BIGGEST RISK with Kenny Bedwell

J Darrin Gross

I'd like to ask you. Kenny Bedwell, what is the BIGGEST RISK?

Kenny Bedwell

So you know, I the biggest risk. I think that this the answer I was going to give you originally, and I kind of talked about it, so I'll move on from it, but it's regulation. Regulation changes. You're in trouble that is a huge risk to any investment. But the risk that I don't really hear often talked about. In our space is actually safety, guest safety. So I'll give you a stat. This is a real stat by there's a there's a guy Justin Ford, he's a safety expert in a short term rental space, and guests are so people are more, 10 times more likely to have an accident in a short term rental than in a hotel. And so there is an inherent amount of risk with hosting people in a property, especially people on on vacation. 70% of people that go on that stay at short term rentals admitted that they like to, you know, drink when they're on vacation. There's nothing wrong with that, obviously, but like, 70% of people, adults who are going and staying in a property are going to drink it when alcohol is involved. And there's, you know, the that increases the chances and the risk of things happening. And I personally, too, I mean, I could go and do a whole story with you that we could do a whole nother podcast episode on where I've had, I've, I've been in lawsuits before, of short term rentals for slip and falls and other things where people were not being careful. And I swear to this day I would, I would love to get the data and the metrics on this, how low people's IQs drop when they go on vacation, because they drop pretty fast. It's crazy. Some of the questions I get where it's like, yeah, just, you know, turn that on, or press that button that says on, and you're good to go. You know, like, people don't really think critically when they're on vacation. And, I mean, why would you you're kind of putting that, you know, putting everything on pause and taking a break, but that increases risk of accidents actually happening. And so I know, I know, you know, you know, you kind of mentioned, like, oh, about it, you know, it's not about insurance, but for short term rental host, it really is. It is very, very, I'm a testament to this personally, it's very important that you get really good insurance, because that it can save you on a rainy day. And you also need to make sure that you have you work with your insurance company and know, you know, if you need to have extra signage or, you know, the the smoke detectors, carbon monoxide detectors, fire extinguishers, is, are they easily accessible? All of my fire extinguishers are mounted in places that you can visibly see. And I've got multiple I put extra safety things in all of my properties because it's just to protect people, because the likelihood of that happening is so much higher than just a long term rental or someone staying at a hotel. And so all these things are super critical. And you know, the last thing that you want this is really, this happens every single year. It happens. Find out, you know a child drowned in your pool. You know, that's a big lawsuit on your hands, and so it's so important that we have these protections, especially short term rental hosts and hotel owners as well, that that protect us in the event of any of these worst case scenarios happen, because they really do, and we can't, you know, turn a blind eye to that other people happen and say, Oh, that won't happen to me.

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