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

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

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

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Crushing the STR Game in Nashville Oct 05, 2020

Show notes

In the same way that ‘smooth seas don’t make great sailors,’ a strong economy doesn’t produce great entrepreneurs. And for short-term rental (STR) business owners using the master lease model, the last six months have been a worst-case scenario of rough waters. So, how did Travers Xanthos manage to make it through the storm—and even add boats to his fleet?

Travers is the Founder at COMÓ, a STR company out of Nashville, Tennessee, that caters to the modern business traveler. He spent several years working in corporate sales before starting his STR business in February of 2018, and today, he has a portfolio of 30 properties. Travers is an expert in the rental arbitrage model, and he was able to pivot and not just keep his business alive but add units in the pandemic.

On this episode of Get Paid for Your Pad, Travers joins me to explain how he created a successful STR business in Nashville and what he did to keep it going through COVID-19. He discusses how he learned the master lease model and shares the strategies he used to expand his portfolio in the midst of a global pandemic. Listen in for Travers’ insight on building a team to run your business (while you travel the world) and get his advice on making your STR hosting dreams a reality.

Topics Covered

What the last six months have been like for Travers

Revenue dropped 95% in one week
Learned much that will serve for rest of life

How Travers was able to add units during the pandemic

Started initiative to house medical professionals
Focused on extended stays (up to 6 months)
Distributed flyers at construction job sites

How Travers got into the STR master lease business

Wanted to travel, live life on own terms
Talked to friend with successful STR business
Started calling list of rental property owners
Created plan to leave 9-to-5 job in 6 months

Travers’ advice for aspiring STR business owners

Take action
Get educated (course, mentorship)
Outsource as quickly as possible

The structure of Travers’ team

Only one W-2 employee (property manager)
Team of independent contractor cleaners

Travers’ lifestyle of frequent travel

Lived in Bali but couldn’t grow business
Home base in Nashville, trips all over world

Connect with Travers

COMÓ

Travers on Instagram

Resources

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

Facebook Marketplace

The Founder

Barbara Corcoran on BiggerPockets

STR Profit Academy

STR Method

Smartbnb

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

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Mack Owen’s 7-Year STR Journey in Seattle Sep 28, 2020

Show notes

For short-term rental hosts in urban markets, the last few months have not been easy. So, how do you stay sane in such a stressful time? Mack Owen credits the network he has built through the STR Legends community (and a willingness to pivot) for his ongoing success in the vacation rental business.

Mack is the Founder and CEO of Day One Stays, an Airbnb management and luxury corporate housing company out of Seattle, Washington, that offers furnished apartments for 30-day stays. Mack got his start in 2013, and since then, he has developed an expertise in the master leasing model and scaled up to a portfolio of 100 units. In response to the pandemic, Mack is developing a real estate investing and property management company in a nearby secondary market.

On this episode of Get Paid for Your Pad, Mack joins me to explain how he built a STR empire in Seattle, describing what he did to pivot when the city introduced regulations and how he might do things differently if he could start over again. He reflects on how the STR Legends community helped him get through the Coronavirus crisis, sharing how the friendships he established at live events have proven invaluable in the last few months. Listen in to understand why now might be a good time for the master lease model and learn about the new business Mack is building in response to current circumstances!

Topics Covered

How Mack built a STR empire in Seattle

Got start in 2013 using master leasing model
Scaled to 100 units before regulations introduced
Pivot to 30-day stays, downsize to 30 units in COVID

What Mack would do differently if he could start over

Hire VA sooner to focus on maximizing revenue
Structure deals differently
Manage cashflow better in seasonal market
Rach out to network to learn about land use
Don’t cut corners on safety or professionalism

Why now might be a good time for the master lease model

Rents lower, many units available
Negotiating power shifted to renter

How Mack got through the stressful Coronavirus crisis

Daily bike ride with daughter
Phone calls with Legends community
Start new company in secondary market

Mack’s experience at the STR Legends live events

Incredible networking opportunity
Learn about different models and get advice
See deals in action (acquiring assets)

Mack’s vision for his new STR management company

Acquire real estate in drive-to destination
Manage units for other owners in market

Connect with Mack

Day One Stays

Mack on LinkedIn

Mack on Facebook

Resources

Rebecca Slivka on GPFYP EP352

Noise Aware

Autohost

VRMA

Hicksville Trailer Palace on Instagram

Get Paid for Your Pad on Instagram

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

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Hicksville Trailer Palace

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How to Hire and Train Virtual Assistants Sep 21, 2020

Show notes

Are you starting to feel overwhelmed as your short-term rental (STR) business grows? Or maybe you’re just tired of doing EVERYTHING and wish you had a little more time to yourself? Either way, you may want to consider taking on a virtual assistant, or VA, to help. So, where do you go to find a qualified one? And what can you do to make sure your VA has all the information they need to do a good job?

Rebecca Slivka is the STR Legend behind Pillow and Coffee, a fully-furnished vacation rental company out of Los Angeles, and Hicksville Trailer Palace, a unique vintage trailer motel in Joshua Tree, California. Rebeeca has five years of experience as a STR host, and in that time, she has created a team of VAs that she describes as ‘a lean, mean fighting machine.’

On this episode of Get Paid for Your Pad, Rebecca joins me to share her detailed process for finding and training a virtual assistant to support your STR business. She introduces us to the benefits of outsourcing work to a VA, explaining how her remote team of 6 performs 95% of the tasks in her business! Listen in for Rebecca’s insight on creating training videos for your VAs and get her advice on building a strong team that will perform well and stay with your business for the long term.

Topics Covered

How much of the work VAs do in Rebecca’s business

Lean team, 6 VAs do 95% of work
Anything online or over phone

Why a STR host would want to outsource work to a VA

Want to grow business or more time for self
Transition from employee to business owner

Rebecca’s process for finding and training a VA

List out everything you do for company
Create very clear job description
Determine if good fit in interview
Train in ‘bite-sized pieces’
Retrain and check in regularly

Rebecca’s advice for creating training videos for VAs

Make video for anything you do more than once
Don’t worry about making it perfect
Consider having VA create or recreate videos

Rebecca’s secrets for building a strong team of VAs

Take responsibility if they don’t perform well
Create step-by-step training and check work
Get feedback re: how they would do things

The benefits of hiring VAs for your STR business

Time to work ON vs. IN business
Better experience for you and guests

Connect with Rebecca

Pillow and Coffee

Hicksville on Instagram

Resources

The E Myth: Why Most Businesses Don’t Work and What to Do About It by Michael E. Gerber

STR Profit Academy

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

Sponsor

‘Airbnb Suspends Domio’s Host Accounts and Listings for Allegedly Violating Its Standards’ in Skift

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What I learned from 350 GPFYP podcasts Sep 15, 2020

Show notes

Top three learning lessons from 350 podcast episodes.

We’re not selling a space, we’re selling an experience

The size, #rooms and location don’t drive the price as much as with LTRs and real estate prices
Two completely similar units can make very different amounts of money
Google “most popular Airbnbs,” they are all unique experiences.
Before you start an Airbnb, figure out what the experience is that you’re going to provide and the avatar that you’re going to target
A traveler who stays 3 nights just wants to have a stressfree, comfortable experience. Communication, amenities, and providing the right information.

2. It’s a lot of work, but you can take yourself out of the business for 95%

There is so much you can automate (Messaging, pricing, task management, self-checkins etc.) Go to https://getpaidforyourpad.com/airbnb-tools/ to find the best ones.
The power of a VA (one of our Legends Rebecca runs 100+ units and only spends a few hours a week working in her business

3. You can drive a lot of bookings through your own marketing channels

Collecting emails
Social media
Direct booking website
It’s a long-term investment, but you’re building an asset
No dependence on Airbnb and other platforms

Must Listen episodes

Combination of Most Downloads & my personal favorites

Ep263: How to use Social Media to Market your Airbnb

Ep260: How to Rank Higher and Drive More Bookings

Ep024: With Chip Conley

Ep034: How an Airbnb experience can create a bond between people

Ep047: How Airbnb empowered this host to keep his home from being foreclosed

Go to Get Paid For Your Pad, click on podcast, you’ll find the show notes with links to all these episodes.

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How to Use Email Marketing to Personalize the Guest Experience Aug 31, 2020

Show notes

If your Airbnb listing is a treehouse or a castle, the property itself creates a unique guest experience. But what if your space is a typical, two-bedroom condo? How do you curate a personalized experience that exceeds each of your guest’s expectations?

Colin Holowaychuk is the Founder of Vamonosco, a done-for-you solution that generates new bookings and increases revenue for short-term rental (STR) managers. He also hosts his own portfolio of 200-plus Airbnb listings in Tulum, Mexico, and serves as an active participant in our STR Legends Mastermind. With 15 years of experience as a FinTech, marketing and eCommerce entrepreneur, Colin has developed an expertise in helping businesses accelerate their growth.

On this episode of Get Paid for Your Pad, Colin joins me to share his process for collecting the information he needs to personalize the guest experience before, during and after their stay. He explains how he uses the guest’s priorities and preferences to curate a custom itinerary and what he does when a guest is hesitant to share their information. Listen in for Colin’s insight on leveraging dynamic content to give yourself a competitive advantage and learn what technology you need to set up an individualized email marketing campaign for each guest!

Topics Covered

Colin’s process for getting the info he needs to personalize the guest experience

Ask group to register ALL guests who will be staying
Email survey re: purpose, priorities and preferences

How Colin thinks about the potential for violating Airbnb’s terms of service

Hosts may ask questions, just need legitimate reason for doing so
Be up front with guests re: purpose and make answering optional

How Colin uses the survey information to curate a unique guest experience

Welcome email highlights local attractions + activities relevant to guest
Share additional offerings based on preferences (e.g.: grocery delivery)

How Colin follows up with his guests after their stay

Remind about experience to spark emotional response
Invitation to return also catered to guest’s interests

What technology a host needs to set up this kind of email marketing campaign

Typeform survey platform
Zapier to connect software
Any email marketing service (i.e.: ActiveCampaign, Mailchimp, etc.)

Colin’s insight on leveraging dynamic content to do custom email marketing

Takes time up front to configure autoresponder
Sends automated, personalized emails from then on

Connect with Colin

Colin on Airbnb

Vamonosco

Resources

Kelly Kampen on GPFYP EP006

Kelly Kampen on GPFYP EP055

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

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How to Market to the Work-From-Home Traveler Aug 24, 2020

Show notes

Travel has changed in the season of COVID-19. Short-term rental (STR) guests are looking for a ‘home instead of home’ that they can drive to. Most are looking to escape the city and enjoy nature. And many plan to stay for an extended period and work from the property. So, how can we capitalize on this new guest persona and market specifically to the work-from-home traveler?

Eric Moeller is my partner in crime at STR Profit Academy, a educational platform for vacation rental hosts, and the STR Legends Mastermind, a community of the leaders, visionaries and innovators in the STR industry. He is also the founder and host of the Airbnb Mastery Summit, an exclusive virtual event featuring premiere STR hosts and real estate experts from around the world.

On this episode of Get Paid for Your Pad, Eric joins me to explain what he is looking for in a STR as a work-from-home traveler and share what he learned from looking through 100+ listings on Airbnb. He walks us through his process for finding world-class properties for business travel, challenging hosts to do regular internet speed tests and offer discounts for extended stays. Listen in for Eric’s insight on upgrading your STR to a proper coworking space and learn how to market your listing to attract the work-from-home traveler.

Topics Covered

What Eric learned from looking at 100+ Airbnb listings

Decision-making different for work-from-home traveler
Lack of marketing to attract this new persona

The elements of a listing most important to work-from-home travelers

Strong internet (25 Mbps minimum)
Space set up for coworking

What STR hosts can do to market to the work-from-home traveler

Add screen shot of internet speed test to photos
Get approved as workplace on Airbnb
Advertise parking space or explain where to park
Offer discounts for extended stays
Be hands-on to address guest’s individual needs

How to leave clues in your Airbnb listing re: how to contact directly

Copy and paste guest review that mentions brand name
Promote social media, e.g.: check us out on Instagram

Eric’s process for finding world-class properties for business travel

Search filters for Wi-Fi, 2BR and traveling for work
Narrow down with parameters for location and price
Imagine working from property through photos

How to turn your Airbnb listing into a proper coworking space

Provide smartphone and computer chargers
Consider adding printer to workstation

Connect with Eric

Airbnb Mastery Summit

STR Profit Academy

Phillipe Thibodeau on GPFYP EP344

STR Legends on Instagram

Eric on Instagram

Resources

Vacasa Vacation Rentals

The Hideaway on Airbnb

Speedtest

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

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How to Pivot to a New STR Business Model Aug 17, 2020

Show notes

Did COVID-19 put a halt to your short-term rental (STR) business? If so, you may need to restructure your Airbnb portfolio and pivot to a new business model. A business model that will stand the test of time.

Ryan Anderson is the Founder and CEO at Sojourn, an upscale STR venture that had grown to 200 active units in the US, Puerto Rico, Mexico and Colombia—until the Coronavirus pandemic devastated his business. A serial entrepreneur with a background in finance, Ryan has founded companies in the technology, craft beer and hospitality space, and today, he is downsizing his portfolio and developing a new approach to the STR business.

On this episode of Get Paid for Your Pad, Ryan joins me explain why he is shifting away from the master lease Airbnb model and pivoting to an owner-operator paradigm. He shares the most important lessons he has learned through the Coronavirus crisis, describing how he plans to grow slower and wiser in the future. Listen in for Ryan’s insight on building a brand that reflects who you are as a person and get ideas for developing a STR business model that is sustainable for the long term.

Topics Covered

An overview of Ryan’s business pre-COVID

Master lease Airbnb model in urban markets
200 active units across four countries

What Ryan’s STR business looks like now

Gave back nearly all master lease units
Looking to invest in multifamily properties (flexible living model)
Test market for camper van rentals

Ryan’s predictions around the future of the master lease model

Supply has gone away in reaction to COVID shutdown
Those who hang onto supply will see big returns again

The most important lessons Ryan has learned from the crisis

Must own asset to acquire wealth over time
Stay disciplined and focus on fundamentals

Why Ryan had expanded to so many different markets

Concerned about regulations in US
Acquired HostTonight (already operating south of border)

What Ryan would do differently if he could go back

Grow slower and wiser (can’t blitzscale hospitality)
Enjoy journey, not so hyper-focused on destination

The challenge of negotiating with landlords in a global pandemic

Difficult to convince that business would grind to halt
Tense circumstances, not easy to persuade via Zoom

Ryan’s best advice for aspiring STR entrepreneurs

Build brand that reflects who you are, what you enjoy
Money can’t be only motivator in tough times

Connect with Ryan

Ryan on LinkedIn

Resources

Sonder

Outdoorsy

Outdoorsy on GPFYP EP266

Email jasper@getpaidforyourpad.com

Sponsor

Seattle Oasis Vacation Rentals

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The Perfect System to Manage Inventory in Your STR Units Aug 10, 2020

Show notes

Do you know exactly what items are in each of your Airbnb listings? Do you know where the breaker box is located? Or the make and model of the washing machine? The more detailed information you have, the easier it is for you (or your team) to help a guest when they call with questions. But what’s the best way to manage inventory in your STR units?

Darik Eaton is the Founder and CEO of Seattle Oasis Vacation Rentals, a short-term rental management company out of Seattle, Washington. Darik got his start as a host in 2008, and he was one of the first to list on Airbnb when the platform expanded to the Seattle market in 2010. He currently operates 40 properties in downtown Seattle and manages his team remotely from his home in Kauai.

On this episode of Get Paid for Your Pad, Darik joins me to share the process he uses to manage inventory in his STR units. He explains how his detailed system of documentation makes it easier for his team to provide customer support and improves the guest experience. Listen in for Darik’s insight on standardizing your Wi-Fi network names and passwords and learn how to build your own process for taking inventory of your STR listings!

Topics Covered

How Darik got into Airbnb

Bought ‘city pad’ in downtown Seattle 13 years ago
STR to cover cost, booked 315 nights in first year
Success led to property owners asking to manage

How Airbnb has changed since 2010

Guests no longer expect to meet host in person
CTO responded to Darik’s first help ticket

The process Darik uses to document inventory in his units

Take pictures of every item as onboard property
Record serial numbers of every appliance, electronics
Inventory batteries and light bulbs (when last changed)
Location of breaker box, water shutoff valve
Store info on cloud drive for team to access

Why Darik requires his owners to use his design team

Standardized dishware, bedding and towels
Easy to replace items as needed (at scale)

What inspired Darik’s detailed inventory system

Common questions from guests (e.g.: operating TV)
Team access to info improves customer experience

The benefits of keeping a detailed inventory of your STR

Provide top quality customer support
Easy to report stolen or damaged items
Insurance payout in case of natural disaster
Repair appliances more quickly

Why Darik standardizes his Wi-Fi network names + passwords

Less confusing for guests, improves experience
Branding opportunity (advertise to others in building)

Connect with Darik

Resources

How to Change Your Wi-Fi Network’s Name and Password

Box Cloud Storage

Airbnb Resolution Center

Email jasper@getpaidforyourpad.com

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