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

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Best of Get Paid For Your Pad in 2022 Jan 06, 2023

Show notes

2022 was a record-breaking year for the Get Paid For Your Pad podcast, with 99 new episodes!

Do you have a favorite? Which one do you think was the most downloaded podcast of 2022?

Today for the first Get Paid For Your Pad podcast of 2023, I thought it would be fun to share the show's record-breaking stats and let listeners know which episodes were the most popular of 2022.

I'll share the top podcasts in 5 different categories, including top 3 downloads, innovative, inspirational, tools and services, and actionable tips.

I’m sharing episodes that include interviews with other hosts who have catapulted their STR units, used outside-the-box ways to fill bookings, and guests who will inspire you with their stories of going from hectic host to LEGEND. Plus, actionable steps YOU can use to make your 2023 STR resolutions a reality.

Listen in as I share my goals for the podcast in 2023 while pointing you toward the 2022 podcast episodes that will be really helpful for you to make 2023 the best year yet for your STR business.

Topics Covered

The top 3 most downloaded podcasts in 2022
Which episode can help you catapult your number of STR Units
The 3 biggest takeaways from David Bergmann, who went From 25 to 100+ STR Units in Less Than 1.5 Years (Ep521)
The #1 takeaway from the interview with Tim Mortimer, who has doubled his number of properties since the beginning of the Covid-19 pandemic
The 3 most innovative podcasts of 2022
Detailed strategies to get your Airbnb properties noticed (and bookings filled) by film producers, corporations, or corporate travelers for a jackpot payday
3 inspirational podcasts that will take you from hectic host to LEGEND in no time
The BEST innovative tools for up leveling your guests' experience, borrowing funds based on future income, and marketing your properties through influencers
Actionable steps YOU can use to make your 2023 STR resolutions a reality
How to determine YOUR financial freedom number
The 5-step process to help you solve communication issues with your guests

For full episode show notes visit: https://getpaidforyourpad.com/podcast/best-of-get-paid-for-your-pad-in-2022-ep535

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The future of the STR industry with ALTIDO CEO Will Parry Dec 26, 2022

Show notes

What does it take to build and manage Europe's largest residential management platform, managing a portfolio of varied asset classes?

Today on the show, my guest is Will Parry, the CEO, and Director of ALTIDO. ALTIDO, which stands for 'a life that I dream of', is the largest short term rental company in Europe, with asset classes that include Airbnbs, serviced apartments, hotels, stately homes, and private residences.

Will joins me on Get Paid for Your Pad today to discuss the unique selling points of ALTIDO, the advantages and challenges of managing so many different asset categories, and why it's vital to be able to adapt your model to fit your market.

Listen in as we discuss the challenges in building the ALTIDO brand, why it's vital to revisit your value proposition to be a successful property manager, and his tips for STR operators who want to grow to over 100 units. Plus, Will shares his advice on what property managers should focus on in the next 3-5 years.

Topics Covered

Will shares the unique selling points of ALTIDO
What is the advantage of having multiple asset classes
Why diversification has become integral to their multinational business
Diversifying in the US vs. Europe
Will shares his thoughts on building a brand when you are just starting out
The critical reason for revisiting your value proposition as you build your business
Why they are on a quest to achieve hotel standards as far as service goes
His recommendations for what property managers should be focusing on in the next 3-5 years
What to focus on to be successful as a property manager
Will shares his number one piece of advice for STR operators wanting to grow to over 100 units

Connect with Will Parry

ALTIDO

Will on LinkedIn

Resources

Get Paid for Your Pad Email List

Jasper on Instagram

Eric on Instagram

STR Profit Academy

Overnight Success

Email team@overnightsuccess.io

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2022 Hospitality Industry Study - Hostfully

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Hospitality Trends in the STR industry in 2022 Dec 19, 2022

Show notes

Where'd you get most of your STR bookings this year? What challenges did you face in managing your business? Was there something that stood out that made things easier or something that you thought was a real pain?

As we're nearing the end of the year, it's a great time to take a moment and take stock of what worked and what didn't in your short-term rental business this year.

It's also wise to examine how your experience as a short-term rental host compares to others in the industry.

Today, I'm sitting down with David Jacoby, the President & Co-Founder, and Fred Bassili, the Marketing Manager of Hostfully, to dive into Hostfully's 2022 Vacation Rental Industry & Hospitality Report.

On this edition of Get Paid for Your Pad, David and Fred join me to discuss the biggest trends in the short term rental industry in 2022.

We discuss the challenges, and opportunities for STR hosts in 2022, including which types of properties are seeing an increase in revenue, and how hosts are increasing their income (without increasing their properties) and what the biggest pain points are across the board.

Listen in as David and Fred share the breakdown of the data from your STR competitors in 2022 and what hosts say they're planning for 2023.

Topics Covered

Which properties are seeing an increase in revenue (and which are not)
Why the increase in the supply of STR properties is a good thing for your bottom line
The biggest trends in STR portfolio growth
Why new streams of revenue are essential for Airbnb operators in this climate
How outside companies offering everything from locks to tours to furniture are making it easier for property hosts to upsell
The number one pain point that STR hosts faced in 2022 (for the 3rd year in a row)
What's gotten easier for property hosts in 2022
Why has accounting become a more significant issue in 2022
Where are most STR hosts got their booking from in 2022
The new trend in listings and attracting long-term stays
The most popular tools Airbnb hosts used to build their businesses in 2022

Connect with David and Fred

David Jacoby

Fred Bassili

Hostfully

Resources

Uplevel the Experience for Your Guests with Minoan (Ep504)

Email team@overnightsuccess.io

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PriceLabs’ Market Dashboard

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Recap of the STR Industry in 2022 Dec 16, 2022

Show notes

As COVID restrictions eased, 2021 proved to be a record year for most short-term rental markets. But did the trend continue in 2022?

Which markets performed better this year? Which markets got softer?

And what can Airbnb hosts expect in 2023?

On this episode of Get Paid for Your Pad, guest cohost Anurag Verma, Cofounder of PriceLabs, joins me for a recap of the short-term rental industry in 2022, explaining how this year’s numbers compared to 2021 in various markets in the US and around the globe.

Anurag describes how to calculate RevPAR and why it’s an important metric for STR hosts to understand, and we discuss why Airbnb’s new total price display policy was a positive change overall.

Listen in for Anurag’s insight on the current pace of bookings for 2023 and learn how PriceLabs free market reports can help you analyze your portfolio and outperform the competition—no matter what’s happening in the market!

Topics Covered

How COVID continues to impact STR markets in some parts of the world
What the data says about how 2022 compared to 2021 for the short-term rental industry
How Airbnbs in cities performed in 2022 relative to drive-to destinations
Why general occupancy, daily rate and length of stay all went down in 2022
How to calculate RevPAR and why it’s an important metric for STR hosts to understand
Why Airbnb’s new total price display policy was a positive change overall
What hosts can do to incentivize longer stays without charging a pricey cleaning fee
Why guests may be holding off on booking for summer 2023 (and why you shouldn’t lower your prices just yet)
Why STRs in Europe had stronger numbers in 2022 compared to 2021
The free market report functionalities available to hosts on the PriceLabs platform
The improvements to the pricing algorithm, data products and free tools PriceLabs is launching in 2023
Anurag’s shameless plug for his new book, The Book Direct Playbook

Resources

PriceLabs

PriceLabs’ Portfolio Analytics

Airbnb’s Total Price Display Policy

The Book Direct Playbook: Say Goodbye to OTAs with Proven Marketing Tactics to Boost Direct Bookings by Mark Simpson, et al.

GPFYP on YouTube

GPFYP on Instagram

STR Legends Mastermind

Review GPFYP on Apple Podcasts

Email team@overnightsuccess.io

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How to Think Like a Brand Manager Instead of a Property Owner (Ep519)

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Why Building a Brand is Essential for STR Hosts Dec 12, 2022

Show notes

Reputation used to be the cornerstone of a brand, but now it's all about trust. Airbnb is great at doing trust marketing. People who go to Airbnb already trust the Airbnb brand, and they're looking to book. Now they are trying to determine WHO to book with.

And that's where building your brand trust is crucial. You could be losing 50 bookings a year just because your profile isn't on point—and it's about more than just great property photos.

So, how do you build that trust?

Chris Maughan is the CEO & Founder of I-PRAC. An experienced operator in holiday and commercial rentals for 17 years, he's passionate about transforming the short-term rental industry to make it a safe place for hosts and travelers worldwide. He's also the CEO and co-founder of AES Accommodation Ltd and AES Events Group, which provides accommodations for companies like Google, Twitter, and Disney. Chris has written a chapter in the soon-to-be-released, The Book Direct Blueprint.

On this edition of Get Paid for Your Pad, Chris walks us through the difference between trust marketing and product marketing and why trust marketing is vital in the short-term rental marketplace.

We discuss how to get clear about your brand identity and the key components you can use on your Airbnb profile to establish an emotional connection with guests looking to book.

Listen in as Chris shares how STR operators can showcase who they are as a trusted brand for more Airbnb and direct bookings.

Topics Covered

Why nobody is interested in your product on a first-time visit
Why so many hosts and property managers miss the point of their Airbnb profile
The two things you need to be clear on so you can communicate them effectively with your guests
How to provide information about your brand that will help build emotional trust with your guests
How to personalize your profile details that attract guests
How to stand out on the Airbnb platform as a trusted brand
Why you can’t rely on booking platforms alone
How to get more direct bookings by building trust
How I-Prac helps protect the consumer while allowing STR operators to showcase that they’re trusted and professional

Connect with Chris Maughan

Chris on LinkedIn

I-PRAC

Resources

How Avant Stay Scaled Their Hospitality Brand to 1,500+ Units in Less Than 5 Years (Ep524)

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Harvard Study on Purchasing Decisions

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Create Pricing Power on Airbnb Through Building a Brand Dec 09, 2022

Show notes

The Liquid Death water brand charges $5 per can. Why are people willing to pay a premium for their product when there are so many other options?

The secret is branding. And they’ve built a $700M company by telling a story that stands out from the competition.

So, what can you do to be the Liquid Death of short-term rentals? How do you build a strong brand that allows you to charge a higher-than-average price for your Airbnb?

Kaye Putnam is a psychology-driven brand strategist who helps brands uncover their innate brand advantage to attract more clients and customers online.

Kaye is also the host of Brand Gravity, a podcast that explores the intersection between branding and psychology.

On this episode of Get Paid for Your Pad, Kaye sits down with Eric and me to explain why STR hosts have more opportunities to tell our brand story than other types of businesses.

Kaye discusses how to identify the brand archetype for your Airbnb business and why even individual hosts should be intentional about building a brand.

Listen in to understand why unique brands can charge a premium for their product or service and learn how to create pricing power on Airbnb through your hospitality brand!

Topics Covered

What inspired Kaye’s work as the psychology-driven brand strategist
Getting clear on what you want to be known for and how to express that
Why even small companies should be intentional about their brand
How STR hosts have more opportunities to tell our brand story than other businesses
Why identifying your brand archetype is the first step in building a brand
How to leverage your brand archetype as a decision-making tool
Kaye’s Brand Truth exercise for building an individual brand as an Airbnb host
What it means to create pricing power through your hospitality brand
Why the Liquid Death water brand can charge a premium for their product
How pricing power comes from being different vs. just being better
How much Airbnb hosts should invest in building a hospitality brand
Why branding is becoming more important as the STR industry matures

Resources

Kaye & Co

Kaye’s Brandality Quiz

Roark Clothing Brand

Brand Archetypes

Liquid Death

Liquid Death Branding Article

Big Idaho Potato Hotel

Email team@overnightsuccess.io

Sponsor

The Book Direct Blueprint

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3 Steps to Increase Your Airbnb Revenue 15-30% Dec 05, 2022

Show notes

Every short-term rental property is unique, and each guest values different property features when looking to book. Add to that travel trends are shifting quite dramatically right now, and it can be a gamble to rely on the data alone to set your pricing.

So how can you use the data to increase your revenue without increasing your risk?

John An is the Founder & CEO of TechTape, the Founder & President of Ohana Stay, and a short-term rental industry expert who consistently brings in returns at 20% to 50% above market. He's also written a chapter in the soon-to-be-released, The Book Direct Blueprint.

On this edition of Get Paid for Your Pad, John walks us through his 3-step approach listeners can use to increase their Airbnb revenue.

We discuss how to align your risk tolerance with your pricing strategy and nightly rate to achieve your goal occupancy level.

Listen in as John shares his hands-on approach to combining data with human skill to increase your Airbnb revenue by as much as 15-30%.

Topics Covered

John explains his thought process for revenue management
The issue with the data in the STR industry
What John looks at in the data increase revenue
The two ways to come up with your base price
What is the demand curve
Why pace is a more important data point than price when trying to increase revenue
John will share the 3 step approach listeners can use to increase their Airbnb revenue
Why you need to determine your risk tolerance or that of the owner of the property you are managing
Where your risk tolerance aligns with your pricing strategy
How to use the nightly rate as the lever to achieve your goal occupancy level
How to choose your time frames to establish an occupancy target
Why it's essential to 'keep your hands on the wheel' when adjusting your pricing strategy
Why the holistic view can tell you just as much as your revenue about how your guest avatar is really responding to your property

Connect with John An

John on LinkedIn

TechTape

Resources

How to Pick Your Tech Stack for Your Short-Term Rental

Get Paid for Your Pad Email List

STR Profit Academy

Overnight Success

Email team@overnightsuccess.io

Sponsored By

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How to Solve Issues with Your Airbnb Guests By Communicating Effectively Dec 02, 2022

Show notes

We wish every stay would be perfect and every guest would check out ready to leave a 5-star review and secure their next stay.

But this is the real world, and every host will eventually face a problem with a guest's stay.

From a piece of equipment breaking down to another guest making it impossible for everyone to enjoy their stay, challenging situations come up that no one wants to have to deal with.

But there are some secrets to navigating them that will make everyone involved feel supported.

So how do you solve guest challenges when they come up, so everyone enjoys their stay?

On this edition of STR Conversations, Eric and I sit down to discuss the event that happened at Freewyld this weekend, what it taught us, and the systems we're putting in place to handle these types of situations like this in the future.

We’ll walk you through our 6-step process to deal with challenges that come up with guests while they are staying at your property while communicating with them in a way that makes them feel supported and then creating a system to deal with these situations in the future.

Listen in to learn the key to providing a high level of hospitality to every guest, no matter the situation.

Topics Covered

The 6-step process to deal with challenges that come up with guests while they are staying at your property
The difference between making the situation right and being right
The #1 thing to do when a problem develops with a guest or guests
Why details matter
How to make both parties feel supported
The key to providing an excellent experience for every guest, no matter the situation
How to communicate as a leader and provide high-level hospitality while making sure ALL parties feel supported
The 3 traits you need to operate as a high-level hospitality host
Why the problem is not solved until the guest says it is solved
How to educate your team to deal with the problem in the future
How you can use texts to document a situation for future reference
Why it's important to remember YOU are a hospitality company first
What to do if a problem needs to be escalated

Resources

Get Paid for Your Pad Email List

STR Legends Mastermind

STR Profit Academy

Overnight Success

Email jasper@getpaidforyourpad.com

Sponsor