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

How to Hire and Train Virtual Assistants (Ep. 352)

Email jasper@getpaidforyourpad.com

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How We Hired Our First Virtual Assistant for Freewyld May 27, 2022

Show notes

We officially hired our first team member for our Freewyld brand!

We’ve hired a Virtual Assistant (VA) named Mei who will help us start building our brand.

On this edition of STR Conversations, Eric and I share how we worked with a company called Virtual Staff Finder to hire our VA and the process they used to help us find the right Virtual Assistant for our Freewyld team.

We share the 3 most common questions students in Legend X have about hiring a VA, plus the biggest mistakes people make when hiring that can lead to hiring the wrong team member. Eric shares the plus-minus time tracking process he uses to determine which tasks to delegate, plus, I share my secret for accomplishing more tasks each day.

We discuss how to use a job scorecard to improve your job description and increase your chances of hiring the RIGHT person for the job.

Listen in for insight into how to find the perfect VA for your Airbnb hosting team, so you free yourself from the day-to-day tasks of managing your business and focus on building your business.

Topics Covered

The biggest reason for outsourcing the lower-level tasks in your hosting business
Why a virtual assistant is the first team member we hired
Why we chose Virtual Staff Finder to help us find our VA
The 80/20 rule for systems and training for your Airbnb team
The biggest challenge when hiring a virtual assistantHow to take the overwhelm out of hiring team members
What shifts our VA will be working for us in Freewyld
What a Voice Over IP (VoIP) can do for your Airbnb business
The most valuable thing you can do BEFORE you hire a virtual assistant
Eric’s plus-minus trick for figuring out which tasks you should delegate
Jasper's game-changing plan to get more work done daily
Why job scorecards are invaluable in finding the RIGHT fit for your team

Resources

How to Leverage Virtual Assistants to Scale Your Hosting Business (Ep. 407)

Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business by Chris Ducker

The One Thing by Gary Keller

The 4-Hour Workweek by Timothy Ferriss

5 Multitasking Myths Debunked, Plus 6 Ways to be Productive Without Task Switching

Virtual Staff Finder

RingCentral

DISC Assessment by Tony Robbins

Email team@overnightsuccess.io

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How to Improve Your Listings’ Search Rank in Airbnb Categories May 23, 2022

Show notes

Airbnb just released the biggest change to Airbnb categories in a decade.

They completely changed the search on Airbnb, leaving everyone wondering how it will affect their listing and if it will still show up.

Kelvin Mah is the founder of Rankbreeze and an Airbnb SEO specialist. Rankbreeze is a listing optimization software that helps you optimize your listings to make sure you show up in the Airbnb search results.

On this episode of Get Paid for Your Pad, Kelvin joins me to explain how Airbnb has transitioned from a destination-focused search to an experience-focused search and what he believes prompted this change.

Listen in as we walk through how you can use additional information in all the areas Airbnb allows to come up in more searches.

Kelvin says, "One of the rules around ranking on Airbnb is fighting the filter because everything a guest does is essentially filtering."

Kelvin shares his insight on how to zoom in and supercharge your listing to get more clicks for MORE BOOKINGS.

Topics Covered

How Airbnb is working to shift people's short-term rental investing habits
What are the new Airbnb categories and Split Stays feature
How to test 3-day minimums to get more Split Stays
Does your Airbnb title still play a part in your listing
The 2 biggest battles of getting the booking conversion once a user clicks on your listing
Why not using photo captions is a missed opportunity for more bookings
How to audit the amenities on your Airbnb listing for appearance in more categories
How Rankbreeze uses its amenities analyzer to pinpoint the amenities at top-rated properties
How Airbnb uses price anchoring to garner more bookings
Why NOW is time to get new photos of your Airbnb property
How to focus and supercharge your listing to stand out, get more clicks, and more bookings

Connect with Kelvin Mah

Rankbreeze

Resources

The Airbnb 2022 Summer Release: Introducing a new Airbnb for a new world of travel

How Airbnb Personalization Affects Search Rankings Get Paid for Your Paid (Ep 276)

Email jasper@getpaidforyourpad.com

Topics Covered

What to do when the team you have is not a good culture fit with the business you're building
How surrounding yourself with negativity brings down your entire operation
How having the wrong team in place keeps you from building your vision
How bookings (and reviews) can be challenged if you don’t have the right cleaning teams
How we transitioned away from negative team members and found a better culture fit
How we negotiated a cost-effective agreement for higher-level support for our properties
What we learned about bringing on experts
How surrendering control over some aspects of the business leads to growth
The biggest advantages of hiring and upleveling a team
How investing in yourself and your business leads to a higher ROI
The immediate payoff of our new team partnership

Resources

Get Paid for Your Pad Email List

Eric on Instagram

Subscribe to GPFYP on Apple Podcasts

FREE Airbnb Starter Guide

Million Dollar Host by Julie George

Overnight Success

Email team@overnightsuccess.io

Sponsor

Legends STR Accelerator

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How to Sell Your Airbnb Business May 16, 2022

Show notes

With larger property management companies looking to add to their portfolios, we're seeing more Airbnb entrepreneurs selling their businesses.

But what can you do to structure your business to ensure it's an attractive acquisition target?

Julie George discovered the world of Airbnb in 2016 when she listed her one-bedroom unit on the platform. In November 2016, she established Host My Home, one of Australia's largest Airbnb property management companies. In 2019, Julie sold her lucrative business to a larger company to concentrate on mentoring and consulting other budding entrepreneurs to build a business in the sharing economy.

On this episode of Get Paid for Your Pad, Julie joins me to explain the process she went through as she prepared her business for sale and how you can structure your business, so it's attractive to buyers.

Julie says, "If you've got ten or more properties that you are managing in a property management portfolio, get ready! You're going to get a knock on the door. I can almost guarantee it."

Listen in for Julie's insight into why NOW is the time to be sure you've structured your business so it's attractive to buyers—even if you're not currently thinking of selling.

Topics Covered

The one thing you need to determine before you decide to sell your Airbnb business
What can you do to structure your business to make sure it's an attractive acquisition target
Where do you find the company that will buy your Airbnb business
How to make your profit margin as strong as possible
How asking the right questions can help you determine your best business moves
3 ways to find a suitable STR business buyer
What was Julie's biggest mistake when she decided she wanted to sell her Airbnb business
When can't you sell your Airbnb business
What comes after the sale

Connect with Julie George

Million Dollar Host

Resources

Vacasa

The Million Dollar Host (EP 300) with Julie George

How to Work ON instead of IN Your STR Business (EP 346) with Julie George

Julie George's Takeaways Coaching 52 Airbnb Hosts Through Legends (EP 397)

Email jasper@getpaidforyourpad.com

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The biggest Airbnb update in a decade May 13, 2022

Show notes

On this episode Eric and Jasper talk about the biggest Airbnb update in a decade, the 2022 summer release.

What are the biggest changes, and what are the consequences for guests and hosts?

Listen in and find out!

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How to Rent out spaces for events on Peerspace May 09, 2022

Show notes

Are you looking for another revenue stream for your short-term rental space?

Does your property have unique features that would be great for a photoshoot or filming a cooking show?

Enter Peerspace the Airbnb for events. Launched in 2014, Peerspace is a global peer-to-peer marketplace that allows you to rent your creative space by the hour for events, meetings, and productions.

On this episode of Get Paid for Your Pad, Matt Bendett, the Co-Founder of Peerspace, joins me to share more about the Peerspace concept and some of the unique ways Peerspace hosts are using their spaces. He walks us through everything from cleaning fees to QR codes and everything you need for a great Peerspace listing.

Matt says, "The magic for us is when people come together with a great idea. And it gets facilitated because they've entered this really cool space. Every day, every booking, there's a story. It's that intrinsic thing beyond making money itself that a host can be proud of that they were able to facilitate. It's really cool."

Listen in as we discuss how the Peerspace platform may offer another revenue stream for entrepreneurs who understand how an online platform facilitates peer-to-peer reservations. We'll delve into how our listeners can combine Peerspace with Airbnb to maximize occupancy and revenue through hourly bookings.

Topics Covered

● How Peerspace differs from Airbnb

● What are the requirements for hosting a Peerspace

● The 3 most popular types of event bookings on Peerspace

● What is the core clientele of Peerspace

● How to combine Peerspace with Airbnb to maximize occupancy and generate more income through hourly bookings

● How many Peerspace listings can you create from your rental space

● How to price your listing to attract the types of rentals you want for your space

● What are major productions looking for in locations for filming

● What amenities are the most requested by people looking for in a Peerspace rental

Connect with Matt Bendett and Peerspace

Matt Bendett on LinkedIn

Peerspace

Resources

Legends X STR Accelerator

Email: jasper@getpaidforyourpad.com

Sponsor

Freewyld Updates: Investigating the Tiny Home Concept for the Freewyld Brand (Ep465)

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Tiny Homes Listener Q&As May 06, 2022

Show notes

Are tiny homes the solution for our Freewyld experience?

The jury is still out!

For those of you who may have missed our recent podcast, we are investigating tiny homes as an option to help get our Freewyld community on the road to being completed and profitable much sooner than the estimated timeframes we are receiving from both contractors and counties.

If you missed it, you can listen here.

On this edition of STR Conversations, Eric and I discuss some of the comments and questions from our listeners about the options available in the tiny homes market right now. We’ll also share some ‌construction solutions being looked at by other entrepreneurs for their own STR spaces in the current economy.

Listen in for insight into the different zoning laws for tiny homes and what that adds as far as challenges go. We’ll walk you through a recent experience we’ve had with rising construction costs. We’ll look at how that is affecting our budget and bottom line for Freewyld, and how that’s playing a part as we continue to investigate the tiny homes offering as a solution.

We’ll walk through some recently acquired information about lofts in STR spaces and the challenges going in that direction would present and how it would shrink our customer avatar. Plus, we’ll discuss some options to make the experience at Freewyld more appealing to more of our customer base.

Topics Covered

● Why the understaffing and overstuffing in the airline industry will make the driving markets a solid STR investment

● Why our listener Catherine chose to build her tiny homes on-site and how that affects her branding

● How much the cost of construction has gone up on the price for one bathroom for the Schoolhouse

● The challenges the unique zoning laws for tiny homes brings to the table

● Why the loft floorplan in most tiny home spaces is problematic to the STR bottom line

● How the mass production in the tiny homes market might cause incompatibility with the Freewyld stay experience

Resources

DEN Outdoors

Get Paid for Your Pad Email List

FREE Airbnb Starter Guide

Email team@overnightsuccess.io

Sponsor

Francisco's Profile on Airbnb

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How to Buy Run-Down Motels and Convert Them into Airbnbs May 02, 2022

Show notes

Francisco Arango is an old-school host with over 5000 5-star reviews on his combined Airbnb accounts. He reads and responds to all his feedback because he cares about his guests, learning from and applying it to improve his product and keep things top-notch.

Francisco joined me on the show back in 2018, and at that time, he was formulating his plan to begin buying run-down motels to convert into Airbnb’s. Currently, he and his team have 35 doors in operation, with 70 more rooms being rehabbed right now.

On this episode of Get Paid for Your Pad, Francisco joins me to share his experience working on these properties and the biggest lessons he’s learned along the way. He explains the journey to financing a business model of this type, the curse, and the blessing behind the Covid pandemic, and how he got his family involved.

He shares his unique approach to team building and the high value he places on his company’s culture. Plus as a member of STR Legends Mastermind he’ll share what he’s most looking forward to learning and his reason for joining the group.

Listen in for Francisco’s strategy for making his listings stand out, why he’s not concerned about a downtick in the economy, and his advice for entrepreneurs hoping to succeed in the Airbnb ownership model!

Topics Covered

Why having a plan and a vision is so crucial for your project
How the revenue from his renovated projects is helping him secure future financing
The one mistake a lot of entrepreneurs make in the Airbnb game
The one policy that has helped Francisco with contractors during this post-pandemic push
How to make working with architects and contractors more efficient
How Airbnb gets it right when it comes to the STR customer
How Francisco is empowering the members of his team to create a friendly can-do culture

Connect with Francisco Arango

Francisco on LinkedIn

Resources

The Infinite Game

Chip Conley

The Power of Karmic Capital with Chip Conley

Get Paid For Your Pad on Apple Podcasts

Email jasper@getpaidforyourpad.com

Sponsor