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

You might be surprised to hear that the most downloaded episode of Get Paid for Your Pad so far this year is a show about systems. While operations is not the sexiest aspect of running a short-term rental business, it may be the most important.

So, what is involved in building out the operations for an Airbnb business? And how does creating systems benefit you as a host?

On this episode of Get Paid for Your Pad, Eric and I sit down to discuss the ideal operations to scale your STR business, describing how to identify the most efficient processes and save time and brain power.

We explain why it’s crucial to write down everything you do for your vacation rental business and offer advice on how to start the documentation process.

Listen in to understand what STR operators can learn from McDonald’s and find out why focusing on operations is the prerequisite to scaling your Airbnb hosting business!

The 3 things you need to grow an Airbnb business

1. Vision
2. Operations
3. Scale  

What we mean by the term operations

• Goes beyond tech tools for automation
• Document processes for every task

Why it’s crucial to document your operations

• Easy to hand off tasks to team members
• Takes you out of business asap
• Gives you option to sell business in future 

Why we’re documenting every step of our STR takeover

• Use as blueprint for future acquisitions
• Smooth transition from previous owner

The benefit of documenting systems from the get-go

• Forces to create most efficient process
• Save time and brain power on repetitive tasks

Our advice on how to start the documentation process

• Start with voice notes or Zoom videos
• Transfer to spreadsheet or document later

What to ask yourself as you refine your STR systems

• Can I remove steps from this process?
• How do I simplify this system?

How a STR business is like a McDonald’s franchise

• Get clear on vision and build operations
• Maintain brand standard in multiple locations

Eric on TikTok

Eric on Instagram

How Systems Make Your Life Easier as an Airbnb Host on GPFYP EP376

Overnight Success

The Founder

Legends X 90-Day STR Accelerator

Email [email protected] 

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Are you still trying to do it all yourself in your short-term rental business? If you’re afraid to be away from your phone even for a few minutes or worried that you forgot to follow up with a guest, it’s time to consider hiring a virtual assistant or two—before you burn out!

So, what do you need to know about hiring VAs? How can they help you scale your STR hosting business?

Kim Herrlein is the founder of Purveyors of Leisure, a short-term rental management company headquartered in the Coachella Valley of California. Kim’s team focuses on large group travel, combining the comfort of a vacation rental with the luxury of resort-style concierge services.

On this episode of Get Paid for Your Pad, Kim joins me to explain how hiring virtual assistants has been a game changer for her Airbnb business, describing what her VA team does and how she trained them. 

We discuss the common misconceptions around hiring Filipino VAs, and Kim describes the advantages of hiring virtual assistants through an agency like Sphere Rocket or Virtual Staff Finder. 

Listen in to understand how hiring VAs has helped Kim transition from Hectic Host to Rising Star and find out how YOU might benefit from adding the services of a virtual assistant to your STR team.

How Purveyors of Leisure caters to large group travel

• Boutique hotel with 6+ bedrooms on private resort
• Host weddings, retreats and corporate meetings
• Host on the ground available from 9am to 9pm
• Offer concierge services, e.g.: private chef, massage

Why Kim hesitated to hire a VA for her STR business

• Questioned that there’d be enough work for VA
• Wasn’t organized enough to hand tasks over

The benefits Kim sees from hiring a team of VAs

• Fresh eyes on business, implement new ideas
• VAs do guest communication so Kim can unplug

Kim’s unique approach to training her virtual assistants

• Share recurring questions + create own cheat sheet
• Study for 2 weeks before communicate with guests

What Kim is focusing on now that she’s built a VA team

• Identify new properties to expand portfolio
• Design work and project management

Why Kim recommends hiring VAs through an agency

• Get help with hiring process, contracts, etc.
• Educates you on how to best use VA’s skills

The projects Kim’s VAs are leading in her STR business

• Creating social media marketing plan
• Build email list for existing guest outreach

The most common misconceptions about hiring Filipino VAs

• Don’t speak English well, can’t do complex tasks
• Being taken advantage of with low wages

Kim’s advice to hosts on working with virtual assistants

• Give sense of ownership and autonomy
• Check in regularly and ask for feedback

Purveyors of Leisure

Sphere Rocket Virtual Assistants

StayFi

Avochato

Slack

Rebecca Slivka

Hicksville Trailer Palace

Virtual Staff Finder

Legends X Short-Term Rental Accelerator

Get Paid for Your Pad on YouTube

Email [email protected] 

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Don’t think you need a vision for your Airbnb business?

If you’re trying to grow a short-term rental company, but you haven’t given any thought to what you want the business to look like, you’re likely to get caught in the trap of trying to please everyone. 

And in trying to please everyone, you please no one—least of all yourself!

On this episode of Get Paid for Your Pad, Eric and I sit down to discuss why you need a vision for your Airbnb business, explaining how it guides the systems you build and helps you stand out in the marketplace. 

We explain how a clear vision helps you attract the right team members, challenging you to get clear on your core values and invite your employees to hold you accountable. 

Listen in to understand how having a vision benefits even hosts with one or two listings and learn what questions to ask yourself as you build out the vision for your STR business!

How to create the right conditions to build your vision

• Get out of day-to-day routine
• Eliminate distractions for clarity of mind

Why vision is so important to an Airbnb business

• Understand what systems and team to build
• Helps see problems as opportunities
• Attracts right people to business
• Gives confidence to keep taking action
• Cultivates patience when results take time
• Makes business stand out in marketplace

How vision helps you attract the right team members

• People who apply share core values
• Hold accountable to drive vision forward

Questions to ask as you build the vision for your business

• What are our core values?
• What STR business model do we want to use?
• Who do we want to serve as guests?
• What is our long-term goal for the business?

How having a clear vision helps hosts with 1 or 2 units

• Design space to meet needs of target guest
• Charge more for premium experience

Legends X Short-Term Rental Accelerator

Tony Robbins

David Goggins

Can’t Hurt Me: Master Your Mind and Defy the Odds by David Goggins

Get Paid for Your Pad on YouTube

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Imagine having chemical sensitivities to the cleaning products used in most short-term rentals and knowing that every time you travel, you are likely to get sick.

Katrina Papé solves this problem with green cleaning. And in addition to attracting travelers with multiple chemical sensitivities, she feels good about minding the health of her guests, her cleaning staff and the environment.

Katrina is the founder and CEO of BnB Equity Group, an investor-focused professional vacation rental property management company based in Seattle, Washington. Katrina has 27 years of experience as an entrepreneur, and her background in business management, interior design and real estate investing give her a competitive advantage in the short-term rental space.

On this episode of Get Paid for Your Pad, Katrina joins me to explain how her own sensitivities to chemicals following a health crisis inspired her shift to green cleaning—both at home and in her STR units.

She discusses the prevalence of multiple chemical sensitivities and describes how to know if a cleaning product is truly chemical-free.

Listen in for insight on targeting health-conscious guests and learn how to develop your own niche in green cleaning and chemical-free Airbnbs.

How Katrina got started hosting on Airbnb

• Went through divorce and health crisis
• Listed own home to save it in 2014 

What inspired Katrina’s shift to green cleaning

• Health crisis led to chemical sensitivities
• Extend green cleaning at home to STRs

The prevalence of multiple chemical sensitivities

• 39% of Americans suffer from MCS
• Difficult to travel and not be sick

How to know if a cleaning product is chemical-free

• Get rating at ewg.org
• Avoid anything with synthetic fragrance

Where to go for green cleaning products

• Natural section of grocery store
• Buy in bulk on Amazon or Thrive Market

The benefits of green cleaning your Airbnbs

• Health of guests, cleaners and environment
• Attract health-conscious travelers

How to target guests with chemical sensitivities

• Add green cleaning, chemical-free to title
• Include photos of products used

How to be pet-friendly and serve guests with allergies

• Use Easy Air on rugs, furniture, carpets, etc.
• Available through amazing-solutions.com

How STR Legends X helped Katrina build her business

• Support in choosing tech stack
• Systems in place to expand

BnB Equity Group

Environmental Working Group

Thrive Market

Amazing Solutions

Easy Air Organic Allergy Relief Spray

Legends X 90-Day STR Accelerator

Email [email protected] 

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As we look to predict the future of short-term rentals, it’s useful to look at industry trends. 

Searches for unique properties on Airbnb grew 94% in the first half of 2021 compared to the same period two years ago.

How can STR hosts leverage an understanding of this information to anticipate how travel will evolve and build a business that capitalizes on the trends?

On this episode of Get Paid for Your Pad, Eric and I sit down to discuss the rise of unique STR experiences, explaining why properties like the Big Idaho Potato Hotel and Bolt Farm Tennessee are likely to thrive moving forward.

Listen in for insight around the top travel trends in 2021 and learn how to design an Airbnb business that is built for the future of short-term rentals.

Trend to unique experiences

• Connect with vision/soul of property
• Story to share on social media

Top travel trends in 2021

• Live abroad (geoarbitrage)
• Workcation
• Gen Z travelers

Hospitality brands are the future of STRs

• Guests connect with values
• Investor demand

Smaller STR portfolio

• Maintain brand standards
• Potential to sell business 

The Mushroom Dome Retreat

'Inside the World’s Most Booked Airbnb’ in Hustle

Joshua Tree Mirror House

Airbnb Report: Travel & Living

10 Travel Trends for 2021

VTrips Vacation Rentals

‘Private Equity Looks to Challenge Vacasa by Backing VTrips Vacation Rental Firm’ in Skift

Vacasa

Hicksville Trailer Palace

Eric on TikTok

Eric on Instagram

Legends X STR Accelerator

STR Legends Mastermind

Email [email protected]

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So, you’re an Airbnb host in a saturated market. The investment blogs said it would be easy to build a thriving short-term rental business in your area, but you've got a lot of competition.

How do you stand out? Can you use design to create a guest experience that sets you apart?

Kate Shaw and Betsy Moyer are the cofounders of Retreat Experiential Design, an all-in-one Airbnb experiential design firm that transforms Airbnb properties into true retreats. Betsy is also the creator of the home décor and interior design brand, The Estate of Things, and Kate is an Airbnb Superhost with a portfolio of 10 units near Joshua Tree National Park.

On this episode of Get Paid for Your Pad, Kate and Betsy join me to share the fundamentals of experiential design, explaining how they identify the unique value proposition of a new property and design with the with guest in mind.

They discuss how to succeed in a saturated market like Joshua Tree and offer advice on creating a win-win between Airbnb hosts and the local community.

Listen in for insight on creating a unique guest experience on a budget and learn to leverage experiential design to stand out on Airbnb!

How Kate & Betsy define experiential design

• Design as if hosting in own home
• Utilize every inch of property

How Kate & Betsy approach a new property

• Identify unique value prop of space
• Consider guest trying to attract

How to save money on experiential design

• Leverage local artisans and artists
• Use thrift store + Craigslist finds

How to succeed in a saturated market

• Create unique experience
• Consider visitor demographics

How to create a win-win with the local community

• Provide jobs to locals, pay living wage
• Encourage investors to build vs. buy

Kate’s top tips for aspiring Airbnb hosts

• Focus on guest experience/happiness
• Act as if hosting friends and family

Retreat Experiential Design

Retreat Design on Instagram

Desert Barn House on Instagram

Joshua Tree National Park

‘Odd Job: What’s It Like to Own the Most-Visited Airbnb in the World’ in Vox

Kate on Airbnb

Kate on Instagram

The Estate of Things

The Estate of Things on Instagram

Legends X 90-Day STR Accelerator

Get Paid for Your Pad on YouTube

Email [email protected]

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Many STR hosts have dreams of turning their Airbnb business into a real estate investing company. But what does it look like to buy a property for short-term rental? How, exactly, does the process work?

Eric and I are currently in negotiations to buy an existing short-term rental business, including its four Airbnb properties and the land they’re on. And we’re learning a lot along the way.

On this episode of Get Paid for Your Pad, Eric and I sit down to share what we’re learning from buying this Airbnb property, explaining why it’s crucial to start with a vision of what you want to build and be patient through the process.

We walk you through our plan to improve the guest experience and increase revenue at the STR community we’re buying, eventually refinancing the property to build personal wealth and expand our portfolio.

Listen in for insight around the top three reasons to build a STR hospitality brand and learn how you can turn your Airbnb hosting business into a short-term rental investment company.

Why it’s crucial to manage your emotions when you buy real estate

• Buy on numbers, overpay when attached to outcome
• Must be willing to let go (‘this or something better’)

How to recognize if the STR brand you’re buying is a good deal

• Value in opportunity to upgrade guest experience
• Increase revenue right away with technology, systems

Our plan to increase revenue at the STR community we’re buying

• Improve experience, raise prices by 30% to 50%
• Costs stay fixed = profit doubles
• Increase number of units from 4 to 14 income streams

The beauty of investing in real estate for short-term rentals

• Increase value of property to refinance in future
• Return cash to investors, pay selves and buy more STRs

How Airbnb hosts can become STR real estate investors

• Use other people’s properties to build hospitality brand
• Leverage profits to invest in real estate for STRs

Our top lessons learned from buying our next Airbnb property

• Develop clear vision of what you want to build
• Be patient through process vs. saying YES to everything

The top 3 reasons to build an Airbnb hospitality brand

1. Lifestyle business
2. Scale to sell
3. Generational company (wealth to pass on)

Get Paid for Your Pad on YouTube

Legends X Short-Term Rental Accelerator

Eric on Instagram

Eric on TikTok

STR Legends Mastermind

Hicksville Trailer Palace

Patrick at EXSTR Apartments

Get Paid for Your Pad

Email [email protected]

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Savvy short-term rental hosts have pivoted in the last 18 months, shifting their business model to provide family-friendly accommodations that welcome kids and pets for long-term stays. 

So, what does it look like to set up an Airbnb that works for large families and their furry friends?

Legends X Alum Rachel Gainsbrugh is the Cofounder of Short Term Gems and the Chief-of-Staff at All Pocono Rentals. She also works as a full-time pharmacist and has a husband, three dogs and two kids!

On this episode of Get Paid for Your Pad, Rachel joins me to share her top tips for hosting families with pets, explaining how she pivoted the Short Term Gems brand to cater to displaced homeowners.

She offers advice on dealing with insurance companies and describes how to adjust the guest experience for families who are there because something happened to their home.

Listen in for Rachel’s #1 lesson learned from participating in Legends X and learn how to provide a 5-star guest experience for pets—and the people who love them.

How Rachel hosts and works full time

• Leverage resources to delegate, outsource
• Only do revenue-generating activities

Rachel’s Short Term Gems luxury brand

• Furnished accommodations for travelers
• Landlord owners, arbitrage and cohosting

Rachel’s pivot to a niche guest avatar

• Host displaced homeowners (floods, fires)
• Large families with kids and pets

How Rachel caters to large, displaced families

• Quality cookware, fully stocked kitchen
• Recreation station for kids
• Shift tone to provide help and support

Rachel’s tips for dealing with insurance companies

• Ask for deposit and have guest sign lease
• Home value impacts STR stay allocation
• Consider hotel rate, cost of boarding pets

What amenities you might provide for pets

• Custom linens and pet beds
• Doggie doors

Rachel’s #1 lesson learned from Legends X

• Network = net worth
• Share resources in accountability pod

All Pocono Rentals

Rachel’s List of the Top 75 Places to Invest

Short Term Gems

Julie George

Legends X 90-Day STR Accelerator

Email [email protected] 

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Airbnb reported revenue of $1.3B for Q2 of 2021, surpassing 2019 numbers for the same period by 10%. And as people get more and more comfortable traveling again, the short-term rental BOOM is likely to continue.

So, what can you do to capitalize on this upswing in the vacation rental market?

On this episode of Get Paid for Your Pad, Eric and I explain how the pandemic has helped facilitate STR growth, driving the popularity of unique stays in drive-to destinations.

We share our vision for the hospitality brand we’re launching soon and describe how getting clear on what you’re building makes decisions easier.

Listen in for insight on scaling a STR management business to fund real estate investments and learn how Legends X can help you take advantage of the BOOM in short-term rentals!

How COVID facilitated a BOOM in short-term rentals

• People rediscovered unique places to visit near home
• Option to work/study remotely allowed for travel

What we see as the next big thing in STRs

• Unique stays in drive-to markets
• Hospitality brands

Our vision for the travel brand we’re launching soon

• Nature-inspired sites short drives from metro areas
• Experience-based tiny home + cabin communities

Why we recommend starting with a vision for your business

• Things fall into place once you know what you want
• Clarity on what you’re building makes decisions easy

What’s unique about our journey to becoming investors

• Manage other people’s properties (no cash to start)
• Scale management business to buy real estate

Who is a good fit for the Legends X STR Accelerator

• Coachable hosts who want to grow
• Excited to be part of community

Hicksville Trailer Palace

Legends X Short-Term Rental Accelerator

Overnight Success

Eric’s Instagram Post on Expansion

Get Paid for Your Pad

Email [email protected] 

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Not only is airbnb used for vacation rentals, many use airbnb to get a better feel of a city when looking into buying or investing there.

What if you could gain real estate clients from an airbnb property that is already bringing you in residual income?

Cynthia Tant is a real estate agent and broker out of Pensacola, Florida who owns 3 businesses that all work together cohesively. She started investing 30 years ago, becoming a real estate agent 10 years after and has been a broker for the past 11 years. 

On this episode of Get Paid for Your Pad, Cynthia joins me to explain how she combines and leverages her real estate business, long term rental business and short term rental business to all feed into each other.

She provides insight on the disadvantages and advantages between long term and short term rentals, and what she’s learned through her years of experience.

Listin in for insight on leveraging airbnbs to boost your real estate business and success, and get her advice on how she continuously works to improve her businesses.

The background of Cynthia’s businesses

• Had a realtor who was an investor 
• Got started with multi families and historical homes
• Saw a need for property management from a long term perspective

How Cynthia manages to run 3 businesses

• Is getting better systems in place from Legend X
• Planning to make them work well on their own to be able to eventually be able to retire

How the free companies work to feed off of each other

• Airbnb customers feed into the real estate business
• Provides a digital guide book in each unit that sparks an interest

The importance Cynthia finds in prioritizing masterminds

• Enjoys having a structured educating environment 
• Uses masterminds to build structure in her businesses and for sales
• Is looking to build her businesses to have the value to sell in the future

Long term vs short term rentals

• Has converted all of her long term to short term rentals
• Manages people in long term rentals and works to convert them
• Prioritizes short term rentals for herself with the goal to retire

Gulf Coast BnB Rentals

Gulf Coast Experts

Co Author of The Ultimate Guide to selling your home

Email [email protected]

90 Day Short-term Rental Accelerator Mastermind

Get Paid for Your Pad on YouTube

Email [email protected] 

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