Replay Ep10 - Kim Steel: The AirBNB Revolution

2023-02-02

Kim Steel from Property Mums is the ultimate AirBNB investor, making over 20% return on most of her properties. Listen in to hear some of the tricks of the trade and how you can maximise your investment dollar. I’m really excited about this episode. Imagine investing in property and getting a massive 20% return each year. The key is finding the right property, setting it up right, and having the right people look after it for you. It’s all about getting it ‘Real Estate Eight’ – yes, it’s the perfect episode for us. Today, we have Kim St...

I’m really excited about this episode. Imagine investing in property and getting a massive 20% return each year. The key is finding the right property, setting it up right, and having the right people look after it for you. It’s all about getting it ‘Real Estate Eight’ – yes, it’s the perfect episode for us. Today, we have Kim Steel from Property Mums telling us exactly how to go about it.

Intro:

Kim Steel has been a property investor for 25 years. 12 years ago, she changed her tact, and changed her properties from long term leasing to short term leasing. She is the founder of Property Mums, a company that styles, mentors and manages some very busy AirBNBs in Melbourne, on the Mornington Peninsula and in Hepburn Springs. With some of her properties ranked the highest earners on AirBNB, welcome Kim.

Grant: Kim, what made you change your tact from long-term leasing to short-term leasing?

1. What do you need to consider when organising a house or apartment for AirBNB?
a. Furniture
b. Utilities
c. Kitchenware
d. On-going supplies – dishwashing liquid, washing powder, shampoo, soap, toilet paper, etc
e. Gardening and external maintenance
f. Entertainment – dvds or subscription service, internet, sporting goods, etc
g. Pre and post guest cleaning
2. How much should you budget to get all the things to set up a furnished property for holiday accommodation?
3. What would you expect from a premium AirBNB vs a standard AirBNB?
4. Kristen from Moorabbin is wanting to start up an AirBNB in Inveloch, she was wondering if all AirBNBs provide breakfast (considering the name of the sharing platform)?
5. What sort of return should you expect from your AirBNB in its first year?
A)how about subsequent years? Should it be consistently increasing?
6. How often should you change the furnishings and décor?
7. You’re a company that provides a service for investors, what sort of percentage do companies like yours take to manage an AirBNB?
8. What do you do differently that makes it appealing to investors to use your services?
9. Do you trust the AirBNB or other holiday-stay software to get bookings and payments right?
10. What about insurance? Do AirBNB offer insurance?
11. Are you prepared to reveal your formula?
12. What would you expect to be different between a city based property and a rural or coastal based property?
13. What’s a super host and what difference can it make?
14. Some of the councils are now asking investors to inform the council about their short term leased properties, even if it is just a room to rent? Do you know why they are doing it?
a. Do you think that it’s an opportunity for them to add more to the rates?