Short-Term Rental Success: Homely Stay

Welcome to our latest podcast episode!

In this Boostly Podcast episode, host Liam Carolan interviews Nicole Gödecke from Homely Stay, a short-term rental business. Nicole manages accommodations in Munich and Paraguay, offering a range of units from small studios to houses with pools and saunas.

She focuses on personalization and creating memorable experiences for her guests while embracing digitalization and automation. The market in Germany is currently thriving, with a diverse range of guests and no significant COVID-19 restrictions.

In Paraguay, Nicole relies on a local contact who assists with check-ins, cleaning, and guest support. She shares her journey of finding her passion and the challenges she faced in transitioning to entrepreneurship.

Nicole highlights the importance of understanding market demand and collaborating with a revenue management partner for pricing optimization. Liam expresses his gratitude to Nicole and the listeners for their time, emphasizing the value of their attention and promising more insightful episodes in the future.

Here's the video for this episode:

Timestamps (audio)

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Transcript from the Episode

Intro

[00:00:00] Liam: Welcome to the new episode of the Boostly Podcast. This is the podcast that gives you the tools, the tactics, the training, and of course the confidence so you can go out there and get more direct bookends. My name's Liam Carolan, and today we're gonna dive behind the host with a, another successful host in the short-term rental industry.

[00:00:19] Uh, today we're gonna be joined by Nicole Gödecke. Uh, she's from homely. Stay, and you can find them by going to homely stay.com. She's got an awesome, uh, apartment. You go and check them out on the website. Beautiful background behind the bedding and uh, behind the beds, and just general great decor in general.

[00:00:37] So welcome along Nicole. Looking forward to, uh, speaking about your business today. Hi, I'm happy to be here. Awesome. So let's get started in the way that we usually do, which is can you just tell us where in the world, uh, your hospitality business is, what kind of model you use, and how many units and, uh, what kind of guests tend to stay there?

Nicole Intro

[00:00:57] Nicole: So, um, my accom accommodations are located mainly, uh, around Munich, so in Germany, but I also manage accommodations in Paraguay. So you can see there's no limit. Um, at the moment there are 60 units, um, and they are very different. So I have small studios without kitchens, or on the other side also houses with pools, sauna, and gym.

[00:01:23] So, um, yeah. Most of them are self checked in self-checking accommodations, so the guests can come anytime they want, and in part why we have a personal handover. Um, yeah, and because there are so many different kind of accommodations and different locations, um, also the guests are very different and the reason for the trips.

[00:01:45] So, um, I don't have this special guest or this avatar. Um, yeah. And in general my focus is on, uh, digitalization and automation, but without losing the personal touch because that's, That's a gas value. They don't want to feel like they are one of 100. So, or like when you call somewhere and you are in the line and they, they let you wait for 20 minutes or something like this.

[00:02:09] So that's my focus. Be personal, but also have digitalization authorization.

What does the market look like

[00:02:15] Liam: What, what is the market like at the moment in, in sort of Germany, how, how are things across there at the moment? Is it busy? And what is the difference between, uh, managing in in Germany compared to Paraguay?

[00:02:28] Nicole: Uh, in Germany, uh, the business is very easy at the moment, I would say, or especially.

[00:02:34] For me, because we are very varied, so we get a lot of guests, we have, uh, no, not, not no stuff with, uh, coronavirus or something like this. So guests can book, they can come, they don't need to show us any vaccination or something like this. And after the crisis, everyone want to travel, so we have. 80% guests from Germany, but also a lot of guests from use eight and uh, many other di um, directions.

[00:03:01] So, um, it's, it's very easy. And of course it's my mother language, so everything I have to do, it's, it's easy for me. Um, and, uh, all the apartments are close to my home. So the forest waste is I guess one hour. So, In case something happens, I can go there and, and, and fix it. So UA is a little different, um, especially because people who go there, uh, have other needs.

[00:03:27] And, um, the, the, the lucky thing is that we have someone there. He's from Germany. He lives there since. 14 years and he speak fluently Spanish, fluently German. So I prepare everything before the guests are coming. I make the conversations and do the check-in formula, et cetera. But then he is there and pick them up from the airport, bring it to the department, explain everything.

[00:03:49] And he also do the all stuff to the cleaning. So, um, yeah, here I'm responsible for everything and there I have someone I can, yeah, I can give some, um, parts.

[00:04:01] Liam: But what, what does success look like and what does it mean to you? For me,

[00:04:05] Nicole: success is, uh, when I can really make or create something like, uh, create great moments or trips.

[00:04:13] Uh, before in the company where the companies I was working in purchasing, I made rich companies richer. So now I make people rich and great memories. I guess that's much nicer. Um, and as soon as my company is profitable, I want to donate a part of the income to women's shelters, for example. That's very important for me, and I also hope to be a great employer someday because I have seen so many times how not to do it.

[00:04:41] Liam: I like that. I like that very much because at the end of the day, memories is what people really look back on. And, and you know, that's, that's really what we are creating. We're really creating experiences for people. So, so it's amazing to hear. What would you say, so you've scaled from, uh, from zero to 16 units and you're now international.

Some of your wow moments

[00:04:59] Um, what would you say looking back, is some of the wow moments, some of the moments that you could look back and go, do you know what that was? That's something that I'd done, which helped me be successful.

[00:05:08] Nicole: Um, yes, as mentioned, I was not very happy, uh, with the philosophy of the company I was working before.

[00:05:15] And, um, yeah, there was a time where I, the problem was I didn't want to leave because I really loved what I did. And then there was a moment where I found out that the love that I have for this and the passion is mine, not the companies. So it's. It's me and I can take it. So, um, yeah, that was the moment when I decided to create my own business.

[00:05:39] Liam: Has there been any challenges so far along the way, and if so, how did you overcome them? Uh,

[00:05:44] Nicole: you mean the way to open my business and finding guests and my first customers? Um, or in general?

[00:05:52] Liam: Yeah, just in general. Has there been any challenges along the, along the way? Any, any sort of things you've had to overcome?

[00:05:59] Nicole: Yeah, in general, my biggest, uh, challenge was to find my, to, to find my passion. Um, I mean, I just gave you a little, very small overview, but it changed, uh, my jobs very often. I also sold cars and I went, uh, to the purchasing stuff and it was nice, but it didn't fulfill me. That was always, uh, my problem. And I actually, I always has been wished to start my own business, but I didn't know what to do.

[00:06:27] Um, and yeah. Then in 2019, I quit my job, gave up my flat, sold my motorbike, uh, my car, everything, because I was on a point, I, I felt like I'm in a golden cage. So, and, uh, I wanted to go. I went to South America and wanted to find myself on my vacation, and yeah, I started to travel and unfortunately after three months it was over because Corona came.

[00:06:51] So, I came back, um, I had no work, no ha, no apartment, nothing. Um, but, uh, during the traveling in South America, it was three months, I was still working for the startup. And I found out okay, I love the work I do there. I love traveling. Um, so I know what to do. Uh, so yeah, I, I went to the, to the company full-time and yeah, now I have my company, um, organize everything so that I can be on site and can travel.

[00:07:24] So that's for me, the biggest. It was for me, the biggest competition to, to go this way, to find out what I want to do, how I want to do, and now have the possibility to do what I love, but still be able to travel.

The best way to find a property

[00:07:37] Liam: What would you say is the best way to find a property that works for short-term rental? Um,

[00:07:44] Nicole: in general, I think it's not important where you are.

[00:07:47] It works everywhere. So it's just, it's important to find out what the demand is there. So, um, are there tourists or is there, for example, an airport, clinic nearby where people comes, uh, to stay there? Um, or is it more a location for Astellas? That's, that's what you have to find out first and um, all the other possibility is to make it so special that the people don't care where it is.

[00:08:15] For example, a tree house. It's always a hit and nobody cares where it is, and nobody wanted to have it in the center of a city. So they're, so that's why I think it's not important where it is. Um, and, uh, I have a really nice partner. Uh, they, they are called revenue. They do, uh, my revenue management and the pricing and they have very, very good insights into the market.

[00:08:38] And, um, when I have an, a new apartment, because on the one side I do. Management for my customers. So if they have an apartment and they need someone who manage everything, like communication with the guests, cleaning, et cetera, I do it. But I also rent, um, apartments by myself, furnish them and re-rent them.

[00:08:58] So, so when I look for a location, then I definitely have to, to, to check, uh, what's, what's the best to do. So, like I said, is, are there, tourists are there in Stellas and, um, what revenue is doing, they make a calculation for me. So, They have a deep insight into the market on the one side, and they have very good sources where they can get other information and they can calculate very precisely, um, the occupancy rate, the, the price, et cetera.

[00:09:27] So I can see, okay, in this month I have, um, this amount, uh, the next month I have this in, uh, in January I have a high, uh, Um, occupancy and in, in, I I said in, in, in somewhere. It's more or less. It depends. And, um, yeah, I, I can see very, um, preciously how much will be the amount. Um, in the, in the month and they make it like more slow so they can say, okay, if they say, I, I earned 1000 Euro a month, I know if I do a lot of work and I do it very well, it can be also two or 3000.

[00:10:00] So mm-hmm. That's how I do it.

Outro

[00:10:02] Liam: Thank you so much, Nicole. I've really enjoyed today and, uh, hopefully the people listening to this as well has picked up some awesome tips and, uh, yeah. Thank you so much for coming on. So that's it from us here at Boostly. I thank you for listening to this podcast. I. And there a lot of places that you can put your attention and uh, today you've decided to spend that time with us.

[00:10:21] So thank you so much. Uh, hopefully you've got some good value and we'll see you on the next one. Thank you and bye for now. Having a blast. Can I get it on the Boostly

[00:10:30] Nicole: podcast? Bruce Lee? Let Bruce Lee cuz it's so hard on the teas loose leaf. Picking up those rhymes. Don't write it just to, we lose.

Before you leave

Please go and rate, review and subscribe on iTunes, Spotify Google Play or Anchor or visit

Transcript from the Episode

Intro

[00:00:00] Liam: Welcome to the new episode of the Boostly Podcast. This is the podcast that gives you the tools, the tactics, the training, and of course the confidence so you can go out there and get more direct bookends. My name's Liam Carolan, and today we're gonna dive behind the host with a, another successful host in the short-term rental industry.

[00:00:19] Uh, today we're gonna be joined by Nicole Gödecke. Uh, she's from homely. Stay, and you can find them by going to homely stay.com. She's got an awesome, uh, apartment. You go and check them out on the website. Beautiful background behind the bedding and uh, behind the beds, and just general great decor in general.

[00:00:37] So welcome along Nicole. Looking forward to, uh, speaking about your business today. Hi, I'm happy to be here. Awesome. So let's get started in the way that we usually do, which is can you just tell us where in the world, uh, your hospitality business is, what kind of model you use, and how many units and, uh, what kind of guests tend to stay there?

Nicole Intro

[00:00:57] Nicole: So, um, my accom accommodations are located mainly, uh, around Munich, so in Germany, but I also manage accommodations in Paraguay. So you can see there's no limit. Um, at the moment there are 60 units, um, and they are very different. So I have small studios without kitchens, or on the other side also houses with pools, sauna, and gym.

[00:01:23] So, um, yeah. Most of them are self checked in self-checking accommodations, so the guests can come anytime they want, and in part why we have a personal handover. Um, yeah, and because there are so many different kind of accommodations and different locations, um, also the guests are very different and the reason for the trips.

[00:01:45] So, um, I don't have this special guest or this avatar. Um, yeah. And in general my focus is on, uh, digitalization and automation, but without losing the personal touch because that's, That's a gas value. They don't want to feel like they are one of 100. So, or like when you call somewhere and you are in the line and they, they let you wait for 20 minutes or something like this.

[00:02:09] So that's my focus. Be personal, but also have digitalization authorization.

What does the market look like

[00:02:15] Liam: What, what is the market like at the moment in, in sort of Germany, how, how are things across there at the moment? Is it busy? And what is the difference between, uh, managing in in Germany compared to Paraguay?

[00:02:28] Nicole: Uh, in Germany, uh, the business is very easy at the moment, I would say, or especially.

[00:02:34] For me, because we are very varied, so we get a lot of guests, we have, uh, no, not, not no stuff with, uh, coronavirus or something like this. So guests can book, they can come, they don't need to show us any vaccination or something like this. And after the crisis, everyone want to travel, so we have. 80% guests from Germany, but also a lot of guests from use eight and uh, many other di um, directions.

[00:03:01] So, um, it's, it's very easy. And of course it's my mother language, so everything I have to do, it's, it's easy for me. Um, and, uh, all the apartments are close to my home. So the forest waste is I guess one hour. So, In case something happens, I can go there and, and, and fix it. So UA is a little different, um, especially because people who go there, uh, have other needs.

[00:03:27] And, um, the, the, the lucky thing is that we have someone there. He's from Germany. He lives there since. 14 years and he speak fluently Spanish, fluently German. So I prepare everything before the guests are coming. I make the conversations and do the check-in formula, et cetera. But then he is there and pick them up from the airport, bring it to the department, explain everything.

[00:03:49] And he also do the all stuff to the cleaning. So, um, yeah, here I'm responsible for everything and there I have someone I can, yeah, I can give some, um, parts.

[00:04:01] Liam: But what, what does success look like and what does it mean to you? For me,

[00:04:05] Nicole: success is, uh, when I can really make or create something like, uh, create great moments or trips.

[00:04:13] Uh, before in the company where the companies I was working in purchasing, I made rich companies richer. So now I make people rich and great memories. I guess that's much nicer. Um, and as soon as my company is profitable, I want to donate a part of the income to women's shelters, for example. That's very important for me, and I also hope to be a great employer someday because I have seen so many times how not to do it.

[00:04:41] Liam: I like that. I like that very much because at the end of the day, memories is what people really look back on. And, and you know, that's, that's really what we are creating. We're really creating experiences for people. So, so it's amazing to hear. What would you say, so you've scaled from, uh, from zero to 16 units and you're now international.

Some of your wow moments

[00:04:59] Um, what would you say looking back, is some of the wow moments, some of the moments that you could look back and go, do you know what that was? That's something that I'd done, which helped me be successful.

[00:05:08] Nicole: Um, yes, as mentioned, I was not very happy, uh, with the philosophy of the company I was working before.

[00:05:15] And, um, yeah, there was a time where I, the problem was I didn't want to leave because I really loved what I did. And then there was a moment where I found out that the love that I have for this and the passion is mine, not the companies. So it's. It's me and I can take it. So, um, yeah, that was the moment when I decided to create my own business.

[00:05:39] Liam: Has there been any challenges so far along the way, and if so, how did you overcome them? Uh,

[00:05:44] Nicole: you mean the way to open my business and finding guests and my first customers? Um, or in general?

[00:05:52] Liam: Yeah, just in general. Has there been any challenges along the, along the way? Any, any sort of things you've had to overcome?

[00:05:59] Nicole: Yeah, in general, my biggest, uh, challenge was to find my, to, to find my passion. Um, I mean, I just gave you a little, very small overview, but it changed, uh, my jobs very often. I also sold cars and I went, uh, to the purchasing stuff and it was nice, but it didn't fulfill me. That was always, uh, my problem. And I actually, I always has been wished to start my own business, but I didn't know what to do.

[00:06:27] Um, and yeah. Then in 2019, I quit my job, gave up my flat, sold my motorbike, uh, my car, everything, because I was on a point, I, I felt like I'm in a golden cage. So, and, uh, I wanted to go. I went to South America and wanted to find myself on my vacation, and yeah, I started to travel and unfortunately after three months it was over because Corona came.

[00:06:51] So, I came back, um, I had no work, no ha, no apartment, nothing. Um, but, uh, during the traveling in South America, it was three months, I was still working for the startup. And I found out okay, I love the work I do there. I love traveling. Um, so I know what to do. Uh, so yeah, I, I went to the, to the company full-time and yeah, now I have my company, um, organize everything so that I can be on site and can travel.

[00:07:24] So that's for me, the biggest. It was for me, the biggest competition to, to go this way, to find out what I want to do, how I want to do, and now have the possibility to do what I love, but still be able to travel.

The best way to find a property

[00:07:37] Liam: What would you say is the best way to find a property that works for short-term rental? Um,

[00:07:44] Nicole: in general, I think it's not important where you are.

[00:07:47] It works everywhere. So it's just, it's important to find out what the demand is there. So, um, are there tourists or is there, for example, an airport, clinic nearby where people comes, uh, to stay there? Um, or is it more a location for Astellas? That's, that's what you have to find out first and um, all the other possibility is to make it so special that the people don't care where it is.

[00:08:15] For example, a tree house. It's always a hit and nobody cares where it is, and nobody wanted to have it in the center of a city. So they're, so that's why I think it's not important where it is. Um, and, uh, I have a really nice partner. Uh, they, they are called revenue. They do, uh, my revenue management and the pricing and they have very, very good insights into the market.

[00:08:38] And, um, when I have an, a new apartment, because on the one side I do. Management for my customers. So if they have an apartment and they need someone who manage everything, like communication with the guests, cleaning, et cetera, I do it. But I also rent, um, apartments by myself, furnish them and re-rent them.

[00:08:58] So, so when I look for a location, then I definitely have to, to, to check, uh, what's, what's the best to do. So, like I said, is, are there, tourists are there in Stellas and, um, what revenue is doing, they make a calculation for me. So, They have a deep insight into the market on the one side, and they have very good sources where they can get other information and they can calculate very precisely, um, the occupancy rate, the, the price, et cetera.

[00:09:27] So I can see, okay, in this month I have, um, this amount, uh, the next month I have this in, uh, in January I have a high, uh, Um, occupancy and in, in, I I said in, in, in somewhere. It's more or less. It depends. And, um, yeah, I, I can see very, um, preciously how much will be the amount. Um, in the, in the month and they make it like more slow so they can say, okay, if they say, I, I earned 1000 Euro a month, I know if I do a lot of work and I do it very well, it can be also two or 3000.

[00:10:00] So mm-hmm. That's how I do it.

Outro

[00:10:02] Liam: Thank you so much, Nicole. I've really enjoyed today and, uh, hopefully the people listening to this as well has picked up some awesome tips and, uh, yeah. Thank you so much for coming on. So that's it from us here at Boostly. I thank you for listening to this podcast. I. And there a lot of places that you can put your attention and uh, today you've decided to spend that time with us.

[00:10:21] So thank you so much. Uh, hopefully you've got some good value and we'll see you on the next one. Thank you and bye for now. Having a blast. Can I get it on the Boostly

[00:10:30] Nicole: podcast? Bruce Lee? Let Bruce Lee cuz it's so hard on the teas loose leaf. Picking up those rhymes. Don't write it just to, we lose.

Before you leave

Please go and rate, review and subscribe on iTunes, Spotify Google Play or Anchor or visit