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

Latest Episodes:

From 0 to 100 in One Year Jul 27, 2020

Show notes

So, you want to scale a short-term rental (STR) property management company. But how do you find new clients? And how do you manage tens or even hundreds of units? Airbnb host Prak Sangthong grew from 0 to 100 listings in a single year, and he didn’t spend any money on marketing. How did he do it?

Prak is the Cofounder and Managing Director at Easy Home Rentals, an Airbnb property management company based in Perth, Australia. Frustrated with long-term renters who damaged their investment properties and drained their profits, Prak and his wife decided to list a few units on Airbnb. And within a year, Prak was managing a STR portfolio of 100 units for property owners in Western Australia.

On this episode of Get Paid for Your Pad, Prak joins me to explain how he went from 0 to 100 units in just 12 months—without formally marketing his property management business! He describes how setting up systems helped him scale so quickly and what he does to train his cleaning staff and reward them for good work. Listen in for Prak’s insight on negotiating discounts in COVID season and learn how YOU can be the best STR host in your market—and charge accordingly.

Topics Covered

How Prak got into Airbnb

Frustrated with long-term renters in investment properties
Listed 3 units on Airbnb (went from $400/week to $1K/week)
Share success with other property owners to add clients

How Prak grew to 100 units without marketing

Drop property management fees by 1% for each referral
Offer 28-day notice to walk away if anyone not happy

Prak’s top advice for aspiring STR hosts

Be willing to be on standby 24/7
Develop passion for delivering excellent product
Believe in yourself and be BEST in town

What allowed Prak to scale so quickly

Put systems and processes in place
Seek out best and do it better

Prak’s approach to documenting processes

Create templates for every possible guest question
Property checklist with links to instructions for use

Prak’s suggestions for negotiating discounts

Offer bottle of wine or 6-pack of beer as alternative
Don’t take personally (expect from everyone)

How Prak trains his cleaning staff

Teach how property should look, feel and smell
Do 2 or 3 cleans with existing staff first
Provide checklist with clear expectations

Why Prak’s cleaners are invested in doing well

Reward for good work with cash, gift cards
Share Airbnb reviews

Prak’s words of wisdom for STR hosts

Wake up each day with gratitude
Find lesson in challenging times

Connect with Prak

Easy Home Rentals

Prak on LinkedIn

Resources

STR Legends

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

The Importance of Community Jul 20, 2020

Show notes

When you have a question about your short-term rental (STR) business, where do you go? Do you run a Google search and then spend several hours sifting through the information? What if you had a community of experienced Airbnb hosts you could go to for knowledge, inspiration and support?

Phillipe Thibodeau is the real estate developer and STR host behind Strawberry Stays, a vacation rental and property management company out of Montreal, Canada. His experience as a host began with a single unit in May of 2017, and now he and his business partner are growing their portfolio quickly—with plans to secure a total of 80 listings in the next 12 months!

On this episode of Get Paid for Your Pad, Phillipe joins me to discuss the pros and cons of self-learning versus being part of a community. He explains how COVID-19 gave him the opportunity to work ON his business and what you can do to develop a playbook for your own Airbnb. Listen in for Phillipe’s insight on the three things you need to know before you start a STR business and learn how YOU can get inspired by an engaged community of Airbnb hosts!

Topics Covered

How Phillipe got into hosting on Airbnb

Struggling to rent unit of building owned w/ best friend
Decided to try STR, earned double normal income on unit
Opened eyes to new market in real estate business

How Phillipe was affected by COVID-19

One guest for 30 days vs. 30 guests per month
Opportunity to work ON business (build systems)

How to develop a playbook for your STR business

Wear ALL hats early on (e.g.: cleaning, maintenance)
Optimize and document processes for every role

The three things you need to know before you start hosting

Look for community to learn from
Business doesn’t run itself (work ON AND IN to start)
Only move forward if you’re passionate about STR

The benefits of being part of a community of hosts

Knowledge and information
Inspiration
Accountability
Motivation in moments of doubt
Accelerate growth

Phillipe’s goals for the next 12 to 24 months

Grow business to qualify for STR Legends
Build boutique hotel on land purchased

Connect with Phillipe

Strawberry Stays

Phillipe on LinkedIn

Phillipe on Airbnb

Resources

Zapier

Chip Conley

Maslow’s Hierarchy of Needs

STR Legends

STR Profit Academy

Get Paid for Your Pad on Facebook

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

Thriving Through the Pandemic in Newfoundland Jul 13, 2020

Show notes

Are you struggling to move out of fear and into action? Yes, the short-term rental (STR) industry took a hit in March when the Coronavirus forced most of us to shelter in place. But now, many Airbnb hosts are taking steps to generate bookings and some are even thriving through the pandemic. So, how do you get motivated to turn off Netflix and say YES to building your STR business?

Gordon Martin is the CEO of People, Places & Things, a vacation rental and experiential tourism business based in Paradise, Newfoundland and Labrador, Canada. Gordon began his hosting career in August of 2017, listing his family cabin on Airbnb. Today, he represents 15 owners and 37 listings, aiming to ground his guests in PLACE, connect them with local PEOPLE, and provide the opportunity to do THINGS that will create lasting memories.

On this episode of Get Paid for Your Pad, Gordon joins me to explain how he is thriving through the pandemic, serving his owner-clients, staff and guests. He describes the shell shock he felt when the crisis started and walks us through the steps he took to turn his STR business around—and even pick up several new properties! Listen in for Gordon’s insight around the importance of community in challenging times and learn how to get un-stuck and take action in YOUR vacation rental business.

Topics Covered

How Gordon got into Airbnb

Needed immediate cash in Fall of 2017
Immediate bookings from listing cabin
Now represent 15 owners, 37 listings

Gordon’s initial reaction to the Coronavirus crisis

Fear, uncertainty and dread
Two weeks watching Netflix and CNN

How Gordon turned his STR business around

Hire back VAs (operations + social media)
Shift focus to staycations, rename listings
Positive press in traditional media

How Gordon picked up new properties in a pandemic

Referrals from current owner-clients
Share success on social media

How Gordon transitioned out of stuck-ness into action

Take responsibility for situation
Change environment

What Gordon learned through the COVID-19 crisis

Importance of community
Stay close to credible sources of info
Learn as much as possible
Accept situation and then respond

Gordon’s advice for STR hosts who feel stuck

Share challenges with community
Remember your WHY

Connect with Gordon

People, Places & Things

Resources

Eric Moeller

Landmark Worldwide

Tony Robbins

The Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living by Ryan Holiday and Stephen Hanselman

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

Ego is the Enemy by Ryan Holiday

Books by Ryan Holiday

Allan Cuevas’ Airbnb Empire Academy on Facebook

Mark Simpson’s Boost Hospitality Marketing Podcast

STR Legends

STR Profit Academy

Get Paid for Your Pad on Facebook

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

From 0 To 165 Units in Two Years Jul 06, 2020

Show notes

If you survived the last 3 months, you can survive anything. The pandemic hit short-term rental (STR) units hard and it hit property management companies even harder.

So, how did major players handle the crisis? What advice do they have for anyone still trying to navigate rough waters?

Syed Lateef is the CEO and founder of Hostly, a property management company based in Chicago. He left his full-time job as a financial analyst in 2018 to start his master lease business and build relationships with landlords in and around the city. By February 2020, Syed had 165 units and was looking to bring in $6 million in revenue in 2020.

Today, Syed joins me to discuss how he and his team have handled the pandemic. Syed explains how he started his business and on-boarded units pre-COVID. He then pivots to his experience de-commissioning units after the crisis hit and how he negotiated his way out of contracts with landlords. Syed also reflects on how he and his company have weathered the pandemic and what his plans are moving forward. Listen in for Syed’s insight on identifying new business partners and growing the number of units you maintain.

Topics Covered

Syed’s Airbnb story

Background in finance
Bought multi-family property in 2017 (4 units plus basement unit)
Slowly converted all units to STRs

How Syed founded Hostly

Left full-time job in 2018 to manage STR properties full-time
Built strong relationships with larger landlords and property management companies

Syed’s approach STR seasonality in Chicago

Bell curve – Summer to October is when you make your money
Manage cash flow and reserves throughout year to pay for Winter

Syed’s advice on approaching landlords

No one responds to the first call/email
Leverage success with one landlord to bring another on board

How Syed on-boards properties

Negotiate up-front rent credits and waived security deposits
Furnish apartments but use an intake process
Hire handy-men using an app like TaskRabbit

Syed’s experience with COVID

Covid-19 was like hitting a brick wall – huge losses and no cash or bookings
Rented units at super low prices and hit 80 percent occupancy in March
Made a profit in May and planned to do the same in June

How Syed down-sized (decommissioned units)

Stuck with 2 or 3 landlords that he had the best relationship with and the most units
De-commissioned about 60 units total – settled out of contracts
Took furniture out and put in storage or in basements or garages of buildings he owns

Syed’s vision for the next year

Trying to survive month to month right now
Wants to add more units if the demand is back
2020 is mostly a lost cause

How Syed mentally handled the pandemic

Knew it was out of his control and a once in a lifetime thing
Was super transparent with business partners and team
Little wins after biggest loss gave him motivation

Syed’s advice for newcomers

Reputation and the right business partners will set you up for success
Choose your partners wisely

Connect with Syed

Hostly

Hostly on Instagram

Syed on LinkedIn

Resources

BiggerPockets Real Estate Podcast

STR Profit Academy

STR Legends Masterminds

TaskRabbit

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

How to Set Up an Accessibility Friendly Airbnb Jun 29, 2020

Show notes

Search Airbnb for listings in your area that are accessibility friendly. What did you find?

Many markets have very few short-term rental (STR) units that accommodate travelers with limited mobility or other special needs. And those that do definitely stand out. So, how do you design an accessible Airbnb listing?

Margie Schrader is the Superhost behind Zennia Hospitality, a STR management company out of Bloomington, Indiana, and an active member of our STR Profit Academy. Margie has maintained a remarkable 4.99 average over 188 reviews by stressing hospitality and cleanliness.

Today, Margie joins me to discuss what she is doing to accommodate differently-abled travelers with an accessibility friendly Airbnb. She explains what inspired her to design a listing with wheelchair access and how she is challenging herself to make everyone with special needs feel comfortable in the space. Listen in for insight on the marketing benefits of an accessible STR and get Margie's advice on how to stand out in your market with an accessibility friendly listing.

Topics Covered

Margie's Airbnb journey

Local builder asked to manage STR (May 2018)
Now hosting five units in Bloomington, IN

Margie's experience with COVID

Provide free stays for medical professionals
Step up cleaning procedures, day in between
Slow return to normal (two units back up)

What Margie's market is like right now

Pre-COVID guests = parents of college students
Now guests in town to see family, for getaway

What inspired Margie to create an accessibility friendly Airbnb

Local builder gutting and renovating house nearby
No one else in market with wheelchair accessibility

How Margie is accommodating differently-abled travelers

Step-free access, wide doorways + hallways
Roll-in shower, accessible height toilet/bed
Furniture contrasts with floor (low vision)

The marketing benefits of an accessibility friendly Airbnb

Media opportunities as only accessible STR in market
Guests drawn to business that aligns with values

Margie's advice for aspiring Airbnb hosts

Make sure units are super-clean
Be yourself in interactions with guests
Underpromise and overdeliver
Try not to take reviews personally

Connect with Margie

Zennia Hospitality

Zennia Hospitality on Instagram

Margie on Airbnb

Resources

STR Profit Academy

Airbnb’s COVID-19 Cleaning Guidelines

CDC Guidelines on Cleaning & Disinfecting

Airbnb’s Accessibility Support

Social Impact on GPFYP EP283

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

How to Get 100% Five-Star Review on Airbnb – with Martin Chilangles Jun 22, 2020

Show notes

Nobody’s perfect. But Martin Chilangles comes pretty close. If you check out his Airbnb listing, you’ll notice that he’s never received anything other than a five-star review. And he does NOT directly ask guests for the five-star rating. So, what is he doing to get the highest possible score—every single time?

Martin is a marketing expert and STR host in Mexico City. Originally from the UK, Martin fell in love with Mexico City in college and returned for good in 2013. An Airbnb Superhost and active member of our STR Profit Academy, Martin has earned 100-plus reviews as a host—all of them five-star.

Today, Martin joins me to share his secrets for getting nothing but five-star reviews, explaining what he does to connect with guests and exceed their expectations. He discusses the marketing principles he applies to his Airbnb, introducing us to his own detailed customer avatar and describing the benefits of knowing your target market. Listen in for insight on finding the unique selling point for your STR listing and learn how YOU can gain a competitive advantage and get great reviews on Airbnb!

Topics Covered

What drew Martin to Mexico City

Warmth of people
Food and weather

Martin’s secrets to getting nothing but five-star reviews

Create personal connection with guest
Exceed expectations with gift basket
Anticipate problems, respond to messages quickly
Give guest five-star review + invite to stay again

How Martin dealt with his most difficult guest

Responded to blocked toilet personally (with cleaner, plumber)
Brought family $100 in food from local deli

Martin’s advice on marketing your Airbnb

Choose niche + target market (e.g.: business travelers)
Build out customer persona

Martin’s Airbnb customer profile

40-year-old New Yorker named David
Takes international vacations often
Doesn’t know Mexico City well
Loves discovering new places
Likes tacos and drinking tequila

The idea of a unique selling point or USP

Gives host competitive advantage
Better than competing on cost

The benefit of building out a customer avatar

Helps host make decisions
Put client’s needs first

Connect with Martin

Martin on Airbnb

Resources

AirReview Chrome Extension

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

How to Invest and Run Multiple STR Units in Different Markets Jun 15, 2020

Show notes

Is it too much trouble to manage multiple short-term rentals (STRs) in different markets? If you have the opportunity to invest in Airbnb properties, but you know you’d have to run the units remotely, there are tactics and tools you can use to make the job easier.

Karen Chenaille is the real estate investor and vacation rental host behind Star Gazer Stays, a STR business with properties in Vermont, Tennessee, Mississippi and Florida. She is also an active member of our STR Profit Academy and works full-time as a program manager for a Fortune 500 defense contractor.

Today, Karen joins me to explain how she grew her portfolio to 11 properties, discussing what she looks for in a STR market and how she manages those units remotely. She shares her experience as a host through COVID-19 and describes how Profit First helped her build the cash reserves to navigate the crisis. Listen in for Karen’s insight on leveraging a CEO mindset as you expand your STR business and learn what tools you can use to run multiple Airbnbs in different markets!

Topics Covered

How Karen grew a portfolio of 11 STR properties

Use extra space in own 5BR house
Added condo near ski resort
Sold convenience store to expand

What Karen looks for in a STR market

Vacation rentals have been around long time
Local governments pro-STR and make money

How Karen finds cleaners + maintenance staff in new markets

Stay in local Airbnb, contact host/cleaner
Ask for referrals from local realtor

The benefits of using Wi-Fi locks for self check-in

Only valid for period from check-in to checkout
Know what’s going on and stay in control

Karen’s vision for the future of her STR business

Grow Airbnb revenue for next six to eight months
Decide whether STR can be main source of income

Karen’s experience as a host through COVID-19

Lost $20K in five days on Tennessee properties
State of Vermont blocked calendar through 7/1

What bookings look like for Karen now

New properties in Florida booking like crazy
Tennessee Airbnbs picking up (at higher rates)
Guests choosing drive-to destinations

How Karen applies the principles of Profit First

Pay yourself and taxes first, then use rest to operate
Narrow down and prioritize expenses based on ROI

How Karen built the cash reserves to survive COVID

Leverage YNAB cashflow management tool
Set aside money to pay off expenses in 10 months

How Karen is implementing the CEO mindset

Only do things good at, outsource rest
Develop systems + use automation when possible

Karen’s advice for STR hosts

Don’t feed into hysteria and panic
Still much opportunity in STR space

Connect with Karen

Star Gazer Stays

Star Gazer Stays on Facebook

Karen on Airbnb

Resources

STR Profit Academy

Get Paid for Your Pad by Jasper Ribbers and Huzefa Kapadia

NoiseAware

Remote Lock

TurnoverBnB

Profit First by Mike Michalowicz

YNAB

QuickBooks

Mike Michalowicz’s Podcast: Entrepreneurship Elevated

Clockwork by Mike Michalowicz

The 4-Hour Workweek by Timothy Ferriss

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

STR Legends Mastermind Goes Virtual Jun 12, 2020

Show notes

Apply if you run 30 units or more!

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

How to Pick Your Tech Stack for Your Short-Term Rental Jun 08, 2020

Show notes

There is no such thing as the perfect property management system (PMS). So, if you’ve been waiting for a unicorn that will solve all of your problems, you’re out of luck. But what you CAN do is find a PMS that meets MOST of your needs and integrate it with other software, building a tech stack that works for YOUR short-term rental (STR) business.

John An is the STR Legend, real estate investor and technology expert behind Ohana Stay, a vacation rental company based in Honolulu, Hawaii. He is an active member of our STR Profit Academy Inner Circle and sought-after property manager, bringing in returns 20% to 50% above market. John also works with existing property managers, providing them with the technology stack he has developed.

Today, John joins me to share his process for building a tech stack for your STR business and walk us through the set of software packages he uses to run Ohana Stay. He explains why there is no perfect PMS and how to pick one that meets most of your needs—based on the features that are important to you. Listen in for John’s insight on creating the right cocktail of technologies and learn how you can make several existing software programs work together to get the functionality you need!

Topics Covered

John’s background as a STR host in Honolulu

Bought property, decided to self-manage remotely
Built out technology and systems for efficiency

How COVID-19 is impacting hosts in Hawaii

State very careful about letting people travel
John hosting medical professionals + locals

John’s strategic approach to building a portfolio

Start with buying own properties to hold long term
Onboard additional STRs through word-of-mouth

John’s process for building a tech stack for your STR business

What channels do you want to be on?
What core features are most important to you?

The tech stack John uses to run his own STR business

Your Porter meets most needs as PMS
Smartbnb for some messaging
TurnoverBnB to communicate with cleaners
PriceLabs pricing engine

John’s advice for building the tech stack that works for you

Look for pieces with functionalities you need
Develop workarounds in absence of integration

How Smartbnb’s AI works to answer guest questions

Identifies keywords and determines context
Answers common questions (e.g.: parking, early check-in)

John’s mindset around creating a cocktail of technologies

Constantly test new things and be willing to make changes
No perfect PMS, so put together pieces that work for you

Connect with John

Ohana Stay

Email host@ohanastay.com

Resources

Your Porter [Discount Code PAD]

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

How to Take Great Airbnb Photos with a Smartphone Jun 01, 2020

Show notes

Many short-term rental hosts are using the Coronavirus shutdown to show our listings some love, taking advantage of the unexpected break to upgrade our Airbnbs. And those of us who’ve made improvements would like to update the photo gallery on our listings as well. But how do we take attractive pictures on our own—without the help of a professional photographer?

Vick Fichtner is the travel blogger and professional photographer behind the Smartphone Airbnb Photography Guide. Vick has degrees in architecture and interior design as well as a master’s in photography, and she has been an Airbnb Plus photographer and quality inspector since 2011, photographing more than 3,000 homes. She also has six years of experience as an Airbnb host, sharing her home in Barcelona with guests from all over the world.

Today, Vick joins me to explain how to take great Airbnb photos with a cellphone and share her top tips for prepping your space for pictures. She introduces us to the concept of staging your listing, describing how props can help a guest visualize their experience in your Airbnb. Listen in for Vick’s insight on how many shots to include of each room and learn how YOU can update your listing’s photo gallery (and attract more bookings!) with the camera on your smartphone.

Topics Covered

How to stage your Airbnb listing for photos

Use props to help guests visualize experience
Don’t use items that are too personal (e.g.: shoes)
Avoid clutter, try groups of three objects

Vick’s general advice for taking photos of your listing

Take more than necessary and publish best
Take photos from different angles for 3D view

Vick’s Airbnb photo gallery checklist

One shot each of exterior and entrance
Two to four shots of living room, bedroom
One to two shots of dining area, bathroom
Two to five shots of outdoor space

What makes a good cover photo (hero shot)

Eye-catching, stands out from listings in area
Shows most unique or interesting space
Not too busy (frontal shots work best)

What inspired Vick to write the smartphone guide

Not allowed to work during lockdown, no guests
Decided to redecorate during forced break
Help other hosts update photos with cell phone

Vick’s tips for taking smartphone photos of your listing

Shoot from doorknob level
Don’t tilt phone (hold parallel to walls)
Clean smartphone lens

Connect with Vick

Smartphone Photo Guides [Discount Code PAD]

Vick’s Airbnb Listing in Barcelona

Resources

STR Profit Academy

GPFYP on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

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

Topics Covered

Connect with Prak

Resources

Sponsor

Topics Covered

Connect with Phillipe

Resources

Sponsor

Topics Covered

Connect with Gordon

Resources

Sponsor

Topics Covered

Connect with Syed

Resources

Topics Covered

Connect with Margie

Resources

Sponsor

Topics Covered

Connect with Martin

Resources

Sponsor

Topics Covered

Connect with Karen

Resources

Sponsor

Topics Covered

Connect with John

Resources

Sponsor

Topics Covered

Connect with Vick

Resources

Sponsor

Related Podcasts

1

2

3

4

5

6