Podcasts
VRS267 - The Business Of Short-Term Rental With Peter Lorimer from the Netflix Original Series Stay Here
In this episode, I’m joined by real estate maverick, Peter Lorimer, to talk about the Netflix show, Stay Here.
If you are a fan of makeover shows, you’ve probably already checked out Stay Here on Netflix, where Genevieve Gorder and Peter Lorimer help property owners turn their short-term rentals into successful businesses. If not, binge-watching is a pre-requisite for listening to this episode!
The makeover show genre has become so formulaic, and frankly, I’ve lost interest in most of them. I just got bored with the same old mid-way drama that would have the property owners in a huddle as they reworked their budget. And of course, it all comes good in the end at the reveal.
Stay Here takes a different tack, and much of it has to do with Lorimer’s expertise in the industry. He’s been involved in the short-term rental business since moving to LA before the days of Home Away and Airbnb so has a solid grasp on the changes the OTAs have wrought and why it’s so important to be professional, independent and very savvy in terms of what the market wants.
While Genevieve works magic on the design and décor of the eight properties featured in the show, Peter addresses the business aspect from pricing and marketing to the operational aspect of each of the rentals. Owners are encouraged to focus on their ideal guests – their personas – and market to them accordingly. From the Vintage Cottage in a California vineyard attracting brides for their outdoor weddings on the property to the Malibu oceanfront villa perfect for beach lovers; the family-friendly converted fire hall to the Hudson townhome that antique hunters would love, each home targets a specific demographic.
And, according to Peter Lorimer, every one of the makeovers has shown massive improvements in occupancy and income generation.
Although we talk about the show, Peter shares much more of his philosophy on short-term rental strategy and offers recommendations and tips for anyone looking to make some changes in this new year.
In the episode he talks about:
- His journey from successful music producer in the UK to creating a unique real estate brand in LA
- Why realtors need to know to learn to sell short-term rental property
- How he landed the role of Stay Here presenter
- The power of a social media strategy
- What owners can do when they don’t have the benefit of a make-over
- The best two colors to lift your décor
- Stay Here Series 2 (maybe)
Links mentioned in this episode
PLG Estates
The Stay Here Properties
Who's featured in this episode?
