At first, he thought it was too good to be true. But what Cody Wood discovered was an unexpected twist that tripled his rental income. Insurance relocation bookings for his short-term rental properties provided a lucrative opportunity he never imagined.
By accommodating guests in need of temporary housing, due to unfortunate circumstances, Cody's business flourished, generating more revenue for his clients while streamlining operations. What started as skepticism quickly turned into a booming business. Want to know how Cody embraced this unlikely opportunity and turned it into a successful venture? Keep listening.
In this episode, you will learn:
Hidden avenues of revenue in the insurance relocation market for vacation rentals.
The key factors necessary for accommodating insurance-relocated tenants.
Tips to harness the power of insurance relocation bookings and expand your short-term rental business.
Cultivate strong ties with insurance professionals.
The special guest on this episode is Cody Wood!
Cody is an experienced vacation rental host who discovered the lucrative opportunity of insurance relocation bookings for STRs. After successfully navigating this unique niche, Cody shares his insights on how to maximize revenue and provide exceptional hospitality, earning him repeat bookings from insurance agencies. With a knack for going above and beyond, Cody has cultivated great relationships within the insurance relocation industry and has helped other hosts benefit from these high-value bookings, achieving fantastic year-round success.
Action steps mentioned in this episode are:
Register with insurance relocation companies
Reach out directly to insurance relocation agents to build relationships and offer your properties.
Open up your calendar 30 days prior to a relocation booking ending to increase the opportunity for future bookings.
Provide excellent hospitality and customer service to ensure positive ratings from relocations
Price your properties at market standard and higher rates with insurance companies.
Insurance relocation bookings provide a unique opportunity for vacation rental hosts to tap into a high-paying and consistently reliable market. When individuals and families find themselves in need of temporary accommodations following an unfortunate event such as severe weather conditions or house damage, insurance companies step in to cover their housing expenses, allowing them to find STR options. By targeting the insurance relocation market, vacation rental hosts can enjoy steady income, longer stays, and minimal maintenance requirements. Cody affirms that insurance relocation guests tend to be low maintenance and easy to work with, helping hosts to achieve their short-term rental goals. He suggests providing exceptional guest service and making clients feel appreciated and satisfied during their stay.
To appeal to insurance relocation clients, hosts should offer properties with specific features and amenities that cater to their unique needs. Examples include fully furnished units, pet-friendly accommodations, and convenient access to nearby workplaces or social services. Ensuring a property stands out in the market will increase its chances of attracting insurance relocation bookings. Cody shares valuable insights on how hosts can make their properties appealing to insurance relocation clients. He suggests investing in 3D walkthroughs and floor plans that showcase the property, coaching hosts on negotiating higher rates, and continuously improving the quality of services and amenities offered.
Link and Resources
Subscribe for free episode bonus materials: https://www.thestrinsiders.com/
Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral
Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/
Connect with Cody on Facebook: https://www.facebook.com/BrandonCodytheCowboyWood
Connect with Cody on LinkedIn: https://www.linkedin.com/in/cody-wood-423a0978