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

Latest Episodes:

How to Theme Your Space Dec 01, 2019

Show notes

Between HomeAway and Airbnb, there are 3,155 cabins in Pigeon Forge, a popular Tennessee tourist destination near Dollywood. To book up, you have to STAND OUT. But how? How do you create a pattern interrupt among all the rustic spaces decked out with plaid comforters and bear figurines? One strategy is to theme your space, surprising potential guests with something they’ve never seen before.

Jeff MacIntyre is an Emmy-winning television producer, long-time real estate investor and creator of Theme My Space, a platform designed to help short-term rental (STR) hosts transform their vacation rental into a unique experience guests will love—and share on social media. Jeff is also the only Airbnb host in Pigeon Forge with a pirate-themed cabin, complete with wall-mounted cannons and a figurehead from the bow of an old ship!

On this episode of Get Paid for Your Pad, Jeff joins me to explain how learning about the Pigeon Forge market drew him to the STR space. He discusses why he chose the pirate theme for one of his cabins, sharing where he got his aargh-infused artifacts and how he incorporates pirate slang in his listing. Listen in for Jeff’s insight on branding your Airbnb and learn the top five benefits of theming a STR space.

Topics Covered

How Jeff got into the STR space

Learned about Pigeon Forge through Rhonda Blue
Big profit potential in hot family travel market

Jeff’s first STR property in Pidgeon Forge

Traditional cabin positioned as honeymoon spot
Returns blow away long-term rental properties

Why Jeff chose the pirate theme for his second STR

Popular pirate-themed shows for tourists
Aargh-infused cabin to stand out in market

Why Jeff is a fan of smaller 1BR + 2BR properties

Fewer problems with guests
Easier to test out theming theory

Where Jeff got his pirate-themed artifacts

Swap meets, eBay, Craigslist and Facebook
Scroll Pinterest for ideas re: fabrics for bedroom

Jeff’s insight around branding your STR

Create sharable custom experience
See yourself as dealer of DELIGHT

Jeff’s familiarity with pirate slang

Learned for Tipsy Captain YouTube channel
Include in listing captions, cabin manual

The other benefits of theming your STR space

Increase attention and bookings
Opportunities for local partnerships
Targeted marketing (e.g.: Facebook ads)
Work with social media influencers
Earn more by selling merchandise

Jeff’s advice for promoting a themed listing

#PirateRidge decals by photo-worthy décor
Selfie basket + frame with cabin name

Connect with Jeff

Theme My Space

Pirate Ridge on Airbnb

Alpine Dreams on Airbnb

Resources

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Investing in an STR Business in Mexico Nov 21, 2019

Show notes

Wish you could create space in your life to explore new things? To spend more time on creative interests or pursue the hobbies you love? Shawn Laidlaw is leveraging Airbnb to do just that, investing in a short-term rental (STR) business in Mexico that gives him the time freedom to live life on his own terms.

Shawn Laidlaw is an investor and STR host in Villas de Cerritos Beach near El Pescadero. He purchased land in an existing development there and built a three-unit property on the site, allowing him to rent the units on Airbnb and live there himself for six months of the year. Shawn is also a photographer, writer and avid surfer.

On this episode, Shawn joins me to discuss how he came to invest in an Airbnb in Mexico and explain the process of buying and developing land in the country. He shares the perks of running a STR business in a development with an onsite staff, the cost of doing construction in Mexico, and the mindset difference when it comes to scheduling work. Listen in for insight around what it’s like to host a vacation rental in Mexico and learn how Shawn is leveraging Airbnb to live a simpler life—and do a lot of surfing!

Topics Covered

Shawn’s journey to Mexico

Money from sale of property in Victoria, BC
House sitting in California for friend in real estate
Presented with development opportunity
‘Open to whatever life brought me

What it looks like to buy property in Mexico

Foreigners can’t own outright within 50 km of coast
Sole beneficiary of third-party trust (fideicomiso)
99-year term on lease hold construction

The benefits of buying in a ‘gringo development’

Fit Shawn’s goals for lifestyle and investment
Staff onsite for cleaning, reception + security

How much it cost to build in Mexico

$20K for 10x12 m of land
$100K for construction of three units

How Shawn’s property is structured

Two bachelor suites on first level (open air kitchens)
700 ft2 unit on second level, hang out on roof

Hosting on Airbnb in Mexico

Platform collects sales and regional taxes
Shawn focuses on vacationers vs. business clients

The pros and cons of building in Mexico

Builders in place in existing developments
Things move slowly (mindset difference)

Shawn’s experience of managing units remotely

Leverage onsite reception, cleaning staff
Schedule through online booking portal

How much Shawn charges for his units

$55/night during busy season in winter
$40/night in summer
Discounts for weekly, monthly stays

The occupancy rates on Shawn’s units

30% to 40% throughout year
Booked solid through March
Fewer tourists in summer (10% to 15%)

Shawn’s advice around investing in Mexico

Take leap when opportunity presents itself
Amazing people, rich culture and surfing

Shawn’s minimum income experiment

Create balance among lifestyle, investing and simplicity
Intent to live off rental income, stay in Mexico full-time

Connect with Shawn

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How to Create Unique Hospitality Experiences Nov 14, 2019

Show notes

Does your Airbnb have the delight factor? The most successful short-term rental (STR) hosts surprise their guests with unique hospitality experiences. They leverage the playful headspace we’re in when we travel to create quirky spaces that keep people coming back.

Amy Gilbert is the creator of Givingtree Hospitality, an STR property management firm out of Blue Mountain, Canada. An Airbnb host since 2011, Amy has a special talent for turning unlikely spaces into popular and profitable vacation rentals.

On this episode of Get Paid for Your Pad, Amy joins me to explain how she creates unique hospitality experiences with quirky listings like the Lovable Karma Cabin and the Retro Airstream Glamping Retreat. She shares some of the delight factors that make her listings special and discusses how she pitches cohosting clients with the prospect of making more money—by working less! Listen in for Amy’s insight on running with your fun ideas and learn how to turn imperfections into features that guests will love.

Topics Covered

How Amy got into Airbnb

Started as traditional bed and breakfast
Use Airbnb as marketing tool for guest cabin

Amy’s insight on creating a listing with soul

Perfection not necessary to attract guests
Leverage quirks with travelers (playful headspace)

What makes Amy’s glamping listings special

BBQ pit and s’mores kit
Instagram-able, off-grid experience

Amy’s Beehive women’s retreat

Unique space with no square corners
Cater to bachelorette parties + bridal showers

What Amy offers as a cohost

Help clients take listing to next level
Rebrand with services, extras

How Amy finds owners to work with

Got start on Airbnb cohosting marketplace
Now word-of-mouth and cold calling

Amy’s advice for aspiring short-term rental hosts

Don’t wait for things to be perfect to start
Turn imperfections into feature
Be honest about being new host

Amy’s tips for successful hosting on Airbnb

Invest in tasteful décor + curate experience
Be generous and infuse ‘delight factor’
Anticipate guest needs, run with fun ideas

Amy’s take on listing photos

Use professional real estate photographer
Include photos of real guests using space

Connect with Amy

Givingtree Hospitality

Givingtree on Instagram

Resources

STR Profit Academy

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

How to Promote Your Listing on Instagram on GPFYP EP302

Mark Simpson

Short Stay Summit Barcelona

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How to Use Instagram to Promote Your Listing Nov 08, 2019

Show notes

As the short-term rental (STR) space gets more and more competitive, hosts are looking to promote their listings beyond Airbnb. Joshua Hittinger leverages Instagram to generate buzz around his vacation rental and engage with potential guests. So, how can YOU use social media to market your listing?

Joshua is a new Airbnb host in northwest Arkansas. He and his wife relocated to the area near the Ozark Mountains 14 months ago and purchased an A-frame cabin with the intention of listing on Airbnb. After a year spent renovating the space and documenting the journey on Instagram, they are enjoying 85-90% occupancy just two months into their hosting career—in the off season!

On this episode of Get Paid for Your Pad, Joshua joins me to explain how he is using Instagram to promote his listing, turning followers into guests and growing his audience organically. He walks us through the process of finding and renovating the cabin and documenting the journey on social media. Listen in for insight around telling the story of your listing in the first five photos and learn how you might promote your vacation rental outside the Airbnb platform.

Topics Covered

The story behind The Lost Haus

Relocated to NW Arkansas (potential for Airbnb)
Found A-frame cabin for $140K
Moved in and spent year doing renovations

How Instagram has helped Joshua’s listing

Turns followers into guests
Rank quickly on Airbnb front page
85-90% booked in off-season

The process Joshua followed to host on Airbnb

Used FHA loan for first home ($6K down)
Renovate room by room + document journey
Put up listing 2 months before finished

How Joshua made interior design choices for the listing

Different theme for each room
Choose things WE love

How often Joshua posts on Instagram

2X per day to keep engagement high
Take pics at turnover, post through week

How guests help grow Joshua’s following on Instagram

Ask to tag @thelosthaus, use # in posts
Introduces listing to guest’s followers

How hosting on Airbnb has changed over time

Understanding search algorithm used to be enough
Provide unique experience, promote beyond Airbnb

What Joshua might do to improve his listing

Include photos of nearby lake, historic town
Pictures of people EXPERIENCING listing
Most attractive pic of each room in first 5
Use quotes from reviews as photo captions

Connect with Joshua

The Lost Haus on Instagram

Joshua’s Airbnb Listing

Resources

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

Ozark on Netflix

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STR Opportunities in Small Towns Oct 31, 2019

Show notes

Think you need to operate in a major metropolitan area to run a successful short-term rental (STR) business? Think again! As STR hosts in larger cities are faced with more and more competition and mounting regulations, Airbnb property managers in small towns are thriving. So, how do you identify a small community with BIG potential in the STR market?

Christian Gissing is the CEO of True North Property Management, Northern Michigan’s short-term rental experts. TNPM is dedicated to building strong relationships with clients and providing memorable experiences for guests. In 2018, Christian and his team expanded to Mexico, Barbados and the UK, and today, they manage 100-plus units around the world. TNPM is a VRBO, HomeAway and Expedia Premier Partner, and the company has been recognized by Airbnb, TripAdvisor and Booking.com.

On this episode of Get Paid for Your Pad, Christian joins me to share the romantic story of how he got into STR property management in Traverse City, Michigan. He offers advice on optimizing your listing (no matter how many units you manage) and making your guests feel special with extras like a free bottle of bubbly or gym access. Listen in for Christian’s insight around how to handle seasonality and learn the benefits of operating your STR business in a smaller city!

Topics Covered

How Christian got into STR property management

Met woman on vacation in Traverse City, MI
Decision to stay + look for investment properties
Huge opportunity in STR, expand to other’s units

Traverse City trivia

Population 14,674 according to 2010 census
Cherry Festival attracts 500K annual visitors

The benefit of operating STRs in small cities

Less competition, fewer regulations
Charge higher rates (huge demand)
Respectful guests

How Christian navigates the challenge of seasonality

Switch to six-month lease in wintertime
Advertise on Airbnb, Craigslist, Facebook

Christian’s insight around diversifying across platforms

Airbnb and HomeAway primary in his market
Adjust rates to accommodate platform fees

Christian’s advice for optimizing results on one listing

Find amazing photographer + stage unit well
Charismatic writing for descriptions
Use dynamic pricing (base on hotels, AirDNA)
Personal touches to make listing stand out

Christian’s top ideas for making guests feel special

Free bottle of bubbly or local wine tasting
Cherry-themed gift bags and spa discounts
Partner with local gyms (guests use for free)

How Christian thinks about dynamic pricing

Services like PriceLabs use comps
Still need to modify yourself

Christian’s tips for hosts facing regulation in metro areas

Consider managing units remotely
Scope out small cities with < competition

Connect with Christian

True North Property Management

Christian on LinkedIn

Resources

VRMA International Conference

Traverse City on Wikipedia

Article on Millennial Millionaires

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The Million Dollar Host Oct 24, 2019

Show notes

In under three years, Julie George went from listing her one-bedroom apartment on Airbnb to running a successful property management company that turned over $5.5M. So, how did Julie scale from one to 130 units in 19 months? And how can you follow in her footsteps to become a million-dollar host?

Julie George is the founder of Host My Home, Queensland’s top short-term rental (STR) property management company. She leveraged her background in hospitality, marketing and real estate sales to help property owners replicate the success she had hosting on Airbnb. In June 2019, Julie sold Host My Home, and today, she travels the world and runs Million Dollar Host, a consulting platform designed to help aspiring Airbnb entrepreneurs grow their business. Julie is also the author of Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too!

On this episode of Get Paid for Your Pad, Julie joins me to share her Airbnb origin story and explain how she built, scaled and sold Host My Home. She offers advice on optimizing your revenue as a STR host and walks us through her process for onboarding a new property. Listen in for Julie’s insight on maintaining total control of the listings you manage and learn how YOU can get into the Airbnb property management game!

Topics Covered

Julie’s Airbnb origin story

Tenant moved out of 1BR apartment
List on Airbnb (from $240 to $600/week)
Help others with property management

Where Julie’s STR business was located

Cairns, Queensland, near Great Barrier Reef
Tourism hub w/ demand for accommodations

Julie’s journey to building Host My Home

Help property investors buy vacation homes
Establish self as local expert through articles
Hire cohosts in January 2018 (up to 15 STRs)
Scale to 130 properties, $5.5M by June 2019

How Julie sold her property management company

Writing Million Dollar Host generated buzz
Took offer from Hometime, sold June 2019

Julie’s tips for optimizing revenue on Airbnb

Use fresh photos + floor plans, good content
Offer extras (e.g.: coffee machines, bicycles)
Keep minimum nightly stay low to fill 100%
Keep eye on competitors, research rates

Julie’s process for onboarding a new property

Establish realistic expectations IN WRITING
Cover what clean entails, consumables, etc.

The opportunity to get into the management game

Novelty wears off quickly for new hosts
Get message out re: services you offer

How the STR landscape has changed since 2016

More competition means work harder
Additional education, support available

Julie’s advice for aspiring property managers

Maintain total control of listing (vs. cohost)
JUST DO IT

Connect with Julie

Million Dollar Host

Email julie@milliondollarhost.com.au

Resources

Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too! by Julie George

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

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Lead Generation for STR Property Managers Oct 17, 2019

Show notes

If you’re an Airbnb entrepreneur looking to start or scale a property management business, you need leads! So, what is the best way to find property owners who might be interested in the STR model?

Randy Zimnoch is the cofounder and broker-owner of Realty National, an investor-friendly, boutique-style brokerage based in San Diego, California. With more than 13 years of experience in real estate, Randy has flipped 250-plus houses, and his team of agents has done 1,600 transactions since Realty National launched in 2011. His impressive resume also includes seven years as the Acquisition and Sales Director for CT Homes, a residential re-development company featured on A&E’s Flip This House.

On this episode of Get Paid for Your Pad, Randy joins me to explain how STR property managers and real estate agents can work together to grow their businesses. He discusses how to provide value for realtors through education, revenue projections and cross-promotional opportunities and offers advice on where to go to start building relationships with agents. Listen in for Randy’s insight around fostering an abundance mindset and learn several strategies for generating lead flow for your property management business!

Topics Covered

Randy’s background and experience in real estate

License to connect with agents as flipper
Runs small boutique-style brokerage

How STR hosts and agents can benefit each other

Agents have direct access to property owners
Knowledge of STR makes agent stand out

How property managers can provide value for realtors

Educate around STR industry
Revenue projection reports with AirDNA
Cross-promotion opportunities

Where to start building relationships with realtors

Practice script on agents at Open Houses
Reach out to brokers, speak at team meeting

Randy’s approach to nurturing agent relationships

Stay in front of database on regular basis
Overdeliver (i.e.: gift basket for referrals)

Randy’s insight around having an abundance mindset

Provide value to attract opportunities
Find + serve people who relate to you

Other strategies for generating lead flow

Network with investor community
Build real estate club with STR focus

Connect with Randy

Realty National

Randy on LinkedIn

Resources

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How to Rent Out Houseboats on Airbnb Oct 10, 2019

Show notes

Creating a unique experience for your guests leads to five-star reviews and returning clients. And if you live near the water, you can take advantage of this open market for one-of-a-kind spaces by renting out houseboats on Airbnb. So, how is hosting on land different from hosting by sea? What are the special considerations for running a STR that floats?

Nicole Young is an Airbnb Superhost based in Norfolk, Virginia, with two houseboat listings on the platform—a 37-foot Holiday Mansion that sleeps two and a 50-foot Gibson that sleeps six. In addition to overnight stays on Airbnb, Nicole leverages Groupon to attract locals for date nights and does a food tasting Airbnb Experience on what she calls her ‘floating bed and breakfast.’

On this episode of Get Paid for Your Pad, Nicole joins me to share her experience with listing houseboats on Airbnb. She explains the ‘date night’ concept she uses to increase bookings during the week, discussing how guests book through Groupon and what you can do to apply a similar idea in your space. Listen in for Nicole’s insight around the regulations and legal issues associated with STR houseboats and learn how the little things you do to provide a unique experience create lasting memories for guests!

Topics Covered

Nicole’s houseboat listings on Airbnb

37-foot Holiday Mansion opened in March 2017, sleeps 2
50-foot Gibson opened July 2019, sleeps 6

Nicole’s experience with houseboat bookings

Calendar full on weekends, holidays and events
Added ‘date nights’ to attract locals during week

How Nicole’s date night concept works

Offering on Groupon and Airbnb Experiences
Provide sensory experience in 3-hour time blocks

How guests book Nicole’s houseboat through Groupon

Call to schedule (Airbnb calendar link reference)
Convert to overnight if date not available

Nicole’s advice around executing date nights

Approval through Groupon Merchant Center
Offer little things to create memories (e.g.: Polaroid)

Nicole’s experience with regulations and legal concerns

Don’t go out on water for liability reasons
Issues with local government (i.e.: taxes, water treatment)
Move to private dock after marina policy changed

Why Nicole recommends hosting STR houseboats

Market open for unique spaces
Good revenue source despite renovation expense

Nicole’s very positive reviews on Airbnb

Guests comment on fishing poles, view of naval base
Wonderful experience leads to returning guests

Connect with Nicole

Nicole on Airbnb

Resources

Groupon Merchant Center

Airbnb Experiences

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How a Microbiologist Created Financial Freedom Through Managing STR Units in Houston Oct 03, 2019

Show notes

“Honestly, it was a gamble … but I knew, if I put in the same amount of time that I did at my job, I knew I could make that much or even more through Airbnb because I saw how much it could actually grow.”

So, you’ve got a good, steady job, but it doesn’t light you up. You know you’re self-motivated enough to be an entrepreneur, and you LOVE the idea of deciding for yourself how to spend your time. You CAN achieve financial freedom through short-term rentals (STR), and today’s guest took a leap of faith to do just that.

Azubuike Dike (better known as AJ) is the Cofounder and Logistics Manager with EA Lodging, an STR property management company based in Houston. The EA Lodging team provides reliable services for property owners looking to create positive experiences for their guests, boasting a proven track record for optimizing short-term rentals in Southeast Texas. In addition, AJ and his partner, Erica, offer an array of services for hosts, including STR setup and design, listing photography, furniture sourcing, and a listing revamp—just to name a few.

On this episode of Get Paid for Your Pad, AJ joins me to share his journey from microbiologist to full-time Airbnb property manager. He explains how the Superbowl inspired his first STR listing, why he transitioned to cohosting, and where he found his first few properties to manage. AJ also discusses the automation tools he uses to manage EA Lodging, describing his role in the business and what he outsources. Listen in to understand the services AJ offers other hosts and get his advice for achieving financial freedom as an Airbnb entrepreneur!

Topics Covered

How AJ got into Airbnb

Listed girlfriend’s apartment for Superbowl
Booked every weekend until lease ended

How AJ grew from one listing to a property management company

Rent apartment near NRG stadium specifically for Airbnb
Converted to cohosting when got in trouble for listing

AJ’s transition from a 9-to-5 to entrepreneurship

Good job as microbiologist for City of Houston
Saw how quickly could achieve financial freedom with STR
Requires different mindset (nobody tells you what to do)

AJ’s experience with quitting his job

Took leap of faith despite fear
Motivate self on days feel down

How AJ found properties to manage

Condos for sale on Craigslist
Search Airbnb Community Forum

AJ’s current STR cohosting portfolio

10 properties in Houston
Able to sustain self comfortably

What inspired AJ to add services for other hosts

August slow month for STR in Houston
Help others create listing, get bookings

AJ’s advice for aspiring Airbnb entrepreneurs

Know your number to live comfortably
Find your lane + follow people doing what you want to do
Get educated (i.e.: market research, podcasts and classes)
Reach out to people with property/room available

How AJ manages EA Lodging

Automate guest communication with Your Porter
Optimize pricing for STR with PriceLabs
Check on units and touch base with owners

Connect with AJ

EA Lodging

Resources

Craigslist

Airbnb Community Forum

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Blueprint to Launch & Scale an STR Business Sep 26, 2019

Show notes

What do top short-term rental (STR) operators from around the world have in common? This past summer, Eric Moeller and I hosted the STR Legends Live Mastermind in Puerto Rico, and we uncovered three buckets that successful Airbnb hosts focus on, whether their business is in South Africa or Siberia or San Diego. So, we are compiling this information in a three-part series and providing you with the blueprint to launch and scale a profitable STR business!

Beyond partnering with me on STR Legends Live, Eric also serves as host of the Airbnb Mastery Summit, a program designed to help aspiring hosts build a professional and profitable business on Airbnb, and founder of Cohost Mastery, an online training academy that teaches you how to start an STR company without owning or leasing any properties. In addition, he runs his own successful vacation rental leasing and property management company in California.

On this episode of Get Paid for Your Pad, Eric and I sit down to discuss our upcoming masterclass, STR Profit Academy. We offer an overview of the three pillars of a successful Airbnb business we plan to cover in the series—business, hospitality and mindset. Listen in for insight around who would benefit most from attending our live masterclass and learn the blueprint to launch and scale a successful STR business!

Topics Covered

The three-part masterclass Eric and I are putting together

Compile personal experience with STR Legends
Pillars necessary to build + grow STR business

What successful STR operators have in common

Business
Hospitality
Mindset

Pillar #1—Building the Business

Identify marketplace, property type
Strategic plan to set up for success
Properties run like McDonald’s

Pillar #2—Hospitality

Stand out with unforgettable experience
Understand customer journey
Manage through automation

Pillar #3—Entrepreneurial Mindset

Willing to invest in personal growth
Thrive on challenges, competition
Overcome limiting beliefs

Who should sign up for STR Profit Academy

Just starting out, struggling to get started
Hosts looking to live life by design
Obsessed with Airbnb/short-term rentals
Willing to take action + grow as person

Connect with Eric

CoHost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Resources

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

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