FEBRUARY 28, 2023

#17: Shifting from A Scarcity Mindset to an Abundance Mindset with Michelle Gibbs

Whether you simply have one property on Airbnb, have a large portfolio of short-term rentals, or anything in between, one important thing is that you look at yourself not just as a “real estate investor” or “Airbnb host” – it’s critical that you recognize yourself as an entrepreneur. 

And, as an entrepreneur, it’s important to develop an abundance mindset, which involves embracing challenges, seeing setbacks as opportunities for learning, and being open to new ideas and perspectives.

Here are 5 key ways that an abundance mindset can positively impact your short-term rental business:

1. Opportunities: with an abundance mindset, you inherently believe that opportunities are plentiful and that success is achievable. This mindset can help you identify and pursue opportunities that you might otherwise overlook.
2. Creativity: with an abundance mindset, you are more likely to think creatively and find innovative solutions to problems. This approach can help you stand out in crowded markets and differentiate yourself from other Airbnb hosts.
3. Positive outlook: with an abundance mindset, you tend to have a more positive outlook on your life and business. You’re more likely to focus on the possibilities and potential for growth rather than dwelling on limitations and obstacles.
4. Long-term focus: with an abundance mindset, you are more likely to invest in the long-term growth of your short-term rental business. You understand that success takes time and are willing to put in the effort required to achieve your goals.
5. Collaboration: with an abundance mindset, you are more likely to collaborate with others and build strong relationships. You understand that success is not a zero-sum game and that working with others can help you achieve their goals more quickly and effectively. 

In today’s episode, Michelle Gibbs discusses the importance of shifting from a scarcity mindset to an abundance mindset and how her perspective of helping others impacted her STR business. Additionally, she talks about the biggest contributors to the rapid growth of her co-hosting business and the tools she uses for personal growth and continuous improvement.

Highlights and Key Points:

[02:51] Meet and greet; Michelle Gibbs and know where she is located

[04:17] How she got into short-term rentals

[05:47] How Michelle’s perspective of helping other people has impacted her STR business and helped her to heal

[09:43] Tips to help you stand out and thrive in saturated short-term rental markets

[11:41] Identifying good team members in a new market

[13:01 The young mom that Michelle loves helping; How she found her and identified her as a prospective team member

[20:26] The tools that Michelle uses for personal growth and continuous improvement

[27:25] What are the biggest contributors to the rapid growth of her co-hosting business?

[29:18] Shifting from a scarcity mindset to an abundance mindset

Golden Nuggets

•     “Obviously, beach markets are saturated short-term rental markets, but I don’t believe that’s a deterrent. I believe there is a great draw and attraction there, and if you do it well, your guests will always come back.”
•     “When you go to a new industry, you don’t need to reinvent the wheel. You need to find someone who has polished that wheel to a beautiful shine.
•     “You have to be hungry for growth to be open to being wrong.”
•     ‘You have to let go to let in.”
•     “You do unto others as you want done unto you.”
•     “When you learn by doing, you don’t forget.”

CONNECT WITH OUR GUEST

Follow Michelle Gibbs on:

Website: https://www.revenuerental.com/

Instagram: https://www.instagram.com/revenuerentaltx/

Facebook: https://www.facebook.com/revenuerenta

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