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Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | Apartment Sharing
43 minutes | a day ago
How to set and track KPIs in your Airbnb business
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33 minutes | 9 days ago
Destination Creation – with Wil Slickers
Travel is back in a big way, and people are hungry for unique experiences. And Wil Slickers contends that you can differentiate your short-term rental brand and attract guests through destination creation. But how do you take an average apartment or single family home and transform it into a destination? Wil is the Hospitality Expert and Destinationaire behind Slick Talk: The Hospitality Podcast, a show dedicated to all things hotels, hospitality and business. He is also the Cofounder of Recreation Rentals, a new boutique STR management company based in Seattle and a member of our elite Legends X short-term rental business accelerator. On this episode of Get Paid for Your Pad, Wil joins me to explain what he means by destination creation, discussing what he does to make a property so special that the guest doesn’t have to leave. He offers advice on turning a regular apartment or home into a destination, challenging you to tap into your local community and build amenities around your ideal guest. Listen in for Wil’s insight on designing themed STR units learn how to build a thriving vacation rental management business by making your property a destination. Topics Covered Wil’s background in hospitality and vacation rental managementFell in love with hospitality working for MarriottShift to boutique hotel, became youngest GM in areaQuit day job in 2019 for vacation rental management What Wil means by the term ‘destination creation’Make property so special guest doesn’t have to leaveHone into uniqueness of property and/or brand How to turn a regular apartment or home into a destinationTap into community, support small businesses in areaTell story with amenities made locally How to turn your space into a destination for your ideal guestCater listing to type of traveler you want to attractThink about guest needs (e.g.: standing desk, Wi-Fi) Wil’s insight on designing themed units for your STR guestsCan be expensive to create up frontIncredible ROI, earn up to 3X that of competitors Wil’s top lessons learned from hosting a hospitality podcast Guests became most valuable resourceStay in contact and build community Wil’s top advice for aspiring STR business owners1. It’s not just about making money2. Be willing to learn technology3. Tap into your local community Connect with Wil Slick Talk the PodcastSlick Talk on LinkedInSlick Talk on InstagramSlick Talk on Facebook Resources CNBC Interview with Brian CheskyHow to Market to the Work-From-Home Traveler on GPFYP EP349Loma Homes Legends XGet Paid for Your Pad on YouTubeEmail firstname.lastname@example.org Sponsor Hostfully [Discount Code PAD] See acast.com/privacy for privacy and opt-out information.
46 minutes | 13 days ago
Lessons from the Legends X Accelerator
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33 minutes | a month ago
From 8 to 50 Units in Less Than a Year
Do you see other short-term rental hosts as competitors or potential collaborators? It may seem counterintuitive, but connecting with other STR entrepreneurs for support can lead to opportunities for partnerships and additional income streams. And it’s that kind of abundance mentality that helped today’s guest scale from 8 to 50 units in less than a year.Aaron Kirkham is the Founder of Kirkham Kastles, a short-term rental management company based in Park City, Utah. He operates 50 properties in Washington, Idaho and Utah, leveraging a background in marketing and hospitality to scale his STR business despite a global pandemic. Aaron is also the creator of several STR service companies, including Rubbish Rollers and Vacation Rentals Cleaning.On this episode of Get Paid for Your Pad, Aaron joins me to explain how he grew from 8 to 50 units in 2020, discussing why travelers are drawn to the area and what new challenges he is facing as he scales. He shares his unique approach to solving problems in his business, describing how he collaborates with fellow STR operators and what companies he has started to support other hosts. Listen in for Aaron’s insight on managing your time as a ‘hectic host’ and get his top tips for managing units in other states.Topics CoveredHow Aaron grew from 8 to 50 units in less than a yearHigh demand in conservative area despite pandemicShow owners profit potential vs. long-term rentalWhy travelers are attracted to Utah, Idaho and WashingtonWorld-class ski resorts in winterConvention centers and Silicon SlopesWhat Aaron does to connect with other STR operatorsStart open Facebook group for help and referralsMastermind group to share processes, collaborateAaron’s approach to solving problems in his businessFind solution for selves, be resource for othersLeverage solution to generate new income streamWhat companies Aaron has started to support other hostsRubbish Rollers (trash to curb service)Vacation Rentals CleaningAaron’s insight on how to handle snow removal as a STR hostLandscaping companies transition to snow removalOutsource to cleaner or kid in neighborhoodThe new challenges Aaron is facing as he scales his businessFinding great team members, service providersGiving up element of controlAaron’s advice on managing your time as a ‘hectic host’Let clients go when low return on time investedCharge what you’re worth to make more doing lessHow Aaron manages units in three different statesNetwork in new location, join local groups on socialHave go-to person in place plus backup optionsConnect with AaronKirkham KastlesRubbish RollersVacation Rentals CleaningEmail email@example.comCall (208) 252-4123ResourcesAlta Ski AreaBrighton ResortSolitude Mountain ResortVisit Ski CitySki Resorts in Park CitySilicon SlopesDinosaur National MonumentSTR Profit AcademyLegends XGet Paid for Your Pad on YouTubeEmail firstname.lastname@example.orgSponsorHostfully [Discount Code PAD] See acast.com/privacy for privacy and opt-out information.
31 minutes | a month ago
What to Do When Your Airbnb Guest Sues You
Even if you take every possible precaution, there’s still a chance that an Airbnb guest could get hurt on your property and sue you for negligence. That’s exactly what happened to Tamara Swager. So, how did she navigate such a stressful time? And what steps can you take to protect yourself should something similar happen to you?Tamara is the Founder of Swag Hospitality, a short-term rental business out of Los Angeles County, California. She manages six properties, most of which are located in STR-friendly Long Beach, a perfect spot for travelers visiting attractions like Hollywood, Disney and Venice Beach. Tamara is also an Airbnb Plus host and active member of our STR Profit Academy.On this episode of Get Paid for Your Pad, Tamara joins me to share her unsettling experience with being sued by an Airbnb guest. She describes the incident that led to the lawsuit and walks us through the three-year process of providing information to counter the guest’s claims. Listen in for Tamara’s feedback on how Airbnb handled the situation and find out what you can do to protect yourself from litigation and prove that you’re a responsible short-term rental host.Topics CoveredWhy Tamara is crushing it right nowDisney reopening, moving into COVID orange tierSTR-friendly regulations finalized in Long BeachThe incident that led to Tamara being suedGuest fell on last step walking to car at nightDriven to medical facility by husbandWhat happened after Tamara contacted AirbnbCrawford & Company came out to take photosServed papers 18 months into processAirbnb assigned counsel on her behalfProvided information to counter accusationsCase resolved after 3 nerve-wracking yearsWhat Tamara has done to prevent future incidentsAlready had integrated lighting on every stepAdded reflective caution tapeTamara’s feedback on how Airbnb handled the situationFrustrating not to have point of contactAttorney assigned to case very responsiveCase settled by Airbnb (didn’t use STR insurance)The lessons Tamara learned from being sued by a guestLimit personal liability by setting up LLCRespond only after processing emotionsHave security cameras where legal to do soHow to demonstrate that you’re a responsible hostUse devices like NoiseAware and FreshAirSecurity features like Nest Cam, smart locksTamara’s advice on securing short-term rental insuranceDo apples-to-apples comparison of policiesWork with homeowners to choose best optionConnect with TamaraSwag HospitalitySwag on AirbnbResourcesSTR Profit AcademyAirbnb PlusCrawford & CompanyWeGoLookAirbnb Host Protection InsuranceNoiseAwareParty SquasherFreshAirNest CamProper InsuranceCBIZ Vacation Rental InsuranceBerkshire Hathaway GUARDUSAA STR InsuranceJulie GeorgeLegends XBusiness Network InternationalGet Paid for Your Pad on YouTubeEmail email@example.comSponsorHostfully [Discount Code PAD] See acast.com/privacy for privacy and opt-out information.
39 minutes | a month ago
Million Dollar Marketing Secrets
Are you chasing property owners and investors in an attempt to scale your short-term rental management portfolio? What if you could market yourself in a way that makes new business chase YOU?Julie George is the Founder of Million Dollar Host, a platform committed to helping STR hosts scale a successful property management business. Julie grew her own Airbnb management company from zero to 130 properties in three years and earned $8M before selling the portfolio in 2019, and she shares her secrets in the book Million Dollar Host. Julie also serves as a coach with our STR accelerator Legends X.On this episode of Get Paid for Your Pad, Julie joins me to explain what you need to know BEFORE you start marketing your STR business and how to position yourself as the Airbnb expert in your community. She shares her top strategies for building strategic relationships, describing how to team up with local real estate agents and where to meet potential investors and property owners in your community. Listen in for Julie’s insight on the benefits of self-promotion and learn how Legends X can help you implement Julie’s million dollar marketing secrets!Topics CoveredWhat you need to know before you market your STR businessBusiness identity, e.g.: luxury, eco-friendly, etc.Ideal property types and guest avatarHow to position yourself as a STR expert in your communityTraditional advertising (magazines, billboards, etc.)Write series of articles on benefits of AirbnbProminent storefront and/or website for investorsHow to get more comfortable with putting yourself out thereDevelop and display creative logo or catchphrasePractice elevator pitch to explain what you offerHow to build strategic relationships with real estate agentsGo to open house for overpriced luxury propertyOffer to team up to help agent sell home as STRPrepare appraisal report re: potential STR profitOffer investors opportunity to ‘try before you buy’Julie’s strategy for meeting local investors/property ownersGive 1-minute elevator pitch at local BNI meetingBring business card and gift for each attendeeConnect with JulieMillion Dollar HostMillion Dollar Host on FacebookMillion Dollar Host on InstagramJulie on TwitterJulie on LinkedInEmail firstname.lastname@example.orgResourcesLegends XJulie on GPFYP EP300Julie on GPFYP EP346Million Dollar Host: Julie’s AirBnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too by Julie GeorgeGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaAirDNAClubhouseKeys to Kelowna on InstagramBusiness Network InternationalGet Paid for Your Pad on YouTubeEmail email@example.comSponsorHostfully [Discount Code PAD] See acast.com/privacy for privacy and opt-out information.
55 minutes | 2 months ago
Introducing the Legends X Accelerator
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26 minutes | 2 months ago
How to use systems to make your life easier as an Airbnb host
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37 minutes | 2 months ago
The Three Pillars of a Successful Hospitality Brand
Yesterday we announced our brand new virtual event, From Host to Successful Hospitality Brand. If you haven’t registered yet, do so now, because we’re opening up our private FB group where we’re going to start dripping out free content. In addition, you can connect with the experts that will be leading the training prior to the event. A bit more about the event...There are thousands of types of homes in the world. One home can look completely different from another one. But, every home has doors, windows, a foundation and a roof. We have discovered that this is true for successful short-term rental companies too. They are all different, but there are three ingredients they all have:1) A clear VISION. 2) Streamlined OPERATIONS. 3) A focus on SCALE.And we're going to dive deep into these three pillars on our upcoming LIVE virtual event on March 18th-19th.Click here to grab your seat (it's free)You don't want to miss this one! See acast.com/privacy for privacy and opt-out information.
24 minutes | 3 months ago
The Launch of Overnight Success
As you know, Eric and I have been working together for a few years now building different products and events for the short-term rental industry.To better serve our mission, we've officially partnered to bring all of our brands and products under one umbrella.We're calling our company...Overnight Success! If you're reading this, you're one of the first people to hear about our rebrand.. Through Overnight Success, we're able to drive more value, and help hosts from around the world achieve freedom through building the hospitality businesses of their dreams. We have a lot in store for you and the S.T.R. industry this year, and we're excited to be on this journey with you.Stay tuned! Check out our new site at www.overnightsuccess.io. See acast.com/privacy for privacy and opt-out information.
32 minutes | 3 months ago
The 15% Airbnb Host Fee and Adjusting Your Prices
As of December 7, 2020, Airbnb hosts who use third-party property management software are required to use Simplified Pricing (unless your listings are in the US, Canada, Mexico, Argentina, Taiwan, Uruguay or the Bahamas). This means there will be no service fee visible to the guest, and the host will pay 15%. So, how can you adjust your pricing to accommodate this new policy?Anurag Verma is the Cofounder at PriceLabs, a dynamic pricing tool and market data resource for short-term rental hosts. PriceLabs uses a data-driven approach to help STR operators manage pricing and stay restrictions, growing their revenue in the process. Anurag has eight years of experience in the travel industry, and he is an expert in the field of in revenue management.On this episode of Get Paid for Your Pad, Anurag joins me to discuss how to adjust your rates to accommodate the new 15% Airbnb host fee. He explains how the length of stay and lead times have shifted in the COVID era, offering advice for STR hosts around how to optimize revenue in an uncertain time. Listen in for Anurag’s insight on leveraging market data to make pricing decisions and learn how YOU can benefit from using the PriceLabs revenue management platform!Topics CoveredHow to adjust your rates to accommodate the 15% host feeRaise prices in order to keep your payout the sameGo through the math carefully, use PriceLabs blogThe two STR variables that have changed in the COVID eraLength of stay increase (double in some locations)Lead time shorter, booking rush 2 to 3 weeks outAnurag’s advice on planning if you’re in a summer marketGo ahead and raise rates for summerMonitor market data, lower prices as necessaryWhat STR hosts are doing to generate more bookingsOffer discounts to guests who extend their stayShare discount code with previous guestsWhy STR guests have more flexibility right nowAbility to do remote work from anywhereNo penalty to change flightsAnurag’s tips for optimizing your revenue in 2021Use market trends to adjust last-minute pricingDon’t discount TOO much and don’t panicExperiment with one property to see what worksHow PriceLabs’ Market Dashboard feature worksEnter address and select radiusReceive email as trends changeHow to use market data for strategic pricing decisionsWhat kind of bookings are happening?Am I getting that kind of booking?Will I benefit from that kind of booking?How can I attract bookings like that?The benefits of leveraging the PriceLabs platform$10 flat fee for Market DashboardDynamic Pricing based on # of propertiesConnect with AnuragPriceLabs [Code GPFYP]ResourcesSTR LegendsAirbnb’s Simplified Pricing GuidelinesPriceLabs’ Blog on Adjusting for the 15% Host FeeJasper’s Price Adjustment CalculatorPriceLabs’ Market DashboardsGet Paid for Your Pad on YouTubeEmail firstname.lastname@example.org See acast.com/privacy for privacy and opt-out information.
28 minutes | 3 months ago
Get Up to 75% Discounts on Furniture and Amenities
We all know that you can save money by buying in bulk. And most short-term rental hosts do try to negotiate discounts when we purchase multiple mattresses, rugs or couches for our units. But what if you could leverage the purchasing power of, say, 50,000 STR hosts AND have someone else do the negotiating for you? What if you could get up to 75% off the furniture and amenities you need to set up and manage your Airbnb units?Jeff Iloulian is the Cofounder and CEO of HostGPO, the first international group purchasing organization for the short-term rental industry. Jeff’s team helps professional vacation rental managers save time and money by offering access to exclusive deals on furniture, mattresses, linens and STR amenities. Jeff has nearly ten years of experience as a host himself, running as many as 150 units in Southern California.On this episode of Get Paid for Your Pad, Jeff joins me to discuss the benefits of joining HostGPO, sharing the conditions for becoming a member and some of the brands HostGPO partners with. He walks us through the process of ordering through HostGPO and explains the minimum requirement for purchases. Listen in for Jeff’s advice for hosts moving into 2021 and learn how you can save up to 75% on furniture and amenities for your STR units!Topics CoveredJeff’s advice for vacation rental managers moving into 2021Be strategic in choosing marketsFocus on professionalism, unit integrityHow Jeff thinks about the trend toward secondary marketsTemporary thing caused by COVIDDrive-to destinations will be popular for 3-4 yearsHow hosts can save up to 75% through HostGPOJoin pool of professional hosts (negotiate as group)Get discounts on furniture, mattresses, linens, etc.The cost and conditions of joining HostGPOFirst year free (fee will depend on # of units)Must have at least 3 STR unitsSome of the brands HostGPO partners withWilliams-Sonoma, West Elm and Pottery BarnHelix Sleep, Brooklinen and Standard TextilesWorld Amenities and Public GoodsThe requirements around minimum purchasesNo minimum amount for most vendorsSome partnerships geared toward larger ordersHow much hosts save through HostGPOAverage member saves 50% on new unit setupDiscounts range from 35% to 75%The benefits of joining HostGPOPurchasing power of all 50K membersNo commitment to buy through groupProducts for high-end or value unitsAccess to hospitality-optimized goodsStill allows for individualityDiscounts already negotiated for youHow it works to order products through HostGPOSome vendors offer coupon codeOthers require purchase orderHow HostGPO’s conditions differ from buying full-priceSame product warrantiesReturn policies waived in some casesWhat Jeff wishes he would have known from the startDon’t be too conservativeSet up better quality unit for much higher returnConnect with JeffHostGPOResourcesSTR LegendsEric MoellerHost GPO’s FAQ PageHost GPO’s List of Vendor PartnersEmail email@example.com See acast.com/privacy for privacy and opt-out information.
34 minutes | 3 months ago
Pricing Tips for 2021
Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!Topics CoveredHow COVID is driving travel trends in 2021Harder to plan in advance = shorter lead timesAbility to work from anywhere = longer staysHow Andrew defines lead time for short-term rentalsHow far in advance guests book your STRBest way to see how market values your propertyHow to analyze lead time data for your marketCompare your lead times with market averageSelling too far in advance means it’s underpricedHow lead times have changed in 2021General trend to shorter lead times (< 20 days out)Popular drive-to destinations = longer lead timesWhat Airbnb host accommodations are earning more revenueFlexible cancellation policyPet-friendly unitsHow length-of-stay patterns have changed in 2021Guests staying longer in most marketsTrend toward extended bookingsHow to maximize STR revenue with dynamic minimum staysDon’t take short bookings far in futureSet minimum slightly higher than market averageDecrease minimum stay as dates get closerHow to deal with gaps in your STR calendarOffer discount for guest staying just before gapUse Wheelhouse to auto adjust minimum stayThe new features available through WheelhouseMarket Reports came out Q4 of 2020Beta testing Competitive Set ToolConnect with AndrewWheelhouse [Referral Code PAD]Email firstname.lastname@example.orgResourcesAndrew on GPFYP EP365Pet-Friendly STRs on GPFYP EP358Wheelhouse Market ReportsSTR Legends MastermindAirbnb Cancellation Policy TrendsAndrew’s Demo VideosEmail email@example.comSponsorHostfully See acast.com/privacy for privacy and opt-out information.
35 minutes | 4 months ago
Outlook on the Real Estate Market
We experienced an unprecedented drop in GDP in 2020 and record unemployment numbers. And yet, the real estate and stock markets seem to be doing fine. So, how do we make sense of this discrepancy? What is the economic outlook for 2021 and beyond? And is now a good time to invest in short-term rental properties?Jason Hartman is the creator of The Empowered Investor and host of the Creating Wealth Show. He has spent the last 17 years helping people achieve financial freedom through real estate investing. Jason has been involved in thousands of real estate transactions and owned income properties of his own in 11 US states. He is also the author of the eBook Pandemic Investing: How to Turn Fear Into Profit.On this episode of Get Paid for Your Pad, Jason joins me to share his outlook on the global economy, discussing why the real estate and stock markets are booming despite record unemployment. He describes how STR investors can benefit from what he calls inflation-induced debt destruction, explaining why right now IS a good time to invest in real estate and when a mortgage is not a liability—but part of your asset. Listen in for Jason’s prediction around the future of the housing market and get his advice on aligning your interests with ‘the powers that be’ by investing in STR income properties!Topics CoveredJason’s insight on what is happening in the global economyRecord drop in GDP and unprecedented unemploymentGovernments creating money = markets boomingHow Jason thinks about the uneven economic recoveryService industries hit hard, information jobs doing wellWider gap between rich and poor (bad for society)How we can benefit from inflation-induced debt destructionTake advantage of 30-year, low fixed-rate mortgagesPay back with cheaper money in future due to inflationWhat makes now a good time to invest in the STR marketDrive-to markets with low density thriving in pandemicLinear and hybrid markets safer bets than cyclicalWhen a mortgage is not a liability but part of your asset30 years to pay off at artificially-low fixed rateCreate wealth over time as value of USD dropsJason’s prediction around the future of the housing marketMortgage rates will eventually HAVE to go upSupply constrained more and morePeople will stay put or keep properties as rentalsNew supply will have to be builtHow governments are likely to respond to ongoing unemploymentExpansion of rental housing assistance programsPush to universal basic income (control spending)Jason’s advice for short-term rental real estate investorsAlign interests with governments and central banksIncome properties most proven asset class in worldConnect with JasonEmpowered InvestorPandemic InvestingCreating Wealth ShowResourcesSTR Legends MastermindCantillion EffectEric MoellerSection 8Andrew Yang1984 by George OrwellEmail firstname.lastname@example.orgSponsorHostfully See acast.com/privacy for privacy and opt-out information.
30 minutes | 4 months ago
How to Manage Your Linen Efficiently
What kind of linens should you buy for your short-term rentals? Should you focus on quality or durability? And how do you take care of the bedsheets and towels so that they last longer?Harold Gonzalez is the Cofounder of EXSTR Apartments, a STR property management company based in Cali, Colombia, where ‘the weather is hot, the drinks are cold and you’re always welcome.’ Harold got his start in hospitality working for Marriott International in New York City, and after eight years in the hotel industry, he transitioned to vacation rentals. Today, Harold and his business partner, Patrick, manage a portfolio of 21 units—including my penthouse in Cali! Harold has special expertise in maintaining linens, and he recently led a training on the subject in our STR Profit Academy.On this episode of Get Paid for Your Pad, Harold joins me to explain how to manage your linen efficiently, offering insight on how to decide what type of bedsheets and towels to offer your guests and find the right balance between durability and quality. He shares the do’s and don’ts of washing and drying linens for a short-term rental, describing how to get rid of difficult stains without using harsh chemicals. Listen in for Harold’s advice on deciding whether to outsource linen management or take care of it in-house and learn how to extend the life span of the bedding and towels in your Airbnb units.Topics CoveredHarold’s insight on traveling to Cali, ColombiaBeautiful weather, third largest city in countrySome COVID restrictions but open to air travelHarold’s background in the hospitality industry8 years with Marriott Hotels in New York CityWorked way up to management in short timeThe pros and cons of outsourcing linen managementSaves timeMore costly, less controlHow to decide what type of linens to offer guestsLook at what competitors offer, guest feedbackConsider type of travelers who stay with youFind balance between durability and qualityHarold’s advice on choosing the best linens for a STRThread count from 200 to 300Cotton-polyester blend (soft and durable)All white associated w/ cleanliness + comfortKeep three sets on hand for each unitThe don’ts of washing and drying STR linensDon’t ball up sheets or overload machinesDon’t use harsh chemicalsDon’t put detergent directly on linensDon’t use too much detergentDon’t dry on high heat or let sit in heatDon’t use fabric softenerThe do’s of washing and drying STR linensDo spot treat stainsDo use mild detergentDo unfurl linensDo use medium heat settingsDo soak in vinegar + baking soda regularlyHow to get rid of stains on linensTreat grease and oil w/ dish detergentUse denatured alcohol on makeup stainsGet rid of dirt w/ baking soda + vinegarTry baking soda or salt to lift wineOnly use bleach as last resortHow to extend the life span of your STR linensPost house rules, inventory and instructionsProvide makeup wipes or black towelsOffer guests disposable towels for accidentsConnect with HaroldEXSTR ApartmentsResourcesSTR Profit AcademyYour Porter [Discount Code PAD]Email email@example.comSponsorHostfully See acast.com/privacy for privacy and opt-out information.
26 minutes | 4 months ago
Hosting Remote Workers in Paradise
Remote work became a reality during the COVID-19 pandemic, and many of us learned that you really can do business from just about anywhere. And now that companies like Twitter and Square are giving their teams the option to work from home even after we return to normalcy, remote employees are looking for a cool places travel and do their work. So, what can STR hosts do to capitalize on this opportunity?Robert Nunez is the vacation rental expert behind Work in Paradise, a STR villa on the island of Aruba that caters to remote workers. The Work in Paradise suites are minutes away from the beach, affording guests the opportunity to snorkel or enjoy a SeaBob adventure when their work day is done. Robert has been hosting on Airbnb since 2013, and in addition to his Aruban villa, he manages a portfolio of 76 units in Philadelphia, Miami, New York and New Jersey.On this episode of Get Paid for Your Pad, Robert joins me to explain how he came up with the idea for Work in Paradise, describing what Aruba has to offer remote workers and why he chose to open a new business during the pandemic. He offers insight on attracting remote workers on social media and providing both private and community workspaces (with reliable Wi-Fi) throughout the villa. Listen in for Robert’s advice to STR hosts on seeing the opportunity in a crisis, learning from other operators and challenging yourself to grow every day.Topics CoveredHow Robert ended up in ArubaVisited friend on island last JulyStruck by beauty and peaceHow Robert came up with the idea for Work in ParadiseRemote work became reality during shutdownPeople will want cool place to do businessWhat Aruba has to offer remote workersParadise (blue water and consistent weather)Friendly for tourists, lots of things to doHow Robert attracts remote workers to his STRActive on social mediaTap into online remote work communityHow Robert caters to remote workers in his unitsPrivate suite with workstationWork areas throughout villa with reliable Wi-FiEngage with guests to create communityHow Robert profited from staying the course in COVIDAdded inventory when others ran awayHosted first responders, contractors, etc.Robert’s advice for aspiring STR entrepreneursTalk to people already doing itDon’t let people talk you out of opportunityRobert’s advice for current STR hosts‘Push the envelope’Do one thing each day to growConnect with RobertWork in ParadiseResources“Twitter Announces Employees Will Be Allowed to Work from Home ‘Forever’” in The GuardianEmail firstname.lastname@example.orgSponsorHostfully See acast.com/privacy for privacy and opt-out information.
31 minutes | 4 months ago
Guest Communication Tips in a COVID World
Guest communication has changed in the COVID era. Travelers have more anxiety right now, and there is a strong need for STR hosts to communicate clearly and be responsive to our guests’ questions and concerns. So, what can we do to build a personal connection with our guests in a socially-distanced world and make them feel comfortable staying with us?David Jacoby is the Cofounder and President of Hostfully, a platform designed to help short-term rental hosts provide five-star hospitality through beautiful digital guidebooks and a full-scale property management system. Prior to Hostfully, David served as the COO of WellCall, Inc., a health coaching and corporate wellness program that was acquired by Health Advocate in 2012. He is also a graduate of the Wharton School of Business at the University of Pennsylvania.On this episode of Get Paid for Your Pad, David joins me to discuss the importance of guest communication in a COVID world, explaining what questions travelers are asking right now and how their habits have changed through the pandemic. He shares his top tips for communicating clearly with guests, describing how hosts are incorporating video in their guidebooks and what we can do to balance personalization and email automation. Listen in for the top takeaways from Hostfully’s 2020 Hospitality Report and get David’s insight on building a personal connection with guests—even in the midst of a pandemic.Topics CoveredWhy guest communication is more important now than everDemonstrates professionalismMore difficult to find accurate info onlineDavid’s insight around STR trends in the COVID eraChoose repeat or familiar destinationsProperties with amenities, close to natureLook for flexible cancellation policyConcerns about cleanliness of propertyWhat questions guests are asking in a COVID worldWhat’s open in areaSafe things to do (outdoor activities)How to use amenitiesThe most recent updates to the Hostfully product suiteAbility to embed videos in guidebookTools to enhance brand, promote direct bookingHow hosts are incorporating video in their guidebooksWelcome messageHow-to videosHome toursVideos of area (i.e.: shopping district, local park)David’s hack for balancing scale with personalizationSend automated confirmation email with bookingAsk question in automated welcome emailSend personal note in response to questionResend welcome email five hours prior to arrivalCheck in with automated message one day into tripThe top takeaways from Hostfully’s 2020 Hospitality ReportUse of digital guidebooks more than doubled55% of hosts expect less revenue than 2019Direct bookings up by more than 25%Top challenges = technology, pricing and cleaningWhat upsells property managers are offering their guestsEarly check-in and late checkoutMid-stay cleaningsSpa servicesGroceries pre-arrivalConcierge services (e.g.: set up tours, activities)Connect with DavidHostfully [Discount Code PAD]David on LinkedInEmail email@example.comResourcesHostfully’s 2020 Hospitality ReportWheelhouseAndrew KitchellEric MoellerGet Paid for Your Pad on YouTubeEmail firstname.lastname@example.orgSponsorHostfully See acast.com/privacy for privacy and opt-out information.
34 minutes | 4 months ago
Learning Lessons from 2020 for Short-Term Rental Hosts
2020 was a roller coaster ride for short-term rental hosts. Yes, the COVID crisis presented some very big challenges. But for those of us who stuck it out, the year presented some very big opportunities as well. So, what did STR hosts learn in 2020? And how can we apply those lessons to succeed in 2021?Steven Che Suarez is the Cohost of Live Let Thrive, a podcast about Airbnb and the sharing economy, and the Cofounder and CEO of Argest Rentals, a full-service short-term rental management company. Steven and his partner, Federico, have 15 years of experience in the travel industry. They have flown a combined 1M miles, traveled to more than 60 countries and experienced a wide range of accommodations from youth hostels to high-end hotels. The Argest team knows what travelers expect, and they are dedicated to making the guest experience a unique and memorable one.On this episode of Get Paid for Your Pad, Steven joins me to recap the STR landscape in 2020, explaining how the past year turned out to be a blessing for hosts who persisted through the initial COVID shutdown. We discuss how the Airbnb IPO may influence short-term rental advocacy moving forward, and Steven shares the most important lesson he learned in the last 12 months. Listen in for insight into Steven’s goals for Argest Rentals in the new year and learn how YOU can take advantage of the opportunities for STR hosts coming in 2021.Topics CoveredHow Steven got started with short-term rentalsHouse hacking and doing long-term rentalsMyka on BiggerPockets suggested AirbnbThe blessings in disguise for STRs in 2020Great deals on STRs for hosts who persistedShutdown served to weed out pretendersSTRs rebounded much stronger than hotels‘Smooth oceans don’t make great sailors’How the Airbnb IPO might influence STR advocacyInflux of cash gives Airbnb more cloutMay help to fight bans in big citiesThe #1 thing Steven learned in 2020Never rent spot with own management teamCannot fire when serious issues ariseSteven’s aspirations for Argest in 2021Grow portfolio to 50 unitsBuild team of rockstarsSteven’s advice for aspiring STR operatorsBe boldTake actionConnect with StevenLive Let Thrive PodcastEmail email@example.comArgest RentalsEmail firstname.lastname@example.orgSteven on FacebookSteven on InstagramResourcesJasper on Live Let Thrive EP007Jasper on Live Let Thrive EP118BiggerPocketsSTR Profit AcademyJohn An on GPFYP EP337STR LegendsJason HartmanTheron Lewis on GPFYP EP362David Krauss at Rent ResponsiblySarah Doan Glidewell on Live Let Thrive EP125VistaprintEmail email@example.comSponsorHostfully See acast.com/privacy for privacy and opt-out information.
38 minutes | 5 months ago
Revenue Management Secrets
To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.Topics CoveredHow Andrew hosted Airbnb CEO Brian Chesky at his STREarly adopter (on platform since 2010)Interviewed for ABC news storyThe challenge of creating a pricing automation tool for STRsLarge amount of dataDiversity of supplyWhat drives demand in a given STR marketSeasonalityDay-of-weekLocal eventsThe free resources for determining seasonalityWeather SparkWheelhouse Market DataThe free resources for identifying the day-of-week curveGoogle FlightsContact local hotel or revenue managerThe free resources for finding local eventsFlight information or conference center websiteSort events by relevance on TicketmasterAndrew’s insight on how to react first and winCompare lead time with market averageFind patterns as bookings emerge and adjust priceWheelhouse’s personalized pricing featureSet parameters around strategy/goalsChoose suggested, aggressive or conservative riskThe #1 way to optimize STR revenue going into 2021Be aware of average minimum stay in local marketUse Wheelhouse Dynamic Minimum Stays toolConnect with AndrewWheelhouse [Referral Code PAD]Andrew on LinkedInResourcesSTR LegendsAndrew on GPFYP EP071Wheelhouse Market DataWeather SparkGoogle FlightsTicketmasterWheelhouse Dynamic Minimum Night StaysEmail firstname.lastname@example.orgSponsorHostfully See acast.com/privacy for privacy and opt-out information.
30 minutes | 5 months ago
How to Grow an STR Management Company
Last week, we took a closer look at the ownership model for a short-term rental business. But what if you’re not interested in buying real estate and would rather partner with people who already own it? If so, the STR management model is the best fit for you.Logan Humphrey is the Founder and CEO of Cohobnb Properties, a full-service vacation rental property management company in Northwest, Arkansas. Logan also serves as President of The Arkansas Short Term Rental Alliance, an organization advocating for fair short-term rental regulations in Arkansas, and he is an active member of our elite STR Legends Mastermind Community.On this episode of Get Paid for Your Pad, Logan joins me to discuss the management model he chose for his STR business, explaining why it’s important to build systems, set clear policy and focus on income-producing properties. He shares the obstacle he faced in complying with state law and offers advice on determining which owners you want to work with. Listen in for Logan’s insight on learning from people who know more than you and learn how his degree in philosophy is helping him grow a successful STR management company!Topics CoveredThe three basic short-term rental business modelsOwnershipManagementMaster leasingHow Logan built his property management businessRented apartment on Airbnb when hours cut at workStarted cohosting for friends and other hosts in areaGrew portfolio from 3 to 42 properties in 2019Set up full-service management company in 2020Dropped to 25 properties (focus on A + B players)What Logan wishes he had done from the startDevelop business plan and strategySet clear expectations and policySystematize how to handle recurring situationsChase after income-producing propertiesThe obstacle Logan faced in complying with state lawHad to find business partner with brokerage licenseLearn brokerage files and real estate contractsNow able to legally collect rents, fees from ownersAllows to list on multiple channels and own siteHow Logan identified his brand and who he wants to serveName came to him in dream, bought domainProperty must meet minimum revenue potentialOnly work with owners who allow price freedomThe driving factors behind Tim’s successSeek out mentors, mastermind groupComfortable with being told NOAbility to step back and work on selfConnect with LoganCohobnb PropertiesCohobnb on InstagramThe Arkansas Short Term Rental AllianceResourcesSTR LegendsGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaChip ConleyAirDNATony RobbinsTim FerrissTribe of Mentors: Short Life Advice from the Best in the World by Timothy FerrissEmail email@example.comSponsorHostfully See acast.com/privacy for privacy and opt-out information.
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