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

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How to Get Inspired to Create a Unique Airbnb Jun 27, 2019

Show notes

Jot down your top three travel experiences. What made your stay so special? If you are looking for inspiration to create a unique Airbnb, considering what you appreciated most about those spaces is a good place to start.

Nadia Rodriguez is a property appraiser and successful Airbnb Superhost with an upscale listing on the beach in San Juan, Puerto Rico. Today, she joins me to discuss where she goes for the design inspiration that makes her Airbnb stand out.

Nadia describes her design aesthetic, explaining how her taste aligns with that of hotelier Liz Lambert and how she was inspired by a recent visit to Hotel San José in Austin. Listen in for Nadia’s insight on taking the guest’s sensory experience into consideration and get inspired to create a unique Airbnb of your own!

Topics Covered

How the infrastructure has improved in Puerto Rico

Continue to rebuild after Hurricane Maria
Significant improvement in streets, electric

Nadia’s advice on where to find design inspiration

Find aesthetic you enjoy
Follow designers on Instagram, Pinterest

Where Nadia gets inspiration + ideas for her Airbnb

Attracted to aesthetic of Liz Lambert
Bring hotel experience to STR (e.g.: bathrobes)

How Liz Lambert’s hotel design resonates with Nadia

Retro with modern twist, Spanish villa
Balance space with warm + cold materials

How to improve your STR guest’s sensory experience

Includes sight, touch and smell
Make choices that consider all

Other factors that contribute to Nadia’s success

Remain calm, collected under pressure
Make guests feel safe + be available

Connect with Nadia

LAKASA

LAKASA on Instagram

Email reception@lakasapr.com

Resources

Nadia on GPFYP EP238

Liz Lambert on Instagram

Follow GPFYP on Instagram

Join the GPFYP Email List

Simon on GPFYP EP277

Beyond Pricing [Discount Code GP4YP]

Jasper’s STR Investments

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How to Create a Social Impact with Your Airbnb Jun 19, 2019

Show notes

87% of consumers prefer to work with businesses that align with their values. So, how can we create a social impact as Airbnb hosts? How do we attract guests by doing good?

Lynn Thurston is the founder and principal at Watersound Management, a firm dedicated to helping business owners develop social impact initiatives. With 20-plus years of experience as a social impact professional, Lynn often speaks on the topics of strategic planning and marketing, presenting at the VRMA International Conference, among many other venues.

Today, Lynn joins me to share what it means to make a social impact and discuss the benefit of making social responsibility a part of your STR business model. Listen in on Lynn’s ideas for demonstrating social responsibility as an Airbnb host and learn her three-step approach to identifying opportunities to create a social impact in your community—AND attract guests to your Airbnb!

Topics Covered

Lynn’s insight on the definition of social impact

Related to broad social issues (e.g.: poverty, education, clean energy)
Businesses engage in social issues in local community

The benefit of growing a social impact business

Consumers prefer businesses that align with values
Opportunity to do something good

How an Airbnb host might demonstrate social responsibility

Recycle, use green cleaning products and sensor lights
Recommend restaurants based on values (i.e.: organic, green)
Become member of local organizations, volunteer
Suggest socially responsible activities to guests (e.g.: plogging)
Provide free accommodations during conferences
Help organizations generate additional revenue for cause

Lynn’s approach to identifying social impact opportunities

Find alignment of values between you + your guests
Update owner profile, rental description with social initiatives
Initiate social impact partnership with local NGO

Connect with Lynn

Watersound Management

Email lthurston@watersoundmanagement.com

Lynn on VRMintel

Resources

VRMA

Verizon Ad ‘Love Calls Back’

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How to Collaborate with Local Artists & Creatives Jun 12, 2019

Show notes

Artists and creatives need space to work their magic, and a unique Airbnb can offer the perfect backdrop for a photo or film shoot, a podcast recording, or even a pop-up art show. But it can be costly to rent a listing overnight, especially if you only need the space for an hour or two. So, how can STR hosts collaborate with local creative entrepreneurs to make the most of the space available AND support the arts in their community?

Sid Kosatsky is the founder and CEO of HostOften, a vacation rental property management firm based in Halifax, Nova Scotia. Today, he joins me to discuss his new venture, CollabOften, a partnership with local artists and creative entrepreneurs. Sid shares the process he has developed to allow photographers, podcasters and filmmakers to use his units for free in the slow season and between guests.

Sid also explains the value he gets from the collaboration, describing how local creatives have become brand ambassadors for HostOften. Listen in to understand how Sid manages the risk involved in hosting artists between guests and learn how you might collaborate with local creatives to make the best use of your Airbnb!

Topics Covered

Sid’s idea to host artists + creatives in his units

Availability in slow season and between guests
Use spaces to record podcasts, do photo shoots

The rules creatives follow to use Sid’s units for free

Use space after cleaning from 1 to 3:30pm
Complete checklist (e.g.: no trash, clean sink)
Submit photos to get security deposit back

How Sid thinks about risk management

Build trusting relationships with creatives
‘They don’t want to let us down’

The value Sid gets back for collaborating with artists

Thousands of listing, lifestyle photos of units
Free advertising on Instagram (tag @hostoften)
Part of creative community in Halifax

Sid’s CollabOften page on the HostOften website

Photos + videos of recent collaborations
Testimonials from artists, entrepreneurs

Sid’s unique RetroBnB listing on HostOften

1980’s theme (i.e.: video games, monitor TVs)
Provides marketing boost, priced 15% higher

Connect with Sid

HostOften

HostOften on Instagram

CollabOften

RetroBnB

Resources

Sid on GPFYP EP248

Sid on GPFYP EP193

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How to Manage Host Relationships Jun 06, 2019

Show notes

One of the most challenging aspects of growing a short-term rental property management business is managing host relationships. How do you decide which property owners to work with? How do you build trust with hosts early on? What is the best way to onboard new clients so that they understand your process?

Zac Rushton is the co-owner and Host Relations Specialist at Great Dwellings, a DC-based property management company that helps homeowners maximize their Airbnb and short-term vacation rentals. In his role, Zac has grown the Great Dwellings portfolio from 20 to 80 listings in less than 12 months! Today, he joins me to discuss how he keeps property owners happy, sharing the Great Dwellings onboarding process and addressing how the team builds trust with new clients.

Zac explains the Great Dwellings client selection process, describing how he attracts leads through SEO optimization and what standards a property (and its owner) must meet to be a part of the portfolio. Listen in for Zac’s insight on the functionality of the Wishbox guest experience platform—and learn how to best manage host relationships as you scale a STR business on Airbnb!

Topics Covered

The Great Dwellings onboarding process

Set expectations + provide as much info as possible
Understand payout schedule and owner statement

How Great Dwellings clients have changed over the years

Little experience with short-term rentals in 2015
Now familiar with Airbnb and want to outsource

The challenge around customizing processes as you scale

Difficult to break workflow for one or two clients
Exceptions rare but possible depending on client

The Great Dwellings client selection process

Quality of property, potential nightly rate
Personality of property owner (15-minute call)

How Great Dwellings attracts new clients

Optimize SEO (Airbnb property management DC)
Rank near top on Google, generate hot leads

How Great Dwellings handles properties that are not ready for STR

Presentation after walk-through to show standard
Offer design/staging services for those who need it

How Wishbox prevents subpar reviews on Airbnb

Feedback part of checkout checklist (cleanliness, staff + overall)
5-star reviews link to Airbnb page, < 5-star reviews do not

The other Wishbox functionalities that Zac likes

Check-in checklist w/ anticipated arrival time
Upsells (e.g.: airport transportation, laundry service)

What’s on the horizon for Great Dwellings

Master lease for 12 units in Playa del Carmen
Expand to Dominican Republic, Lynchburg, VA

Connect with Zac

Great Dwellings

Zac on LinkedIn

Resources

Wishbox

Maximizing Profit on GPFYP EP280

Kelvin Mah on GPFYP EP276

Rankbreeze

Belong Here

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How to Maximize Profit on Airbnb from Special Events May 29, 2019

Show notes

We know that special events afford Airbnb hosts the opportunity to make extra money on the platform. But how do you decide how much to charge for your listing? When do guests start making reservations for events like the Super Bowl or SXSW? Are there ways you might earn additional revenue by offering add-on services?

Tyler Olson is the founder and CEO of Away Agents, a unique property management startup out of Minneapolis that specializes in short-term vacation rentals. Tyler’s team provides homeowners with the tools to optimize their listings and bring out the best in every property. Today, Tyler joins me to discuss the origin of the company and explain how he maximized profits during the Super Bowl to earn an impressive $50K!

Tyler addresses how he determines pricing for special events and shares the additional services he offered Super Bowl guests to bring in additional revenue. Listen in to understand Tyler’s process of finding landlords who allow short-term rentals and get advice around capitalizing on special events to maximize profit on Airbnb.

Topics Covered

The origin of Away Agents

Start business with University of Minnesota intern
Rent apartment in downtown Minneapolis July 2016
Made $5K in first month on $1500/month lease
Automated operations processes with Guesty
Expanded to 8 units by Fall 2017

The additional services Tyler offered during the Super Bowl

Stocked refrigerators
Drivers and bodyguard
Cold-weather gear

How Tyler determined pricing for the Super Bowl

Studied averages for last 2 years
Based on premium end of spectrum
Half booked year in advance (15X rates)
Average of $1500/night, total of $50K

Minneapolis’ Super Bowl Airbnb stats

Established Airbnbs booked out by March
Listings jumped from 600 to 4K
Wave of bookings in summer + 2 weeks prior

Tyler’s tips for creating a winning Super Bowl listing

Establish listing year in advance to build reputation
Create separate listing with ‘Super Bowl’ in title
Optimize listing to rank high on Airbnb

How Tyler finds willing landlords

Research # of open units in advance
Offer to take off hands for permission to do STR
Discuss zoning, insurance, security, etc. up front

Tyler’s advice for new hosts looking to capitalize on special events

Quality of listing comes first
Consider offering additional services

Tyler’s experience with the Turo car sharing site

Put winter car on site, earned $900/month ($300/month lease)
Added cars in Minneapolis + expanded to Denver
Partner with Hassle-Free Car management team
Average daily rate decreasing as supply grows

Connect with Tyler

Resources

Guesty

Turo

Hassle-Free Car

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad

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How Alma Bair Went From 1 to 50 Luxury Villas in Puerto Rico May 22, 2019

Show notes

How do you go from managing a single vacation rental to 50? Alma Bair got her start renting out her family’s luxury villa in Puerto Rico. Before long, neighbors in Dorado Beach asked her to take on their properties, and the business grew organically by word of mouth from there. So, what challenges has she faced in scaling up? How does she market and manage her listings remotely? And how is she working to customize the guest experience?

Alma is the founder and Chief Joy Officer at Paradise Villas & Vacations, a short-term rental management company based in Dorado, Puerto Rico. Today, she joins me to explain how her own vacation in Puerto Rico 16 years ago grew into a vacation rental management business. She shares the challenges she has faced in scaling up, from finding a sufficient reservation management system to working with owners who cancel bookings.

Alma also discusses her goal to be less dependent on third-party platforms for marketing her business and her luck in finding an outstanding hospitality professional to handle guest services. Listen in for Alma’s insight on delighting guests with a unique experience and learn why it’s beneficial to partner with a local destination management organization!

Topics Covered

How Alma got into managing vacation rentals

Bought own vacation home on Dorado Beach
Donated to local charity 6 weeks/year
Business grew from outside inquiries

How Alma grew from 1 to 50 vacation rentals

Neighbors ask to manage their villas
Organic growth by word of mouth

How Alma gets paid for her management services

Take percentage of revenue in most cases
Experimenting with fixed income model

The challenges Alma faces in scaling her business

Scaling reservation management system
Working with owners

How Alma manages her calendars without software

Process to update manually on other platforms
Remote support assistant in Philippines to help

How Alma markets her vacation rentals

Monthly newsletter to database of 8K
Third party platforms + own website

How Alma manages her vacation rentals remotely

Guest services professional on call 24/7
Locally networked and bilingual

Alma’s insight on the value of becoming a local expert

Match expectations with reality of vacation
Provide offerings in related activities (e.g.: extreme adventures)

Partnering with a destination management organization

Access to analytics about marketplace
PR, media outlets and social media

Connect with Alma

Paradise Villas & Vacations

Alma on LinkedIn

Resources

Keys to Bali

René of Keys to Bali on GPFYP EP215

STR Legends Live Retreat in Puerto Rico

Discover Puerto Rico

VRMA International Conference

PROSTATE 1000

Donate to Jasper’s PROSTATE 1000 Bike Ride

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad

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STR Legends Live Mastermind Retreat in Puerto Rico May 15, 2019

Show notes

There are any number of forums and online groups for short-term rental hosts. But Airbnb operators who manage 25-plus listings don’t seem to have a community where they can share the unique challenges of scaling and managing a vacation rental business with multiple units. Enter STR Legends Live Mastermind Retreat, an epic live event planned for this summer in Puerto Rico.

A master at organizing live and online events, Eric Moeller is the host of the Airbnb Mastery Summit, a platform where he interviews top experts in short-term rentals and real estate from around the world, and the creator of Cohost Mastery. In addition, he serves as the founder and CEO of Homtel, a luxury, short-term rental leasing and hosting company out of California. Eric also happens to be helping me cohost the upcoming STR Legends Live Mastermind June 27 through July 1, 2019.

Today, Eric and I explain why we organized STR Legends Live, describing the need for a community of established operators focused on scaling a professional short-term rental business. We discuss the topics covered at the retreat, who can apply, and what attendees can expect at the event—including a villa on the beach, personal chef and mind-blowing excursion. Listen in for insight around how you can benefit from the mastermind (even if you can’t attend) and learn how getting involved in a community of operators can help you grow your own Airbnb business!

Topics Covered

The impetus behind STR Legends Live

Community for established operators of multiple units
Focus on growing professional business, finding clients
Opportunity to network + share ideas and challenges

The topics we’ll cover at the retreat

Best tech to manage calendars, pricing, etc.
Growth challenges, strategies to scale business

Who’s invited to apply for the event

Operators with 25+ units in position of growth
Property managers and developers

The sponsors and presenters scheduled for STR Legends Live

NoiseAware and Organized Gains
Talking to Booking.com, Properly

The particulars of STR Legends Live in Puerto Rico

11BR villa on beach near San Juan
Runs from June 27 to July 1
$3500 all-inclusive fee ($1K deposit)

How small operators can get involved in STR Legends Live

Introduce lead for all-access pass to content
$250 reward if lead chooses to attend

Connect with Eric

Cohost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Airbnb Profit Club on Facebook

Resources

STR Legends Live Retreat

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad

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Case Study of an Airbnb in Cape Town May 08, 2019

Show notes

Airbnb is a momentum game. The more bookings you get, the more users see your listing in search results. Build a solid reputation, and you become one of the top Airbnbs in your city. But in order to get those initial bookings and build that momentum, you have to make it as easy as possible for guests to book your Airbnb!

My friend, Simon Lewis, lists his home in Cape Town, South Africa, and it’s a beautiful space in an ideal location. Unfortunately, his bookings have declined in recent months. Today on the podcast, we’re taking a look at his listing to find out why.

First, Simon describes the features of his Airbnb, explaining what makes it special and how it’s managed currently. We debate the pros and cons of allowing one-night stays, and Simon explains why he’s hesitant to set his listing to Instant Book and relax his cancellation policy. We also discuss simple ways to improve your position in search results, like changing the order of your photos and maintaining your calendar. Listen in for our plan to improve Simon’s results on Airbnb and learn how to build momentum for YOUR listing so it ranks near the top!

Topics Covered

An overview of Simon’s Airbnb in Cape Town

1BR by beach in desirable area
Slow during winter months (May—August)
Friend does check-ins, local cleaning co.

The benefits of using the Instant Book setting

Airbnb promotes listing in search results
Build momentum as reputation grows

Why Simon is hesitant to use Instant Book

Fear of theft from personal home
Avoid bad reviews by talking to guest first

How you can protect yourself AND use Instant Book

Use Airbnb Resolution Center for stolen items
Allowed to cancel booking 3X penalty-free
Set conditions for who can Instant Book

Tips for maintaining your Airbnb calendar

Open up for booking full year in advance
Update daily to demonstrate accuracy

How to order photos for your greatest advantage

Use collage of photos in first position
First 5 should show different spaces
Research nearby listings + stand out

Our plan to improve Simon’s results on Airbnb

Set listing to Instant Book
Maintain calendar
Reduce minimum stay to one night
Change order of photos
Shift to flexible cancellation policy

How to handle requests for early check-in

Allow guests to leave bags while cleaning
Recommend nearby restaurants, shopping

Connect with Simon

Simon’s Airbnb Listing

Simon on Twitter

Resources

Get Paid for Your Pad on YouTube

Get Paid for Your Pad Blog

Get Paid for Your Pad Email List

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad

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How Airbnb Personalization Affects Search Rankings May 01, 2019

Show notes

Today I chat with Kevin Mah, founder of Rankbreeze. Kevin is an Airbnb SEO specialist and he did a study to find out how Airbnb personalization affects search results. Airbnb's search algorithm takes into account the user's unique profile when calculating which listings to show. Factors include historic data such as what listings the user has clicked on in the past and historic bookings.

Here are some takeaways from the study Kevin performed.

1. The longer a user spends viewing a listing, the more likely Airbnb is to show that listing again. This suggests that it's beneficial to have a large number of photos and a wordy description to increase the time that potential guests spend viewing your listing.

2. The personalization effect is smaller for listings that typically rank on the first page. In other words, no matter the user profile, certain listings are always shown by Airbnb. Listings that rank on lower pages have more variability. This confirms the importance of getting to the first page.

3. Airbnb refused to move listings with poor photos up the search results, no matter how often they were clicked on. This reinforces the importance of having high quality photos on your listing.

Connect with Kelvin

Email: kelvin@remotescale.com

Website: RankBreeze

More info: Rankbreeze Review

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad

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