We had the good fortune of connecting with Lillian Nguyen and we’ve shared our conversation below.
Hi Lillian, what was your thought process behind starting your own business?
My thought process behind starting my short-term rental property management business stemmed from my previous experience in running an advertising business. I recognized my skill in generating leads for other businesses and saw an opportunity to apply that expertise to your own venture. When running my advertising business, I encountered an opportunity to manage an Airbnb listing for another client. This request served as a catalyst, leading me to realize the potential in offering property management services specifically tailored to short-term rentals. I was captivated by the concept of establishing a short-term rental property management business due to its harmonious fusion of real estate and B2C marketing elements.
Alright, so for those in our community who might not be familiar with your business, can you tell us more?
Lillian Limited, my company, specializes in Airbnb property management with a focus on short-term rentals. Operating in the Dallas-Fort Worth area, we manage a medium-sized portfolio of properties. Our dedicated team assists homeowners and investors in maximizing their return on investment through direct bookings and various short-term rental platforms. Our commitment to excellence drives us to deliver exceptional services to all our clients.
Before embarking on my property management venture, I recognized that my greatest challenge would be gaining comprehensive industry knowledge and becoming an expert in my field. I aimed to understand the key factors that contribute to the success of an Airbnb property, such as listing price and its impact on return on investment. I swiftly realized that short-term rentals differed significantly from long-term rentals. While properties in the long-term rental market within close proximity were priced similarly, the short-term rental market showed a striking contrast. For instance, a house just down the street with identical size and bedroom count could generate two to three times the income.
One of the most challenging decisions I faced was dedicating my first year to learning the industry and exclusively managing one high-end client’s listing. My priority was to help them increase their property’s income, even though I was tempted to take on additional clients. I believed that becoming an expert was crucial before expanding my business.
After acquiring a deep understanding of the industry and the factors influencing rental income, my business flourished. Within a span of ten months, I successfully expanded my portfolio from a single listing to seventeen listings, resulting in a net profit exceeding $100,000 per year.
Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
If my closest friend were to visit, my immediate plan would be to reserve one of the luxurious four-deck rooftop Airbnb homes I oversee in downtown Dallas. From there, I would eagerly introduce her to my favorite bars and restaurants in the vibrant neighborhoods of Uptown and Lower Greenville.
My intention goes beyond showcasing the lively atmosphere of downtown and Uptown. I want her to immerse herself in the essence of living in the heart of Uptown Dallas, allowing her to envision the experience as if it were her own.
Shoutout is all about shouting out others who you feel deserve additional recognition and exposure. Who would you like to shoutout?
I would like to give a special acknowledgment to my boyfriend, Michael Johnson, for imparting the fundamental principles of door-to-door sales. Despite my initial lack of proficiency or charisma in this field, he instilled in me the belief that it was indeed feasible to generate income from scratch. During my early 20s, I operated a clothing business specializing in selling ramen hoodies. When I met Michael, he wholeheartedly believed in my potential as an entrepreneur. While I had solely relied on marketing ads for 100% of my apparel sales, the idea of selling hoodies door-to-door had never crossed my mind. Not only did he teach me the core aspects of door-to-door sales, but he also personally canvassed my neighborhood while wearing the ramen hoodies, effectively selling them on my behalf.
Website: https://lillianlimited.com/
Linkedin: https://www.linkedin.com/in/lillian-nguyen-576660188/
Facebook: https://www.facebook.com/lillianlimited
Yelp: https://g.co/kgs/8mTxL8
Other: https://g.co/kgs/8mTxL8
