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

Latest Episodes:

How to Quit the Rat Race and Go All-In on Airbnb Nov 22, 2021

Show notes

In the aftermath of the pandemic, a growing number of corporate workers are thinking about leaving their jobs to make room for what’s most important to them. And for those who already manage one or two units on Airbnb, building a short-term rental business seems like a natural fit.

But walking away from the certainty of a monthly paycheck is scary. Just ask Samantha, a Legends X student who is trying to decide if she should quit her job and go all-in on Airbnb.

On this episode of Get Paid for Your Pad, Samantha joins me to explain what inspired her to consider leaving her corporate job and share her concerns around the uncertainty of being a full-time Airbnb entrepreneur.

Listen in to understand how daily affirmations can benefit aspiring short-term rental entrepreneurs and find out if it’s time for YOU to quit the rat race and go all-in on Airbnb!

Topics Covered

What inspired Samantha to consider leaving her corporate job

Time to pause and reflect during pandemic
STR business = more time for family, travel

3 mindset shifts you need to adopt to be an entrepreneur

View obstacles as opportunities for growth
Build thick skin re: feedback from network
Don’t be afraid to fail

Quit your job vs. build a business on the side

Business grows faster when you’re all-in
'Fight better when there’s no way to retreat’

Biggest mistakes STR entrepreneurs make

Jump on every opportunity vs. do one thing very well
Clear vision gives confidence to say no to distractions

Daily affirmations benefit new and aspiring entrepreneurs

Lower anxiety and facilitate important mindset shifts
Recognize value, build belief that you’re on right path

Samantha’s top tips for aspiring STR entrepreneurs

Set vision for what you want business to be
Systematize to get out of working IN business

Resources

Tony Robbins’ 6 Human Needs

The Obstacle is the Way: The Timeless Art of Turning Trials into Triumph by Ryan Holiday

Extreme Ownership: How US Navy SEALs Lead and Win by Jocko Willink and Leif Babin

VRMA Conference

Meetup.com

The Art of War by Sun Tzu

John Lee Dumas of Entrepreneurs on Fire

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 Build Your Team to Scale Your Airbnb Business Nov 19, 2021

Show notes

When Eric and I started building an Airbnb business together, our hiring process was arbitrary. We would recognize the fact that we needed help, reach out to our network and then hire the first person available.

We didn’t have clear expectations around what the role would entail. It was impossible to hold team members accountable or help them improve.

On this episode of Get Paid for Your Pad, Eric and I explain how creating a job score card for each role, giving an example of how we use key performance indicators (or KPIs) to hold everyone accountable—from our cleaners to the CEO.

Listen in for insight on what you need to know about yourself before you start hiring and learn how the ‘hire slow, fire fast’ approach will help YOU find the right team members to scale your Airbnb business!

Topics Covered

Creating a job score card for each role

Communicate expectations with description of tasks and KPIs
Offer feedback, review culture questions at monthly check in

How we use a job score card for the cleaners on our STR team

Expectations clear with KPIs (5-star review for every turnover)
Track and offer feedback at review, identify if need support

Benefits of conducting monthly performance reviews

Creates intentional space to communicate with team regularly
Easier to have honest conversation within structure of review

Hire team members who are a good culture fit

Align around core values for decision-making
Diverse global team all committed to world-class experience

What you need to know about yourself before you hire a STR team

Understand individual skill set and how you perceive world
Hire team with complementary skills or different perspective

Resources

Overnight Success

Flying Cat Marketing

Who: The A Method for Hiring by Geoff Smart and Randy Street

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

Eric on The Sam Skelly Show EP201

Legends X STR 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.

How Craig TRIPLED the Revenue on His Airbnbs—with Craig Westaway Nov 15, 2021

Show notes

Craig Westaway took over the management of a luxury short-term rental property on July 1, 2020. And in one month, he made more than the previous operator did in all of 2019.

Craig is the Cofounder and CEO of Bnbbooking, a high-end STR management company out of Gold Coast, Australia.

On this episode of Get Paid for Your Pad, Craig joins me to explain what he and his wife Holly do differently from ‘old school’ STR managers, describing how they create a high-end experience for guests across their portfolio of luxury accommodations.

Listen in for insight on meeting the high expectations of high-end guests and learn how Craig consistently TRIPLES the revenue of luxury Airbnb units by improving and personalizing the guest experience.

Topics Covered

How Craig and Holly got started hosting

Falling out with manager of own holiday home
Wife took over management, tripled profits

How Craig 5Xed the profits on a recent acquisition

Invest $20K in styling and rephotograph
Increase price from $1K to $3K/night

Craig’s insight on creating a high-end STR experience

Beautiful styling, make sure everything works
Take steps to accommodate right # of guests

What guests expect in a luxury STR booking

Meet guests personally
Gifts (e.g.: champagne, beer and chocolates)
Midterm cleans and inspect prior to check-in

How Craig gets 5-star reviews despite high expectations

Get to know guests and personalize experience
Offer late checkout when possible

How Craig finds high-end property owners

Referrals and word-of-mouth marketing
SEO on website = best sales tool

How to sell your services to a high-end property owner

Listen to and align with their goals
Make them feel comfortable with you

What Craig did to navigate the pandemic

80% drop in bookings during snap lockdowns
Offer travel credits to guests forced to cancel

Craig’s advice around accommodating weddings

Create separate listing
Increase price point for wedding parties

What Craig got out of our Legends X STR accelerator

Playbook to document systems
Build team of VAs, tech guy to run business

Connect with Craig

Bnbbooking

Resources

Airbnb Automated on YouTube

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.

The Airbnb Winter Release Nov 12, 2021

Show notes

Short-term rental hosts asked... And this week, Airbnb delivered, announcing 50-plus upgrades to the platform in its 2021 Winter Release.

So, what are the most important updates? And how do they impact you and your STR business?

On this episode of Get Paid for Your Pad, Eric and I share our top takeaways from Airbnb’s Winter Release, describing how Chesky’s team improved its host guarantee program—now known as AirCover.

We explore several of our favorite new features, including the accessibility review, pet fee option, in-app Wi-Fi speed test and short stay cleaning fee.

Listen in to understand how Airbnb’s ability to create community differentiates it from other OTAs and learn how YOU can benefit from the 50 new innovations on the platform!

Topics Covered

How Airbnb changed its host guarantee program

Pet damage, deep cleaning and income loss protection
14-day filing window and quicker reimbursements

The updates we like that benefit guests on Airbnb

I’m (even more) flexible option
Accessibility review
Upgraded translation engine
Added property categories

The updates we like that benefit hosts on Airbnb

Getting started made simpler (10 steps)
Option to add pet fee
Easier to become Superhost
Additional support for Superhosts

What we like about Airbnb’s new verified Wi-Fi speed test tool

Helps work-from-home guests choose listings
No longer need ugly pic of Wi-Fi speed in photos

The benefit of Airbnb’s new short stay cleaning fee

Lower fees for guests on 1- or 2-night stays
Helps hosts fill in gaps on calendar

What differentiates Airbnb from other OTA platforms

Excel at design, marketing and creating community
Address host concerns through tech innovation

Resources

Airbnb 2021 Winter Release

Airbnb Host Advisory Board

Strawberry Creek Village

Big Idaho Potato Hotel

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.

Into the Weeds of the Operations of an Airbnb Business, Part II—with David Golshan Nov 08, 2021

Show notes

Are you looking to scale your Airbnb hosting business? If so, you need to hire an operations manager sooner rather than later.

David Golshan is the founder of StayWithDave, a short-term rental business out of Los Angeles, California. He started hosting on Airbnb seven years ago, growing a portfolio of 50 units through rental arbitrage. Forced to downsize in the pandemic, Dave currently has 15 listings, and he is rebuilding his hosting business in the management model.

This episode of Get Paid for Your Pad, Dave returns for Part II of our discussion on Airbnb operations. We chat about the process of hiring a virtual operations manager for a STR business, exploring the best way to train someone for the role and the benefit of conducting a monthly review with your team.

Dave asks about our vision for outsourcing the management of Freewyld, the STR brand Eric and I are building. I explain why guests in secondary markets want to build a personal connection with their hosts—and how that impacts our operations.

Listen in for insight on operating in a highly regulated city like Los Angeles and learn how to choose an Airbnb-friendly market that’s the right fit for you!

Topics Covered

Benefit of owning STRs

Best way to build long-term wealth
Real estate appreciates in value

Dave’s process: hiring a virtual operations manager

Serve as integrator to oversee VAs + vendors
Training through Loom and job score card

Monthly review team meetings

Shifts dynamic among team
Motivates all to up game (even owners)

Create connection with guests at Freewyld

Onsite host lives in each community
Add general manager for portfolio as scale

STR hosting in highly regulated cities

Decide if willing to operate in gray zone
Must be comfortable with uncertainty

Pros and cons of hosting in a vacation city

More competition but fully legal
Takes longer to scale but more sustainable

Tips for choosing STR-friendly markets to focus on

Bring value to community long term
Places where you already have listings

Connect with Dave

StayWithDave

StayWithDave on Instagram

Resources

Into the Weeds of the Operations of an Airbnb Business, Part I on GPFYP EP420

Harold Gonzalez on GPFYP EP369

Loom

Vacasa

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.

Tools and Systems That We Use to Streamline Our Hosting Business Nov 05, 2021

Show notes

When Eric and I bought the existing Airbnb business at Strawberry Creek Village, the previous host didn’t use any technology tools at all.

Running the community as a traditional vacation rental, she tracked bookings with pen and paper, texted the cleaner personally and physically plugged in and unplugged the outdoor lights herself each day.

On this episode of Get Paid for Your Pad, Eric shares the home automation technology he’s installed at Strawberry Creek and describes the system we created around the digital locks and temporary access codes in our short-term rentals to streamline our business.

Listen in to understand why Eric and I are setting up the tech ourselves and get our best advice on implementing new technology in your Airbnb hosting business.

Topics Covered

What tech we’ve installed at Strawberry Creek

Lights turn on/off automatically
Schlage Encode digital locks
NoiseAware in units and outdoors
Apple TV and Nest thermostats

The benefits of using digital locks in a STR

Security
Guest convenience
Management

How we’re automating the guest code process

Hostfully to import info at booking
Manage and track via RemoteLock

Our best advice on implementing technology

Take time for onboarding process
Build SOPs around how to use tech

The advantage of creating walk-through videos

Helps VAs with guest messaging
Insurance in case of owner disputes

How we’re building relationships with guests

Personal communication
Onsite team member

Resources

Strawberry Creek Village

Strawberry Creek on Instagram

Review GPFYP on Apple Podcasts

Legends X STR Accelerator

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Into the Weeds of the Operations of an Airbnb Business, Part I with—David Golshan Nov 01, 2021

Show notes

If you manage listings remotely, operations can be a challenge.

With no supervision, how do you maintain quality control? How do you make sure that your cleaners and maintenance workers are meeting expectations?

David Golshan is the entrepreneur and real estate investor behind StayWithDave, a short-term rental business with properties in Los Angeles, Orange County and the Smoky Mountains.

On this episode of Get Paid for Your Pad, Dave asks me questions about the operations of his Airbnb business, describing how hard it is to find contractors he can count on when unexpected issues arise.

Listen in for insight on putting systems in place to prevent operations issues and learn how to hustle to find good team members for your short-term rental business—despite the current labor shortage!

Topics Covered

The ins and outs of Dave’s Airbnb business

Listings in LA, Orange County & Smoky Mountains
Transition from arbitrage to management model

Manage operations remotely

Hire cleaner or cohost who’s invested in your vision
Develop systems to prevent issues

How to hold STR team members accountable

Job score card for everyone who works with you
Financial reward for achieving KPIs

Sample key performance indicators for STR cleaners

Airbnb ratings
Consistency

Sample KPIs for STR maintenance staff

No guest complaints about things not working
Show up within certain amount of time

Why it’s crucial to develop KPIs for contractors

Align incentives with team members
Incentivize to do good job

How to find maintenance workers and cleaners

Online platforms may not work in labor shortage
Stay in area and build relationships in person

Connect with Dave

StayWithDave

StayWithDave on Instagram

Resources

Dave on Get Paid for Your Pad EP043

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

The Risks of Arbitrage on GPFYP EP419

Julie George

Breezeway

Thumbtack

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 Eric Got Started with Airbnb Oct 29, 2021

Show notes

Today, Eric and I are focused on buying property and building a hospitality brand. We also run a Short term rental mastermind as well as the Legends X coaching program.

We started just like everyone else, hosting a single property on Airbnb.

And the reason why we can teach at such high level is because we’ve been through it all; Run into challenges, made mistakes, figured out how to problem-solve and move forward.

On this episode of Get Paid for Your Pad, Eric explains how he got started with Airbnb: his transition from house flipping real estate investor to STR entrepreneur.

He describes what inspired his vision to build an online business in the real estate space, how he discovered STRs and why he pivoted from rental arbitrage to a management model.

Listen as Eric shares his craziest guest experience and learn how you can benefit from our mistakes and scale a STR business of your own!

Topics Covered

Eric’s real estate investing background

10 years raising money to flip houses
Added Section 8 apartment buildings

Eric’s introduction to being a digital nomad

Met John Lee Dumas 7 years ago
Vision for online business in real estate

Eric’s move: New Jersey to San Diego

Built network of entrepreneurs in CA
Room at Epic Entrepreneur House

What inspired Eric’s focus on STRs

Met STR entrepreneur as Airbnb guest
Realized could automate with tech

Eric’s first Airbnb property in San Diego

Opportunity to lease 2BR in La Mesa, CA
Made $2K profit in first month

Why Eric pivoted from an arbitrage model

Ups and downs of market in crash
Recognized leasing too risky to scale

The power of the management model

Managed vacant units for HNWI as STRs
3X revenue of leases without paying rent
Use profits to buy property, build wealth

What Eric would've done differently

Focus on building portfolio in single market
Stick to one business model, property type

How Eric dealt with challenging guests

Recognize where failed and solve problem
Grow as person, make better decisions

Resources

John Lee Dumas of Podcasters’ Paradise

The Epic Entrepreneur House

Eric on Get Paid for Your Pad EP175

Overnight Success

Get Paid for Your Pad on Apple Podcasts

Legends X STR Accelerator

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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

Affordable Technology for Small Airbnb Hosts—with Henry Bennett Oct 25, 2021

Show notes

Short-term rental operators understand that technology helps automate certain aspects of our hosting business, saving time and streamlining our operations. But there are few tools that smaller Airbnb hosts can afford.

So, what is the ideal tech setup for STR hosts with five units or less?

Henry Bennett is the Cofounder and CEO of YourWelcome, a guest engagement tablet currently used in 15,000 STR properties. Henry and the YourWelcome team are in the process of launching PropertyCare, a complementary platform to automate guest engagement and manage STR cleaning and maintenance.

Listen in to understand why text messaging is the best way to communicate with guests (and how PropertyCare facilitates SMS) and find out what affordable technology options are available to small Airbnb hosts!

Topics Covered

Henry’s take: COVID changed the STR industry

Property managers looking to reduce costs
Difficult to find cleaners and maintenance staff

How Henry thinks about Chesky’s predicted BOOM in STRs

Record domestic bookings for ‘revenge travel’
Vacation rentals seen safer than hotels

What PropertyCare does to serve small Airbnb hosts

Set up cleaning and maintenance tasks
Automates guest communications

What differentiates PropertyCare from a PMS

PMS = channel management and accounting
PropertyCare integrates with PMS systems

The gap in the market for tech seving small Airbnb hosts

Most tech creates for big companies to scale fast
Hosts with 5-15 units underserved part of industry

How hosts benefit using PropertyCare

Leverage CRM to personalize post-stay marketing
Collect emails of ALL guests with advanced check-in

Connect with Henry

PropertyCare.com

YourWelcome

Resources

Henry on GPFYP EP123

Brian Chesky Interview on Travel’s Revolutionary Moment

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.

Don't Start an Airbnb Business, Buy One Oct 22, 2021

Show notes

As Airbnb entrepreneurs who help people start and scale their own short-term rental companies, you may be surprised to hear that, right now, we don’t think you should start a STR business.

You should buy one.

There's value creating your own hosting business. If you’re brand new to the industry, it’s a good place to start.

But if you’re an experienced host with funding, you can create wealth by taking over another business and increasing its value. So, what does that look like?

This episode of Get Paid for Your Pad, Eric and I sit down to discuss the opportunities we see in buying an Airbnb business rather than starting one from scratch.

Listen in for insight on where to find vacation rental businesses to buy and learn how YOU can acquire and then increase the profits of existing Airbnbs!