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

Are you chasing property owners and investors in an attempt to scale your short-term rental management portfolio? What if you could market yourself in a way that makes new business chase YOU?

Julie George is the Founder of Million Dollar Host, a platform committed to helping STR hosts scale a successful property management business. Julie grew her own Airbnb management company from zero to 130 properties in three years and earned $8M before selling the portfolio in 2019, and she shares her secrets in the book Million Dollar Host. Julie also serves as a coach with our STR accelerator Legends X.

On this episode of Get Paid for Your Pad, Julie joins me to explain what you need to know BEFORE you start marketing your STR business and how to position yourself as the Airbnb expert in your community. She shares her top strategies for building strategic relationships, describing how to team up with local real estate agents and where to meet potential investors and property owners in your community. Listen in for Julie’s insight on the benefits of self-promotion and learn how Legends X can help you implement Julie’s million dollar marketing secrets!

What you need to know before you market your STR business

• Business identity, e.g.: luxury, eco-friendly, etc.
• Ideal property types and guest avatar

How to position yourself as a STR expert in your community

• Traditional advertising (magazines, billboards, etc.)
• Write series of articles on benefits of Airbnb
• Prominent storefront and/or website for investors

How to get more comfortable with putting yourself out there

• Develop and display creative logo or catchphrase
• Practice elevator pitch to explain what you offer

How to build strategic relationships with real estate agents

• Go to open house for overpriced luxury property
• Offer to team up to help agent sell home as STR
• Prepare appraisal report re: potential STR profit
• Offer investors opportunity to ‘try before you buy’

Julie’s strategy for meeting local investors/property owners

• Give 1-minute elevator pitch at local BNI meeting
• Bring business card and gift for each attendee

Million Dollar Host

Million Dollar Host on Facebook

Million Dollar Host on Instagram

Julie on Twitter

Julie on LinkedIn

Email [email protected]

Legends X

Julie on GPFYP EP300

Julie on GPFYP EP346

Million Dollar Host: Julie’s AirBnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too by Julie George

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

AirDNA

Clubhouse

Keys to Kelowna on Instagram

Business Network International

Get Paid for Your Pad on YouTube

Email [email protected]

Hostfully [Discount Code PAD]

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Yesterday we announced our brand new virtual event, From Host to Successful Hospitality Brand. 

If you haven’t registered yet, do so now, because we’re opening up our private FB group where we’re going to start dripping out free content. 

In addition, you can connect with the experts that will be leading the training prior to the event. 

A bit more about the event...

There are thousands of types of homes in the world. One home can look completely different from another one. 

But, every home has doors, windows, a foundation and a roof. 

We have discovered that this is true for successful short-term rental companies too. 

They are all different, but there are three ingredients they all have:

1) A clear VISION. 

2) Streamlined OPERATIONS. 

3) A focus on SCALE.

And we're going to dive deep into these three pillars on our upcoming LIVE virtual event on March 18th-19th.

Click here to grab your seat (it's free)

You don't want to miss this one!

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As you know, Eric and I have been working together for a few years now building different products and events for the short-term rental industry.

To better serve our mission, we've officially partnered to bring all of our brands and products under one umbrella.

We're calling our company...Overnight Success! 

If you're reading this, you're one of the first people to hear about our rebrand.. 

Through Overnight Success, we're able to drive more value, and help hosts from around the world achieve freedom through building the hospitality businesses of their dreams. 

We have a lot in store for you and the S.T.R. industry this year, and we're excited to be on this journey with you.

Stay tuned! 

Check out our new site at www.overnightsuccess.io.

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As of December 7, 2020, Airbnb hosts who use third-party property management software are required to use Simplified Pricing (unless your listings are in the US, Canada, Mexico, Argentina, Taiwan, Uruguay or the Bahamas). This means there will be no service fee visible to the guest, and the host will pay 15%. So, how can you adjust your pricing to accommodate this new policy?

Anurag Verma is the Cofounder at PriceLabs, a dynamic pricing tool and market data resource for short-term rental hosts. PriceLabs uses a data-driven approach to help STR operators manage pricing and stay restrictions, growing their revenue in the process. Anurag has eight years of experience in the travel industry, and he is an expert in the field of in revenue management.

On this episode of Get Paid for Your Pad, Anurag joins me to discuss how to adjust your rates to accommodate the new 15% Airbnb host fee. He explains how the length of stay and lead times have shifted in the COVID era, offering advice for STR hosts around how to optimize revenue in an uncertain time. Listen in for Anurag’s insight on leveraging market data to make pricing decisions and learn how YOU can benefit from using the PriceLabs revenue management platform!

How to adjust your rates to accommodate the 15% host fee

• Raise prices in order to keep your payout the same
• Go through the math carefully, use PriceLabs blog

The two STR variables that have changed in the COVID era

1. Length of stay increase (double in some locations)
2. Lead time shorter, booking rush 2 to 3 weeks out

Anurag’s advice on planning if you’re in a summer market

• Go ahead and raise rates for summer
• Monitor market data, lower prices as necessary

What STR hosts are doing to generate more bookings

• Offer discounts to guests who extend their stay
• Share discount code with previous guests

Why STR guests have more flexibility right now

• Ability to do remote work from anywhere
• No penalty to change flights

Anurag’s tips for optimizing your revenue in 2021

• Use market trends to adjust last-minute pricing
• Don’t discount TOO much and don’t panic
• Experiment with one property to see what works

How PriceLabs’ Market Dashboard feature works

• Enter address and select radius
• Receive email as trends change

How to use market data for strategic pricing decisions

1. What kind of bookings are happening?
2. Am I getting that kind of booking?
3. Will I benefit from that kind of booking?
4. How can I attract bookings like that?

The benefits of leveraging the PriceLabs platform

• $10 flat fee for Market Dashboard
• Dynamic Pricing based on # of properties

PriceLabs [Code GPFYP]

STR Legends

Airbnb’s Simplified Pricing Guidelines

PriceLabs’ Blog on Adjusting for the 15% Host Fee

Jasper’s Price Adjustment Calculator

PriceLabs’ Market Dashboards

Get Paid for Your Pad on YouTube

Email [email protected]

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We all know that you can save money by buying in bulk. And most short-term rental hosts do try to negotiate discounts when we purchase multiple mattresses, rugs or couches for our units. But what if you could leverage the purchasing power of, say, 50,000 STR hosts AND have someone else do the negotiating for you? What if you could get up to 75% off the furniture and amenities you need to set up and manage your Airbnb units?

Jeff Iloulian is the Cofounder and CEO of HostGPO, the first international group purchasing organization for the short-term rental industry. Jeff’s team helps professional vacation rental managers save time and money by offering access to exclusive deals on furniture, mattresses, linens and STR amenities. Jeff has nearly ten years of experience as a host himself, running as many as 150 units in Southern California.

On this episode of Get Paid for Your Pad, Jeff joins me to discuss the benefits of joining HostGPO, sharing the conditions for becoming a member and some of the brands HostGPO partners with. He walks us through the process of ordering through HostGPO and explains the minimum requirement for purchases. Listen in for Jeff’s advice for hosts moving into 2021 and learn how you can save up to 75% on furniture and amenities for your STR units!

Jeff’s advice for vacation rental managers moving into 2021

• Be strategic in choosing markets
• Focus on professionalism, unit integrity

How Jeff thinks about the trend toward secondary markets

• Temporary thing caused by COVID
• Drive-to destinations will be popular for 3-4 years

How hosts can save up to 75% through HostGPO

• Join pool of professional hosts (negotiate as group)
• Get discounts on furniture, mattresses, linens, etc.

The cost and conditions of joining HostGPO

• First year free (fee will depend on # of units)
• Must have at least 3 STR units

Some of the brands HostGPO partners with

• Williams-Sonoma, West Elm and Pottery Barn
• Helix Sleep, Brooklinen and Standard Textiles
• World Amenities and Public Goods

The requirements around minimum purchases

• No minimum amount for most vendors
• Some partnerships geared toward larger orders

How much hosts save through HostGPO

• Average member saves 50% on new unit setup
• Discounts range from 35% to 75%

The benefits of joining HostGPO

• Purchasing power of all 50K members
• No commitment to buy through group
• Products for high-end or value units
• Access to hospitality-optimized goods
• Still allows for individuality
• Discounts already negotiated for you

How it works to order products through HostGPO

• Some vendors offer coupon code
• Others require purchase order

How HostGPO’s conditions differ from buying full-price

• Same product warranties
• Return policies waived in some cases

What Jeff wishes he would have known from the start

• Don’t be too conservative
• Set up better quality unit for much higher return

HostGPO

STR Legends

Eric Moeller

Host GPO’s FAQ Page

Host GPO’s List of Vendor Partners

Email [email protected]

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Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?

Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.

On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!

How COVID is driving travel trends in 2021

• Harder to plan in advance = shorter lead times
• Ability to work from anywhere = longer stays

How Andrew defines lead time for short-term rentals

• How far in advance guests book your STR
• Best way to see how market values your property

How to analyze lead time data for your market

• Compare your lead times with market average
• Selling too far in advance means it’s underpriced

How lead times have changed in 2021

• General trend to shorter lead times (< 20 days out)
• Popular drive-to destinations = longer lead times

What Airbnb host accommodations are earning more revenue

• Flexible cancellation policy
• Pet-friendly units

How length-of-stay patterns have changed in 2021

• Guests staying longer in most markets
• Trend toward extended bookings

How to maximize STR revenue with dynamic minimum stays

• Don’t take short bookings far in future
• Set minimum slightly higher than market average
• Decrease minimum stay as dates get closer

How to deal with gaps in your STR calendar

• Offer discount for guest staying just before gap
• Use Wheelhouse to auto adjust minimum stay

The new features available through Wheelhouse

• Market Reports came out Q4 of 2020
• Beta testing Competitive Set Tool

Wheelhouse [Referral Code PAD]

Email [email protected]

Andrew on GPFYP EP365

Pet-Friendly STRs on GPFYP EP358

Wheelhouse Market Reports

STR Legends Mastermind

Airbnb Cancellation Policy Trends

Andrew’s Demo Videos

Email [email protected]

Hostfully

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We experienced an unprecedented drop in GDP in 2020 and record unemployment numbers. And yet, the real estate and stock markets seem to be doing fine. So, how do we make sense of this discrepancy? What is the economic outlook for 2021 and beyond? And is now a good time to invest in short-term rental properties?

Jason Hartman is the creator of The Empowered Investor and host of the Creating Wealth Show. He has spent the last 17 years helping people achieve financial freedom through real estate investing. Jason has been involved in thousands of real estate transactions and owned income properties of his own in 11 US states. He is also the author of the eBook Pandemic Investing: How to Turn Fear Into Profit.

On this episode of Get Paid for Your Pad, Jason joins me to share his outlook on the global economy, discussing why the real estate and stock markets are booming despite record unemployment. He describes how STR investors can benefit from what he calls inflation-induced debt destruction, explaining why right now IS a good time to invest in real estate and when a mortgage is not a liability—but part of your asset. Listen in for Jason’s prediction around the future of the housing market and get his advice on aligning your interests with ‘the powers that be’ by investing in STR income properties!

Jason’s insight on what is happening in the global economy

• Record drop in GDP and unprecedented unemployment
• Governments creating money = markets booming

How Jason thinks about the uneven economic recovery

• Service industries hit hard, information jobs doing well
• Wider gap between rich and poor (bad for society)

How we can benefit from inflation-induced debt destruction

• Take advantage of 30-year, low fixed-rate mortgages
• Pay back with cheaper money in future due to inflation

What makes now a good time to invest in the STR market

• Drive-to markets with low density thriving in pandemic
• Linear and hybrid markets safer bets than cyclical

When a mortgage is not a liability but part of your asset

• 30 years to pay off at artificially-low fixed rate
• Create wealth over time as value of USD drops

Jason’s prediction around the future of the housing market

• Mortgage rates will eventually HAVE to go up
• Supply constrained more and more
• People will stay put or keep properties as rentals
• New supply will have to be built

How governments are likely to respond to ongoing unemployment

• Expansion of rental housing assistance programs
• Push to universal basic income (control spending)

Jason’s advice for short-term rental real estate investors

• Align interests with governments and central banks
• Income properties most proven asset class in world

Empowered Investor

Pandemic Investing

Creating Wealth Show

STR Legends Mastermind

Cantillion Effect

Eric Moeller

Section 8

Andrew Yang

1984 by George Orwell

Email [email protected]

Hostfully

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What kind of linens should you buy for your short-term rentals? Should you focus on quality or durability? And how do you take care of the bedsheets and towels so that they last longer?

Harold Gonzalez is the Cofounder of EXSTR Apartments, a STR property management company based in Cali, Colombia, where ‘the weather is hot, the drinks are cold and you’re always welcome.’ Harold got his start in hospitality working for Marriott International in New York City, and after eight years in the hotel industry, he transitioned to vacation rentals. Today, Harold and his business partner, Patrick, manage a portfolio of 21 units—including my penthouse in Cali! Harold has special expertise in maintaining linens, and he recently led a training on the subject in our STR Profit Academy.

On this episode of Get Paid for Your Pad, Harold joins me to explain how to manage your linen efficiently, offering insight on how to decide what type of bedsheets and towels to offer your guests and find the right balance between durability and quality. He shares the do’s and don’ts of washing and drying linens for a short-term rental, describing how to get rid of difficult stains without using harsh chemicals. Listen in for Harold’s advice on deciding whether to outsource linen management or take care of it in-house and learn how to extend the life span of the bedding and towels in your Airbnb units.

Harold’s insight on traveling to Cali, Colombia

• Beautiful weather, third largest city in country
• Some COVID restrictions but open to air travel

Harold’s background in the hospitality industry

• 8 years with Marriott Hotels in New York City
• Worked way up to management in short time

The pros and cons of outsourcing linen management

• Saves time
• More costly, less control

How to decide what type of linens to offer guests

• Look at what competitors offer, guest feedback
• Consider type of travelers who stay with you
• Find balance between durability and quality

Harold’s advice on choosing the best linens for a STR

• Thread count from 200 to 300
• Cotton-polyester blend (soft and durable)
• All white associated w/ cleanliness + comfort
• Keep three sets on hand for each unit

The don’ts of washing and drying STR linens

• Don’t ball up sheets or overload machines
• Don’t use harsh chemicals
• Don’t put detergent directly on linens
• Don’t use too much detergent
• Don’t dry on high heat or let sit in heat
• Don’t use fabric softener

The do’s of washing and drying STR linens

• Do spot treat stains
• Do use mild detergent
• Do unfurl linens
• Do use medium heat settings
• Do soak in vinegar + baking soda regularly

How to get rid of stains on linens

• Treat grease and oil w/ dish detergent
• Use denatured alcohol on makeup stains
• Get rid of dirt w/ baking soda + vinegar
• Try baking soda or salt to lift wine
• Only use bleach as last resort

How to extend the life span of your STR linens

• Post house rules, inventory and instructions
• Provide makeup wipes or black towels
• Offer guests disposable towels for accidents

EXSTR Apartments

STR Profit Academy

Your Porter [Discount Code PAD]

Email [email protected]

Hostfully

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