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

Latest Episodes:

The Three Pillars of a Successful Hospitality Brand Mar 03, 2021

Show notes

Yesterday we announced our brand new virtual event, From Host to Successful Hospitality Brand.

If you haven’t registered yet, do so now, because we’re opening up our private FB group where we’re going to start dripping out free content.

In addition, you can connect with the experts that will be leading the training prior to the event.

A bit more about the event...

There are thousands of types of homes in the world. One home can look completely different from another one.

But, every home has doors, windows, a foundation and a roof.

We have discovered that this is true for successful short-term rental companies too.

They are all different, but there are three ingredients they all have:

1) A clear VISION.

2) Streamlined OPERATIONS.

3) A focus on SCALE.

And we're going to dive deep into these three pillars on our upcoming LIVE virtual event on March 18th-19th.

Click here to grab your seat (it's free)

You don't want to miss this one!

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The Launch of Overnight Success Feb 22, 2021

Show notes

As you know, Eric and I have been working together for a few years now building different products and events for the short-term rental industry.

To better serve our mission, we've officially partnered to bring all of our brands and products under one umbrella.

We're calling our company...Overnight Success!

If you're reading this, you're one of the first people to hear about our rebrand..

Through Overnight Success, we're able to drive more value, and help hosts from around the world achieve freedom through building the hospitality businesses of their dreams.

We have a lot in store for you and the S.T.R. industry this year, and we're excited to be on this journey with you.

Stay tuned!

Check out our new site at www.overnightsuccess.io.

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The 15% Airbnb Host Fee and Adjusting Your Prices Feb 15, 2021

Show notes

As of December 7, 2020, Airbnb hosts who use third-party property management software are required to use Simplified Pricing (unless your listings are in the US, Canada, Mexico, Argentina, Taiwan, Uruguay or the Bahamas). This means there will be no service fee visible to the guest, and the host will pay 15%. So, how can you adjust your pricing to accommodate this new policy?

Anurag Verma is the Cofounder at PriceLabs, a dynamic pricing tool and market data resource for short-term rental hosts. PriceLabs uses a data-driven approach to help STR operators manage pricing and stay restrictions, growing their revenue in the process. Anurag has eight years of experience in the travel industry, and he is an expert in the field of in revenue management.

On this episode of Get Paid for Your Pad, Anurag joins me to discuss how to adjust your rates to accommodate the new 15% Airbnb host fee. He explains how the length of stay and lead times have shifted in the COVID era, offering advice for STR hosts around how to optimize revenue in an uncertain time. Listen in for Anurag’s insight on leveraging market data to make pricing decisions and learn how YOU can benefit from using the PriceLabs revenue management platform!

Topics Covered

How to adjust your rates to accommodate the 15% host fee

Raise prices in order to keep your payout the same
Go through the math carefully, use PriceLabs blog

The two STR variables that have changed in the COVID era

Length of stay increase (double in some locations)
Lead time shorter, booking rush 2 to 3 weeks out

Anurag’s advice on planning if you’re in a summer market

Go ahead and raise rates for summer
Monitor market data, lower prices as necessary

What STR hosts are doing to generate more bookings

Offer discounts to guests who extend their stay
Share discount code with previous guests

Why STR guests have more flexibility right now

Ability to do remote work from anywhere
No penalty to change flights

Anurag’s tips for optimizing your revenue in 2021

Use market trends to adjust last-minute pricing
Don’t discount TOO much and don’t panic
Experiment with one property to see what works

How PriceLabs’ Market Dashboard feature works

Enter address and select radius
Receive email as trends change

How to use market data for strategic pricing decisions

What kind of bookings are happening?
Am I getting that kind of booking?
Will I benefit from that kind of booking?
How can I attract bookings like that?

The benefits of leveraging the PriceLabs platform

$10 flat fee for Market Dashboard
Dynamic Pricing based on # of properties

Connect with Anurag

PriceLabs [Code GPFYP]

Resources

STR Legends

Airbnb’s Simplified Pricing Guidelines

PriceLabs’ Blog on Adjusting for the 15% Host Fee

Jasper’s Price Adjustment Calculator

PriceLabs’ Market Dashboards

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

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Get Up to 75% Discounts on Furniture and Amenities Feb 08, 2021

Show notes

We all know that you can save money by buying in bulk. And most short-term rental hosts do try to negotiate discounts when we purchase multiple mattresses, rugs or couches for our units. But what if you could leverage the purchasing power of, say, 50,000 STR hosts AND have someone else do the negotiating for you? What if you could get up to 75% off the furniture and amenities you need to set up and manage your Airbnb units?

Jeff Iloulian is the Cofounder and CEO of HostGPO, the first international group purchasing organization for the short-term rental industry. Jeff’s team helps professional vacation rental managers save time and money by offering access to exclusive deals on furniture, mattresses, linens and STR amenities. Jeff has nearly ten years of experience as a host himself, running as many as 150 units in Southern California.

On this episode of Get Paid for Your Pad, Jeff joins me to discuss the benefits of joining HostGPO, sharing the conditions for becoming a member and some of the brands HostGPO partners with. He walks us through the process of ordering through HostGPO and explains the minimum requirement for purchases. Listen in for Jeff’s advice for hosts moving into 2021 and learn how you can save up to 75% on furniture and amenities for your STR units!

Topics Covered

Jeff’s advice for vacation rental managers moving into 2021

Be strategic in choosing markets
Focus on professionalism, unit integrity

How Jeff thinks about the trend toward secondary markets

Temporary thing caused by COVID
Drive-to destinations will be popular for 3-4 years

How hosts can save up to 75% through HostGPO

Join pool of professional hosts (negotiate as group)
Get discounts on furniture, mattresses, linens, etc.

The cost and conditions of joining HostGPO

First year free (fee will depend on # of units)
Must have at least 3 STR units

Some of the brands HostGPO partners with

Williams-Sonoma, West Elm and Pottery Barn
Helix Sleep, Brooklinen and Standard Textiles
World Amenities and Public Goods

The requirements around minimum purchases

No minimum amount for most vendors
Some partnerships geared toward larger orders

How much hosts save through HostGPO

Average member saves 50% on new unit setup
Discounts range from 35% to 75%

The benefits of joining HostGPO

Purchasing power of all 50K members
No commitment to buy through group
Products for high-end or value units
Access to hospitality-optimized goods
Still allows for individuality
Discounts already negotiated for you

How it works to order products through HostGPO

Some vendors offer coupon code
Others require purchase order

How HostGPO’s conditions differ from buying full-price

Same product warranties
Return policies waived in some cases

What Jeff wishes he would have known from the start

Don’t be too conservative
Set up better quality unit for much higher return

Connect with Jeff

HostGPO

Resources

STR Legends

Eric Moeller

Host GPO’s FAQ Page

Host GPO’s List of Vendor Partners

Email jasper@getpaidforyourpad.com

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Pricing Tips for 2021 Feb 01, 2021

Show notes

Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?

Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.

On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!

Topics Covered

How COVID is driving travel trends in 2021

Harder to plan in advance = shorter lead times
Ability to work from anywhere = longer stays

How Andrew defines lead time for short-term rentals

How far in advance guests book your STR
Best way to see how market values your property

How to analyze lead time data for your market

Compare your lead times with market average
Selling too far in advance means it’s underpriced

How lead times have changed in 2021

General trend to shorter lead times (< 20 days out)
Popular drive-to destinations = longer lead times

What Airbnb host accommodations are earning more revenue

Flexible cancellation policy
Pet-friendly units

How length-of-stay patterns have changed in 2021

Guests staying longer in most markets
Trend toward extended bookings

How to maximize STR revenue with dynamic minimum stays

Don’t take short bookings far in future
Set minimum slightly higher than market average
Decrease minimum stay as dates get closer

How to deal with gaps in your STR calendar

Offer discount for guest staying just before gap
Use Wheelhouse to auto adjust minimum stay

The new features available through Wheelhouse

Market Reports came out Q4 of 2020
Beta testing Competitive Set Tool

Connect with Andrew

Wheelhouse [Referral Code PAD]

Email andrew@usewheelhouse.com

Resources

Andrew on GPFYP EP365

Pet-Friendly STRs on GPFYP EP358

Wheelhouse Market Reports

STR Legends Mastermind

Airbnb Cancellation Policy Trends

Andrew’s Demo Videos

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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Outlook on the Real Estate Market Jan 25, 2021

Show notes

We experienced an unprecedented drop in GDP in 2020 and record unemployment numbers. And yet, the real estate and stock markets seem to be doing fine. So, how do we make sense of this discrepancy? What is the economic outlook for 2021 and beyond? And is now a good time to invest in short-term rental properties?

Jason Hartman is the creator of The Empowered Investor and host of the Creating Wealth Show. He has spent the last 17 years helping people achieve financial freedom through real estate investing. Jason has been involved in thousands of real estate transactions and owned income properties of his own in 11 US states. He is also the author of the eBook Pandemic Investing: How to Turn Fear Into Profit.

On this episode of Get Paid for Your Pad, Jason joins me to share his outlook on the global economy, discussing why the real estate and stock markets are booming despite record unemployment. He describes how STR investors can benefit from what he calls inflation-induced debt destruction, explaining why right now IS a good time to invest in real estate and when a mortgage is not a liability—but part of your asset. Listen in for Jason’s prediction around the future of the housing market and get his advice on aligning your interests with ‘the powers that be’ by investing in STR income properties!

Topics Covered

Jason’s insight on what is happening in the global economy

Record drop in GDP and unprecedented unemployment
Governments creating money = markets booming

How Jason thinks about the uneven economic recovery

Service industries hit hard, information jobs doing well
Wider gap between rich and poor (bad for society)

How we can benefit from inflation-induced debt destruction

Take advantage of 30-year, low fixed-rate mortgages
Pay back with cheaper money in future due to inflation

What makes now a good time to invest in the STR market

Drive-to markets with low density thriving in pandemic
Linear and hybrid markets safer bets than cyclical

When a mortgage is not a liability but part of your asset

30 years to pay off at artificially-low fixed rate
Create wealth over time as value of USD drops

Jason’s prediction around the future of the housing market

Mortgage rates will eventually HAVE to go up
Supply constrained more and more
People will stay put or keep properties as rentals
New supply will have to be built

How governments are likely to respond to ongoing unemployment

Expansion of rental housing assistance programs
Push to universal basic income (control spending)

Jason’s advice for short-term rental real estate investors

Align interests with governments and central banks
Income properties most proven asset class in world

Connect with Jason

Empowered Investor

Pandemic Investing

Creating Wealth Show

Resources

STR Legends Mastermind

1984 by George Orwell

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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How to Manage Your Linen Efficiently Jan 18, 2021

Show notes

What kind of linens should you buy for your short-term rentals? Should you focus on quality or durability? And how do you take care of the bedsheets and towels so that they last longer?

Harold Gonzalez is the Cofounder of EXSTR Apartments, a STR property management company based in Cali, Colombia, where ‘the weather is hot, the drinks are cold and you’re always welcome.’ Harold got his start in hospitality working for Marriott International in New York City, and after eight years in the hotel industry, he transitioned to vacation rentals. Today, Harold and his business partner, Patrick, manage a portfolio of 21 units—including my penthouse in Cali! Harold has special expertise in maintaining linens, and he recently led a training on the subject in our STR Profit Academy.

On this episode of Get Paid for Your Pad, Harold joins me to explain how to manage your linen efficiently, offering insight on how to decide what type of bedsheets and towels to offer your guests and find the right balance between durability and quality. He shares the do’s and don’ts of washing and drying linens for a short-term rental, describing how to get rid of difficult stains without using harsh chemicals. Listen in for Harold’s advice on deciding whether to outsource linen management or take care of it in-house and learn how to extend the life span of the bedding and towels in your Airbnb units.

Topics Covered

Harold’s insight on traveling to Cali, Colombia

Beautiful weather, third largest city in country
Some COVID restrictions but open to air travel

Harold’s background in the hospitality industry

8 years with Marriott Hotels in New York City
Worked way up to management in short time

The pros and cons of outsourcing linen management

Saves time
More costly, less control

How to decide what type of linens to offer guests

Look at what competitors offer, guest feedback
Consider type of travelers who stay with you
Find balance between durability and quality

Harold’s advice on choosing the best linens for a STR

Thread count from 200 to 300
Cotton-polyester blend (soft and durable)
All white associated w/ cleanliness + comfort
Keep three sets on hand for each unit

The don’ts of washing and drying STR linens

Don’t ball up sheets or overload machines
Don’t use harsh chemicals
Don’t put detergent directly on linens
Don’t use too much detergent
Don’t dry on high heat or let sit in heat
Don’t use fabric softener

The do’s of washing and drying STR linens

Do spot treat stains
Do use mild detergent
Do unfurl linens
Do use medium heat settings
Do soak in vinegar + baking soda regularly

How to get rid of stains on linens

Treat grease and oil w/ dish detergent
Use denatured alcohol on makeup stains
Get rid of dirt w/ baking soda + vinegar
Try baking soda or salt to lift wine
Only use bleach as last resort

How to extend the life span of your STR linens

Post house rules, inventory and instructions
Provide makeup wipes or black towels
Offer guests disposable towels for accidents

Connect with Harold

EXSTR Apartments

Resources

STR Profit Academy

Your Porter [Discount Code PAD]

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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Hosting Remote Workers in Paradise Jan 11, 2021

Show notes

Remote work became a reality during the COVID-19 pandemic, and many of us learned that you really can do business from just about anywhere. And now that companies like Twitter and Square are giving their teams the option to work from home even after we return to normalcy, remote employees are looking for a cool places travel and do their work. So, what can STR hosts do to capitalize on this opportunity?

Robert Nunez is the vacation rental expert behind Work in Paradise, a STR villa on the island of Aruba that caters to remote workers. The Work in Paradise suites are minutes away from the beach, affording guests the opportunity to snorkel or enjoy a SeaBob adventure when their work day is done. Robert has been hosting on Airbnb since 2013, and in addition to his Aruban villa, he manages a portfolio of 76 units in Philadelphia, Miami, New York and New Jersey.

On this episode of Get Paid for Your Pad, Robert joins me to explain how he came up with the idea for Work in Paradise, describing what Aruba has to offer remote workers and why he chose to open a new business during the pandemic. He offers insight on attracting remote workers on social media and providing both private and community workspaces (with reliable Wi-Fi) throughout the villa. Listen in for Robert’s advice to STR hosts on seeing the opportunity in a crisis, learning from other operators and challenging yourself to grow every day.

Topics Covered

How Robert ended up in Aruba

Visited friend on island last July
Struck by beauty and peace

How Robert came up with the idea for Work in Paradise

Remote work became reality during shutdown
People will want cool place to do business

What Aruba has to offer remote workers

Paradise (blue water and consistent weather)
Friendly for tourists, lots of things to do

How Robert attracts remote workers to his STR

Active on social media
Tap into online remote work community

How Robert caters to remote workers in his units

Private suite with workstation
Work areas throughout villa with reliable Wi-Fi
Engage with guests to create community

How Robert profited from staying the course in COVID

Added inventory when others ran away
Hosted first responders, contractors, etc.

Robert’s advice for aspiring STR entrepreneurs

Talk to people already doing it
Don’t let people talk you out of opportunity

Robert’s advice for current STR hosts

‘Push the envelope’
Do one thing each day to grow

Connect with Robert

Work in Paradise

Resources

“Twitter Announces Employees Will Be Allowed to Work from Home ‘Forever’” in The Guardian

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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Guest Communication Tips in a COVID World Jan 04, 2021

Show notes

Guest communication has changed in the COVID era. Travelers have more anxiety right now, and there is a strong need for STR hosts to communicate clearly and be responsive to our guests’ questions and concerns. So, what can we do to build a personal connection with our guests in a socially-distanced world and make them feel comfortable staying with us?

David Jacoby is the Cofounder and President of Hostfully, a platform designed to help short-term rental hosts provide five-star hospitality through beautiful digital guidebooks and a full-scale property management system. Prior to Hostfully, David served as the COO of WellCall, Inc., a health coaching and corporate wellness program that was acquired by Health Advocate in 2012. He is also a graduate of the Wharton School of Business at the University of Pennsylvania.

On this episode of Get Paid for Your Pad, David joins me to discuss the importance of guest communication in a COVID world, explaining what questions travelers are asking right now and how their habits have changed through the pandemic. He shares his top tips for communicating clearly with guests, describing how hosts are incorporating video in their guidebooks and what we can do to balance personalization and email automation. Listen in for the top takeaways from Hostfully’s 2020 Hospitality Report and get David’s insight on building a personal connection with guests—even in the midst of a pandemic.

Topics Covered

Why guest communication is more important now than ever

Demonstrates professionalism
More difficult to find accurate info online

David’s insight around STR trends in the COVID era

Choose repeat or familiar destinations
Properties with amenities, close to nature
Look for flexible cancellation policy
Concerns about cleanliness of property

What questions guests are asking in a COVID world

What’s open in area
Safe things to do (outdoor activities)
How to use amenities

The most recent updates to the Hostfully product suite

Ability to embed videos in guidebook
Tools to enhance brand, promote direct booking

How hosts are incorporating video in their guidebooks

Welcome message
How-to videos
Home tours
Videos of area (i.e.: shopping district, local park)

David’s hack for balancing scale with personalization

Send automated confirmation email with booking
Ask question in automated welcome email
Send personal note in response to question
Resend welcome email five hours prior to arrival
Check in with automated message one day into trip

The top takeaways from Hostfully’s 2020 Hospitality Report

Use of digital guidebooks more than doubled
55% of hosts expect less revenue than 2019
Direct bookings up by more than 25%
Top challenges = technology, pricing and cleaning

What upsells property managers are offering their guests

Early check-in and late checkout
Mid-stay cleanings
Spa services
Groceries pre-arrival
Concierge services (e.g.: set up tours, activities)

Connect with David

Hostfully [Discount Code PAD]

David on LinkedIn

Email david@hostfully.com

Resources

Hostfully’s 2020 Hospitality Report

Wheelhouse

Andrew Kitchell

Eric Moeller

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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Learning Lessons from 2020 for Short-Term Rental Hosts Dec 30, 2020

Show notes

2020 was a roller coaster ride for short-term rental hosts. Yes, the COVID crisis presented some very big challenges. But for those of us who stuck it out, the year presented some very big opportunities as well. So, what did STR hosts learn in 2020? And how can we apply those lessons to succeed in 2021?

Steven Che Suarez is the Cohost of Live Let Thrive, a podcast about Airbnb and the sharing economy, and the Cofounder and CEO of Argest Rentals, a full-service short-term rental management company. Steven and his partner, Federico, have 15 years of experience in the travel industry. They have flown a combined 1M miles, traveled to more than 60 countries and experienced a wide range of accommodations from youth hostels to high-end hotels. The Argest team knows what travelers expect, and they are dedicated to making the guest experience a unique and memorable one.

On this episode of Get Paid for Your Pad, Steven joins me to recap the STR landscape in 2020, explaining how the past year turned out to be a blessing for hosts who persisted through the initial COVID shutdown. We discuss how the Airbnb IPO may influence short-term rental advocacy moving forward, and Steven shares the most important lesson he learned in the last 12 months. Listen in for insight into Steven’s goals for Argest Rentals in the new year and learn how YOU can take advantage of the opportunities for STR hosts coming in 2021.