An interview with TahoeXperience owner Larry Rickman.

Today we are checking out the newest offering from TahoeXperience with one of the owners, Larry Rickman. Thanks for the tour, Larry. This property is so unique. These large homes on spacious lots have become a real commodity lately. And the view,  Spectacular!

LR: When we began working with the owner of this property, it was important for us to embrace and then emphasize the natural qualities of the home. Taking the viewpoint of Aristotle, we leaned into the Four Elements of water, fire, earth, and air and then incorporated them into the design. The property is beautifully decorated and filled with amenities. It’s peaceful and spacious, with a fantastic outdoor space that includes a hot tub and sauna. With the newly installed gas line, we will be adding a firepit to the deck area. It really does have everything you would want to escape from everything and submerse yourself in nature while providing all the conveniences you would want in a vacation rental. 

TX: Investors reach out to you looking for guidance when it comes to income property purchases. What would you say is the number one piece of advice you can offer them?

LR: Different is good.  Quirky is better.  Unique is the best.

TX: What other qualities factor into an investor's decision to purchase a property?

LR: The property must first appeal to the buyer as somewhere they would want to spend time. It may be an investment property, but they will still want to enjoy it as well. Understanding what guests are looking for in a property is key. We pay attention to guest feedback and travel trends. We know what guests are looking for and share that information with prospective clients. It’s important that investors/owners understand the market and what makes a great rental property. Amenities matter. Hot tubs, for instance, have the highest ROI of any single upgrade. Having a pool, game room, gym equipment, yoga, and meditation spaces, media rooms, reading nooks, and outdoor entertainment areas all contribute to high ratings from guests. Add luxury amenities like heated mattresses, cozy bedding, steam showers, espresso, and waffle makers, and you’ve just elevated the guest experience to another level. 

TX: TahoeXperience prides itself on being a top-rated Super Host. What do you think is the reason for the exceptional rating? 

LR: There are so many things that impact review performance. Starting with exceptional properties. Next, design plays a huge role in how a guest feels during their stay. Stylish and comfortable furnishings in beautifully maintained homes is our standard. As I mentioned earlier, amenities that elevate the experience can take an average stay over the top. Additionally, having great cleaners that execute a high standard and maintenance teams that keep the property in tip-top shape is paramount. Guest communication is a priority. You need to have damn near instant responses to guest inquiries. Everything from how to “start” the wood-burning fireplace to “do you have cookie sheets?” needs to be addressed immediately. Finally, the last and most important piece to our success is our secret sauce. Our revolutionary approach to all things Short Term Rental is what we do best. 

TX: Especially around Lake Tahoe, there are many property management companies to choose from. What are the main differences between what you do and other management companies?

LR: We start at the point of purchase and guide our owners through the minefield of STR ownership.  Property selection, design, licensing, listing, guest operations, field operations, vendor management, etc.  What makes us different? We do it all better than they do. 

TX: We know you love statistics! What can you share with us regarding revenue/occupancy as it relates to a TahoeXperience managed property?

LR: My love of stats and the strategy to drive them go back to my corporate life and managing P&Ls.  But honestly, I love how the tactical decisions incrementally drive the stats. For example, great response times from the guest services team impact the guest's psyche during their stay that shows up in guest reviews.  

On a rolling 12-month basis, our properties are currently outperforming the market occupancy by 56.3% vs. 37.4% or slightly better than 50% better than the market (we should show some slides Jason is working on).

2022 Average Nightly Rates Graphic

2022 Average Occupancy Graphic

The nightly rate over the prior 12 months is plus 117.00 to similar units at $458/night.  Or just above 34% improvement vs. the market.  In other words, we pay for ourselves AND take care of all the details.

TX: Property management is more than just offering beautiful homes. What keeps guests 

coming back to a TX property?

LR: Every guest is different. Some are primarily concerned with cleanliness; others put a high value on the design, while others are all about the amenities. Communication can be a big deal or not, depending on the guest. With so many variables, it’s important to be consistent across the board. We want guests to feel well taken care of so they will return to the property or try another TahoeXperience property on their next visit. 

TX: Short-term rentals have come under fire over the past few years. Do you have concerns?

LR: There are always concerns and a need to be involved in local policies. We intentionally avoid representing properties with HOA’s due to the restrictions that have limited STR availability. The problem arose when property owners living hundreds of miles away attempt to manage their homes without reliable information or visibility to the property. Poorly maintained homes, non-vetted guests, and neighborhood disruptions have led to complaints and, eventually, the implementation of bad policies. The stakeholders, i.e., owners and investors, need to voice their side of the equation. Well-managed homes benefit the community. We have eyes on the property, react to neighbors' concerns and keep the home, and the land maintained and cared for.  In short, we are good neighbors and pride ourselves on being part of the community. 

TX: How would an owner/investor get in touch with you to discuss their STR consulting options?

LR: Reach out to me on the website at https://tahoexperience.com/contact/ or leave me a message at 775-689-0618, and I’ll get back to you quickly. 

TX: One last question; What has been the craziest request or question TahoeXperience has ever received from a guest?

LR: We received a message from a guest with a picture of the dryer asking the question, “how do we turn this on.” We responded by enlarging the photo and circling the words “push to start.”