Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/.

In this podcast episode, Jasper Ribbers discusses the three biggest mistakes short-term rental operators make in revenue management. He emphasizes the importance of competitive pricing during the low season, avoiding overpricing in the high season, and setting prices for peak demand dates well in advance. The episode provides actionable insights and strategies to maximize revenue and occupancy rates for rental operators, along with a free resource announcement for further learning.

Takeaways

• Avoid waiting until the last minute to drop prices.
• Every booking in low season can lead to future revenue.
• Monitor market trends to set realistic pricing goals.
• Don't price too low during high season to avoid leaving money on the table.
• Set prices for peak demand dates well in advance.
• Use data analytics to inform pricing strategies.
• Keep your listings active to improve visibility on platforms like Airbnb.
• Consider the indirect value of bookings beyond immediate revenue.
• Utilize free resources and workshops to enhance revenue management skills.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/.

In this podcast episode, Jasper Ribbers welcomes back Derek Gisriel, a successful short-term rental entrepreneur who first appeared on the show in May 2023. Since then, Derek has made significant progress in his business, growing from one property to managing 26. He shares his journey, from starting in real estate with a W2 job and owning a solar company, to launching a property management business, Level Up, which now manages multiple properties.

Derek talks about the importance of guest experience, having a personal touch in hospitality, and how this has been key to his success. He emphasizes the importance of consistency, especially in content creation, and how he uses tools like a calendar to plan his week and content. Despite occasional setbacks, Derek's approach to content creation and business growth focuses on showing up, staying consistent, and sharing valuable knowledge.

The conversation also covers revenue management, with Derek explaining how using tools like PriceLabs to optimize pricing and implementing length-of-stay discounts has helped increase their revenue. He discusses the importance of guest reviews and how personalized touches can elevate the guest experience and secure five-star ratings.

Finally, Derek shares some insights on the value of joining a community, like the Legends X program, to get support from others in the industry. He stresses that the success they've achieved didn’t happen overnight but was built with consistent effort and learning from others.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

In this episode of 'Get Paid for Your Pad', Jasper Ribbers discusses the importance of Airbnb categories and how hosts can request to be listed in specific categories to enhance visibility and performance. He emphasizes the growing gap between professional and non-professional inventory in the short-term rental market and the necessity for hosts to optimize their listings. The episode provides a step-by-step guide on how to request category changes, the criteria for being accepted into certain categories, and tips for improving overall listing quality. Jasper also shares valuable resources for hosts to enhance their Airbnb business.

Takeaways

You can request specific categories for your Airbnb listings.

The performance gap between professional and non-professional listings is widening.

Optimizing your Airbnb listing is crucial for success.

Being in multiple categories increases your visibility.

Request category changes if your listing is miscategorized.

Understanding category criteria can improve your chances of acceptance.

Details in your listing can significantly impact guest experience.

Bad reviews can severely affect your listing's performance.

Utilizing resources can help improve your Airbnb business.

Regularly updating your listing is essential for maintaining competitiveness.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

In this episode of 'Get Paid for Your Pad', host Jasper Ribbers returns after a break to share updates on his personal life and the short-term rental market. He reflects on the past year, discussing trends in booking behavior, the importance of professionalism in hosting, and strategies for increasing revenue in a stagnant market. Ribbers emphasizes the need for hosts to adapt to changing market conditions and to utilize tools like Airbnb custom promotions to enhance visibility and bookings.

Takeaways

Jasper is back to podcasting after a break.

2024 showed little growth compared to 2023.

Booking windows are shortening due to economic uncertainty.

Travel trends are returning to traditional patterns.

Professionalism is crucial for success in short-term rentals.

The gap between professional and amateur hosts is widening.

Investing in amenities can enhance guest experience.

Hosts should be competitive during low seasons.

Airbnb custom promotions can help attract bookings.

More training resources will be available for hosts. 

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

In this episode, Jasper Ribbers and Tom Sharkey discuss the latest updates in their podcast journey, the introduction of new team members, and the intricacies of revenue management in the short-term rental industry. They share insights on the importance of daily focus in revenue management, the evolving market trends, and strategies for optimizing bookings during low seasons. The conversation emphasizes the significance of understanding booking windows, pacing, and utilizing data to make informed decisions in a competitive landscape.

Takeaways

• Jasper is committed to continuing the podcast for the foreseeable future.
• The team has expanded to manage over 600 listings.
• Revenue management requires daily focus and cannot be a side task.
• The short-term rental market is becoming increasingly competitive.
• Understanding booking windows is crucial for effective revenue management.
• Preparation for low seasons should start well in advance.
• Pacing helps gauge market demand and adjust strategies accordingly.
• Flexibility in minimum night stays can attract more bookings.
• Data-driven decisions are essential for optimizing revenue.
• The team is excited to serve clients and expand their services.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

In this episode of 'Get Paid for Your Pad', Jasper Ribbers discusses the latest features from Hostly with Fred Bassili and David Jacoby. They delve into the importance of upselling in the current flat market, exploring various upsell strategies and the potential revenue they can generate. The conversation highlights the integration of AI in property management, the significance of early check-ins and late check-outs, and unique upsell ideas that can enhance guest experiences. The episode concludes with practical advice on implementing upselling strategies effectively.

Takeaways

Hostfully has introduced new features including Inbox AI for messaging.

AI can help save time in guest communication without fully automating responses.

Upselling is crucial in a flat market to increase revenue.

Many property managers plan to implement upsells but few actually do.

Early check-in and late check-out are popular upsell options.

Unique upsell ideas can significantly enhance guest experiences.

Revenue from upsells can be a substantial part of overall income.

It's important to vet local tour operators when offering experiences.

Technology can streamline the upselling process for property managers.

Start small with upselling strategies and expand as you learn.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

Sergio Castaneda, founder of Jungle House, shares his journey of growing his short-term rental business from 1 or 2 buildings to 19 units. He discusses the importance of systemizing and growing the team, focusing on the owner side of the business, and transitioning into commercial properties. Sergio also explains the concept behind the Jungle House brand, which revolves around his love for plants. He highlights the benefits of delegating tasks, such as plant maintenance, to local vendors. Sergio emphasizes the value of having a dedicated team and the impact it has on revenue management, including capturing extra guest fees and handling damage claims.

Takeaways

• Systemizing and growing the team are crucial for scaling a short-term rental business.
• Focusing on the owner side of the business can lead to increased control and profitability.
• Delegating tasks, such as plant maintenance, to local vendors can improve scalability.
• Capturing extra guest fees and handling damage claims can significantly impact revenue.
• Having a dedicated team allows for more opportunities and a better guest experience.
• Working with a revenue management expert can optimize pricing and improve overall performance.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

Summary

In this conversation, Jasper Ribbers and Kaye Putnam continue their discussion on revenue management. They provide examples of the impact their service has had on clients' businesses, including significant improvements in revenue. They emphasize the importance of understanding the entire business and market dynamics when developing a pricing strategy. They also highlight the value of their service as a marketing and business acquisition tool, as it provides clients with data and reports to showcase their performance to owners and potential investors. They address common questions and misconceptions about revenue management and explain how their service can benefit hosts in seasonal markets.

Takeaways

• Revenue management can have a significant impact on short-term rental businesses, leading to improvements in revenue and profitability.
• Understanding the entire business and market dynamics is crucial when developing a pricing strategy.
• Revenue management can serve as a powerful marketing and business acquisition tool, as it provides data and reports to showcase performance to owners and potential investors.
• The service is particularly beneficial for owners and master leasers, as it allows them to increase their revenue and profitability.
• In seasonal markets, it is important to consider the booking window and adjust pricing strategies accordingly.
• Taking emotions out of pricing decisions and relying on data and market demand can lead to better results.
• The service is a win-win, as it brings value to the business and helps hosts save time and make more money.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

In this episode, Jasper Ribbers is interviewed by Kaye Putnam about RPM (Revenue and Pricing Management) service. They discuss the importance of revenue management for short-term rental operators and how it can significantly impact their bottom line. Jasper explains that RPM is a service where they take over the revenue management for clients, setting pricing parameters, developing strategies, and making adjustments based on market data. They also consult on other aspects of the business that impact revenue, such as marketing and messaging. Jasper shares success stories of clients who have seen significant improvements in their revenue after implementing RPM.

Takeaways

• Revenue management is crucial for short-term rental operators to maximize their revenue and profitability.
• RPM is a service that takes over revenue management for clients, setting pricing parameters and making adjustments based on market data.
• Every part of the business, from marketing to messaging to cleaning, impacts revenue and should be optimized.
• Operators with a larger portfolio can benefit from outsourcing revenue management to a service provider.
• RPM can lead to significant improvements in revenue, with some clients seeing a 40-43% increase.
• It's important to evaluate performance and compare it to the market to identify areas for improvement.
• RPM is not a one-size-fits-all solution, and each client's strategy is tailored to their specific portfolio and market.
• Operators below the million-dollar mark can still benefit from education and resources to improve their revenue management.
• Freewyld Foundry offers a snapshot analysis for operators interested in RPM to assess their performance and potential for improvement.

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>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay

>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes

>>> Click here to download

Jayla Siciliano, former Shark Tank entrepreneur, shares her experience on the show and the challenges she faced in building her wine company. She discusses the importance of staying focused and not spreading oneself too thin. Jayla also talks about her current business in the short-term rental industry and the challenges of managing multiple properties in different locations. She emphasizes the need for strong systems and processes and the importance of customer service in the hospitality business. Jayla Siciliano, founder of Atlas Vacation Rentals and host of the Seed Money podcast, shares her journey as an entrepreneur and offers insights into the short-term rental industry. She discusses her love for design and hospitality, and how she focuses on providing exceptional experiences for families and groups. Jayla emphasizes the importance of joining mastermind groups for support and guidance in the early stages of starting a business. She also provides advice on raising seed money and making decisions about funding options. Jayla's story highlights the significance of aligning your goals and values with your entrepreneurial pursuits.

Takeaways

• Building a business requires resilience and the ability to pivot when necessary.
• Staying focused and not spreading oneself too thin is crucial for success.
• Strong systems and processes are essential for managing multiple properties in the short-term rental industry.
• Customer service is a top priority in the hospitality business. Passion for design and hospitality can drive success in the short-term rental industry.
• Joining mastermind groups can provide valuable support and guidance for entrepreneurs.
• When raising seed money, consider your end goal and whether it aligns with the expectations of investors.
• Convertible notes and safe notes are simple and cost-effective options for raising friends and family rounds.
• Making decisions about funding should be based on your long-term vision and the needs of your business.
• Stepping away from a business requires deep reflection and the courage to prioritize your values and goals.

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