cities where we’re currently helping our partners with properties, it’d be a lot more difficult than it is for us just to handle all the operations on the back end, also coordinating the housekeepers.
Tim Hubbard [00:09:02]:
So it’s not that we’re not handling the work there, but it’s just the actual finding of housekeepers. We realize that’s one of the pieces that, on a global scale, is a little more challenging. And so aside from that, as you mentioned, we handle the whole operation. And we know that we charge an industry-low fee. And that’s the whole point. We want to pass those efficiencies down to our partners, take away the headaches, help them make more money, and really just become global. Go to the virtual manager. Um, you know, the days of having to go with your local property manager, that’s 20 or 30 or there’s some places, Jay, where it’s like 40% still, you know, wow.
Tim Hubbard [00:09:49]:
And that’s been the traditional way in the short-term rental space. But we have so many tools now. Of course, you have to know how to use them and where to plug them in, and you know, how to set them up and do all that. But those tools have helped us create efficiencies, and we pass them down to our partners. And just to go back to your question about, you know, is this normal to make four times more on a property? I will tell you, when I started, you know what really got me, just, you know, the light bulb went off. I had these long-term rentals that I converted to short-term rentals, and they were making eight times more than the long-term rentals. This is, of course, like almost a decade ago, you know, so a lot’s changed. But I’m like, oh my gosh, this is, this is the fast, you know, and that’s what really got me interested in the short-term rentals.
Tim Hubbard [00:10:39]:
And it’s, of course, gotten more challenging because the supply has grown in a lot of places. But that’s one of these easy things that we can figure out before you Know, we can look at a market, we can see how many properties are there, we can see how many have been added, and then we can look at another number that tells us if the demand has stayed on par, if it’s gone up or if it’s actually gone down. And as long as we have a market where we’re adding tons of properties again, because there’s way more people using short-term rentals, as long as we’re in that market and we don’t see that demand or the average revenue going down, and that’s fair game. And yeah, I think across the board, you know, the short-term rental is going to make a lot more than a long-term rental would in almost all cases, assuming the properties in a market that makes sense to start with.
Jay Conner [00:11:28]:
Right. You know, Tim, you and your team handle every aspect of this. I never have to talk with a guest unless I want to. Right. So I got guests who just checked in yesterday. They’re going to be there for 90 days. Gross revenue over $23,000 over the next 90 days. If I were doing a straight rental, that would have been 22 is 44, $6,600, I would have grossed versus $23,000.
Jay Conner [00:12:01]:
And so I don’t have to talk to him unless I want to, but boy, I want to talk to these people. We took a great, two great big bags of food up there to them, you know, and welcoming them to the party and to the party, to the house. And we made a party out of it. But, you know, your team, through a special app, communicates with the housekeeper and tells the housekeeper, you know, when somebody’s checking in, when somebody’s checking out, and all that kind of stuff. You communicate with the guests, and your team is phenomenal at getting the guests to leave a rating and leave a review. So let me tell you a short little story that I experienced with your team and the phenomenal job that they do. So, you know, you advertise the Farmhouse, my property, on all the different platforms. I mean, you got it on Airbnb, you got it on VRBO, you got it on bookings.com, and all that stuff.
Jay Conner [00:12:55]:
And so I, just a few short weeks after, and you know, I started with you, and I had no ratings, I had no reviews, I had like, nothing. Like nobody knew who the Farmhouse was. And in just a few short weeks, I got a congratulatory message from Airbnb congratulating me and my wife, Carol, on the Farmhouse being a super host. And I looked at Carol, Joy. And I said, What’s a super host? I guess that’s a good thing to be a super host. So, tell everybody what a super host is, Tim? And how do you get your partners to become? Get to be a super host on a property so quickly? And what’s the effect of that?
Tim Hubbard [00:13:43]:
Yeah, it’s great. It’s a great status. And I guess it’s even better, Jay, when you get it and you don’t even know how you get it. Right. That’s nice.
Jay Conner [00:13:51]:
I don’t know how I got it. I didn’t know what it was, but it was a good thing. I know. I know. It gets you a lot more exposure on Airbnb.
Tim Hubbard [00:14:00]:
Yeah. Yeah. So we know, of course, how. How does someone get the super host status? And there’s actually another status that Airbnb has now that not as many people know about. It’s a. It’s a guest favorite badge that’s property-specific. Superhost status is a host status.
Tim Hubbard [00:14:17]:
So if you had a whole bunch of properties, Jay, you could have the super host status across your whole portfolio of properties. It’s basically some extra verification that Airbnb does that says, He, this host has great reviews. They don’t cancel reservations. They have a really fast response rate, and they have a certain number of reviews. And so those four things, as long as you meet them, they evaluate you on this every quarter. And then, as you mentioned, if you get it, it of course gives you a little extra visibility on the platform. And that’s really the name of the game: getting more visibility on the platforms and standing out against the competition. I mean, it’s, it’s.
Tim Hubbard [00:15:02]:
People aren’t spending a lot of time anymore doing research or, you know, they’re. They’re basically just swiping through on the phone. And so we want to grab their attention. In the beginning, having super host status helps you. Your property stands out. So. Yeah, glad. Glad that you got it.
Tim Hubbard [00:15:17]:
And sooner. Sooner than later. Yeah.
Jay Conner [00:15:19]:
Well, one thing you just mentioned was how quickly a host responds to a guest’s question, a request, a maintenance issue, or any kind of communication. And you know what’s interesting is that your team communicates with the guest as though they are me and my wife. They’re talking. Well, it depends on the communication. Some of these, you’ll say, they’ll say, hey, I’m such and such. And I help Jay and Carol manage their properties. And then, depending on the communication, sometimes it’s just Jay and Carol. You like it.
Jay Conner [00:16:00]:
Thank you for staying with us. We loved having you and that kind of thing. But one thing you mentioned is how quickly that response happens. And one thing that just blows my mind is, you know, I don’t have to be looking at my smartphone, making and worrying about missing any notifications from guests because your team and your receptionist, desk, and support team, you all are open 24 hours a day. And so if somebody needs something, you’re right there, respond. I mean, your team is right there responding to them. And, just based on my own observations of these communications, it seems to me that for all the requests that come in from a guest, there are responses coming to them. People like to spend most of their time for five minutes or less.
Tim Hubbard [00:16:53]:
Well, that’s the magic number. Five minutes is our internal rule that, you know, our rules respond with all of our guests in five minutes or less. And so that’s it. Yep. And it really does make a huge difference. You know, as someone who travels a lot and stays in short-term rentals a lot. I know sometimes, and I stay in places for extended periods of time as well. In fact, I’m in a short-term rental right now as we’re doing this recording for about a month.
Tim Hubbard [00:17:25]:
And I know before I book a place for a month, I send out a few inquiries, you know, it’s a place where I’m going to be spending a fair amount of time, and I want to, you know, just verify some details, make sure the Internet works, all those fun things. And I know the faster someone responds to me, the more likely I am to book that property. And then after I’m there at the property, if I have a little issue and I don’t get a response for Even if it’s 30 minutes or an hour or something, you know, if it’s an important thing, that goes right back to my review score, you know, so we understand all these things from the guest perspective, we understand them from the owner perspective and we’ve incorporated them all in to do, as you said, try to get, you know, the best reviews possible and also get as many reviews as possible.
Jay Conner [00:18:13]:
Oh yeah. You know, and you know what I love doing because you have actually put my short-term rental company on autopilot. I love just reading, I love just reading through those reviews, you know. Now, let’s talk about your journey here. Let’s talk about your journey. You have built an amazing 70-plus over 70 unit portfolio. And they’re all short-term rentals, right?
Tim Hubbard [00:18:44]:
I’ve got about 45 of those that are short-term rentals, but we’re building 20 more, so.
Jay Conner [00:18:51]:
Yeah, so you got a lot of, you got a lot of short-term rentals. So how did you pull that off? I mean, how do you go from. Yeah, how many? So did. Were you a traditional landlord and you, and you had a, and you had some properties and you just converted them over to short-term rental all at once, or how did that start?
Tim Hubbard [00:19:10]:
That’s right. Yeah. I started investing in 2010, so luckily I got in right after the last crash. I was working in real estate part-time, investing. My first property was a fourplex. You know, so I’d read Rich Dad, Poor Dad, sort of had that cash flow philosophy in mind. And I was building up my own portfolio. I worked for a software company for about eight years, and I was doing real estate at the same time, and started acquiring units.
Tim Hubbard [00:19:38]:
And I was traveling a lot too. Jay. I always loved traveling. You know, I was really fortunate. When I was in high school, I got to live with a family in Spain for a summer. And it just totally changed my outlook on everything. You know, I realized that every place is really different. You know, the foods, the sounds, the smells, the people, the culture.
Tim Hubbard [00:19:57]:
And so I wanted to be able to travel a lot. And so I got into real estate, looking for passive income. But it takes a while with long-term rentals. And so I had built up some long-term rentals. I think I had about 12 at the time, or maybe 15. And I’m from California. Originally, I was looking to invest outside of California because the prices had gotten really high and the returns weren’t that great. So I was staying in a property in Tennessee.
Tim Hubbard [00:20:24]:
It was a short-term rental on Airbnb. And I was out there with these investors, you know, looking at these turnkey rental properties to buy as long-term rentals. And I knew the prices, I knew how much they were making, and I knew how much I was paying to stay in the short-term rental. And I looked up the cost of the property that I was staying in. And then after calculating what I was paying and what the property was, I’m like, oh my gosh, this thing is making way more money than these long-term rentals are going to make. And so I took some of my own properties, converted them over to short-term rentals, and just really haven’t looked back. You know, I, after those first, converted four units over in another fourplex that I had, which is in a good location. I still have those today.
Tim Hubbard [00:21:09]:
They’re still operating, still doing really well. And then I found an eight-unit apartment building in Tennessee, which was all long-term rentals. I converted the whole thing over to short-term rentals, and I kind of just kept doing that. And so a lot of my properties are in urban areas. They’re smaller multi-family properties. But I’m really excited. I’m down here in Colombia right now in Medellin, Colombia, and we’ve been building this small boutique resort for like the last three years. But these will be 20 individual short-term rentals.
Tim Hubbard [00:21:38]:
I’m really excited about this one. I think that’s the cool thing about short-term rentals. You can have a property like yours that’s on acreage, or you can have an urban inner city property. You can have a property in another country in a tree house. Like it really doesn’t matter. You know, if you do a really good job at marketing it and you do a really good job at making sure the expectations are right, that leads to really good reviews. And if you have really good pricing set up, people are going to find it, assuming you’re on all the right channels. And it’s just a lot more fun, I think, than long-term rentals.
Tim Hubbard [00:22:12]:
So, yeah, it’s been quite a journey, but I feel like in many ways we’re, we’re really just getting started.
Jay Conner [00:22:17]:
You just mentioned marketing. That’s another thing that your team takes care of: the marketing. And what I mean by that is, of course, I had to send you pictures. I had to send you the pictures. And, I have a great video. Of course, Airbnb doesn’t let you do video, but some of the other platforms let you do video. But I sent you the pictures. But your, your, your team put together the whole listing.
Jay Conner [00:22:41]:
They wrote the description, they wrote the copy. They did everything in order to get that property found, recognized. I even remember the headline that your team wrote for when people are searching. And due to the keywords, your team knows what words and copy to use for people to find your property or find a property when they’re looking for that area.
Tim Hubbard [00:23:14]:
Yeah, it’s a big part of the setup. Making sure that you’re listing your property is attracting the people who would actually want to stay there. And so, you know, we have several resources that we go through and do some market analysis, and it’s a really important piece of the puzzle. Yeah.
Jay Conner [00:23:36]:
One thing I mentioned, one thing I mentioned earlier. Oh, by the way, I’ve got so much I want to talk with you about. In case we’ve got any listeners or viewers who have to jump off, I want them to go ahead and find out now, and we’ll continue the interviewing conversation. But I want them to go and find out now how to find Tim Hubbard and Corsley. Of course, we’ve got all this in the show notes. But so if you’re listening to this, you can go to the URL, which is https://go.jayconner.com/shortterm. That will take you right to Tim’s onboarding and contact information. So again, that’s https://go.jayconner.com/shortterm. That’ll take you right to the contact information with Tim.
Jay Conner [00:24:28]:
In addition to that, if you happen to be watching this on YouTube, Facebook, or LinkedIn, we’re going to put up a QR code that you can scan, and there’s a QR code right there that will take you directly to the contact information and get more information about working with Tim’s company. So, we’re talking about the marketing. That’s important. So take a moment, Tim, and walk through what it is that makes this work. And what I mean by that is part of, you know, pricing. Pricing is so important. Walk through how it is that your team analyzes the pricing multiple times a week. What are they looking for? How do they know what to bring it up to, what to bring it down to?
Tim Hubbard [00:25:15]:
Yeah, great question and really, really important one. And I guess real quick, before I jump into that G, a lot of the way that I explain what we do now is we kind of break things into three departments. We have our listing specialist department who do just what you just said. They create the listing, they make sure it’s in the right, right spots. They make sure it’s speaking to the right guests. And so that’s sort of one internal department. Then we have our guest experience department, who’s handling all the questions, making sure that they have really fast response times and that they’re, you know, coming from a hospitality background, which we do, you can do both those pieces perfectly. But if you don’t get the third piece right, which is pricing, no one’s going to find you, no one’s going to book your property, and it’s not going to be a success.
Tim Hubbard [00:25:59]:
And so that’s our third internal department, our revenue management team. And we spend a lot of time, of course, when we start with a partner’s property, you know, analyzing the market, uncovering how many Properties are there, how quickly they’re growing. You know what the average rates are, and not just across the board, but what the average rates are for a four-bedroom, because that can be very different than a one-bedroom or two-bedroom. We look at, you know, the average length of stay that someone would stay there at the property, and then we know that that also changes. So maybe you’re in a seasonal place, and the average stay in the high season is three nights. But then, when winter rolls around, people stay there for a month at a time or even three months like yours. So we look at that average stay, and then we look at another piece, which is really important. And this is what we call the booking window.
Tim Hubbard [00:26:51]:
So when someone finds your property, you know, the amount of time that they reserve it ahead of the check-in, that changes throughout the year as well. So maybe you have a really high season where your property is. We know that the booking window is going to be longer. People want to reserve those spots, and so they’re booking them out further in advance. We know that when you have events in town or maybe, you know, your property is really well suited for Thanksgiving or Christmas, and that weekend or that week gets booked, well, that specific date has its own booking window, its own pricing, its own specific length of stay. And so you can really get into the weeds on this stuff. And that’s what our team does. We look at all this market data.
Tim Hubbard [00:27:34]:
We use a lot of tools for this. Luckily, we’re able to pull data from all the short-term in the world. Really, in any market, we can look at averages. And then the way that we know our properties, our partner properties are doing a good job, is how they’re performing against like properties. So, on a comparable comp set in the market. And so we look at how your property is doing against the market on a regular basis, you know, and across multiple timelines, we can go. I mean, there are so many other things we could really go into. I mean, you’ve got to consider reviews, you’ve got to consider like how long the listing’s been there.
Tim Hubbard [00:28:13]:
But these are all things we’re considering. And you know, that’s the third piece of the puzzle.
Jay Conner [00:28:18]:
Yes, it’s so fascinating. So fascinating. You know, you talk about special events, and I remember when I had the first conversation with your team about pricing and how we were going to price and what the bottom price, you know, going to be, and that kind of thing. And I remember them telling me about when, you know, special events play an important role, a nd what pricing should be. So, like in our area, only five minutes from the farmhouse, once a year, the first weekend in April, we have the Newport Pig picking contest, which is the largest pig barbecue cooking contest in the nation. So, the software and the team, you know, elevate pricing there. And then you mentioned holidays, like Thanksgiving. So here, here, here’s a word to the wise.
Jay Conner [00:29:05]:
A word to the wise. So it was back in June, a few weeks ago. My wife Carol Joy and I were saying, well, wouldn’t it be neat to block out. And you know, that’s one thing you can do as a partner. You can block out personal time at your property, you know, if you want to. So we said, well, wouldn’t it be really cool if we. Because the farmhouse was built in 1929, it is actually my grandparents who built this house. My mother was born in this house.
Jay Conner [00:29:36]:
There’s a lot of history to it. It’s on the, I had it, I had it plaqued by the Carteret County Historical, not hysterical, but historical society. And so it’s the plaque there on the front porch. Porch and all that. And I said, wouldn’t it be cool if we blocked out Thanksgiving weekend, or at least Thanksgiving Day, a nd the same 20 or 25 of us have been getting together for Thanksgiving for the past 25 years. We could go up to the farmhouse and have Thanksgiving. Well, don’t, you know, less than a week after that conversation, somebody booked the farmhouse for Thanksgiving. And I said, well, I’ll take the two grand instead of a one lunch party.
Jay Conner [00:30:21]:
So word of the wise, when you start, when you start having Coarsely Tim’s company and team virtually managing your short-term rental, if you really want to use it down the road, you’d better go ahead and block it out because I tell you one thing you don’t want to do. You don’t want to start canceling reservations because that’s going to drive your reviews and your ratings down right away. Right Tim?
Tim Hubbard [00:30:44]:
That’s right. That’s right. That’s a big no, no.
Jay Conner [00:30:47]:
Yep, exactly. So, so, so what are, so what are some of the, and you got a bunch of experience on this. What are some of the common mistakes that property owners make trying to self-manage versus, you know, using experts such as yourself and your team?
Tim Hubbard [00:31:08]:
Yeah, good question. I think there are quite a few. You know, a first one is I would say most people, Jay, they, when they start in the short-term rental space, they start with short-term. They start with Airbnb because it’s the Easiest, and they have the most protection. Airbnb has its own liability insurance and things that can protect you on the back end. But we know, because Airbnb is the easiest platform to be on, everyone’s on it. But there are millions of travelers who are using other platforms like booking.com or Google, or Vrbo, even, that aren’t maybe on Airbnb. And so I think that’s a big one, you know, is making sure that you’re on all of these listing sites to really target your property as much as possible.
Tim Hubbard [00:31:57]:
And so that’s the first one, which is just going on all the listing sites. You know, most of our partners that we bring on, we find that they’re not on booking.com, and we do, by the way, work with partners like yourself that are just getting started. We’ll create the listing for you. And then we’ve also taken over people’s portfolios, you know, that already had all their listings. And we’ll help optimize them and make sure everything’s in the right spot and kind of take over the wheel. But assuming someone goes on booking.com, it’s a completely different set of policies than Airbnb. And so a lot of people run into trouble not collecting payments the correct way, or maybe they collect a payment that gets canceled, but then someone still checks into their property. And so when you come off of Airbnb, you’ve got to look at all these different things, the policies, you know, the way that you’re taking payments.
Tim Hubbard [00:32:48]:
You’ve got to make sure that your property’s covered. So you want to make sure you have a deposit or some sort of additional protection. So that’s a big piece, I think, being on the right listing sites, but also knowing how to be on them and knowing how to verify guests. And then I think maybe the big one is like, we just don’t know what we don’t know. And so if you’re a new, if you’re new to the short-term rental space and you don’t have tens of thousands of guests of experience, there are just all kinds of things that you’re not going to discover until those reservations come up. And if you’re managing, you know, maybe three, four reservations a month, or maybe you do 25 a year, like you could have a nice year go by and then something happens that you would have never expected, and you don’t know how to handle it. And so we know how to handle it. And then just the last thing I’ll say is that let’s say you go through that year and you have 25 reservations and you get 25, five-star, and you think you’re doing really well.
Tim Hubbard [00:33:50]:
A lot of people who start in the industry have that success; they can get the good reviews, but it doesn’t necessarily mean that they’ve maximized the revenue potential with the property. You know, I, it’s, most of the time they’re not pulling it up and comparing it to market data. And so if you finish the year at $50,000 and you’re really happy, but your neighbor finished at $75,000, then you know, you’re still falling behind. So, yeah, there are a few examples.
Jay Conner [00:34:19]:
Right, let’s take a minute and talk about the future opportunities. Where do you see short-term rentals in the future compared to traditional rentals? I mean, have we, have, we hit maximum, you know, capacity for short-term rentals, or is, is it, is it still a wide open opportunity?
Tim Hubbard [00:34:40]:
No, I think that’s a great question. And I think we still see markets growing, like the US, on average, is growing like 4% now in terms of new supply per year. During the post-COVID era, it was growing by 20%. Everyone was getting a short-term rental on a vacation rental. So it’s still growing. And I think that there are still millions of people who are discovering short-term rentals for the first time. And I also believe that it’s just a new way of living now. So, we know that Airbnb, one of their fastest growing segments, is longer reservations.
Tim Hubbard [00:35:20]:
Longer short-term rental reservations are what we’d call a mid-term stay reservation, just like the one that you just got at your property. And so the difference between a short-term rental and a long-term rental, in my opinion, is merging a little bit, you know, and people are staying in them more, they’re staying in them longer. And I’m excited about the future, but it definitely has gotten more competitive, and you know, it’s there., I come from the long-term rental side of things, you know, and property management with your long-term rentals is equally as important. There’s a saying that I’ve kind of kept with me for a long time that I heard some more, that’s basically like, I would rather have a class B property with class A management than a class A managed class A property with class B management, because you’ll have more headaches, and you might end up making less money. And so the management really is important. And I think as we progress into the future. It’s going to become even more competitive.
Jay Conner [00:36:28]:
Well, which makes it even more important to have experts like yourself and your team, to partner up, you know, with owners of property. You know, like I have, because I mean, I’ve been investing in real estate. I’ve been raising private money for years and years and years. But like you said, what? I don’t know, I don’t know. I know a lot about raising private money. I know a lot about flipping properties. I know a lot about buying houses subject to the existing note and selling them on rent-to-own, lease, or purchase. But I didn’t know anything about short-term rentals, which is a big takeaway right there.
Jay Conner [00:37:09]:
You’d better do business with somebody if you’re brand new, particularly someone who knows what they’re doing and who knows what they know. So if someone’s listening to this show and they’re really interested in this, how do they find out if their property is a good fit for short-term rental? I know that’s one thing you all help me figure out.
Tim Hubbard [00:37:30]:
Yeah, that’s a really important question. I think the first thing would be just ensuring that your city, or the county, or wherever your property is located, actually legally allows short-term rentals. We know there are a lot of regulations, and Airbnb has a whole bunch of regulations on its website. You know, you can Google these days, just Google your city, your county, make sure that first you can operate a property as a short-term rental. That’s the first piece. And then the second piece is there. There’s a company called Airdna Co., and all they do is data. Excuse me, all they do is statistics on properties.
Tim Hubbard [00:38:11]:
You can plug in your address on their website, and they’ll give you an average of what the market is earning. And you can break it down by bedroom size, bathroom size, and you can put amenities on there. Do you have a pool? And of course, it’s all by location. And so I think that would be the second step. Just jump on there real quick, plug in your address, and if that’s close to what you would expect or, you know, it’s somewhere in the ballpark, then, I think it’s fair game, you know, because even within we know their averages. So there’s someone who’s making way more than the average. There’s also someone who’s making way less.
Tim Hubbard [00:38:51]:
So, yeah, that’s how I start.
Jay Conner [00:38:54]:
So, Tim, if someone listening here to the show has a property, they’re interested in this, a nd let’s say they handed you and your team a property today. What are the exact first steps Corsley would take?
Tim Hubbard [00:39:10]:
So, the first step is just making sure we understand the property as well as the owner. And so we have an onboarding form. It asks for all the questions we know we’re going to need answers to. It’s very thorough. We’d like to be really thorough up front so that we’re not asking you questions, you know, on the back end or two, three weeks later. We don’t know how to respond to something. So that’s really the first step, which is just us getting information. And then if it’s an existing listing, we’ll help optimize it, make sure it’s on all the platforms.
Tim Hubbard [00:39:42]:
If it’s a brand-new listing, then we’re going to take all of that information. We’re going to create a listing as a draft version, also under your account. I think that’s a big one, too, Jay, because a lot of property managers, traditional property managers, own these listings, but we don’t. We don’t work that way. So if you ever wanted to leave us at any point, Jay, you can take your property, you can take your Airbnb listing, and you could sell a property, or you could do whatever. So we helped create it under your account in the draft version. And we have a quick call together, make sure everything looks good, we get the green light from you, and then we start handling it. It’s really pretty easy to get started.
Jay Conner [00:40:23]:
I know what my phenomenal experience was as far as how fast we could get up and, you know, generating revenue. And I know that the answer to this is all over the board. But generally speaking, you know, depending on certain things being in place, which you can identify, how quickly could you have a property live and generate income?
Tim Hubbard [00:40:46]:
Yeah, so there. It’s a good question. There are a couple of tags to it. So, Airbnb right now, we’re at three days from the moment that we have all the information. So that would include photos, but we’re getting faster. And so pretty soon, you know, that’ll probably be two days, but that’s for Airbnb. That’s where we start. And of course, this is plugged into all of our software in the back end.
Tim Hubbard [00:41:09]:
You know, it’s connected to your locks, you know, your pricing setup. We’ve got our operation software connected with your housekeeper. You know, all the pieces are in place three days after we have all your data. Of course, it does depend a little bit on how many partners we have joining us. You know, if, we’ve got quite a few at the same time, then we go in order of who joined us, but typically three days, and then shortly after tha,t we’ll have it up on VR, BO and then shortly after tha,t we’ll have it on booking.com, we’ll have the direct booking website set up. And then, really, you know, we’ve kind of processed, and of course, we will be monitoring it from there regularly.
Jay Conner [00:41:49]:
And listen, for all of you that have not had a short-term rental yet, and you really don’t know where to start, let me tell you what Tim’s team does. They sent me a checklist of everything that needs to be in the house. I didn’t know everything that needed to be in the house. You know, a furnished short-term rental. So I mean even down, you know, to the coffee cup, coffee cups, and the Keurigs and the, and the, and the types of linens, I mean, we’ve got three sets of linens for each bed. That way, if something happens, our housekeeper can take it home and they can wash the linens. And then if there’s an accident and you have to throw out some linens, they’ve already got a backup to the linens. Tim told us.
Jay Conner [00:42:32]:
In fact, Tim, your team actually even told us the exact kind of security cameras to buy, which were not that expensive. And I mean, I actually have a good time stalking my guests as they walk in and out of the door, you know, but the security cameras, your team told us the exact kind of locks to put on the front door. And that’s all automated through the apps. And your team assigns a specific security code to the guests that are coming in. And so now not only myself as the owner, but your team who’s managing and looking at what’s going on with the property, they’re able to see and I’m able to see who exactly left the back door, who came in the back door, who went out the front door, who came in the front door. And all that has historical data. So if something goes wrong at the property, you know exactly who was there when something happened. So your team just fills in and answers all the questions of I don’t know what.
Jay Conner [00:43:36]:
I don’t know.
Tim Hubbard [00:43:38]:
That’s right. You know, we’ve, I read this book recently called Gosh, Fall in Love with the Problem, I think is the name of the book, and it was written by the founder of Waze, you know, the competitor to Google Maps, a dollar company. He’s actually built multiple billion-dollar companies. And as his whole philosophy is like, you need to fall in love with the problem. We fix the problems. It’ss hard to operate a short-term rental. We know it is because we’ve operated our own for a long time, and that’s our mission. Jay.
Tim Hubbard [00:44:10]:
It’s like making all of these things that are more difficult, easier. And by doing that, you know, we get to work with more partners all over the place. And yeah, then everyone’s happy. It’s a win-win.
Jay Conner [00:44:25]:
I love it. I love it. All right, I gave it out earlier in case anybody had to jump off early. But here, one more time, ‘this is how to connect with Tim and his team. Right? And so the QR code to scan, we’ve got right there on the screen. So there’s a QR code if you’re watching this on YouTube, Facebook, etc. And if you’re listening, of course, all this is in the show notes. All this is in the show notes.
Jay Conner [00:44:51]:
But if you’re listening, the way to connect to Tim to get that special white glove treatment like I’ve enjoyed is to go to this URL https://go.jayconner.com/shortterm. And that’ll take you right to Tim. Tim, parting comments. I’m so excited about your service and my farmhouse. I could just keep talking to you all, all day long, but what are your parting comments? And I’ll wrap us up.
Tim Hubbard [00:45:25]:
Well, yeah, it’s been a pleasure working with you, Jay. I, you know, I know our whole team’s really excited to bring on properties, really from anywhere. You know, this is one of the cool things about being virtual. Every property is unique. It has its own unique market. But behind all of that, there is a professional way to operate it. And that’s our mission. And so we’d love to help anyone interested.
Jay Conner [00:45:50]:
Thank you so much, Tim. All right, that’s a wrap, folks. Here’s the big takeaway. If you’ve got a property, or actually if you want to invest in a property and you’ve been renting it the old school way, let me tell you, you are leaving money on the table, like a lot of money. I’ve seen it, and I’ve now experienced it firsthand with my farmhouse. Same property, same location, but instead of $1, I’m making $4. And the beautiful thing is, I don’t lift a finger. That’s the power of what Tim and his team at Corsley are doing.
Jay Conner [00:46:25]:
They’re not just managing short-term rentals; they’re turning them into businesses that run without you having to be hands-on. So if you’ve been listening and you’re thinking, man, I want that for my property, then here’s what you do. Go over there, check out geogo.jayconner.com short-term, and check them out. Reach out to Tim. His team will be right there, ready to talk to you. Have a conversation and listen. At worst, you learn what’s possible. At best, you unlock a stream of revenue you didn’t even know was sitting in your backyard.
Jay Conner [00:47:03]:
Tim, thanks again for dropping by and dropping some serious value today. And everyone listening, don’t just listen to this, act on it. Because the only thing standing between you and a property that prints money is the decision to hand it over to the right operator. And the right operator is Tim Hubbard at Coorsley. Until next time, I’ll see you guys on the next episode of Raising Private Money.
Narrator [00:47:33]:
Are you feeling inspired by the knowledge you gained in this episode? Then head over to www.JayConner.com/Moneyguide, that’s www.JayConner.com/Moneyguide, and download your free guide that shares seven reasons why private money will skyrocket your real estate investing business. Right now. Again, that’s www.JayConner.com/Moneyguide to get your free guide. We’ll see you next time on Raising Private Money with Jay Conner.
