Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management

Be a Part of the Next Class of Legends X STR Accelerator

Overnight Success

Email team@overnightsuccess.io

Hosted on Acast. See acast.com/privacy for more information.

What Hosts Want and What They Need Feb 10, 2023

Show notes

"We're delivering what a host needs, not what a host wants."

Being a short-term rental host can be a demanding and stressful experience.

Growth without a plan can cause you to work around the clock, sacrificing your evenings, weekends, and even holidays to attend to customer service and maintenance issues.

With all of that going on, it's easy to get bogged down, become a hectic host, AND lose sight of the joys of success.

But there is another way.

So, how can you find a better work-life balance while setting and achieving the goals that will help you build a sustainable short-term rental brand you can be proud of?

On this episode of STR conversations, Eric and I are celebrating the 2nd anniversary of our Legends X program by sharing our journey and unveiling the results we've achieved as we've led nearly 300 hosts through the program.

We'll give listeners a look at the driving force behind our mission to transform STR companies into thriving hospitality empires by packing years of wisdom and experience into a transformative 90-day program to ensure our students achieve REAL, tangible results.

Listen in to discover the secret to Legends X's success: our unwavering commitment to delivering exactly what hosts need to succeed rather than what they want.

We'll share a behind-the-scenes look at how one of our students went from a hectic host to spending months exploring the world's greatest surfing spots.

Plus, we're excited to announce new FREE trainings every Wednesday for our listeners. Beginning with the first one, called "The BNBbust is BS," launching Wednesday, February 15th. Sign up now to secure your spot. And if you want to join our next class of Legends X, click here!

Topics Covered

The impact of the COVID-19 pandemic on the short-term rental industry
The importance of having a clear vision and systems in place in a short-term rental business
Unlocking the power of mindset transformation through accountable action
The biggest impact our Legends X course has had on the lives of the STR hosts who've completed it
Why it's essential to turn away from hectic host practices in order to scale
How Legends X helps hosts implement years of learning in 90-days for faster results

Resources

Legends X STR Accelerator

Email jasper@getpaidforyourpad.com

Sponsor

Hosted on Acast. See acast.com/privacy for more information.

Benefits of starting your own local STR alliance Feb 06, 2023

Show notes

The COVID-19 pandemic has profoundly impacted how we live and work, and one of the most significant changes has been the rise in remote work. This has resulted in increased travel by digital nomads who can work from anywhere, increasing the popularity of short-term rentals.

This shift has also brought attention to the affordable housing crisis, leading to stricter regulations on short-term rentals by local, state, and global authorities.

But advocates and local alliances are deploying more strategic strategies, with fewer groups passively accepting potentially illegal regulations.

So how can short-term rental hosts join forces and engage at the local level to create a nationwide impact?

Dana Lubner is the head of advocacy at Rent Responsibly, working closely with local alliance leadership teams to ensure their success and collaborating with local alliance teams to achieve their goals. Before this, she co-led Effortless Rental Group, a property management firm in Colorado, with her brother. When Denver implemented regulations that threatened the growth of short-term rentals (STRs) in her community, she acted. Additionally, she sits on Denver's short-term rental advisory committee (STRAC) alongside City Council members.

Today on Get Paid for Your Pad, Dana joins me to discuss the trends she sees in short-term regulations.

We discuss the best practices for hosts to build bridges with their local policymakers and the three ways you can make an impact in your local area.

Listen in to learn how you can join forces to start your own STR alliance, the resources available to you through Rent Responsibly, and the unexpected benefits for hosts who get involved in advocacy in their local area.

Topics Covered

How Dana got into the STR Advocacy
Dana shares current trends in the STR regulation landscape
What is the effect of short-term rentals on local housing prices
How having a cap on the number of STR licenses issued might be a good thing
How hosts can build bridges with their local policymakers
The benefits of starting your own STR alliance
Best practices to build rapport with the policymakers in your area
The three ways to make an impact in your local area
Dana shares how to start your own STR alliance
Why you might want to make your alliance a 501(c)(6) organization
The secondary benefits of forming your own STR alliance
How small local wins can create ripple effects nationwide

Connect with Dana

How to Save Your Vacation Rental Business on Apple Podcasts

Rent Responsibly

Resources

DIY Alliance - Rent Responsibly

Get Paid For Your Pad on YouTube

Legends X STR Accelerator

Hicksville Trailer Palace

STR Profit Academy

Overnight Success

Email team@overnightsuccess.io

Hosted on Acast. See acast.com/privacy for more information.

Converting Old Vacation Rental Communities into Modern Short-Term Rental Experiences Feb 03, 2023

Show notes

Are you ready to grow your short-term rental brand, but the restrictions being put into place in cities across the country to limit the number of Airbnb’s keeps you from making any traction?

What if there was a way to unleash the full potential of your STR brand without running into asset-class regulations?

On this episode of "Get Paid for Your Pad," Eric and I share the potential for STR businesses to grow by buying boutique hotels, cabin communities, and other aging vacation rental properties whose owners are retiring after years of operation and established clientele but possibly outdated business practices.

We break down how we took an old vacation rental community tucked in the picturesque mountain town of Idyllwild, California, and revitalized it. And how by incorporating modern amenities, enhancing marketing and messaging, and streamlining operations, we boosted occupancy and ADR within the first 45 days, creating the cornerstone of our brand, Freewyld.

We'll share the tools and trends adopted by both small businesses and industry giants to collaborate with seed capitalists and scale their brands, with insights from students and alums of the Legends X Program.

Listen in as we explore the opportunity to take something old and make it new, grow your brand, and bring something unique, and lasting to the STR industry.

Topics Covered

How to map out your nationwide Airbnb domination without running into asset class regulations
How modernizing old hotel 'campy' vacation community properties can increase your bottom line and equity
How you can use technology and tools to move off the "back of the napkin" management style to compete more efficiently in today's STR marketplace
What's the most significant difference between a STR and a hotel
The quest by hotels to emulate some qualities of the Airbnb movement to improve the guest experience

Resources

Our Story - Bolt Farm Treehouse

Email jasper@getpaidforyourpad.com

Sponsor

Hosted on Acast. See acast.com/privacy for more information.

Pros and Cons of Buying Existing STR Properties Jan 30, 2023

Show notes

So, you’re looking to buy a short-term rental property but nervous about its potential to make money.

What if you could buy a STR that’s already doing well on Airbnb?

Alex Breen is Founder of BnB Buyer, a biweekly newsletter and website where you can find existing short-term rental properties that are on the market.

On this episode of Get Paid for Your Pad, Alex joins me to explain how he identifies properties that have a STR history for BnB Buyer and which markets have good deals on existing short-term rentals right now.

Alex walks us through the advantages of buying an existing STR versus a home without a history on Airbnb and discusses the downside of limiting your search to existing short-term rentals.

Listen in for Alex’s insight around trends in the STR market in the last 12 months and learn how BnB Buyer can help you de-risk the process of buying short-term rental properties for your portfolio!

Topics Covered

How Alex’s own search for STR properties inspired the creation of BnB Buyer
How Alex identifies properties that are good candidates for Airbnb or likely to have a STR history
The advantages of buying existing STRs vs. homes without a history on Airbnb
Why selling an existing STR as a business adds value to the property
Why Alex hasn’t seen a significant price difference between existing STRs and comparable properties in the same area
How most properties on BnB Buyer bring in 15% to 20% gross revenue to purchase price
The disadvantages of limiting your property search to existing short-term rentals
Alex’s insight around trends in the STR market in the last 12 months
Why real estate prices have come down a little (but not enough to offset interest rates yet)
What markets Alex suggests for finding good deals on existing STR properties

Connect with Alex

BnB Buyer

Resources

Review GPFYP on Apple Podcasts

Email team@overnightsuccess.io

Sponsor

The Spirit to Serve Marriott's Way

Hosted on Acast. See acast.com/privacy for more information.

The winning business model for Airbnb wealth in 2023 Jan 27, 2023

Show notes

Over the years, there have been a lot of changes in the Airbnb model. What started as people renting out a room in their home has become an industry with over 5 million active listings worldwide, hosting half a billion guests a year.

People have realized that true wealth is built through real estate ownership.

But how do you generate the cash flow you need so you can scale?

On this episode of "Get Paid for Your Pad," Eric and I share the trends in the STR industry. We bring our extensive industry experience and perspective as coaches to the forefront to offer you an inside look into what works (and what doesn't).

We break down the 3 industry business models and which work best to put you on the fast track to STR wealth for people looking to grow their brand by acquiring more properties.

We discuss which business models work for the long haul (and which don't) in order to help you determine where to focus your money, time, and attention now.

Listen in as we weigh in on how to use these models to generate cash and build your teams and systems so you can build generational wealth and create the brand of your dreams. Plus, an updated look at what's next for our Freewyld brand in 2023.

Topics Covered

Why Eric is not a fan of the rental arbitrage business model
How to leverage the management model to cash flow your STR business
Jasper shares what he has learned over his years in the industry
The best way to generate cash flow (and WEALTH) for your STR business
What is Propco and Opco
Our goals for Freewyld for 2023
The biggest challenges we've faced in building our brand and the action we're taking to achieve our goals faster

Resources

Email jasper@getpaidforyourpad.com

Sponsor

iGMS Product Webinar Sign-Up

Hosted on Acast. See acast.com/privacy for more information.

Will Blockchain Revolutionize the STR Industry? Jan 23, 2023

Show notes

Blockchain was introduced in 2008 as part of the model for Bitcoin.

And while several STR projects have come and gone in the years since, we have yet to see any concrete implementation of blockchain technology in the short-term rental space.

Then again, the first web application launched in 1981, but the internet didn’t gain traction until the mid-1990’s.

So, is blockchain technology likely to revolutionize the STR industry?

Technology Expert Igor Kostin serves as Cofounder and CTO of iGMS, a vacation rental management platform dedicated to helping hosts grow their hospitality business faster.

On this episode of Get Paid for Your Pad, Igor joins me to discuss the evolution of iGMS, describing how it started as a marketplace for cleaners and grew into a full PMS that serves 500,000 STR listings.

Igor offers advice on testing user experience to decide what property management system is right for you and explains why there will be fewer PMSs to choose from in the next five years.

Listen in for Igor’s insight on the role of technology in the future of short-term rentals and learn how you might leverage robotics, AI and blockchain to benefit your Airbnb business!

Topics Covered

Igor’s background in custom technology and software development
How iGMS started as a general marketplace for cleaners before focusing on Airbnbs
How managing STRs himself inspired Igor to build tech to streamline operations
Why Igor and his business partner Ivan tackled automated messaging first
Why Igor and Ivan turned their messaging system into a software product for other hosts
How iGMS evolved into a full PMS system that serves 500,000 STR listings
Igor’s advice on testing UX to decide what PMS system is best for you
Why Igor predicts fewer PMSs in the STR market in the next 5 years
How the trend to remote work might influence the STR industry moving forward
Igor’s take on how blockchain technology might benefit STRs in the next 5 to 7 years
How hosts can use AI like Chat GPT for content creation or graphic design

Connect with Igor Kostin

iGMS [Discount Code GPFYP]

Resources

Guesty’s Acquisition of Your Porter

Review GPFYP on Apple Podcasts

Email team@overnightsuccess.io

Sponsor

Airbnb 2022 Q3 Financial Results

Hosted on Acast. See acast.com/privacy for more information.

Forget BNBBUST, We’re Going All-In on STRs Jan 20, 2023

Show notes

#BNBBUST has been trending on social media since the fall of 2022.

But does the slight downturn in the short-term rental market really indicate a bubble about to burst?

On this episode of STR Conversations, Eric and I continue our discussion of what we learned in 2022, explaining why we’re all-in on short-term rentals regardless of what the YouTube gurus say.

Eric shares his commitment to believe in our STR product and fight like hell for his people, and we explore the benefit of taking days to fully disconnect from the day-to-day of your STR business.

Listen in for insight on navigating the ups and downs of the Airbnb market and learn how to take advantage of the massive opportunity for hosts who are all-in on developing a unique hospitality brand in 2023!

Topics Covered

What we learned from losing a powerful team member to another opportunity
What it means to believe in the STR product you provide
What happens when you allow doubt to dictate your decision-making
How to get to a place where you feel confident about your Airbnb business
The benefit of celebrating your wins and recognizing the impact you make on the world
Why it’s crucial to take days where you fully disconnect from the day-to-day of your business
Why list-it-and-forget-it is a thing of the past as the STR market matures
The massive opportunity for hosts developing unique hospitality brands
Why a slight decline in consistent growth doesn’t necessarily indicate a bubble burst
How to navigate the ups and downs of the STR business
What Airbnb business models are most affected by a downturn in the market

Resources

Ace Hotel Acquisition

AirDNA

STRInsights

Transparent

MADOFF: The Monster of Wall Street

Review GPFYP on Apple Podcasts

Email team@overnightsuccess.io

Sponsor