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

Networking. Cold calling. Search engine optimization. There are a lot of ways to build your short-term rental business, but how can you succeed in B2B marketing without breaking the bank?

On this episode of Get Paid for Your Pad, I sit down with Kimberly Thomas, Founder and CEO of Roam Vacation Rentals, to learn about her experience taking her Airbnb side hustle to the next level by starting her own property management services company.

Kimberly dedicates her career to  helping real estate investors manage, scale, and market their STR portfolios. She started Roam Vacation Rentals to offer a wide range of STR management, design services, and consulting to help her clients maximize their return on investment.

Listen in to understand the importance of implementing search engine optimization (SEO) strategies, acquiring referral sources, and working with the right people. It’s easier than you think!

• Kimberly’s experience owning Airbnb properties and growing them into her own business
• The importance of being able to connect with your guest avatar
• Building a consistent growth plan in the STR industry
• Why using your personal network, cold calling, and cold emailing are crucial to gaining referral sources
• The power of having thick skin in the face of rejection
• Tips for having a successful SEO strategy
• SEO troubles and tips for ensuring you are hiring the right experts to help you optimize your website for search
• Kimberly’s biggest takeaways from being a student in the Legends X STR Accelerator program

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How should you plan for the growth of your short-term rental business? How do you keep your guest connections personal and successfully scale your business? Is it too late to get into the property rental game?

Fresh off a very successful training course, “More Listings, Higher Profits,” Eric and I take the opportunity on this episode of Get Paid for Your Pad to discuss some of the extra questions about the STR industry that we were unable to get to during the live event.

We recap the key takeaways from our event, highlighting the most common challenges in the STR industry as well as what you can do to capitalize on opportunities for growth.

Tune in for tips on ensuring your properties stand out against the competition, and get our advice on burning questions about the industry from current and aspiring STR owners.

• Brief overview of the “More Listings, Higher Profits” training course
• Companies' struggles with the clarity of their business models
• How hosts can easily fall into hectic business operations without scale and systems
• How many business owners have a desire to grow but do not have actionable plans to succeed
• Concerns over missing the STR boom and how to get familiar with the industry without owning properties
• Best practices for managing and leading property cleaners
• Understanding the importance of guest avatars and how they can make or break a business
• How to find gaps in the industry that you can fill with unique properties and amenities
• How to get involved in Legends X Short-Term Rental Accelerator and become a student of the STR industry

Training Replay: More Listings, Higher Profits.

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The most important thing to consider when making a real estate investment is location. Location not only determines the daily revenue of your property but also the long-term scalability.

With over 10 years of experience in online marketing with startups and having built a travel tech startup through a global pandemic himself, Marcus Räder has found time and time again that location is the biggest factor in real estate and especially with short-term rental properties.

Marcus is the founder and CEO of Hostaway, an all-in-one vacation rental software solution that provides over 100 solutions for growing property managers. Marcus owns the world’s largest marketplace for vacation rental tools and has a great deal of real estate experience. So, how does he determine the most profitable places to invest in?

On this episode of Get Paid for Your Pad, Marcus joins me to share his insight on short-term rental real estate, describing how the market is changing and what to consider before investing in just any area.

He touches on what marketplaces to avoid and why, the importance of having a mission and the vision he has for urban areas in the real estate industry.

Listen in for Marcus’s insight on what to consider in 2022 when you search for the hottest places to invest in short-term real estate and how to be certain of a property’s long-term scalability.

• Marcus’s investment experience in the short-term rental industry
• What to consider before investing in a market
• The relationship between the stock market and vacation rental investments
• Why you should avoid buying in the top Airbnb markets
• Marcus’s insight on investing based on mission
• The questions to ask yourself before investing in real estate
• Why many cities will be less popular in the upcoming years
• How particular changes in cities could have a massive impact on certain real estate markets
• What Hostaway is and what makes it the leading vacation rental software for property managers

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Completion rates for online courses are as little as 4%. The Legends X Short-Term Rental Accelerator has not only a 100% completion rate but also a 100% success rate!

What sets Legends X apart from other courses? How can it transform your short-term rental business?

On this episode of Get Paid for Your Pad, Eric and I celebrate the opening of our third Legends X Short-Term Rental Accelerator, sharing how it allows you to successfully build and scale your Airbnb business in 90 days or less. 

We also touch on the many success stories of business owners in Legends X and take a peek at what it looks like to go through the program. 

Listen in to learn about the power of Legends X for STRbusiness owners and how it is designed to help you build the foundation and confidence to grow a 7-figure Airbnb business—without all the overwhelm. 

• What the past year has looked like in Legends X
• One of the things that Jasper is most proud of about the program
• The Property Abundance Plan 
• How you can scale to 100 units without spending any money on advertising
• The key to seeing results in your short-term rental business
• The intentional application process for Legends X and who’s a good fit for the program
• How important it is to invest in yourself and your business
• Client success stories from Legends X
• What people find to be most valuable about the program
• What it looks like week by week to go through Legends X 
• The priceless community and daily support that you’ll find in the program

Matt Durian on Get Paid for Your Pad EP440

Rebecca Slivka on Get Paid for Your Pad EP352

Christian Gissing on Get Paid for Your Pad EP301

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Most Airbnb operators would love to buy our own properties. But it’s challenging to get a traditional mortgage for a short-term rental and very few of us have high-net-worth investors in our networks.

So, where can we go for funding to grow our STR portfolio? 

Derrick Barker is the CEO of Nectar, the marketplace for real estate cashflow. Derrick and his team allow experienced, professional STR operators to sell a portion of their future income to get capital now.

On this episode of Get Paid for Your Pad, Derrick joins me to discuss the factors Nectar uses to determine how much funding you’re eligible to receive.

He explains how Nectar investors buy into a STR cashflow pool to earn passive income and offers advice on the importance of investing in your Airbnb business.

Listen in for Derrick’s insight on the process of applying for funding through Nectar and learn how you might leverage Nectar capital to build a team, buy property or improve your existing units!

• Derrick’s background as an entrepreneur in the real estate space
• How Nectar allows STR hosts to sell a portion of their future income to get funding now
• Why it’s hard to get a traditional mortgage on a STR property 
• What factors Nectar uses to determine the amount of funding you’re eligible to receive
•  How STR operators use Nectar capital to build a team, buy property or improve existing units
• How Nectar investors buy into a STR cashflow pool to earn passive income
• The process of applying for funding through Nectar
• Why the trend toward longer-term stays in secondary markets is here to stay 
• Why it’s crucial to invest in your short-term rental business

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The short-term rental industry has grown so much and so fast over such a short period of time. Now, more than ever, many people are trying to grow a short-term rental business and are running into the problem of understanding what to do, what they need to have implemented and when. Before you can understand where you want to go with your business you have to identify where you’re at now. 

So, what can you do to get clear on exactly where you are in your business journey and how to scale from there? 

On this episode of Get Paid for Your Pad, Eric and I break down the 5 stages of hosting, sharing how to recognize where you want to be in your business and where you are now so you can make the strategic decisions to move up the stages. 

We discuss each stage of hosting: the traditional, the side hustle, the hectic host, the rising star, and the legends stage, and the challenges that people experience in each one.  

Listen in for insight on how to identify where you are in your business, what to overcome in each hosting stage and how Legends X can accelerate your business, providing the information and systems needed to profit and scale.

• Why the 5 stages of hosting was created
• Eric’s insight on how the 5 stages of hosting is vital when measuring success in your short-term rental business
• Jasper’s insight on the hectic host stage
• The clarity, awareness, and confidence that Legends X is providing for hosts, allowing them to scale
• The traditional host stage 
• Why the side hustle host stage is becoming more common that the traditional host
• The hectic host stage and why it’s so powerful
• Eric’s insight on how things change after the 3rd stage and into the rising star stage 
• Jasper’s insight on why the stages aren’t dependent on how many units you have
• The legends stage and why it’s not for everyone
• How Legends X allows you to become profitable and scalable, providing you systems needed to become a legend with your business 

More Listings, Higher Profits Training

The Joe Rogan Podcast

Real Wealth Show 

Jacko Podcast

Fundamental Health Podcast

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Tony Robbins Podcast

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In the beginning of 2020, Tia Castle had numerous masterleases but quickly found herself in quite the dilemma when she had no bookings due to the pandemic.

During this time she knew she had to make a change, and a big one.

Fast forward to today, Tia now manages family-friendly homes in Florida and runs CastleLux Rentals where she helps investors in their journey with vacation rentals. So, how did she go from masterleasing to short-term rentals during a pandemic and what has she learned from this big adjustment?

Tia is the founder of CastleLux Rentals, a vacation rental management company that helps investors to pinpoint their Airbnb vacation rental property. Her real estate journey started with her luxury Real Estate reality TV show, "Home and Castle TV"  that was broadcasted in Florida and Canada, showcasing rental properties and their famous owners. 

On this episode of Get Paid for Your Pad, Tia joins me to share her journey from television production and journalism to managing short-term rentals for families, describing how Legends X STR Accelerator has helped her during the huge transition. 

She walks us through the transition she experienced not only from her reality TV show to real estate but also from masterleasing to short-term rentals and what she has learned along the way.

Listen in for Tia’s insight on finding the right market and rental property for you and the network and opportunities that she has benefited from with the STR Legends community, especially during the struggle of the pandemic.  

• Why Florida is one of the hot spots for short term and vacation rentals
• The changes that Tia has seen in the market in Florida
• Tia’s insight on choosing where to invest
• How Tia originally got involved with Airbnb
• What Tia has learned from her past masterleases
• The luxury market and model that Tia is following with modern family-friendly homes
• The adjustment from a masterlease model to a management model
• Tips on making the transition from masterleases to managing homes (delegating, and give the attention needed to the owners, clear communication)
• How Legends X has allowed Tia to network with people and become apart of a book project

CastleLux Rentals

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People tend to strictly focus on scalability but we have to work backwards and focus on the vision, the brand and feedback to continue to improve it. Without that, things fall apart. 

So, what will really scale your rental business? And what can you do to maintain that growth in 2022?

On this episode of Get Paid for Your Pad, Eric and I explain why focusing on scalability is not profitable on it’s own, sharing what every company really needs to scale a business in 2022.

We weigh in on what a valuable airbnb business model looks like for 2022 and how branding is one of the biggest things to focus on and maintain when scaling.

Listen in to understand why focusing on scaling alone won’t help your business and learn how to make more profit with not only more listings but better listings.

• How much the demand for short term rentals has increased and why
• Eric’s insight on the shift in destination spots for rental businesses 
• Why many people still choose hotels over airbnb rentals
• Why we focus on building our brand as a host and the impact it has on airbnbs that aren't doing that 
• Eric’s insight on how to successful build a brand as an airbnb host
• The importance in focusing on sustainability rather than scalability alone
• The value that will be provided at the More Listings, Higher Profits Training 
• The 3 main pillars every company needs to really scale a business in 2022
• The transition from a business manager to a business owner
• Overnight success is all about systems

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HostGPO - Short Term Rental Group Purchasing Organization

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In the summer of 2021, Matt Durian was the epitome of a Hectic Host, running around like a chicken with its head cut off to keep up with the demands of managing several short-term rental listings.

Matt and his wife Bruna were overwhelmed and didn’t have the bandwidth to add any more properties to their portfolio. 

But fast forward just a few months, and Matt is much less stressed. He’s added two new units and is in the process of onboarding two more. So, how did he go from Hectic Host to Rising Star in such a short time?

Matt is the Cofounder and CEO of The BNB Way, western North Carolina’s premiere Airbnb property management and concierge company. He has a long history as a hospitality entrepreneur, running a personal concierge service for residents of a luxury resort community for a number of years before getting into vacation rentals in 2019.

On this episode of Get Paid for Your Pad, Matt joins me to share his journey from Hectic Host to Rising Star, describing how The BNB Way was consuming his entire life when he joined the Legends X STR Accelertor last September.

Listen in for Matt’s insight on the life-changing benefits of connecting with the STR Legends community and designing an Airbnb business that leaves space to enjoy your life!

• How Matt’s history in hospitality centers around the concierge model
• Why Matt shifted from rental arbitrage to the management model during the pandemic
• How Legends X helped Matt transition from business manager to business owner
• The most important steps Matt took to become a Rising Star
• How the VOS framework helped Matt dial in who he wants to serve
• How the Legends X Playbook allowed Matt to build a team and start delegating tasks
• Using the franchise prototype to scale your STR business to any level you want
• The benefits of connecting with a community of hosts who hold you accountable, answer questions and inspire you to dream bigger 
• Designing a short-term rental business that allows you to enjoy life

The BNB Way 

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The E Myth: Why Most Businesses Don’t Work and What to Do About It by Michael Gerber

The Founder 

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Airbnb had a record-breaking Q3 in 2021. And based on current economic and cultural trends, we think the short-term rental industry is in for an even bigger year in 2022.

So, what is going on in the world that influences your STR business? And what can you do to capitalize on these trends and have a record-breaking year of your own?

On this episode of Get Paid for Your Pad, Eric and I explain why 2022 is going to be a huge year for short-term rentals, sharing Brian Chesky’s thoughts on the future of travel and describing how the trend toward working from home is likely to impact the industry.

Listen in to understand why we’re all-in on turning vacation rentals into unique, modern STR experiences and learn how to use feedback from your Airbnb reviews to promote your listings and identify new investment opportunities!

• Brian Chesky’s insight on why the future of work is the future of travel
• Brian Chesky’s tweet asking the Airbnb community for feedback
• How the popularity of local travel is changing STR guest expectations 
• Some of the STR startups that raised big money in 2021
• Our plans to raise money through investors and grow Freewyld in 2022
• How inflation is inspiring investors to put money in short-term rentals 
• How the shift away from crowded hotels favors the STR industry

Why the Future of Work Is the Future of Travel, with Airbnb CEO Brian Chesky on Decoder with Nilay Patel 

Owl Labs State of Remote Work Survey

Brian Chesky’s Tweet 

GPFYP: How to Maximize Profit from Your Airbnb Listing

AvantStay’s $160M Raise

HomeRoom’s $1M Raise

US Inflation Rate

Jason Hartman on GPFYP EP370

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