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

We’ve talked at length in recent weeks about the opportunity to take over old-school vacation rental businesses and improve the guest experience. 

Niels Becker is the Airbnb host behind Living in History, a hospitality brand based in rural Germany. And he’s in the process of taking over a business stuck in the 1960’s. (The previous operator’s marketing efforts were limited to a roadside sign boasting amenities like hot water and showers in the units!)

On this episode of Get Paid for Your Pad, Niels joins me to discuss the upgrades he is making in the vacation rental business he’s taking over, explaining why the previous host only operated in the summer and how he plans to attract tourists year-round.

Niels shares how his rural STR business benefitted from the popularity of secondary markets in the pandemic, describing how guests from urban areas want to spend time in nature and young people are exploring close to home.

Listen in for Niels’ insight on scaling an Airbnb business without losing the personal touch and get an inside look at what it’s really like to take over an old-school STR business in a secondary market.

The traditional short-term rental business model in rural Mosel

• No vision for business, few systems in place
• Marketing limited to sign on road 
• Operate in summer only (during wine harvest)
• Furnished with bare necessities

How Niels plans to attract tourists to his units year-round

• Offer experience of slipping into another world
• Market nearby hot springs as featured amenity

How the pandemic affected Niels’ vacation rental business

• Benefit from rise in popularity of secondary markets
• Average daily rate skyrocketed in past year

Why Niels’ guest avatar was different than he expected

• Young people explore close to home with pandemic
• Guests from urban areas want to spend time in nature

What Niels is doing to scale without losing the personal touch

• Already use PMS system, automated messaging
• Outsource personal communication to one employee 
• Give cleaners budget to buy seasonal details

Living in History

Niels on Get Paid for Your Pad EP198 

AirDNA 

Wheelhouse 

PriceLabs

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Just two months ago, Eric and I bought an existing vacation rental business in Idyllwild, California, with the intention of renovating the existing units and building 10 to 15 new cabins on the property. 

This acquisition is our first step in building a hospitality brand known as Freewyld, a world-class short-term rental operation focused on secondary markets near large metropolitan areas. Places for city dwellers to get away and reconnect with nature.

On this episode of Get Paid for Your Pad, Eric and I sit down to describe how the Freewyld project is going, explaining how we’ve upgraded the marketing for our new listings and why we’re booking exclusively on Airbnb right now.

We share the challenges we’re facing on the development side of the project and discuss how we’re shifting our focus in light of a changing construction timeline.

Listen in for insight on doing a scenario analysis before you take over a short-term rental business and find out how we got Strawberry Creek up and running in just eight weeks—and increased its revenue by 20%.

What surprised us about our guest avatar

• Many new to using Airbnb platform
• Much younger than expected

Why we’re booking exclusively on Airbnb

• Leverage reputation as hosts to book new listings
• Build catalog of 10-plus reviews for each unit 

Why ‘the barn’ is struggling to get bookings

• Least attractive property of 4 units available
• Needs redesign to update experience

How we've upgraded the marketing for our new listings 

• Reduce number of photos (must ALL bring value)
• Tell story of experience through pictures

The challenges we’re facing on the development side

• Backup in county permitting office
• Additional 6 to 12 months to get approval

How we’re pivoting in light of a changing timeline

• Focus on buying more existing STR communities
• Enlist help of project manager to find leads

The benefit of doing a scenario analysis before you buy

• Run numbers for worst-case scenario
• Ensure investors will still get return

Our top wins since taking over Strawberry Creek

• Business up and running in under 2 months
• Increase revenue by 20% without renovations

The Future of Short-Term Rentals on GPFYP EP404

Strawberry Creek Village

Overnight Success 

Legends X Short-Term Rental Accelerator

STR Legends Mastermind 

Review GPFYP on Apple Podcasts 

Subscribe to the GPFYP Newsletter

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In the aftermath of the pandemic, a growing number of corporate workers are thinking about leaving their jobs to make room for what’s most important to them. And for those who already manage one or two units on Airbnb, building a short-term rental business seems like a natural fit.

But walking away from the certainty of a monthly paycheck is scary. Just ask Samantha, a Legends X student who is trying to decide if she should quit her job and go all-in on Airbnb.

On this episode of Get Paid for Your Pad, Samantha joins me to explain what inspired her to consider leaving her corporate job and share her concerns around the uncertainty of being a full-time Airbnb entrepreneur.

Listen in to understand how daily affirmations can benefit aspiring short-term rental entrepreneurs and find out if it’s time for YOU to quit the rat race and go all-in on Airbnb!

What inspired Samantha to consider leaving her corporate job

• Time to pause and reflect during pandemic
• STR business = more time for family, travel

3 mindset shifts you need to adopt to be an entrepreneur

1. View obstacles as opportunities for growth
2. Build thick skin re: feedback from network
3. Don’t be afraid to fail

Quit your job vs. build a business on the side

• Business grows faster when you’re all-in
• 'Fight better when there’s no way to retreat’ 

Biggest mistakes STR entrepreneurs make

• Jump on every opportunity vs. do one thing very well
• Clear vision gives confidence to say no to distractions

Daily affirmations benefit new and aspiring entrepreneurs

• Lower anxiety and facilitate important mindset shifts
• Recognize value, build belief that you’re on right path 

Samantha’s top tips for aspiring STR entrepreneurs

• Set vision for what you want business to be
• Systematize to get out of working IN business

Tony Robbins’ 6 Human Needs

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

Extreme Ownership: How US Navy SEALs Lead and Win by Jocko Willink and Leif Babin

VRMA Conference

Meetup.com

The Art of War by Sun Tzu

John Lee Dumas of Entrepreneurs on Fire

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email [email protected] 

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When Eric and I started building an Airbnb business together, our hiring process was arbitrary. We would recognize the fact that we needed help, reach out to our network and then hire the first person available. 

We didn’t have clear expectations around what the role would entail. It was impossible to hold team members accountable or help them improve.

On this episode of Get Paid for Your Pad, Eric and I explain how creating a job score card for each role, giving an example of how we use key performance indicators (or KPIs) to hold everyone accountable—from our cleaners to the CEO.

Listen in for insight on what you need to know about yourself before you start hiring and learn how the ‘hire slow, fire fast’ approach will help YOU find the right team members to scale your Airbnb business!

Creating a job score card for each role

• Communicate expectations with description of tasks and KPIs
• Offer feedback, review culture questions at monthly check in

How we use a job score card for the cleaners on our STR team

• Expectations clear with KPIs (5-star review for every turnover)
• Track and offer feedback at review, identify if need support

Benefits of conducting monthly performance reviews

• Creates intentional space to communicate with team regularly
• Easier to have honest conversation within structure of review

Hire team members who are a good culture fit

• Align around core values for decision-making
• Diverse global team all committed to world-class experience

What you need to know about yourself before you hire a STR team

• Understand individual skill set and how you perceive world
• Hire team with complementary skills or different perspective

Overnight Success 

Flying Cat Marketing 

Who: The A Method for Hiring by Geoff Smart and Randy Street 

Scaling Up: How a Few Companies Make It … and Why the Rest Don’t by Verne Harnish 

Traction: Get a Grip on Your Business by Gino Wickman  

Eric on The Sam Skelly Show EP201

Legends X STR Accelerator

STR Legends Mastermind 

Review GPFYP on Apple Podcasts 

Subscribe to the GPFYP Newsletter

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Craig Westaway took over the management of a luxury short-term rental property on July 1, 2020. And in one month, he made more than the previous operator did in all of 2019. 

Craig is the Cofounder and CEO of Bnbbooking, a high-end STR management company out of Gold Coast, Australia.

On this episode of Get Paid for Your Pad, Craig joins me to explain what he and his wife Holly do differently from ‘old school’ STR managers, describing how they create a high-end experience for guests across their portfolio of luxury accommodations.

Listen in for insight on meeting the high expectations of high-end guests and learn how Craig consistently TRIPLES the revenue of luxury Airbnb units by improving and personalizing the guest experience.

How Craig and Holly got started hosting

• Falling out with manager of own holiday home
• Wife took over management, tripled profits

How Craig 5Xed the profits on a recent acquisition

• Invest $20K in styling and rephotograph 
• Increase price from $1K to $3K/night

Craig’s insight on creating a high-end STR experience

• Beautiful styling, make sure everything works
• Take steps to accommodate right # of guests

What guests expect in a luxury STR booking

• Meet guests personally
• Gifts (e.g.: champagne, beer and chocolates)
• Midterm cleans and inspect prior to check-in

How Craig gets 5-star reviews despite high expectations

• Get to know guests and personalize experience
• Offer late checkout when possible 

How Craig finds high-end property owners

• Referrals and word-of-mouth marketing
• SEO on website = best sales tool

How to sell your services to a high-end property owner

• Listen to and align with their goals
• Make them feel comfortable with you

What Craig did to navigate the pandemic

• 80% drop in bookings during snap lockdowns
• Offer travel credits to guests forced to cancel

Craig’s advice around accommodating weddings

• Create separate listing
• Increase price point for wedding parties

What Craig got out of our Legends X STR accelerator

• Playbook to document systems
• Build team of VAs, tech guy to run business

Bnbbooking

Uplisting 

PriceLabs 

BNB Professional 

Julie George 

Airbnb Automated on YouTube

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email [email protected] 

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Short-term rental hosts asked... And this week, Airbnb delivered, announcing 50-plus upgrades to the platform in its 2021 Winter Release. 

So, what are the most important updates? And how do they impact you and your STR business?

On this episode of Get Paid for Your Pad, Eric and I share our top takeaways from Airbnb’s Winter Release, describing how Chesky’s team improved its host guarantee program—now known as AirCover.

We explore several of our favorite new features, including the accessibility review, pet fee option, in-app Wi-Fi speed test and short stay cleaning fee.

Listen in to understand how Airbnb’s ability to create community differentiates it from other OTAs and learn how YOU can benefit from the 50 new innovations on the platform!

How Airbnb changed its host guarantee program

• Pet damage, deep cleaning and income loss protection
• 14-day filing window and quicker reimbursements

The updates we like that benefit guests on Airbnb

• I’m (even more) flexible option
• Accessibility review
• Upgraded translation engine
• Added property categories

The updates we like that benefit hosts on Airbnb

• Getting started made simpler (10 steps)
• Option to add pet fee
• Easier to become Superhost
• Additional support for Superhosts

What we like about Airbnb’s new verified Wi-Fi speed test tool

• Helps work-from-home guests choose listings
• No longer need ugly pic of Wi-Fi speed in photos

The benefit of Airbnb’s new short stay cleaning fee

• Lower fees for guests on 1- or 2-night stays
• Helps hosts fill in gaps on calendar

What differentiates Airbnb from other OTA platforms

• Excel at design, marketing and creating community
• Address host concerns through tech innovation

Airbnb 2021 Winter Release 

Airbnb Host Advisory Board 

Strawberry Creek Village 

Big Idaho Potato Hotel

Legends X Short-Term Rental Accelerator

STR Legends Mastermind 

Review GPFYP on Apple Podcasts 

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Are you looking to scale your Airbnb hosting business? If so, you need to hire an operations manager sooner rather than later.

David Golshan is the founder of StayWithDave, a short-term rental business out of Los Angeles, California. He started hosting on Airbnb seven years ago, growing a portfolio of 50 units through rental arbitrage. Forced to downsize in the pandemic, Dave currently has 15 listings, and he is rebuilding his hosting business in the management model.

This episode of Get Paid for Your Pad, Dave returns for Part II of our discussion on Airbnb operations. We chat about the process of hiring a virtual operations manager for a STR business, exploring the best way to train someone for the role and the benefit of conducting a monthly review with your team.

Dave asks about our vision for outsourcing the management of Freewyld, the STR brand Eric and I are building. I explain why guests in secondary markets want to build a personal connection with their hosts—and how that impacts our operations.

Listen in for insight on operating in a highly regulated city like Los Angeles and learn how to choose an Airbnb-friendly market that’s the right fit for you!

Benefit of owning STRs

• Best way to build long-term wealth
• Real estate appreciates in value

Dave’s process: hiring a virtual operations manager

• Serve as integrator to oversee VAs + vendors
• Training through Loom and job score card

Monthly review team meetings

• Shifts dynamic among team
• Motivates all to up game (even owners)

Create connection with guests at Freewyld

• Onsite host lives in each community
• Add general manager for portfolio as scale

STR hosting in highly regulated cities

• Decide if willing to operate in gray zone
• Must be comfortable with uncertainty

Pros and cons of hosting in a vacation city

• More competition but fully legal
• Takes longer to scale but more sustainable

Tips for choosing STR-friendly markets to focus on

• Bring value to community long term
• Places where you already have listings

StayWithDave

StayWithDave on Instagram

Into the Weeds of the Operations of an Airbnb Business, Part I on GPFYP EP420

Harold Gonzalez on GPFYP EP369

Loom

Vacasa

STR Legends Mastermind

Legends X 90-Day STR Accelerator

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When Eric and I bought the existing Airbnb business at Strawberry Creek Village, the previous host didn’t use any technology tools at all.

Running the community as a traditional vacation rental, she tracked bookings with pen and paper, texted the cleaner personally and physically plugged in and unplugged the outdoor lights herself each day.

On this episode of Get Paid for Your Pad, Eric shares the home automation technology he’s installed at Strawberry Creek and describes the system we created around the digital locks and temporary access codes in our short-term rentals to streamline our business.

Listen in to understand why Eric and I are setting up the tech ourselves and get our best advice on implementing new technology in your Airbnb hosting business.

What tech we’ve installed at Strawberry Creek

• Lights turn on/off automatically
• Schlage Encode digital locks
• NoiseAware in units and outdoors
• Apple TV and Nest thermostats

The benefits of using digital locks in a STR

• Security
• Guest convenience
• Management

How we’re automating the guest code process

• Hostfully to import info at booking
• Manage and track via RemoteLock

Our best advice on implementing technology

• Take time for onboarding process
• Build SOPs around how to use tech

The advantage of creating walk-through videos

• Helps VAs with guest messaging
• Insurance in case of owner disputes

How we’re building relationships with guests

• Personal communication
• Onsite team member

Strawberry Creek Village

Strawberry Creek on Instagram

Breezeway

Wheelhouse

Schlage Encode Locks

NoiseAware

Apple TV

Nest Thermostats

Eric on TikTok

RemoteLock

Overnight Success

Review GPFYP on Apple Podcasts

Legends X STR Accelerator

STR Legends Mastermind

Email [email protected]

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If you manage listings remotely, operations can be a challenge.

With no supervision, how do you maintain quality control? How do you make sure that your cleaners and maintenance workers are meeting expectations?

David Golshan is the entrepreneur and real estate investor behind StayWithDave, a short-term rental business with properties in Los Angeles, Orange County and the Smoky Mountains. 

On this episode of Get Paid for Your Pad, Dave asks me questions about the operations of his Airbnb business, describing how hard it is to find contractors he can count on when unexpected issues arise.

Listen in for insight on putting systems in place to prevent operations issues and learn how to hustle to find good team members for your short-term rental business—despite the current labor shortage!

The ins and outs of Dave’s Airbnb business

• Listings in LA, Orange County & Smoky Mountains
• Transition from arbitrage to management model

Manage operations remotely

• Hire cleaner or cohost who’s invested in your vision
• Develop systems to prevent issues

How to hold STR team members accountable

• Job score card for everyone who works with you
• Financial reward for achieving KPIs

Sample key performance indicators for STR cleaners

• Airbnb ratings 
• Consistency

Sample KPIs for STR maintenance staff

• No guest complaints about things not working
• Show up within certain amount of time

Why it’s crucial to develop KPIs for contractors

• Align incentives with team members
• Incentivize to do good job

How to find maintenance workers and cleaners

• Online platforms may not work in labor shortage
• Stay in area and build relationships in person

StayWithDave 

StayWithDave on Instagram

Dave on Get Paid for Your Pad EP043 

How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

The Risks of Arbitrage on GPFYP EP419 

Julie George 

Breezeway 

Thumbtack

STR Legends Mastermind

Legends X 90-Day STR Accelerator

Email [email protected] 

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Today, Eric and I are focused on buying property and building a hospitality brand. We also run a Short term rental mastermind as well as the Legends X coaching program.

We started just like everyone else, hosting a single property on Airbnb.

And the reason why we can teach at such high level is because we’ve been through it all; Run into challenges, made mistakes, figured out how to problem-solve and move forward.

On this episode of Get Paid for Your Pad, Eric explains how he got started with Airbnb: his transition from house flipping real estate investor to STR entrepreneur.

He describes what inspired his vision to build an online business in the real estate space, how he discovered STRs and why he pivoted from rental arbitrage to a management model.

Listen as Eric shares his craziest guest experience and learn how you can benefit from our mistakes and scale a STR business of your own!

Eric’s real estate investing background

• 10 years raising money to flip houses
• Added Section 8 apartment buildings

Eric’s introduction to being a digital nomad

• Met John Lee Dumas 7 years ago
• Vision for online business in real estate

Eric’s move: New Jersey to San Diego

• Built network of entrepreneurs in CA
• Room at Epic Entrepreneur House

What inspired Eric’s focus on STRs

• Met STR entrepreneur as Airbnb guest
• Realized could automate with tech

Eric’s first Airbnb property in San Diego

• Opportunity to lease 2BR in La Mesa, CA
• Made $2K profit in first month

Why Eric pivoted from an arbitrage model

• Ups and downs of market in crash
• Recognized leasing too risky to scale

The power of the management model

• Managed vacant units for HNWI as STRs
• 3X revenue of leases without paying rent
• Use profits to buy property, build wealth

What Eric would've done differently

• Focus on building portfolio in single market
• Stick to one business model, property type

How Eric dealt with challenging guests

• Recognize where failed and solve problem
• Grow as person, make better decisions

John Lee Dumas of Podcasters’ Paradise

The Epic Entrepreneur House

Eric on Get Paid for Your Pad EP175

Overnight Success

Get Paid for Your Pad on Apple Podcasts

Legends X STR Accelerator

STR Legends Mastermind

Email [email protected]

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