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

Latest Episodes:

Airbnb Guest Communication Tips for 2022 Jan 03, 2022

Show notes

The pandemic initiated a boom in the staycation market, creating an influx of new Airbnb users and a demand for contactless check-ins. So, how do we communicate clearly with our guests when they’re new to the platform and we can’t meet them in person?

What can short-term rental hosts do to up our game when it comes to guest communication?

Andy McNulty is the Cofounder and CEO of Touch Stay, a software service enabling Airbnb hosts to create digital guidebooks for their guests. Touch Stay had its best year to date in 2021, growing to serve 17,500 STR properties.

On this episode of Get Paid for Your Pad, Andy joins me to share his top Airbnb guest communication tips for 2022, exploring how the younger generation consumes information and what that means for short-term rental hosts.

We explain why it’s crucial to communicate in a way that’s comprehensive, visually appealing and easy to digest, challenging you to offer guests both text and video options.

Listen in for insight on building a one-on-one connection with STR guests and learn when to send travelers your digital guidebook and how to communicate its importance.

Topics Covered

How the pandemic affected the STR industry in general and Touch Stay specifically
What the influx of new Airbnb users and the demand for contactless check-ins means for guest communication
Why it’s important to communicate what’s unique about staying with you
The advantage STR hosts have in terms of building a one-on-one connection with guests
How the younger generation consumes information (and what that means for STR hosts)
Why it’s crucial to communicate in a way that’s comprehensive, visually appealing and easy to digest
How communicating in a succinct way appeals to guests of all ages
Why Andy recommends giving your guests video and text options
When to send guests your digital guidebook and how to communicate its importance
How to improve guest communication by putting yourself in the shoes of your guest avatar

Connect with Andy McNulty

Touch Stay [Discount Code GPFYP10]

The Guest Cast

Resources

Andy McNulty on GPFYP EP085

VRMA Conference

Alissa Cincotta on The Guest Cast EP001

Example Touch Stay Guides

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Get Paid for Your Pad Newsletter

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Recap of 2021 for the STR Industry Dec 27, 2021

Show notes

2021 has been a unique year for the short-term rental industry.

David Jacoby is the Cofounder and President of Hostfully, an all-in-one property management platform that helps STR hosts embrace automation and deliver an exceptional guest experience.

On this episode of Get Paid for Your Pad, David joins me to share his top takeaways from the Hostfully 2021 Hospitality Report, exploring where STR reservations are coming from and why some markets report more competition in 2021—while others report less.

Listen in to understand why cleaning and turnover management is an ongoing challenge and find out what short-term rental hosts plan to do to increase their revenue in 2022!

Topics Covered

Some STR markets report more competition in 2021 while others report less

Secondary markets have more competition and increase in revenue
Hosts in large cities have less competition (COVID, regulations)

What hosts count as their most valuable software tool in 2021

PMS was largest category, especially among large property managers
56 different tools mentioned (e.g.: Zapier, Zoho, Canva, Trello, etc.)

What the Hostfully survey reveals about the value of dynamic pricing

Large property managers use more and report higher income
Losses significantly less among hosts using dynamic pricing

Why cleaning and turnover management remains a pain point for STR hosts

Challenge to implement and track new cleaning protocols in 2020
Shortage of good, reliable contractors in 2021

Connect with David Jacoby

Hostfully 2021 Vacation Rental Industry Stats Report

Email david@hostfully.com

Resources

Homes & Villas by Marriott International

Hostfully Studies, Trends & Industry Reports

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Setting Up Your Airbnb Listing for Faster Profits Dec 20, 2021

Show notes

How do you set up a new Airbnb listing to earn a profit right away?

Kelvin Mah is the Founder and CEO of Rankbreeze, the premiere Airbnb optimization toolkit and rank tracker. Rankbreeze offers software and services to help STR managers improve search visibility and conversion on Airbnb.

On this episode of Get Paid for Your Pad, Kelvin joins me to share his five-step framework for faster profits, explaining how to decide where to invest in a new Airbnb listing and when to launch a new property.

He offers advice on choosing your first five photos and deciding what to say in your listing description, challenging hosts to include amenities and points of interest to optimize a title for search.

Listen in for Kelvin’s insight on how to price a new Airbnb listing and learn his top strategies for ‘throwing your weight around’ to get more bookings at your new STR property!

Topics Covered

Kelvin’s 5-step framework for faster profits

Where to invest
When to launch
What to use in title and description
How to price property
Throw your weight around

How to decide where to invest

Consider local short-term rental regulations
Choose market with strong future demand
Conduct top-level city search on Airbnb

How to decide when to launch

Research overall demand on Google Trends
Launch 30 to 60 days before busy season

Kelvin’s advice on what to use in your listing title

Strong call-to-action (e.g.: new, renovated)
Include amenities and points of interest

How to choose pictures for your listing photo grid

Use 5 BEST photos
Variety is helpful

Kelvin’s advice on pricing your new property

Start with ‘break-even pricing’
Raise prices for weekends and busy season
Consider dynamic or signal-based pricing

Kelvin’s top strategies for getting more bookings

Adjust photos based on season
Leverage SEO campaigns
Offer freebie for weekday booking
Split property into parent and child listings
Ask guests to come earlier or stay longer
Invite guests to return to property

Connect with Kelvin Mah

Rankbreeze

Resources

Kelvin Mah on GPFYP EP276

Rankbreeze AirReview Chrome Extension

Google Trends

11 Tips for an Invincible Airbnb Pricing Strategy

Airbnb Smart Pricing Tool

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Legends X Takeaways and Learning Lessons Dec 17, 2021

Show notes

At the end of each session of Legends X, we ask our students for feedback around what aspects of the program were most beneficial. And the takeaways for this cohort were much like that of our first student group.

On this episode of Get Paid for Your Pad, Eric and I go over the feedback from our latest group of Legends X students, describing the four aspects of the course they found most valuable.

We discuss what our students like about the Legends X playbook and our customized systems, explaining why Airbnb hosts should document everything we do and organize that information in one place.

Listen in to understand the value in designing a host vision map and learn how we chose the tools included in our Legends X tech stack to help you scale your STR business!

Topics Covered

The purpose of our Legends X playbook

Index for all documents and systems within company
Defines role each team member plays in systems

STR hosts benefit from building systems

Gives time back to work ON business (not in it)
New team members up and running in < week

How we support Legends X students around STR technology

Roadmap of tech needed at each stage of business
Trainings on how to use recommended tools

Our top advice on choosing technology for your Airbnb business

Commit to using new tool for 6 to 12 months
Look for technology that allows you to scale

Resources

Legends X Short-Term Rental Accelerator

Overnight Success

Strawberry Creek Village

ClickUp

Loom

The E Myth by Michael Gerber

Clockwork: Design Your Business to Run Itself by Mike Michalowicz

Scaling Up: How a Few Companies Make It ... and Why the Rest Don’t by Verne Harnish

Traction: Get a Grip on Your Business by Gino Wickman

Wheelhouse

Breezeway

Review GPFYP on Apple Podcasts

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Create Long-Term Wealth by Acquiring Airbnbs Dec 13, 2021

Show notes

What is the best way to create long-term wealth?

As Airbnb hosts, we can leverage our expertise running a short-term rental business to acquire properties of our own.

But what does it look like to buy a STR property? How, exactly, do you finance a purchase like that?

Juan Carlos Morales is the serial entrepreneur and Airbnb investor behind Capital Jetset, a beachfront vacation rental company out of San Juan, Puerto Rico. He leveraged the rental arbitrage model to start his business and has since added management units and purchased properties of his own to build a portfolio of 30 STR units.

On this episode of Get Paid for Your Pad, Juan Carlos joins me to explain what differentiates a business owner from a manager and describe how he built a team of 13 employees to run Capital Jetset.

Listen in for Juan Carlos’ insight on why it’s a good idea to buy STR properties and learn how to finance YOUR first Airbnb property in the ownership model!

Topics Covered

Juan Carlos got into Airbnb by mistake

Listed spare room on Airbnb when roommate moved out
Tried listing whole place, 3 months booked in 1 night

Breakdown of Juan Carlos’ hybrid business model

85% rental arbitrage
10% management
5% ownership

Juan Carlos’ unique approach to rental arbitrage

Target properties sitting empty for months/years
Offer to invest $10K and renovate unit himself

Juan Carlos’ advice on starting a STR arbitrage business

Don’t be afraid to invest your money
Be creative and propose deal beneficial to both sides

Why Juan Carlos decided to start buying properties

Owners have power to raise rent
Property values increase over time

How Juan Carlos benefits from owning STR properties

Net worth tripled, banks take him more seriously now
Control over business affords more stability

Juan Carlos’ plans for the future of his STR business

Continue to grow, create wealth and help people
Buy building and small hotel, develop boutique hotel

Connect with Juan Carlos

Capital Jetset

Juan Carlos on Instagram

Juan Carlos on YouTube

Resources

Robert Kiyosaki

The 4-Hour Workweek by Timothy Ferriss

The E Myth by Michael Gerber

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Recap of the 2nd Legends X Class Dec 10, 2021

Show notes

Is scaling your Airbnb business on your list of goals for 2022? Then the next session of our Legends X program may be right for you.

On this episode of Get Paid for Your Pad, Eric and I sit down to reflect on the 2nd Legends X class, describing what we’ve learned about the STR industry from coaching hosts around the world.

We explain how our students benefited from the program discussing what gave several Legends Xers the confidence to quit their corporate jobs and go all-in on Airbnb.

Listen in for insight on becoming the go-to short-term rental expert in your marketplace and find out how to get on the waitlist for our next session of Legends X!

Topics Covered

Things learned about the STR industry from coaching Legends X

Students crushing bookings
Most markets performing very well right now

The biggest opportunity for Airbnb hosts looking to scale in 2022

Leverage STR experience to partner with cash investors
Build equity and grow STR management company

Our best advice on how to add units to your Airbnb portfolio

Share expertise to become top-of-mind in marketplace
Build relationships with agents

Who should apply for the Legends X Accelerator program

Experienced hosts with one or more Airbnb listings
Operators focused on scaling their STR business

Resources

Legends X Short-Term Rental Accelerator

Airbnb International Host Advisory Board

Expert Enough: The Fastest Way to Create a Career as a Go-To Authority by Russell Davis

How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

Wheelhouse

Overnight Success

Rich Dad Poor Dad by Robert T. Kiyosaki

Strawberry Creek Schoolhouse on Airbnb

Get Paid for Your Pad on YouTube

STR Legends Mastermind

Review GPFYP on Apple Podcasts

Subscribe to the GPFYP Newsletter

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

How to Attract Mid-Term Stays with Nestpick Dec 06, 2021

Show notes

Now that remote work has become mainstream, more and more workers want to travel the world. To spend several months living and working in a location before they move on to the next.

Unfortunately for digital nomads, booking mid-term stays through Airbnb is terribly expensive. But there is a platform that caters specifically to guests and hosts looking to book one-, two- or three-month leases.

Omer Kucukdere is the Founder and CEO of Nestpick and Sublet.com, the largest global platform for on-demand housing. Omer’s team targets mid-term stays of more than 30 nights but less than a year, serving expats, corporate travelers, international students and the growing population of digital nomads.

On this episode of Get Paid for Your Pad, Omer joins me to discuss the benefits of using Nestpick over other OTAs or local market platforms and share the supply available on the platform.

Listen in to understand the benefits of listing your units on multiple platforms and learn how to attract mid-term stays by adding YOUR properties to Nestpick or Sublet.com!

Topics Covered

Nestpick the Airbnb of mid-term stays

Global platform for on-demand housing
Targets stays of > 30 days but < 1 year

STR supply available on Omer’s platforms

Nestpick connected to 250+ platforms, 2.75M stays in database
Sublet.com serves 675K hosts, 1.5M monthly rentals hosted

Benefits of using Nestpick vs. other OTAs or local platforms

Travelers don’t need local credit score to secure lease
Significantly lower service fees for hosts and tenants

Opportunities for hosts in monthly stays

Regulations in large cities where stays < 30 days not allowed
Explosion of remote work population post-COVID

Short-term rental hosts should consider offering mid-term leases

Better yield than unfurnished long-term leases
Much lower operating costs than daily stays

How to list your properties on Nestpick and Sublet.com

Individual landlords sign up at Sublet.com
Operators with 10+ units list at Nestpick

Connect with Omer

Nestpick

Sublet.com

Email info@nestpick.com

Resources

Zoopla

Brian Chesky Interview

Furnished Finder

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

How to Find New Airbnb Properties Dec 03, 2021

Show notes

So, you want to find new Airbnb properties to grow your short-term rental business. But you’re competing with big companies (with big marketing budgets) like Sonder and Vacasa.

You can’t afford to run a Facebook ad campaign or hire a sales team the way they can.

But you CAN grow your influence in the marketplace and make YOUR name the one people think of when they hear ‘Airbnb.’

On this episode of Get Paid for Your Pad, Eric and I explain how to create your own property abundance plan and describe how taking daily action to spread the word about what you do attracts opportunities.

Listen in for insight on how to market your short-term rental business on social media and learn how to stay top-of-mind with your network, so they bring new Airbnb properties to YOU.

Topics Covered

Why we recommend staying in your own properties

Meet guests and get valuable feedback
Find small things to improve experience

How to compete with big companies to find properties

Stay top-of-mind with network
Grow influence in marketplace

What’s involved in creating a property abundance plan

Develop rhythms + habits behind marketing
Daily action to spread word about what you do

Why you want people to hear 'Airbnb' and think of you

Contact you with questions, to solve problems
Come to you with opportunities for new units

Why we suggest dominating ONE marketing channel

Can’t get traction trying to be everywhere
Easier to take consistent action long term

Choose a marketing channel you like

Positive energy attracts property leads
Communicate authentically with avatar

How to market your STR business on social media

Educate avatar on what you do
Help solve problems
Ask for business

Resources

Get Paid for Your Pad on YouTube

Strawberry Creek Schoolhouse on Airbnb

Sonder

Vacasa

Eric on TikTok

The Cali Adventurer Blog

Overnight Success

Legends X Short-Term Rental Accelerator

STR Legends Mastermind

Review GPFYP on Apple Podcasts

Subscribe to the GPFYP Newsletter

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Taking Over an Old-School Vacation Rental Business in Rural Germany Nov 29, 2021

Show notes

We’ve talked at length in recent weeks about the opportunity to take over old-school vacation rental businesses and improve the guest experience.

Niels Becker is the Airbnb host behind Living in History, a hospitality brand based in rural Germany. And he’s in the process of taking over a business stuck in the 1960’s. (The previous operator’s marketing efforts were limited to a roadside sign boasting amenities like hot water and showers in the units!)

On this episode of Get Paid for Your Pad, Niels joins me to discuss the upgrades he is making in the vacation rental business he’s taking over, explaining why the previous host only operated in the summer and how he plans to attract tourists year-round.

Niels shares how his rural STR business benefitted from the popularity of secondary markets in the pandemic, describing how guests from urban areas want to spend time in nature and young people are exploring close to home.

Listen in for Niels’ insight on scaling an Airbnb business without losing the personal touch and get an inside look at what it’s really like to take over an old-school STR business in a secondary market.

Topics Covered

The traditional short-term rental business model in rural Mosel

No vision for business, few systems in place
Marketing limited to sign on road
Operate in summer only (during wine harvest)
Furnished with bare necessities

How Niels plans to attract tourists to his units year-round

Offer experience of slipping into another world
Market nearby hot springs as featured amenity

How the pandemic affected Niels’ vacation rental business

Benefit from rise in popularity of secondary markets
Average daily rate skyrocketed in past year

Why Niels’ guest avatar was different than he expected

Young people explore close to home with pandemic
Guests from urban areas want to spend time in nature

What Niels is doing to scale without losing the personal touch

Already use PMS system, automated messaging
Outsource personal communication to one employee
Give cleaners budget to buy seasonal details

Connect with Niels

Living in History

Resources

Niels on Get Paid for Your Pad EP198

AirDNA

Wheelhouse

PriceLabs

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Freewyld Updates—Wins and Challenges Nov 26, 2021

Show notes

Just two months ago, Eric and I bought an existing vacation rental business in Idyllwild, California, with the intention of renovating the existing units and building 10 to 15 new cabins on the property.

This acquisition is our first step in building a hospitality brand known as Freewyld, a world-class short-term rental operation focused on secondary markets near large metropolitan areas. Places for city dwellers to get away and reconnect with nature.

On this episode of Get Paid for Your Pad, Eric and I sit down to describe how the Freewyld project is going, explaining how we’ve upgraded the marketing for our new listings and why we’re booking exclusively on Airbnb right now.

We share the challenges we’re facing on the development side of the project and discuss how we’re shifting our focus in light of a changing construction timeline.

Listen in for insight on doing a scenario analysis before you take over a short-term rental business and find out how we got Strawberry Creek up and running in just eight weeks—and increased its revenue by 20%.