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

Latest Episodes:

Revenue Management Secrets Dec 21, 2020

Show notes

To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?

Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.

On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.

Topics Covered

How Andrew hosted Airbnb CEO Brian Chesky at his STR

Early adopter (on platform since 2010)
Interviewed for ABC news story

The challenge of creating a pricing automation tool for STRs

Large amount of data
Diversity of supply

What drives demand in a given STR market

Seasonality
Day-of-week
Local events

The free resources for determining seasonality

The free resources for identifying the day-of-week curve

Google Flights
Contact local hotel or revenue manager

The free resources for finding local events

Flight information or conference center website
Sort events by relevance on Ticketmaster

Andrew’s insight on how to react first and win

Compare lead time with market average
Find patterns as bookings emerge and adjust price

Wheelhouse’s personalized pricing feature

Set parameters around strategy/goals
Choose suggested, aggressive or conservative risk

The #1 way to optimize STR revenue going into 2021

Be aware of average minimum stay in local market
Use Wheelhouse Dynamic Minimum Stays tool

Connect with Andrew

Wheelhouse [Referral Code PAD]

Andrew on LinkedIn

Resources

STR Legends

Andrew on GPFYP EP071

Wheelhouse Market Data

Weather Spark

Google Flights

Ticketmaster

Wheelhouse Dynamic Minimum Night Stays

Email jasper@getpaidforyourpad.com

Sponsor

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How to Grow an STR Management Company Dec 14, 2020

Show notes

Last week, we took a closer look at the ownership model for a short-term rental business. But what if you’re not interested in buying real estate and would rather partner with people who already own it? If so, the STR management model is the best fit for you.

Logan Humphrey is the Founder and CEO of Cohobnb Properties, a full-service vacation rental property management company in Northwest, Arkansas. Logan also serves as President of The Arkansas Short Term Rental Alliance, an organization advocating for fair short-term rental regulations in Arkansas, and he is an active member of our elite STR Legends Mastermind Community.

On this episode of Get Paid for Your Pad, Logan joins me to discuss the management model he chose for his STR business, explaining why it’s important to build systems, set clear policy and focus on income-producing properties. He shares the obstacle he faced in complying with state law and offers advice on determining which owners you want to work with. Listen in for Logan’s insight on learning from people who know more than you and learn how his degree in philosophy is helping him grow a successful STR management company!

Topics Covered

The three basic short-term rental business models

Ownership
Management
Master leasing

How Logan built his property management business

Rented apartment on Airbnb when hours cut at work
Started cohosting for friends and other hosts in area
Grew portfolio from 3 to 42 properties in 2019
Set up full-service management company in 2020
Dropped to 25 properties (focus on A + B players)

What Logan wishes he had done from the start

Develop business plan and strategy
Set clear expectations and policy
Systematize how to handle recurring situations
Chase after income-producing properties

The obstacle Logan faced in complying with state law

Had to find business partner with brokerage license
Learn brokerage files and real estate contracts
Now able to legally collect rents, fees from owners
Allows to list on multiple channels and own site

How Logan identified his brand and who he wants to serve

Name came to him in dream, bought domain
Property must meet minimum revenue potential
Only work with owners who allow price freedom

The driving factors behind Tim’s success

Seek out mentors, mastermind group
Comfortable with being told NO
Ability to step back and work on self

Connect with Logan

Cohobnb Properties

Cohobnb on Instagram

The Arkansas Short Term Rental Alliance

Resources

STR Legends

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

Tribe of Mentors: Short Life Advice from the Best in the World by Timothy Ferriss

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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How to Grow an STR Investment Portfolio Dec 07, 2020

Show notes

The first step in building a short-term rental business is choosing the right business model. Do you want to lease properties and then list them on Airbnb? Would you prefer to partner with owners, managing their STR properties for them? Or are you interested in owning the properties yourself and growing a short-term rental investment portfolio?

Tim Hubbard is the Cofounder and CEO of Midtown Stays, a company that invests in and manages STR apartments in thriving midtown and downtown areas. Since he started the business in November of 2015, Tim has built a portfolio of 60 properties (32 of which are vacation rentals) in Sacramento, Memphis and Oklahoma City, accommodating 10K-plus business and leisure travelers with an average review of 4.8 stars. He is also an active member of our elite STR Legends Mastermind Community.

On this episode of Get Paid for Your Pad, Tim joins me to discuss the ownership model he chose for his STR business, explaining why he suggests exploring markets beyond your home city and how to get financing for real estate investments. He shares the driving factors behind his success and offers advice on communicating with your team and taking advantage of OTAs beyond Airbnb. Listen in for Tim’s insight on the benefits of investing in studio apartments for short-term rental and find out if the owner/operator model is the right fit for you!

Topics Covered

The three basic short-term rental business models

Ownership
Management
Master leasing

How Tim’s business is structured

Owns portfolio of 60 properties (32 STRs)
Sacramento, Memphis and Oklahoma City

What Tim wishes he had done from the start

Regular, face-to-face communication w/ team
Send negative reviews to cleaning staff
Focus on other channels (not just Airbnb)

What a mentor could have helped Tim with early on

Explore markets beyond where he lived
Connect with brokers for off-market deals

Tim’s advice on getting financing for real estate

Don’t be intimidated by rejection
Ask for referral from broker or agent
Try small local bank or credit union

The benefits of owning STR studio apartments

Best returns, fewer expenses
Fewer problems w/ guests
Costs less to renovate

The driving factors behind Tim’s success

Motivation
Consistency
Education

Tim’s advice to aspiring STR investors

Don’t try to time market (invest for cashflow)
Better to buy and wait than wait to buy

Connect with Tim

Midtown Stays

Resources

STR Legends

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

The Slight Edge: Turning Simple Disciplines into Massive Success and Happiness by Jeff Olson

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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Prevent a Ban on Airbnb in Your City Nov 30, 2020

Show notes

In July 2019, Theron Lewis was in the process of scaling a short-term rental business when he read about a proposed ban on Airbnb in the city of Detroit. And his business life flashed before his eyes. Theron had no prior advocacy experience, but he knew he had to do something.

Theron is the Founder of Sharing Detroit, a group of residents, small business owners and community leaders who support the fair regulation of short-term rentals in the State of Michigan. He is also the Founder and President of Capitol Rental Management, a full-service STR property management company with a portfolio of 18 properties in Detroit, Michigan, and Chicago, Illinois.

On this episode of Get Paid for Your Pad, Theron joins me to share his story of STR advocacy, beginning with the rocky first steps (and missteps) he took to fight the proposed ban in Detroit. He explains how to go about engaging members of City Council and why you should start building relationships with these local leaders NOW—rather than waiting until regulations are on the table. Listen in for Theron’s insight on demonstrating how STR rules will impact marginalized communities and learn how building an advocacy group can benefit your business beyond preventing a ban on Airbnb!

Topics Covered

What inspired Theron’s work around STR advocacy

Scaling Airbnb business in Detroit (8 properties)
Read about proposed ordinance to ban Airbnb

The first steps Theron took to start an advocacy campaign

Find out who to talk to, who spearheaded ban
Start talking to local hosts
Research on affordable housing, property values
Build team of volunteers

Theron’s best advice on STR advocacy in your community

Don’t view city government as ‘bad guys’
Build relationships with local leaders NOW
Show impact of rules on marginalized communities
Don’t be deterred by negativity
Bring hosts in to tell their stories

What you need to know about City Council meetings

Agenda of topics to cover available to public
Public gets time to speak (1 to 3 minutes)

How Airbnb helped with Theron’s fight against the ban

Presence at weekly meetings for credibility
Provide framework, help keep group informed

The turning point in Theron’s STR advocacy campaign

Facebook ads to let people know about ordinance
Email campaign to build 1,000-member community
Presence of 100 hosts at City Council meeting

The right way to engage City Council members

Invite consultant to advocacy meetings
Hire consultant to get in room with politicians

What happened at the Detroit City Council vote

Ordinance thrown out completely
City Council shift to pro-Airbnb sentiment

The benefits of STR advocacy beyond preventing a ban

Alternative form of marketing for business
Get ahead of issues related to COVID

Connect with Theron

Sharing Detroit

Capitol Rental Management

Theron on LinkedIn

Email theronlewis@capitolrentalmgmt.com

Email hello@sharingdetroit.com

Resources

STR Legends

Detroit’s 2019 Proposed STR Regulations

GoFundMe

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

Top SEO Strategies to Drive Bookings Nov 23, 2020

Show notes

Short-term rental hosts know that ranking on the first page of Google results is crucial in driving traffic to a direct booking site. So, what can we do to make sure our page is one of the first few results potential guests see? How can we use search engine optimization, otherwise known as SEO, to get more site visitors and more direct bookings?

Vincent Breslin is the Founder of Uplisting, a self-service property management system for vacation rental owners and operators. Uplisting provides a simple way for STR hosts to manage operations across multiple OTAs, and the platform also allows users to launch their own channel with a one-click direct booking website. Vincent is an engineer by training and serial entrepreneur with an expertise in search engine optimization, and he serves on the Tech Council for our STR Legends Mastermind.

On this episode of Get Paid for Your Pad, Vincent joins me to explain how SEO can help STR hosts drive direct bookings and share his best strategies for ranking on the first page of search results. He discusses the two categories of keywords for vacation rental searches, walking us through a simple process for choosing the best keywords to use in our content. Listen in for Vincent’s insight on improving your search ranking through engagement and learn how Uplisting can help you create an easy-to-use direct booking site for your STR business.

Topics Covered

The value of search engine optimization (SEO)

Show up as result in relevant keyword searches
More traffic to site = more direct bookings

The two categories of keywords you need to know

Planning category keywords for blog content
High booking intent keywords for listing pages

How to choose the best keywords to use in your content

Generate list with Google autocomplete/similar search
Use Google Keyword Planner to determine popularity
Target high search volume, low competition keywords

Vincent’s top tips for getting started with SEO

Create highly relevant content with NARROW focus
Engagement impacts ranking (best resource available)

What Uplisting can do for STR business owners

Channel manager, dynamically synced with OTAs
Create direct booking site with one click

Vincent’s advice on targeting planning keyword content

Develop blog with WordPress or Webflow
Link to Uplisting’s direct booking site

Connect with Vincent

Uplisting [Discount Code GPFYP]

Vincent on LinkedIn

Resources

STR Legends

The Traveling Dutchman

Google Keyword Planner

Vincent’s Blog on Booking.com

WordPress

Webflow

Yoast

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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From Host to Hospitality Brand Nov 16, 2020

Show notes

How to scale your STR Business in 2021 without getting burned out

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How to Manage Your Cleaners When Scaling Your STR Business Nov 09, 2020

Show notes

Cleaners are an integral part of any short-term rental (STR) business, and their role has become even more vital in the season of COVID-19. So, how do you find and train good cleaners? And how do you manage a growing team of cleaners as your vacation rental business scales?

Gosia Cooke is the founder of Coastal Properties Vacation Rentals, the #1 STR management company in Myrtle Beach, South Carolina. Gosia started hosting her own properties on Airbnb in 2015. Soon, property owners were asking her to manage their vacation rentals, and today, she has grown the business to a portfolio of 70-plus properties. Gosia has a particular expertise in managing cleaners, having developed a system for training a growing staff and eventually selling that part of the business to her cleaning manager.

On this episode of Get Paid for Your Pad, Gosia joins me to share her advice for finding good vacation rental cleaners and training them to meet extremely high standards. She weighs in on how to manage a growing cleaning staff, describing what she did to standardize the units and schedule both cleaners and inspectors for each property. Listen in for insight on how the Myrtle Beach market has fared through the pandemic and learn how Gosia empowered her cleaning manager to found her own company—and take responsibility for that aspect of the business as Coastal Properties scales.

Topics Covered

Gosia’s advice on finding good vacation rental cleaners

· Check with network first

· Know standards, don’t settle for anything less

How Gosia thinks about training a cleaning staff

· Be patient and give time to improve

· Clearly explain expectations (must look brand new)

· Inspection checklist for inspectors + cleaners

· Include staging for next group of guests

Gosia’s insight on how to manage your cleaning staff

· Standardize units (e.g.: bedspreads, throw pillows)

· Don’t assign one cleaner to certain units

· Send unit numbers and order night before

· Hire inspectors to check their work

What inspired Gosia to sell the cleaning business

· Couldn’t run and scale management company

· Trusted cleaning manager to take responsibility

· Free up time to focus on growing business

How Myrtle Beach has performed through COVID

· Lockdown through end of April

· Busy through summer (drive-to destination)

· Quiet now but picking up with snowbirds

Connect with Gosia

Coastal Properties Vacation Rentals

Gosia on Airbnb

Resources

Your Porter [Discount Code PAD]

Erinç Arık on GPFYP EP356

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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How to Make Your Airbnb Pet Friendly and Increase Revenue up to 25% Nov 03, 2020

Show notes

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How to Avoid the Pandemic Partiers Oct 26, 2020

Show notes

The pandemic has limited our ability to engage in social interaction. Sporting events and concerts have been cancelled, nightclubs are closed and even restaurants are restricted to a limited capacity. And young people have turned to short-term rentals (STRs) as a party venue where they can meet up with friends and make bad decisions. So, what can you do as a host to avoid these pandemic partiers?

Michael Goldin is the Director of Business Development at NoiseAware, a noise protection service for vacation rentals. Functioning like a smoke detector for noise, the NoiseAware device notifies hosts when the noise level at a property exceeds their quiet hours setting—without violating the guest’s privacy. Prior to joining the team at NoiseAware, Michael led the business development team at Rented.com.

On this episode of Get Paid for Your Pad, Michael joins me to explain why parties have become such an issue for STR hosts in the last few months and why Airbnb’s measures to prevent parties haven’t been effective. He shares his top strategies for preventing partiers from booking your STR and discusses how to keep a party from taking place in your property during a guest’s stay. Listen in for Michael’s insight on how to approach the guest when you receive a notification from NoiseAware and learn your options for handling the situation (and keeping yourself safe) when there’s a party in progress at your Airbnb.

Topics Covered

Why parties have become an issue for STR hosts in the last few months

Usual outlets for social interaction restricted due to COVID
Young people home from college, less worried about virus
Multiplier effect of news coverage of Airbnb house parties

Why Airbnb’s measures to prevent parties haven’t been effective

Partiers pay friends to book through their listing account
Rent multiple houses in case party shut down at one

How to prevent partiers from booking your STR

Mention NoiseAware device, provide photo in listing
Use Autohost or Guardhog to catch bad actors
Ask screening questions re: purpose of stay, etc.
Say you’ll meet guest at property or live nearby
Ban one-night stays (reduce party risk by 1/3)

How to prevent parties in your STR during a guest’s stay

Use NoiseAware to monitor noise inside
View number of people in and out with Ring doorbell

NoiseAware’s stats on the frequency of excessive noise in STRs

1/20 stays = noise event that will disturb neighbors
1/200 stays = full-blown party

What to do when you get a NoiseAware notification

Friendly text to remind guest of rules
Stern follow-up text if noise persists

What you can do if a party is taking place in your Airbnb listing

Go to property yourself (can be dangerous)
Call police
Take photos from safe distance
Share security company with other hosts

Connect with Michael

NoiseAware

Resources

Airbnb Resolution Center

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com or support@strlegends.com

Sponsor

Hostfully

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

How to Drive Direct Bookings with Your Porter Oct 19, 2020

Show notes

We know it’s beneficial to have a direct booking website for our short-term rental (STR) business. But having a webpage doesn’t do us much good if no one visits. So, how do you drive traffic to your site and make it easy for guests to book?

Erinç Arık is the Cofounder and CEO of Your Porter, the premiere mobile-first property management software for professional STR hosts. The platform’s top features include message automation, team management and an Airbnb ranking booster, and the app even allows hosts to create their own SEO-optimized direct booking website in a matter of minutes.

On this episode of Get Paid for Your Pad, Erinç joins me to discuss why it’s important to have a direct booking website, explaining why it gives you a better chance at capturing longer bookings and how Your Porter can help you build one today. He introduces us to the platform’s online payment processor, describing how it benefits both you and your guests. Listen in to understand what Your Porter is doing to keep your STR business safe and get Erinç’s best strategies for driving traffic to your direct booking site!