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

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Don’t Forget to Celebrate! Sep 09, 2022

Show notes

"The people who are crazy enough to think they can change the world are the ones who do." — Steve Jobs

Every single human has the same number of hours in a day.

But high-achieving enterprising individuals such as Kevin Hart, Elon Musk, and Tim Kennedy seem to make better use of their time, exploring what's next while investing in the now to make the impossible possible.

So, what's the difference between them and you and me?

It's all about the decisions we make!

On this episode of STR Conversations, Eric and I discuss the 3 things you need to achieve more significant results in your business and life with less effort.

We'll share an update on the hotel purchase process, and our recently discovered insight into the two-pronged challenge of buying existing STR properties or other businesses.

Tune in as we discuss what you need to focus on to achieve the biggest ROI on your investment in your business. We'll walk you through the 2 qualities the most successful people share and delve deep into how you too can obtain your true vision for your business.

Listen in as we share the key components of the host vision map and the steps to take to make it a reality. Plus, we share some success stories from our Legends X students and offer tips for our listeners on celebrating your wins to help you stay the course to your success.

Class 5 of Legends X begins October 17th - Right now, we're offering a $500 discount on the program for fast action takers. APPLY NOW!

Topics Covered

The key difference between acquiring real estate and acquiring a business
Why it's VITAL to determine your end goal or exit strategy in the beginning (especially when working with investors)
The 3 things you need to build BIGGER for the future
Where you get the biggest ROI on your investment in your business
Why the vision pillar is the first pillar of the Legends X program
The key components of the Host Vision Map
What consistency really requires
How celebrating the small wins can keep you on target on your trek toward your BIG goals
How to formulate a holistic approach to obtaining your BIG vision

Resources

American Glutton

FREE Airbnb Starter Guide

Review Get Paid For Your Pad on Apple Podcasts

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Get a $25 Credit on Your First Order with Minoan

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Uplevel the Experience for Your Guests with Minoan Sep 05, 2022

Show notes

"Even though 99% of retail happens on screens or shelves, those aren't where the real moments are. The real moments are in native settings."— Marc Hostovsky

Thousands of advertising dollars are spent on Facebook, Google, and Instagram pop-ups and influencers to create meaningful moments with products.

However, all of it still misses the mark on the end-user experience.

Hosts have a lot of value in this attention economy, and they're not getting credit for it. But my guest is out to change that.

Marc Hostovsky is the founder of Minoan, a platform where hosts can purchase furniture and amenities at a 30 to 60% discount and then make the items shoppable for their guests and earn a commission.

On this episode of Get Paid for Your Pad, Marc joins me to talk about how his background in retail gave him the idea for Minoan. He'll walk us through Minoan's unique marketing partner relationship with some of the top brands in the home furnishings space.

We discuss how to use higher-end furnishes and appliances to create a more cohesive look for your brand and a more unique (and memorable) guest experience—a win-win for both sides of the equation.

Listen in as Marc shares some of the brands they are currently working with, their plan for future expansion, and how working with them can change the economics of your STR business.

Plus, Get Paid For Your Pad listeners can get a $25 credit for signing up with Minoan today!

Topics Covered

What's the fastest‌ growing segment in hospitality
Marc walks us through how the idea for Minoan clicked for him
Where you should invest in the higher quality furnishings for your rental spaces
Where the best product experiences happen for consumers
The value of STR hosts in the 'attention economy'
The benefits for brands to have items in your rental property
The 2 biggest benefits of working with Minoan to furnish your STR listings
How the commission structure works for hosts partnering with Minoan

Connect with Marc Hostovsky

Minoan

Marc on LinkedIn

Resources

Legends X STR Accelerator

Email jasper@getpaidforyourpad.com

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Are We Buying a Hotel??? Sep 02, 2022

Show notes

The STR industry is changing. With more investors, bigger companies, and new laws cropping up daily investors (like us) are asking what the best way is to scale?

For us, the answer is turning our focus to buying properties you can legally run as short-term rentals forever.

The biggest opportunity in our industry right now is acquiring old vacation rental communities to convert into modern short-term rental experiences.

But how does the process for acquiring these properties work?

On this episode of STR Conversations, Eric and I discuss why the next natural phase in the STR business is acquiring boutique hotels.

We'll walk you through our search for the 'right' property, how we found the property we are working on acquiring, and the features that make this hotel perfect for adding to the Freewyld portfolio.

Tune in as we discuss the steps in the hotel purchasing process. We share the scenarios and analysis process we used to develop our offer, how the due diligence process works, and what we're learning through this transaction.

Listen in to learn the most important things to keep in mind when working deals to purchase hotel properties. Plus, a behind-the-scenes look at how we plan to integrate this property into our Freewyld brand.

Topics Covered

The big shift in the current real estate market that's increasing investment buying power
Why it's vital to look at now but also look ahead when investing in STR properties
How we used the property abundance plan to build the relationships that led to this opportunity
The 2 BIG perks with this property for immediate cash flow and next-level income for our brand
The benefits we offered to the seller to make the transaction go smoothly on both sides
How this purchase will affect our staffing needs (hint: we'll remain 100% remote)
The most critical aspects of due diligence when working bigger deals like these
What the numbers for this property look like now vs. the potential
Why markets where you can maintain higher occupancies are the biggest opportunity for STR investors right now

Resources

Email jasper@getpaidforyourpad.com

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Find Out Your Direct Booking Marketing Score

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How to Fill Your Calendar with Direct Bookings Aug 29, 2022

Show notes

Online Travel Agencies (OTA) spend millions in marketing and advertising to drive online searches to their websites.

A great thing for STR hosts. Or is it?

It’s dangerous to have all your STR hosting business on a site you don’t own.

But it can be just as risky to go 100% in direct bookings.

So how can you be sure you have a healthy mix of OTA and direct bookings? And how can you drive more direct bookings to expand your brand?

Mark Simpson is the founder of Boostly and the host of The Boostly Podcast. As one of the top consultants in the STR industry, Mark has worked with thousands of hosts to help them increase their direct bookings and build better websites and marketing campaigns.

On this episode of Get Paid for Your Pad, Mark joins me to walk us through how to diversify your bookings to maximize your income.

He’ll walk us through the 3 main strategies you can use to drive your guests to book with you directly, plus ways to use the personalization options on Airbnb to boost your brand and your direct booking book of business.

Listen in to learn how to make the visibility of the OTA booking sites work for you instead of against you and why it’s vital to build your STR business on ‘your own land.’

Mark shares how you can find out your direct booking marketing score for FREE, plus an opportunity for one of our listeners to win a personalized marketing consultation!

Topics Covered

Why you need a healthy mix of direct and OTA bookings
How to make the visibility of the OTA booking sites work for you
The biggest mistakes hosts make when they start with direct bookings
How to use your Airbnb listing to engage bookings on your brand’s booking website
The one question to ask your former guests to land more bookings
FREE ways to use social marketing in your niche for more visibility
When to use OTA and when to use direct bookings in your STR hosting journey
How to find out your direct booking score

Connect with Mark Simpson

Boostly

Mark on Instagram

Resources

Kristen and Michael

How To Use Email Marketing To Drive Bookings (EP. 332)

Legends X STR Accelerator

Scaling Up: How a Few Companies Make It...and Why the Rest Don't

Email jasper@getpaidforyourpad.com

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Scaling Up Book Club Part I: People Aug 26, 2022

Show notes

In this influencer-fueled world, we are constantly told that we must hit certain milestones to be a 'real business.'

But the truth is, out of the 28 million companies in the United States, only 4% ever reach $1 million in revenue. And from there, only about 1 in 10 makes it to $10 million in revenue.

Scaling requires an intentional focus on the "four major decision areas every company must get right: People, Strategy, Execution, and Cash."

So, how can you scale your STR business and achieve the growth you envision?

We've just started reading Scaling Up: How a Few Companies Make It...and Why the Rest Don't

with the STR Legends Mastermind, and it's already been influential for our team.

For the next four months we will devote an episode of Get Paid For Your Pad to going through the book's different sections, "People, Strategy, Execution, and Cash."

On this episode of STR conversations, Eric and I share some of our key takeaways from the people section of Scaling Up.

Listen in for an overview of such topics as the difference between a good manager and a great manager and how to hire the right people for every role on your team and then help them play to their strengths and grow.

We share what an A-player is and what they bring to your team. Plus, the one thing that will make or break the success of every aspect of your company.

Topics Covered

Why you need to get clear on exactly how many listings YOU need to get to where YOU want to go
Why it's so important to solve your team management issues in the beginning
How Scaling Up can help your business no matter what stage you are in
The most important aspect of scaling your business
How big your team really needs to be
Why it's so important to step up as a leader in your company to scale
The 2 most significant tests each member of your team needs to pass
What slows down the growth of a company
How many people have to apply for your position before you find your A-team player
The key to hiring A-players at every level of the company
Why accountability will make or break the success of your company
How to determine if your strengths as a leader are hindering your company's growth

Resources

Traction: Get a Grip on Your Business

The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

FREE HOST ASSESSMENT: Grow Your Airbnb Business

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FREE Airbnb Starter Guide

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EP024 Airbnb's Head of Hospitality Chip Conley, Divulges His Best Advice for Airbnb Hosts

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The Story Behind 500 Episodes of Get Paid For Your Pad Aug 22, 2022

Show notes

"In the summer of 2014, we were in Vegas, trying to figure out how to sell more books, so we decided to start a podcast. We bought a mic and messaged a host we knew to interview for Episode 1."—Jasper Ribbers

That impulsive decision led to the long running Get Paid For Your Pad podcast, with over 1.3 million downloads.

Today we are celebrating a milestone—the 500th episode!

On this edition of STR Conversations, Eric and Jasper are switching seats, with Eric talking over the mic for an interview with Jasper.

From the "Traveling Dutchman" travel blog to the Get Paid For Your Pad book, Jasper shares his journey to the successful Get Paid For Your Pad podcast.

Listen in for a glimpse behind the scenes of the podcast, the biggest challenges on the journey to Episode 500, and the #1 key to the show's success.

From the mom-and-pop hosts to the biggest titans in the industry, Jasper shares his favorite episodes and the life changing lessons he's learned from his guests along the way.

Plus, he shares the story of Brian Chesky's famous tweet about the catchy Get Paid for Your Pad jingle and why it's here to stay!

Listen in to this inspirational episode for tips on how to grow your influence and establish yourself as an expert in your own market.

Are you a longtime listener of the show? We'd love to hear from you! Let's surprise Jasper with some new reviews to celebrate the 500th Episode of Get Paid For Your Pad!

Topics Covered

Why consistency always beats experience in the race for success
Jasper shares his podcasting journey and the lessons he's learned
The #1 reason for the success of Get Paid for Your Pad
The impact of the podcast in terms of Jasper's influence in the STR space
Why consistency is the key to leadership and influence
The future plans for the Get Paid for Your Pad book
The powerful lessons we can learn from the sharing economy space
The key to successful leadership and influence
The 3 most important tenets of bringing value to your audience
How to grow your sphere of influence

Resources

Get Paid For Your Pad

EP175: How to Integrate Airbnb in Your Real Estate Business

EP186: This Week in the World of Airbnb

FREE HOST ASSESSMENT: Grow Your Airbnb Business

APPLY NOW for the Legends X Short-Term Rental Accelerator class beginning October 17!

Email jasper@getpaidforyourpad.com

Sponsor

FREE HOST ASSESSMENT: Grow Your Airbnb Business

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Takeaways from Legends X Class 4 Applications Aug 19, 2022

Show notes

The Airbnb industry is evolving, and, with it, so are the visions STR hosts hold for their businesses.

Gone are the days of throwing up any listing and expecting success. The industry has changed. There is a lot more education available, offering new ways for hosts to learn what is possible for them and the business they want.

Before each Legends X Short-Term Rental Accelerator class, Eric spends his time on the phone talking to potential participants about what they are looking for to take their business to the next level.

So, who are the up-and-coming hosts of today, and what are STR business owners seeking to sustainably grow their business to the next level?

On this edition of STR Conversations, Eric and I sit down to discuss the 3 biggest things applicants are seeking for their business when applying for the Legends X program.

We walk you through how our VOS system helps participants in the class get clear on what they want and then implement it to build a sustainable business.

We’ll talk about what areas of hosting entrepreneurs are moving away from and offer insight into the new and exciting niches hosts are exploring in order to offer world-class experiences to their guests.

Listen in for a preview of the Legends X program and learn how the VOS system can help YOU transition from STR host to hospitality business operator. Plus, you can now get our Host Assessment, part of Legends X, for FREE!

Want to be a part of the next Legends X Short-Term Rental Accelerator class beginning October 17? Apply NOW!

Topics Covered

Why there is such a massive uptick in the Airbnb and hospitality industry
The 3 things Legends X applicants are seeking for their businesses
What are the new and popular niches in the STR Airbnb space
The 3 areas we focus on in Legends X
The biggest challenge of creating the business you envision
Why the transition from Airbnb host to a hospitality business operator pays such huge (all around) dividends
How we determine who is coachable and ready for Legends X
The amazing mindset transitions we’ve seen through the Legends X course
Our #1 goal for every person who takes part in the Legends X Short-Term Rental Accelerator class

Resources

APPLY NOW for the Legends X Short-Term Rental Accelerator class beginning October 17!

Good to Great: Why Some Companies Make the Leap and Others Don't

2022 Vacation Rental Management Association Conference

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