STRA Episode 20: What we Did Right and Wrong in 2022 in our Short-Term Rental Business

The Short Term Rental Authority Podcast

STRA Episode 20: What we Did Right and Wrong in 2022 in our Short-Term Rental Business

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[00:00:05] Hey everyone. Welcome back to the podcast. We are John and Wendy Williams here with the short-term Rental Authority, your authority on all things short-term rental related to help make you the best operator ever. And since this is a new year. We thought that we would take us some time and reflect on last year some things that we did well, some things that we may need to improve on, and what our goals are going to be in the new year.

[00:00:39] And so Happy New Year. Happy New Year. Happy New Year. Yeah. Happy 2023. 2023. You know what's funny? As I used to every year, when the year changed, I would think to myself, okay, I gotta remember to write 2023 on my checks. On your checks. You don't write checks, but I don't write checks anymore. I don't even think I have any.

[00:00:58] Yeah, if I do, they don't even have my right address on them anymore, but I write checks. Some of our places only take checks. That's right. We do write some rent checks. Some rent checks. , they're still old school in that regard. Right. So I did have to remember to write 2023. Okay. Well, you had to remember.

[00:01:18] Yes, I did. I had to remember. So anyway, last year, it's a new year. 2022. What did it look like? What did 20, well, one big thing that we did was we got some new units, well, we doubled up on units. Yeah. Yep. We expanded quite a bit, so we decided to expand and we actually did it in a wholly, totally different market.

[00:01:45] Yeah. So instead of a Charlotte that's, ended up being in Greensboro, which is about an hour and a half away from us. Yeah. It's about an hour and a half north of Charlotte. Yeah. Yeah. So it, it's not like it's a, it's a hop, skip and a jump , like it is over to Charlotte. Right. [00:02:00] Yeah. You have to plan to go there.

[00:02:01] Yeah. These, these units are, I mean, it takes some time to get there. Right. So we had to be sure that we had. Infrastructure in place. There are boots on the ground so that we weren't the ones driving an hour and a half up there. Right, right. And that that took some time. It, so it did take some time. Success was, hey, they will give us as many as this, this is an apartment building.

[00:02:23] they're basically like, Hey, take as many as you want. Right. And we were actively looking for, and we were for units. So we're, and that's one thing that we already knew, was you're always looking for more units and you're always looking for more money. . Right. Right. Th those to those things are, are always happening.

[00:02:41] Yes. So you, you ended up finding this building through another operator actually. Yeah. Right. Who was already in that building. Right. And they were looking for, we were looking for two bedroom units, cuz that's who our client is. They were looking for one bedroom unit. So that worked out well cause we weren't stepping on each other's toes as far as what was available.

[00:02:58] So that was a win. And that was a good thing. It was, it was good that we did that. Where we went wrong was that second half you said we were looking for the units. We weren't fully funded Right. For everything. Right. And we, we ended up picking up five of them, but I think we signed leases for like eight.

[00:03:17] Yes. Seven or eight. Yes, that's true. And realized that oh yeah. We're not gonna have enough money to get all of these units. We're not gonna, we're not gonna be able to furnish all these. Yeah. And so we, we got, we kind of backed out of a few of 'em and ended up with just the five. But even then, that was a big mistake we made.

[00:03:35] Yep. In 2022 was we. , I wanna say two of those. Two or three? No. Was it just two or three that were kind of sitting for a while? Two. It was just two. It was just two. Yeah. Yeah. And they sat there for a while and the, and the catch 22 we were in was, well, we had to pay rent on them, but we had no furniture in them, right?

[00:03:57] Mm-hmm. , so we couldn't put them [00:04:00] up, so they became a drag. For a few months. So it was like, okay, what do we do? Do we spend the money on rent or do we spend the money furnishing them? Right? And getting 'em set up. And we ended up picking, okay, let's pay rent, right? Because it's a new landlord. Let's not piss 'em off at the very beginning, right?

[00:04:19] But then we were in this catch 22 of, okay, we could pay rent, but we can't furnish it, which means we've gotta come up with rent next month. Right? And finally we kind of just bit the bullet and did some expensive loan options. Yeah. Yeah. And rented some furniture. Yes. Renting furniture is really expensive.

[00:04:37] It is. That it's a form of financing. Right. And if you, and that's why I said it, it was very expensive financing. And, and it was in a pinch. We did it cuz we, it was, it was the option and, but it, it's expensive. We had to get 'em up and operat. . But that ended up being a lot of output just in rental furniture.

[00:04:57] Yeah. Because we, I think we did an entire unit we did with rental furniture. We did. We have one unit that is all rented furniture. Right. And we kind of, I think we, we, we, we did the bare bones that we could do to get that thing up and running. Yeah. Yeah. But now it's, and it looks nice and it does, it looks really nice.

[00:05:16] And now we're at the point where're, okay, now we need to buy out that, that rental and, and, and convert that to, well we own the furniture instead of renting it. Right? So that's one of our goals actually this year, cuz that, that's finally, it was a year long contract. Right? So that was part of it too. On the, on the rental Furniture Furnitures a year long contract.

[00:05:34] Right? So, , you basically either have to go through the whole rental agreement or buy out the rest of the agreement. There was some prorated amount we could have done, but it was very expensive either way, either option, right? Yeah. And now, and once that year is over, you can purchase the, the furniture and everything at a discounted rate?

[00:05:59] [00:06:00] Yeah. So if I had to go back and do it again, if I had advice for someone. Hey, cuz rental it, that is a, a way to do it. You know, if you don't have the 10 grand or whatever it is to set up that unit, you can rent the furniture. But the advice I would say is make that a short term plan. Make that, okay, I'm gonna rent this for maybe the next three months with a plan to buy it out.

[00:06:21] Yeah. Knowing that that's coming. So that's, that's one thing we should have done differently. Assigned a a shorter lease agreement on that furniture. That would've been a, a good plan and we probably should have just went ahead and done that at the beginning. Should have. So there was some indecision of do we do that or do we not?

[00:06:37] And then that cost us a few months of drag Yeah. On the rest of the portfolio. Yeah. Right. Because all the other units were basically paying rent on these two empty ones. Right. , and then that was the end of it, you know, no, no extra. Yep. Right. So, and you're not in business to, you know, break even. So it was kind of a weird spot to be in.

[00:06:58] Like we doubled up in units, but all of a sudden now we were back to break even. Right. Because they weren't all actually operating. Yes. So I wanna say that was a mistake. So that's something you can learn from our mistakes. You know, you, that's, if, if you ever talk to somebody that didn't make a mistake, then they're probably lying to you.

[00:07:16] And, and we do that all one of our mentors or quasi mentors Larry Alt down in Florida. That's where I heard that from him. He calls them seminars. Seminars, . Where you learn from him. Yes. When you make a mistake, his thing is, okay, you paid the money for it. learn the mistake. You went to the seminar, right?

[00:07:32] We did. Right. So I'm giving you our free Well, we paid for the seminar for you guys. It's free . Right. Don't do that. Right. Right. Have your finances in order. If you're going to rent furniture, do it short term with a plan to get outta that quickly. That's really good advice. Yeah. But you know, one thing that we did do well is we already knew that we needed people.[00:08:00]

[00:08:00] to be there. Right. Cuz we had the, we have the team here in Charlotte already. Right. So you know what the roles are. Right? Right. So we already knew that. And e even though it took us a little bit longer to find the, the laundromat, cuz that was one thing that we, that we knew that we needed was, was a laundromat.

[00:08:22] And then we knew that we needed. And operations specialist also called like a runner, right? We knew that we, that we needed that position filled and, and that took us a little, a little time cuz it's, it's difficult sometimes to find someone that has that availability, especially if you're smaller, if you, if you don't have enough work for them to like, bring them on full-time, like as an employee type situ.

[00:08:53] then now you're talking about something that's like, eh, it's a few hours a week and when we might need you. Right, right. So you need somebody that has another gig going on, or you know, something else, and you know, it, it you could share them with other operators. You can. Yeah. And that's, that's what we do here in Charlotte.

[00:09:09] Our, our runner actually. Well, she's not the only person. Or we're not the only people she deals with. Right. And she's also not someone that works their traditional nine to five either. So she does this, she does she drives her, drives her Lyft and Lyft DoorDash and things like that. So she's kind of a gig economy person anyway.

[00:09:29] Right. And we've found those people to be very flexible because they're already used to doing that and they're already out and about and can run over to the unit. Yeah. And you don't have to be their main source of income. Right, right. Mm-hmm. . So that, that works very well. In Greensboro, we ended up with a, with a college student and one of which is a very sim similar type situation.

[00:09:51] Right, right. Yeah. So, and, and one of the. One of the draws for him was, you know, I was like, Hey, [00:10:00] we are not the only operators in this building, so you have the potential to, you know, make more money and I'll be glad to give your information to these other operators that I already know in the area and, and give, put in a good word for you.

[00:10:18] So. I did that too. Yeah. And because we operate similarly, then they need the same position too. Right. Right. So that, that worked out well. Yep. So yeah. But, and I will say the one other success is everything else in the business stayed the same. Yeah. That, that's true. So everything that's remote, the customer service, the, the messaging templates, the setting up, the listing, like all that stuff just plugged right into our, our existing SOPs for the most part.

[00:10:46] Mm. Now this is an apartment building as opposed to Yeah, some of the systems had to change the houses, right? So some of the systems involving turnover and inventory and storage and things like that are different and actually more efficient there because for one thing, we have a central location for.

[00:11:05] all of our linens and stock and all that kind of thing. Right. Because we, we rented a garage. Right? Well, you need storage. And that was our solution there was to rent a garage. Yeah. And that wor that's been working out real well. Yeah. And that services all the apartments. Right. So that now, once we have that in place, okay, now it's just easy to sign.

[00:11:23] other leases. Sure. So if we want to expand next time, we don't have to go find another runner and Right. Make another storage. We can just grow in that building. Mm-hmm. . Right. So that's a good thing that we did to establish ourselves there. Mm-hmm. and get all that set up and going. Yep. So I wouldn't be. , now that I've done it, I, I wouldn't be opposed to going to other markets because I know that we can do it mm-hmm.

[00:11:47] and not have to be somewhere that you and I physically need to go to. Right, right. We could probably go anywhere. I would say that's true. Mm-hmm. . and now we have almost a year's [00:12:00] experience doing that too. Yeah. Right. Yeah. Operating in a market that essentially isn't, you know, something happens, you can't just pop over.

[00:12:06] Yeah, no, no, you can't. Right. So it's that's a good thing. I wanna say that's a success. Yeah. I, I, I feel like that that was, that, that was a really great win for us, and I, I liked that. Yeah. That was good. Anything else that you can think.

[00:12:28] I don't know. In this business it's, it's, it's hard to remember everything that's happened in the last year because there's so many things going on in moving parts. I do know that this year we had we extended our leases, no, that isn't what I was gonna say. I was talking in terms of occupancy and oh, and length of stay and things like that.

[00:12:51] We did really well. , our average length of stay over the year was something like 12 to 14 days. Yeah, that's on right. Average reservation because it used to be, I wanna say between five and seven or lower than that. Yeah. Uhhuh. even. Yeah. That's interesting. Why do you think that is? I this year had a focus on that.

[00:13:10] So one of the things I will tell you is that. in general. You, you, you make more money. The, the further out someone books. So that's booking lead time. Meaning if they book it two weeks in advance, those same dates are more expensive than if they book it the day before. Mm-hmm. , right? Sure. Right, because typically the prices get cheaper the closer in they are.

[00:13:31] Right. Because those days are expiring. Right. So if you, even if you're not use, well, you should be using a dynamic software tool. But in general, that's the way it's going to work. , you know, unless there's some other factor like tomorrow's Christmas, you know? Right. Like it's a holiday or something. Right.

[00:13:46] But in general, closer end dates are cheaper than further out dates, so I'd rather sell them further in advance just for that reason. Mm-hmm. , another way to get there is just have them stay longer. because then they're, [00:14:00] yeah, they may book it today for tomorrow, but if they're staying a month now, you're still capturing those, those dates into the future.

[00:14:06] Right? Excuse me. Which means more revenue. Right. So my goal was twofold. See if I can get people to book further in advance and can I get them to book longer? And the result of that was what? What you saw this year. Mm-hmm. was does, I'm not sure I quite achieved the far and advanced. , maybe I did, but the longer reservations, I'm not sure what the metric on that is, but the, the longer reservations for sure.

[00:14:34] And that reflected in, in gross revenue. Yeah. Yeah. Right. For sure. And there's less turnover, right? So you see less cleaning going on, less supplies being used, cuz we typically don't restock until someone checks out, for example, less laundry being done. Definitely less loan being done at the laundry.

[00:14:52] Now some of those are passed through like the, the cleaners. The cleaners and, well, we actually make money on cleaning. Mm-hmm. . Right? So that's, that's something to think about is, you know, for example, say your cleaners charge a hundred bucks and you're charging the guest 120, that should be a $20. , that's a, that's more per night.

[00:15:11] The shorter the reservation though, meaning if they stayed, what is that four days then? That's $5 extra a night. 20 bucks is, oh yeah, I see what you're saying. But if they stay eight days, it's only two and a half dollars extra. Right. If they stay a month, then you probably can't even calculate it. Right.

[00:15:29] Right. Sure. So that's something to think about. As your stays get longer, the more you. Charged for things like cleaning and the more you probably should. Cause there's going to be more cleaning involved. Right. That's another thing we did this past year too that I just thought of was we revamped our.

[00:15:50] quality control process. Oh yes, we did. We sure, because we went through a period of time there where it's, we had the same cleaners forever, and then all of a sudden, all of a sudden quality just dropped. [00:16:00] Right. We kept getting, and we, it was cleanliness, complaints. Every other reservation had some kind of complaint about cleaning and the, we had reviews got bad.

[00:16:08] Well, that's gonna be reflected in your reviews, so we had to. Come up with a system of managing that better. Yep. And that became a process of not only the tool turnover, bmb is what we use, and using that more effectively, meaning requiring more pitchers. Yep. The checklists. Yep. Being more detailed and training cleaners and training better.

[00:16:34] Mm-hmm. , right? Mm-hmm. . But this was somebody that was already trained. . Yeah. Their quality just fell off. Well, and it was, they're employees. I think that's exactly right. It was because she started expanding her cleaning business and hiring more people to work for her, and she wasn't training them properly.

[00:16:54] Right. Was part of the problem. Right, and, and yes, they should be at, especially if they're a company, it's not an individual cleaner. They should be quality controlling their own people. , but I, we came to realize that. Okay, that's fine. But for them it's a $75, $90 cleaning job on the line. For us, it may be a $3,000 reservation.

[00:17:16] Sure. So we need to take responsibility for and make sure quality control is there. Yeah. In our own business. Yeah. So we started implementing, okay, now we have a quality control person. That goes behind the cleaners. Not every time. Right? Well, for the first three times, the cleaner cleans for us. We do. If it's a new cleaner, yes.

[00:17:36] If it's a brand new cleaner, we'll do we'll do quality control behind them for the first three times that they clean for us, and then it's. , we spot check. Right? So it's every, it should be every 30 cleans, it should be every three cleanings. Right? Or if someone stays for like a month or something, right?

[00:17:54] We do it correct at least once a month. And then, and then we implemented the deep clean. [00:18:00] As well. That's right. So that was for the stays of 30 days or longer. We just go ahead and block off that day that they are checking out because the cleaners need a whole day to do a deep clean. Right. And we do those once a month anyway.

[00:18:16] Yes, we do now. Yep. And, and those two things together. Yeah. Because even, and we host pet. . That's true. Which requires more cleaning anyway. Yep. Right. But it was, you know, the maintenance cleans those, those turnovers, those aren't deep cleans. No, they're not. They don't typically do baseboards. They're not cleaning your oven necessarily.

[00:18:38] They're not doing all these extra things. Right. Right. Because you're not paying them to do that. You're paying 'em to do a turnover. Right. And plus, there's not as much time as you mentioned. . Right. And you know, those deep cleans are, they typically charge us twice the base rate. Mm-hmm. so that, that. Extra money that you know, we get from the guest, say the cleaner charges us a hundred dollars and we're charging the guest $125.

[00:19:08] That extra $25 goes towards. Help and pay for those deep cleans too. Mm-hmm. , which may be something to reevaluate this year. It might be Maybe, maybe we need to raise our clean fees just a little bit. Yeah. To help pay for those, those deep cleans, because that is one we're doing deep cleans more often.

[00:19:25] Yeah. Well, that's one of the things I monitor because in the, in our profit and loss statement, we have a cleaning income mm-hmm. line. And then we also have a cleaning expenses line. Right. Need to make sure, and I'm also always making. The income one's higher than the expense one or at least equals it.

[00:19:39] Right. Don't we use a linen one too? We do, yeah. There's, there's a line on for that too. Because cuz we, because we use a line service, we use a linen service and, but we also charge guests for linens too. we do. Yeah. Even though it may not show up as two separate, but it does in our p and l. That's it does in our p and l.

[00:19:59] Yeah. Right. To [00:20:00] know that, okay, we're actually covering that too. Mm-hmm. , right. Instead of just guessing. Right. But yeah, that that was something we did this year that that really helped. And by the way, we achieved Superhost again. Yes. So now that's an indication of those things that we've been doing are working.

[00:20:18] Because it's hard to overcome even a four star review. Yeah, it really is. If somebody gives you a three, then it's like, oh God, I gotta get 25 star reviews to get over that. Tw you need 25 star reviews to compensate for a four star review to get to on Airbnb. Super host is a 4.8 overall. That's incredible.

[00:20:37] And if you think about it, you could have a five star review and a four star review, and that's four and a half. Yep. And now you're not there. Yep. And even another five star review doesn't get you there. and another one doesn't quite get you there. Oh, you're gonna have 20, right? So you've gotta have a lot of five star reviews.

[00:20:54] Yeah, that's true. Yep. So that's a, it's just, just the way it is. Mm-hmm. and I'm not sure super host matters that much anyway. Yeah. But it's nice that we got it and it's, it is nice to know that it's true. In part, it's because of the changes we made. Right. To recover from that. Right. So, so I think that there, that, there's a couple of things that we could work on with that is the system that we use to make sure that those deep cleans get scheduled mm-hmm.

[00:21:24] Is, is a very manual process. And, and I think we could automate that a little bit in, in some task. But to make sure that they get done. But it's still probably gonna be a manual process with the customer experience specialist doing it. Yeah. Somebody has to Yeah. To know to do that. Yeah. Right. But it is it, now that we know that that is working for us, I think we should continue doing that.

[00:21:52] And one of the, just to switch gears a little bit, cause I had this thought was. . You know, we're, we're [00:22:00] always looking for new units and we're always looking for more money. Right. And one of the things that I think that we could do better is expanding our credit facility. Cause I think that would've helped us get these new units up and running faster.

[00:22:20] Yeah. That's something we haven't really paid much attention to in the business. Yeah. Like it's one of those things, you know, you should be doing. And, and we learned, actually learned a lot about business credit this year. Mm-hmm. , have we implemented a lot of it? No. But just knowing how it works is, is probably a whole nother podcast.

[00:22:39] Mm-hmm. , but, you know, you, you hear about in business, oh, you're done in Bradstreet number. Well, it turns out there's about five to seven different places that you can report to in business credit. Yeah. And, and not everybody looks at the same places. Right. . So your, your business credit card likely doesn't report to Dunner Bradstreet.

[00:22:56] It likely reports to Experian or one of those, right? And so we, we learned kind of these things that we could be doing. And, and some of it involves how do you spend your money, right? Do you spend it outta your checking account or do you spend it out of, you know, this credit facility and then pay that mm-hmm.

[00:23:14] right? And sometimes it's, you're paying the same bills, but it's the way you route things, right? That can help you generate. Credit facility that doesn't rely on your own personal credit, right? That's more tied to the business itself. And I wanna say that's one of our goals for this year's to kind of get all that straight.

[00:23:30] Yep. And the first thing that I need to do is make sure that our business address is the same. like everywhere. Yeah. And it needs to be exactly the same we found out. Yeah. Right. Exactly. Again, this is like a whole nother podcast, but you can't even be a period different. Yeah. Like if one's like 1 23 Main Street, Uhhuh spelled out, and the other one's MA 1 23 Mains St.

[00:23:55] Right. Those are not the same address. Right. For credit purposes and PO boxes. [00:24:00] You don't want, those either are not accepted everywhere, so. Right. I'm like, crap, now what am I gonna do? Right. So I've been doing some research and we'll, we'll do a podcast after we . Yeah. Once we figure it out, we'll let you know.

[00:24:14] Figure it out. . Right. But that is one thing that that is on, is a goal for us. For us this year is to learn, implement some of the things that we've learned about business credit. Mm-hmm. and expanding our credit facility so that we can. Expand more faster, cuz we already know that we could go get more units anytime we want to.

[00:24:37] Yeah, we could probably go get 'em tomorrow. We could probably go get 'em tomorrow. But we've been recovering from this mistake we made last year. Yep. Right. And now here we are in January, slow season and it's caught up to us again. Yep. It sure has. Right. So, okay, let's fix it this year. and make sure we get those pieces in place so that, okay, next time, this time, next year, it'll be like, okay, no big deal.

[00:24:58] But you know, I, I think it's, we are always getting better. It's like every single year we are getting better. So I, I think you can tell, can't you? And when you were looking at the p and l mm-hmm. though, the top line revenue just keeps growing every year. Yeah. By lot. By a lot. It didn't quite double this year because of the, the hiccups we had.

[00:25:25] Sure. So I was trying to get to a certain number and we fell short of it, but we got really close. Yeah. And next year, that's exciting. Next year we're gonna hit it. No doubt. That's exciting because we'll have the whole year. Yeah. Right. So that's, that's interesting. That's going on. Even if we don't expand, I expect revenue to increase next year by at least 20%.

[00:25:43] Right. So there's that. It's a goal. Yes. We just make sure that expenses don't increase by 20% as well, . Right. Got it. Okay. That's, that's the key, right? Controlling expenses. Yes. Yes. Well, that's [00:26:00] good. I think that we have some, we've learned a lot. We've learned a lot in 2022, and we have some really great goals for 2023, so stay tuned for, right, and, and one more thing.

[00:26:12] Ooh, that's really exciting for 2023. We now have, as part of short term rental authority, we have our insider access group. Oh, that's right. So this, we've created an insider access members only private group. Right. So we have the Facebook group, we have the community that's free. We're still gonna go live on Wednesdays and, and talk to you guys.

[00:26:32] But I, we also have some I don't wanna give away too much, but we're gonna have some other people join. Who are also expert operators, they're gonna be in there and the idea is that, hey, we're gonna jump on a Zoom call once a week. and Mastermind and collaborate and learn from each other. And and this is a separate Zoom call than the Wednesday night one?

[00:26:52] Yeah. Well, Wednesday night isn't Zoom, it's live on Facebook and YouTube. Right, right. This is actually gonna be a private Zoom link that only people that are in that group can come to. It's gonna be smaller, more intimate and more interactive because instead of typing back and forth and chat, you can actually talk to people.

[00:27:07] Right, right. Yeah, that's the best thing about Zoom. So that's gonna be, that's gonna be really exciting. I'm looking forward to that. If you're interested in. . You can DM us DM us the words insider access, either on Facebook, Instagram, YouTube, even. We have a text number, but I can never remember what it is.

[00:27:23] 9 8 0 8 8 8 85 41. Oh, there you go. Yep. So when you, so you can text insider access to. 9 8 0 8 8 8 85 41. Yes. I don't know why I can remember numbers. I haven't been able to remember a phone number since 1992. Maybe like when we had a landline. Right, right. I don't even know what my old phone number is.

[00:27:46] I really don't. It's in my contacts. Right, right. , I don't know. I don't know. It's one of those things. It is. Well it's weird how your brain works, but yes, text insider access to 9 8 0 8 8 8 85 41. [00:28:00] And that will get you in the system to be part of the private members only inside our access group. And we are very, very excited about this collaboration that we're going to have with lots of other.

[00:28:17] Operators that have been doing it for a while, so we're gonna be collaborating with them and we would love to have you, if you'd like to learn from the best. It's gonna be great. It's gonna be fun. It's gonna be really great. So it's gonna be a good 2023. It is, but you know, the, it's not just the, the Zoom call, it's gonna have that they're.

[00:28:35] Once you join Insider Access, you're gonna have access to the course that we've created. Yep. All the templates, all the the Cs, all templates that we've got, all the checklists that we've got, the video, anything we add. The video library. The video library, and you even get a discount on one-on-one coaching with us as well.

[00:28:52] That's true. So it's probably worth doing it just for that. Yeah. Really, because it's about half price. It's half. For, for the one-on-one. So if, if you want to come into the Inner Insider or access and be in that group setting, great. You join us. And then if you, hey, I need, I need some, you know, one-on-one help, we can do that too.

[00:29:07] Then you'll get a discount on that. So come join us. Text that Inner Insider access 2 9 8 0 8 8 8 8 5 4 1. Excellent. Yes. Very good. Well, 2023, here we come. And we would love to bring you along with us because we are here at Short-Term Rental Authority to help make you the best operator ever. And we'll see you next time.

[00:29:33] Onto the next, on to the next.

[00:29:37]