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

Airbnb's Q4 2022 earnings report showed a 35% revenue growth over the past six months, indicating a strong travel industry recovery after COVID.

The numbers surprised investors and disproved claims of an "Airbnbust." Only 21% of property managers on the Transparent platform saw fewer bookings out of over 275,000 short-term rental listings worldwide.

Bottom Line: there is NO BNBbust!

Although there's currently no sign of a BNBbust, reduced demand on the Airbnb platform is pushing hosts to explore new ways to build genuine hospitality brands.

So, how can you keep up with the post-Covid market, adapt to changing customer needs, and improve your business strategies to focus on guest acquisition and retention?

In this episode of STR conversations, Eric and I delve into Airbnb's Q4 2022 earnings report, uncover the current realities of the short-term rental industry, and explore the pressing need for hosts to cater to the informed traveler of today.

Tune in to gain valuable insight on how to seize the opportunities presented by the current market challenges. We'll share a few of the companies we're closely monitoring as we build and expand the Freewyld brand, why we consider them important models in the industry and the critical element that ties them all together.

Do you want to learn how to Optimize your Airbnb listing with ChatGPT? Register now for the FREE training Wednesday, February 22, at 1 pm Pacific / 4 pm Eastern. If you missed our first training, "The BNBbust is BS," you can get the replay by joining the Airbnb Profit Club on Facebook.

• What the numbers don't show: our take on what's really happening behind the scenes in the STR industry
• Why the short-term rental industry isn't experiencing a bust, it's simply maturing
• The value of vision
• How developing a unique brand will put you in the driver's seat of demand
• The value of joining Legends X

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Not only is sustainability important from an environmental perspective, but it’s also a growing trend in the travel industry. According to studies done by Booking.com and Expedia, about 80% of people consider the values of a property to be a factor in their booking decision.

When booking, travelers are beginning to research whether properties are using green cleaning products, reducing single-use plastic, and using energy-efficient appliances and lighting.

And sustainability is not just a trend; it’s a critical aspect of our future, and now is the time for short-term rental hosts to begin embracing the concept of becoming more sustainable.

But we all know hosts generally don’t have much time to spare or funds for upgrades‌.

So, what can short-term rental hosts do to become more sustainable without investing a lot of time and money?

Vanessa de Souza Lage is the Founder & CEO of Sustonica, the 1st sustainability recognition specifically for short-term rentals. With their standard for vacation homes based on 7 of the United Nations Sustainable Development Goals, Sustonica is committed to helping you prove to travelers, owners, employees, and investors that you’re committed to environmental sustainability.

Today on “Get Paid For Your Pad,” Vanessa joins me to share some easy steps STR hosts can take to make their properties more eco-friendly.

She’ll share how you can become a more sustainably focused host in just 15 minutes without emptying your wallet.

We discuss the 40 points outlined by Sustonica, which you can use to make your propertie(s) more environmentally friendly, along with some technological solutions available to help guests track their energy usage while staying at your property.

Listen in to learn how you can stand out from the competition and attract environmentally conscious travelers by highlighting your commitment to sustainability on your website while having a real impact on the environment.

• The importance of sustainability in the short-term rental industry.
• Detailed strategies and cost-effective ways hosts can become more sustainable
• The role of hosts in educating their guests on sustainability
• How to qualify for the badges Sustonica offers for meeting sustainability criteria
• The proven marketing benefits of embracing sustainability for short-term rental hosts

Vanessa de Souza Lage

Sustonica

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"We're delivering what a host needs, not what a host wants."

Being a short-term rental host can be a demanding and stressful experience.

Growth without a plan can cause you to work around the clock, sacrificing your evenings, weekends, and even holidays to attend to customer service and maintenance issues.

With all of that going on, it's easy to get bogged down, become a hectic host, AND lose sight of the joys of success.

But there is another way.

So, how can you find a better work-life balance while setting and achieving the goals that will help you build a sustainable short-term rental brand you can be proud of?

On this episode of STR conversations, Eric and I are celebrating the 2nd anniversary of our Legends X program by sharing our journey and unveiling the results we've achieved as we've led nearly 300 hosts through the program.

We'll give listeners a look at the driving force behind our mission to transform STR companies into thriving hospitality empires by packing years of wisdom and experience into a transformative 90-day program to ensure our students achieve REAL, tangible results.

Listen in to discover the secret to Legends X's success: our unwavering commitment to delivering exactly what hosts need to succeed rather than what they want.

We'll share a behind-the-scenes look at how one of our students went from a hectic host to spending months exploring the world's greatest surfing spots.

Plus, we're excited to announce new FREE trainings every Wednesday for our listeners. Beginning with the first one, called "The BNBbust is BS," launching Wednesday, February 15th. Sign up now to secure your spot. And if you want to join our next class of Legends X, click here!

• The impact of the COVID-19 pandemic on the short-term rental industry
• The importance of having a clear vision and systems in place in a short-term rental business
• Unlocking the power of mindset transformation through accountable action
• The biggest impact our Legends X course has had on the lives of the STR hosts who've completed it
• Why it's essential to turn away from hectic host practices in order to scale
• How Legends X helps hosts implement years of learning in 90-days for faster results

Sign Up for the FREE Training

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 The COVID-19 pandemic has profoundly impacted how we live and work, and one of the most significant changes has been the rise in remote work. This has resulted in increased travel by digital nomads who can work from anywhere, increasing the popularity of short-term rentals.

This shift has also brought attention to the affordable housing crisis, leading to stricter regulations on short-term rentals by local, state, and global authorities.

But advocates and local alliances are deploying more strategic strategies, with fewer groups passively accepting potentially illegal regulations.

So how can short-term rental hosts join forces and engage at the local level to create a nationwide impact?

Dana Lubner is the head of advocacy at Rent Responsibly, working closely with local alliance leadership teams to ensure their success and collaborating with local alliance teams to achieve their goals. Before this, she co-led Effortless Rental Group, a property management firm in Colorado, with her brother. When Denver implemented regulations that threatened the growth of short-term rentals (STRs) in her community, she acted. Additionally, she sits on Denver's short-term rental advisory committee (STRAC) alongside City Council members.

Today on Get Paid for Your Pad, Dana joins me to discuss the trends she sees in short-term regulations.

We discuss the best practices for hosts to build bridges with their local policymakers and the three ways you can make an impact in your local area.

Listen in to learn how you can join forces to start your own STR alliance, the resources available to you through Rent Responsibly, and the unexpected benefits for hosts who get involved in advocacy in their local area.

• How Dana got into the STR Advocacy
• Dana shares current trends in the STR regulation landscape
• What is the effect of short-term rentals on local housing prices
• How having a cap on the number of STR licenses issued might be a good thing
• How hosts can build bridges with their local policymakers
• The benefits of starting your own STR alliance
• Best practices to build rapport with the policymakers in your area
• The three ways to make an impact in your local area
• Dana shares how to start your own STR alliance
• Why you might want to make your alliance a 501(c)(6) organization
• The secondary benefits of forming your own STR alliance
• How small local wins can create ripple effects nationwide

How to Save Your Vacation Rental Business on Apple Podcasts

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Are you ready to grow your short-term rental brand, but the restrictions being put into place in cities across the country to limit the number of Airbnb’s keeps you from making any traction?

What if there was a way to unleash the full potential of your STR brand without running into asset-class regulations?

On this episode of "Get Paid for Your Pad," Eric and I share the potential for STR businesses to grow by buying boutique hotels, cabin communities, and other aging vacation rental properties whose owners are retiring after years of operation and established clientele but possibly outdated business practices.

We break down how we took an old vacation rental community tucked in the picturesque mountain town of Idyllwild, California, and revitalized it. And how by incorporating modern amenities, enhancing marketing and messaging, and streamlining operations, we boosted occupancy and ADR within the first 45 days, creating the cornerstone of our brand, Freewyld.

We'll share the tools and trends adopted by both small businesses and industry giants to collaborate with seed capitalists and scale their brands, with insights from students and alums of the Legends X Program.

Listen in as we explore the opportunity to take something old and make it new, grow your brand, and bring something unique, and lasting to the STR industry.

• How to map out your nationwide Airbnb domination without running into asset class regulations
• How modernizing old hotel 'campy' vacation community properties can increase your bottom line and equity
• How you can use technology and tools to move off the "back of the napkin" management style to compete more efficiently in today's STR marketplace
• What's the most significant difference between a STR and a hotel
• The quest by hotels to emulate some qualities of the Airbnb movement to improve the guest experience

Hicksville Trailer Palace

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So, you’re looking to buy a short-term rental property but nervous about its potential to make money.

What if you could buy a STR that’s already doing well on Airbnb?

Alex Breen is Founder of BnB Buyer, a biweekly newsletter and website where you can find existing short-term rental properties that are on the market.

On this episode of Get Paid for Your Pad, Alex joins me to explain how he identifies properties that have a STR history for BnB Buyer and which markets have good deals on existing short-term rentals right now.

Alex walks us through the advantages of buying an existing STR versus a home without a history on Airbnb and discusses the downside of limiting your search to existing short-term rentals.

Listen in for Alex’s insight around trends in the STR market in the last 12 months and learn how BnB Buyer can help you de-risk the process of buying short-term rental properties for your portfolio!

• How Alex’s own search for STR properties inspired the creation of BnB Buyer
• How Alex identifies properties that are good candidates for Airbnb or likely to have a STR history
• The advantages of buying existing STRs vs. homes without a history on Airbnb
• Why selling an existing STR as a business adds value to the property
• Why Alex hasn’t seen a significant price difference between existing STRs and comparable properties in the same area
• How most properties on BnB Buyer bring in 15% to 20% gross revenue to purchase price
• The disadvantages of limiting your property search to existing short-term rentals
• Alex’s insight around trends in the STR market in the last 12 months
• Why real estate prices have come down a little (but not enough to offset interest rates yet)
• What markets Alex suggests for finding good deals on existing STR properties

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Over the years, there have been a lot of changes in the Airbnb model. What started as people renting out a room in their home has become an industry with over 5 million active listings worldwide, hosting half a billion guests a year.

People have realized that true wealth is built through real estate ownership.

But how do you generate the cash flow you need so you can scale?

On this episode of "Get Paid for Your Pad," Eric and I share the trends in the STR industry. We bring our extensive industry experience and perspective as coaches to the forefront to offer you an inside look into what works (and what doesn't).

We break down the 3 industry business models and which work best to put you on the fast track to STR wealth for people looking to grow their brand by acquiring more properties.

We discuss which business models work for the long haul (and which don't) in order to help you determine where to focus your money, time, and attention now.

Listen in as we weigh in on how to use these models to generate cash and build your teams and systems so you can build generational wealth and create the brand of your dreams. Plus, an updated look at what's next for our Freewyld brand in 2023.

• Why Eric is not a fan of the rental arbitrage business model
• How to leverage the management model to cash flow your STR business
• Jasper shares what he has learned over his years in the industry
• The best way to generate cash flow (and WEALTH) for your STR business
• What is Propco and Opco
• Our goals for Freewyld for 2023
• The biggest challenges we've faced in building our brand and the action we're taking to achieve our goals faster

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Blockchain was introduced in 2008 as part of the model for Bitcoin.

And while several STR projects have come and gone in the years since, we have yet to see any concrete implementation of blockchain technology in the short-term rental space.

Then again, the first web application launched in 1981, but the internet didn’t gain traction until the mid-1990’s.

So, is blockchain technology likely to revolutionize the STR industry?

Technology Expert Igor Kostin serves as Cofounder and CTO of iGMS, a vacation rental management platform dedicated to helping hosts grow their hospitality business faster.

On this episode of Get Paid for Your Pad, Igor joins me to discuss the evolution of iGMS, describing how it started as a marketplace for cleaners and grew into a full PMS that serves 500,000 STR listings.

Igor offers advice on testing user experience to decide what property management system is right for you and explains why there will be fewer PMSs to choose from in the next five years.

Listen in for Igor’s insight on the role of technology in the future of short-term rentals and learn how you might leverage robotics, AI and blockchain to benefit your Airbnb business!

• Igor’s background in custom technology and software development
• How iGMS started as a general marketplace for cleaners before focusing on Airbnbs
• How managing STRs himself inspired Igor to build tech to streamline operations
• Why Igor and his business partner Ivan tackled automated messaging first
• Why Igor and Ivan turned their messaging system into a software product for other hosts
• How iGMS evolved into a full PMS system that serves 500,000 STR listings
• Igor’s advice on testing UX to decide what PMS system is best for you
• Why Igor predicts fewer PMSs in the STR market in the next 5 years
• How the trend to remote work might influence the STR industry moving forward
• Igor’s take on how blockchain technology might benefit STRs in the next 5 to 7 years
• How hosts can use AI like Chat GPT for content creation or graphic design

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#BNBBUST has been trending on social media since the fall of 2022.

But does the slight downturn in the short-term rental market really indicate a bubble about to burst?

On this episode of STR Conversations, Eric and I continue our discussion of what we learned in 2022, explaining why we’re all-in on short-term rentals regardless of what the YouTube gurus say.

Eric shares his commitment to believe in our STR product and fight like hell for his people, and we explore the benefit of taking days to fully disconnect from the day-to-day of your STR business.

Listen in for insight on navigating the ups and downs of the Airbnb market and learn how to take advantage of the massive opportunity for hosts who are all-in on developing a unique hospitality brand in 2023!

• What we learned from losing a powerful team member to another opportunity
• What it means to believe in the STR product you provide
• What happens when you allow doubt to dictate your decision-making
• How to get to a place where you feel confident about your Airbnb business
• The benefit of celebrating your wins and recognizing the impact you make on the world
• Why it’s crucial to take days where you fully disconnect from the day-to-day of your business
• Why list-it-and-forget-it is a thing of the past as the STR market matures
• The massive opportunity for hosts developing unique hospitality brands
• Why a slight decline in consistent growth doesn’t necessarily indicate a bubble burst
• How to navigate the ups and downs of the STR business
• What Airbnb business models are most affected by a downturn in the market

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More people are living a digital nomad lifestyle or working remotely while on the go making Wi-Fi connectivity front of mind to make those vital business connections and close deals.

Plus, more people are investing in family travel experiences, and at the end of a day of adventures, they want to come together to unwind by streaming their favorite TV shows or movies.

All these things are making internet connectivity and reliability a top priority when booking a place to stay for today's STR guests.

So, how can you assure your guests that your property's internet performance fits the bill for their lifestyle and connectivity needs?

Philip Pickard is the Co-founder & CEO of Speedy, Wi-Fi verification. Speedy is a global company offering Wi-Fi verification tools designed to enable remote workers, travelers, and world explorers to accurately assess internet connectivity when booking a STR property while helping hosts increase customer satisfaction for more bookings.

Today on Get Paid for Your Pad, Philip joins Jasper to discuss the genesis behind Speedy and the pain points that led to their quest to solve Wi-Fi connectivity issues.

Listen in to learn how hosts share real-time Wi-Fi data to their direct booking website (or Airbnb listings) to get a leg up on the competition and attract those travelers with bandwidth requirements for more bookings and repeat guests.

Great news! The Speedy Team will waive the installation fee if you mention Get Paid for Your Pad when you contact them. Click here to fill out the contact form on their website or reach out to Philip via email.

• The two-pronged reason why Speedy jumped into this market
• How to get the full story on the reliability of Wi-Fi in today's digital world
• How Wi-Fi data drives the STR property selection process
• How Speedy offers real-time location-based Wi-Fi data for your properties
• How you can use your Wi-Fi rating to attract travelers with bandwidth requirements
• Jasper provides a live demo of Speedy on Get Paid For Your Pad YouTube Channel
• Why you should add your Wi-Fi data to your Airbnb listings
• How to use your Wi-Fi data to protect against refund requests
• The 3 biggest benefits of the Speedy service

Philip Pickard - Co-founder & CEO - Speedy Wi-Fi | LinkedIn

Speedy - Wi-Fi verification for rental properties

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