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

Remote work became a reality during the COVID-19 pandemic, and many of us learned that you really can do business from just about anywhere. And now that companies like Twitter and Square are giving their teams the option to work from home even after we return to normalcy, remote employees are looking for a cool places travel and do their work. So, what can STR hosts do to capitalize on this opportunity?

Robert Nunez is the vacation rental expert behind Work in Paradise, a STR villa on the island of Aruba that caters to remote workers. The Work in Paradise suites are minutes away from the beach, affording guests the opportunity to snorkel or enjoy a SeaBob adventure when their work day is done. Robert has been hosting on Airbnb since 2013, and in addition to his Aruban villa, he manages a portfolio of 76 units in Philadelphia, Miami, New York and New Jersey.

On this episode of Get Paid for Your Pad, Robert joins me to explain how he came up with the idea for Work in Paradise, describing what Aruba has to offer remote workers and why he chose to open a new business during the pandemic. He offers insight on attracting remote workers on social media and providing both private and community workspaces (with reliable Wi-Fi) throughout the villa. Listen in for Robert’s advice to STR hosts on seeing the opportunity in a crisis, learning from other operators and challenging yourself to grow every day.

How Robert ended up in Aruba

• Visited friend on island last July
• Struck by beauty and peace

How Robert came up with the idea for Work in Paradise

• Remote work became reality during shutdown
• People will want cool place to do business

What Aruba has to offer remote workers

• Paradise (blue water and consistent weather)
• Friendly for tourists, lots of things to do

How Robert attracts remote workers to his STR

• Active on social media
• Tap into online remote work community

How Robert caters to remote workers in his units

• Private suite with workstation
• Work areas throughout villa with reliable Wi-Fi
• Engage with guests to create community

How Robert profited from staying the course in COVID

• Added inventory when others ran away
• Hosted first responders, contractors, etc.

Robert’s advice for aspiring STR entrepreneurs

• Talk to people already doing it
• Don’t let people talk you out of opportunity

Robert’s advice for current STR hosts

• ‘Push the envelope’
• Do one thing each day to grow

Work in Paradise

“Twitter Announces Employees Will Be Allowed to Work from Home ‘Forever’” in The Guardian

Email [email protected]

Hostfully

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Guest communication has changed in the COVID era. Travelers have more anxiety right now, and there is a strong need for STR hosts to communicate clearly and be responsive to our guests’ questions and concerns. So, what can we do to build a personal connection with our guests in a socially-distanced world and make them feel comfortable staying with us?

David Jacoby is the Cofounder and President of Hostfully, a platform designed to help short-term rental hosts provide five-star hospitality through beautiful digital guidebooks and a full-scale property management system. Prior to Hostfully, David served as the COO of WellCall, Inc., a health coaching and corporate wellness program that was acquired by Health Advocate in 2012. He is also a graduate of the Wharton School of Business at the University of Pennsylvania.

On this episode of Get Paid for Your Pad, David joins me to discuss the importance of guest communication in a COVID world, explaining what questions travelers are asking right now and how their habits have changed through the pandemic. He shares his top tips for communicating clearly with guests, describing how hosts are incorporating video in their guidebooks and what we can do to balance personalization and email automation. Listen in for the top takeaways from Hostfully’s 2020 Hospitality Report and get David’s insight on building a personal connection with guests—even in the midst of a pandemic.

Topics Covered

Why guest communication is more important now than ever

• Demonstrates professionalism
• More difficult to find accurate info online

David’s insight around STR trends in the COVID era

• Choose repeat or familiar destinations
• Properties with amenities, close to nature
• Look for flexible cancellation policy
• Concerns about cleanliness of property

What questions guests are asking in a COVID world

• What’s open in area
• Safe things to do (outdoor activities)
• How to use amenities

The most recent updates to the Hostfully product suite

• Ability to embed videos in guidebook
• Tools to enhance brand, promote direct booking

How hosts are incorporating video in their guidebooks

• Welcome message
• How-to videos
• Home tours
• Videos of area (i.e.: shopping district, local park)

David’s hack for balancing scale with personalization

• Send automated confirmation email with booking
• Ask question in automated welcome email
• Send personal note in response to question
• Resend welcome email five hours prior to arrival
• Check in with automated message one day into trip

The top takeaways from Hostfully’s 2020 Hospitality Report

• Use of digital guidebooks more than doubled
• 55% of hosts expect less revenue than 2019
• Direct bookings up by more than 25%
• Top challenges = technology, pricing and cleaning

What upsells property managers are offering their guests

• Early check-in and late checkout
• Mid-stay cleanings
• Spa services
• Groceries pre-arrival
• Concierge services (e.g.: set up tours, activities)

Connect with David

Hostfully [Discount Code PAD]

David on LinkedIn

Email [email protected]

Resources

Hostfully’s 2020 Hospitality Report

Wheelhouse

Andrew Kitchell

Eric Moeller

Get Paid for Your Pad on YouTube

Email [email protected]

Sponsor

Hostfully

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2020 was a roller coaster ride for short-term rental hosts. Yes, the COVID crisis presented some very big challenges. But for those of us who stuck it out, the year presented some very big opportunities as well. So, what did STR hosts learn in 2020? And how can we apply those lessons to succeed in 2021?

Steven Che Suarez is the Cohost of Live Let Thrive, a podcast about Airbnb and the sharing economy, and the Cofounder and CEO of Argest Rentals, a full-service short-term rental management company. Steven and his partner, Federico, have 15 years of experience in the travel industry. They have flown a combined 1M miles, traveled to more than 60 countries and experienced a wide range of accommodations from youth hostels to high-end hotels. The Argest team knows what travelers expect, and they are dedicated to making the guest experience a unique and memorable one.

On this episode of Get Paid for Your Pad, Steven joins me to recap the STR landscape in 2020, explaining how the past year turned out to be a blessing for hosts who persisted through the initial COVID shutdown. We discuss how the Airbnb IPO may influence short-term rental advocacy moving forward, and Steven shares the most important lesson he learned in the last 12 months. Listen in for insight into Steven’s goals for Argest Rentals in the new year and learn how YOU can take advantage of the opportunities for STR hosts coming in 2021.

How Steven got started with short-term rentals

• House hacking and doing long-term rentals
• Myka on BiggerPockets suggested Airbnb

The blessings in disguise for STRs in 2020

• Great deals on STRs for hosts who persisted
• Shutdown served to weed out pretenders
• STRs rebounded much stronger than hotels
• ‘Smooth oceans don’t make great sailors’

How the Airbnb IPO might influence STR advocacy

• Influx of cash gives Airbnb more clout
• May help to fight bans in big cities

The #1 thing Steven learned in 2020

• Never rent spot with own management team
• Cannot fire when serious issues arise

Steven’s aspirations for Argest in 2021

• Grow portfolio to 50 units
• Build team of rockstars

Steven’s advice for aspiring STR operators

• Be bold
• Take action

Live Let Thrive Podcast

Email [email protected]

Argest Rentals

Email [email protected]

Steven on Facebook

Steven on Instagram

Jasper on Live Let Thrive EP007

Jasper on Live Let Thrive EP118

BiggerPockets

STR Profit Academy

John An on GPFYP EP337

STR Legends

Jason Hartman

Theron Lewis on GPFYP EP362

David Krauss at Rent Responsibly

Sarah Doan Glidewell on Live Let Thrive EP125

Vistaprint

Email [email protected]

Hostfully

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To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?

Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.

On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.

How Andrew hosted Airbnb CEO Brian Chesky at his STR

• Early adopter (on platform since 2010)
• Interviewed for ABC news story

The challenge of creating a pricing automation tool for STRs

• Large amount of data
• Diversity of supply

What drives demand in a given STR market

1. Seasonality
2. Day-of-week
3. Local events

The free resources for determining seasonality

• Weather Spark
• Wheelhouse Market Data

The free resources for identifying the day-of-week curve

• Google Flights
• Contact local hotel or revenue manager

The free resources for finding local events

• Flight information or conference center website
• Sort events by relevance on Ticketmaster

Andrew’s insight on how to react first and win

• Compare lead time with market average
• Find patterns as bookings emerge and adjust price

Wheelhouse’s personalized pricing feature

• Set parameters around strategy/goals
• Choose suggested, aggressive or conservative risk

The #1 way to optimize STR revenue going into 2021

• Be aware of average minimum stay in local market
• Use Wheelhouse Dynamic Minimum Stays tool

Wheelhouse [Referral Code PAD]

Andrew on LinkedIn

STR Legends

Andrew on GPFYP EP071

Wheelhouse Market Data

Weather Spark

Google Flights

Ticketmaster

Wheelhouse Dynamic Minimum Night Stays

Email [email protected]

Hostfully

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Last week, we took a closer look at the ownership model for a short-term rental business. But what if you’re not interested in buying real estate and would rather partner with people who already own it? If so, the STR management model is the best fit for you.

Logan Humphrey is the Founder and CEO of Cohobnb Properties, a full-service vacation rental property management company in Northwest, Arkansas. Logan also serves as President of The Arkansas Short Term Rental Alliance, an organization advocating for fair short-term rental regulations in Arkansas, and he is an active member of our elite STR Legends Mastermind Community.

On this episode of Get Paid for Your Pad, Logan joins me to discuss the management model he chose for his STR business, explaining why it’s important to build systems, set clear policy and focus on income-producing properties. He shares the obstacle he faced in complying with state law and offers advice on determining which owners you want to work with. Listen in for Logan’s insight on learning from people who know more than you and learn how his degree in philosophy is helping him grow a successful STR management company!

The three basic short-term rental business models

1. Ownership
2. Management
3. Master leasing

How Logan built his property management business

• Rented apartment on Airbnb when hours cut at work
• Started cohosting for friends and other hosts in area
• Grew portfolio from 3 to 42 properties in 2019
• Set up full-service management company in 2020
• Dropped to 25 properties (focus on A + B players)

What Logan wishes he had done from the start

1. Develop business plan and strategy
2. Set clear expectations and policy
3. Systematize how to handle recurring situations
4. Chase after income-producing properties

The obstacle Logan faced in complying with state law

• Had to find business partner with brokerage license
• Learn brokerage files and real estate contracts
• Now able to legally collect rents, fees from owners
• Allows to list on multiple channels and own site

How Logan identified his brand and who he wants to serve

• Name came to him in dream, bought domain
• Property must meet minimum revenue potential
• Only work with owners who allow price freedom

The driving factors behind Tim’s success

• Seek out mentors, mastermind group
• Comfortable with being told NO
• Ability to step back and work on self

Cohobnb Properties

Cohobnb on Instagram

The Arkansas Short Term Rental Alliance

STR Legends

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

Chip Conley

AirDNA

Tony Robbins

Tim Ferriss

Tribe of Mentors: Short Life Advice from the Best in the World by Timothy Ferriss

Email [email protected]

Hostfully

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The first step in building a short-term rental business is choosing the right business model. Do you want to lease properties and then list them on Airbnb? Would you prefer to partner with owners, managing their STR properties for them? Or are you interested in owning the properties yourself and growing a short-term rental investment portfolio?

Tim Hubbard is the Cofounder and CEO of Midtown Stays, a company that invests in and manages STR apartments in thriving midtown and downtown areas. Since he started the business in November of 2015, Tim has built a portfolio of 60 properties (32 of which are vacation rentals) in Sacramento, Memphis and Oklahoma City, accommodating 10K-plus business and leisure travelers with an average review of 4.8 stars. He is also an active member of our elite STR Legends Mastermind Community.

On this episode of Get Paid for Your Pad, Tim joins me to discuss the ownership model he chose for his STR business, explaining why he suggests exploring markets beyond your home city and how to get financing for real estate investments. He shares the driving factors behind his success and offers advice on communicating with your team and taking advantage of OTAs beyond Airbnb. Listen in for Tim’s insight on the benefits of investing in studio apartments for short-term rental and find out if the owner/operator model is the right fit for you!

The three basic short-term rental business models

1. Ownership
2. Management
3. Master leasing

How Tim’s business is structured

• Owns portfolio of 60 properties (32 STRs)
• Sacramento, Memphis and Oklahoma City

What Tim wishes he had done from the start

1. Regular, face-to-face communication w/ team
2. Send negative reviews to cleaning staff
3. Focus on other channels (not just Airbnb)

What a mentor could have helped Tim with early on

• Explore markets beyond where he lived
• Connect with brokers for off-market deals

Tim’s advice on getting financing for real estate

• Don’t be intimidated by rejection
• Ask for referral from broker or agent
• Try small local bank or credit union

The benefits of owning STR studio apartments

• Best returns, fewer expenses
• Fewer problems w/ guests
• Costs less to renovate

The driving factors behind Tim’s success

• Motivation
• Consistency
• Education

Tim’s advice to aspiring STR investors

• Don’t try to time market (invest for cashflow)
• Better to buy and wait than wait to buy

Midtown Stays

STR Legends

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

The Slight Edge: Turning Simple Disciplines into Massive Success and Happiness by Jeff Olson

Email [email protected]

Hostfully

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In July 2019, Theron Lewis was in the process of scaling a short-term rental business when he read about a proposed ban on Airbnb in the city of Detroit. And his business life flashed before his eyes. Theron had no prior advocacy experience, but he knew he had to do something.

Theron is the Founder of Sharing Detroit, a group of residents, small business owners and community leaders who support the fair regulation of short-term rentals in the State of Michigan. He is also the Founder and President of Capitol Rental Management, a full-service STR property management company with a portfolio of 18 properties in Detroit, Michigan, and Chicago, Illinois.

On this episode of Get Paid for Your Pad, Theron joins me to share his story of STR advocacy, beginning with the rocky first steps (and missteps) he took to fight the proposed ban in Detroit. He explains how to go about engaging members of City Council and why you should start building relationships with these local leaders NOW—rather than waiting until regulations are on the table. Listen in for Theron’s insight on demonstrating how STR rules will impact marginalized communities and learn how building an advocacy group can benefit your business beyond preventing a ban on Airbnb!

What inspired Theron’s work around STR advocacy

• Scaling Airbnb business in Detroit (8 properties)
• Read about proposed ordinance to ban Airbnb

The first steps Theron took to start an advocacy campaign

1. Find out who to talk to, who spearheaded ban
2. Start talking to local hosts
3. Research on affordable housing, property values
4. Build team of volunteers

Theron’s best advice on STR advocacy in your community

• Don’t view city government as ‘bad guys’
• Build relationships with local leaders NOW
• Show impact of rules on marginalized communities
• Don’t be deterred by negativity
• Bring hosts in to tell their stories

What you need to know about City Council meetings

• Agenda of topics to cover available to public
• Public gets time to speak (1 to 3 minutes)

How Airbnb helped with Theron’s fight against the ban

• Presence at weekly meetings for credibility
• Provide framework, help keep group informed

The turning point in Theron’s STR advocacy campaign

• Facebook ads to let people know about ordinance
• Email campaign to build 1,000-member community
• Presence of 100 hosts at City Council meeting

The right way to engage City Council members

• Invite consultant to advocacy meetings
• Hire consultant to get in room with politicians

What happened at the Detroit City Council vote

• Ordinance thrown out completely
• City Council shift to pro-Airbnb sentiment

The benefits of STR advocacy beyond preventing a ban

• Alternative form of marketing for business
• Get ahead of issues related to COVID

Sharing Detroit

Capitol Rental Management

Theron on LinkedIn

Email [email protected]

Email [email protected]

STR Legends

Detroit’s 2019 Proposed STR Regulations

GoFundMe

Email [email protected]

Hostfully

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Short-term rental hosts know that ranking on the first page of Google results is crucial in driving traffic to a direct booking site. So, what can we do to make sure our page is one of the first few results potential guests see? How can we use search engine optimization, otherwise known as SEO, to get more site visitors and more direct bookings?

Vincent Breslin is the Founder of Uplisting, a self-service property management system for vacation rental owners and operators. Uplisting provides a simple way for STR hosts to manage operations across multiple OTAs, and the platform also allows users to launch their own channel with a one-click direct booking website. Vincent is an engineer by training and serial entrepreneur with an expertise in search engine optimization, and he serves on the Tech Council for our STR Legends Mastermind.

On this episode of Get Paid for Your Pad, Vincent joins me to explain how SEO can help STR hosts drive direct bookings and share his best strategies for ranking on the first page of search results. He discusses the two categories of keywords for vacation rental searches, walking us through a simple process for choosing the best keywords to use in our content. Listen in for Vincent’s insight on improving your search ranking through engagement and learn how Uplisting can help you create an easy-to-use direct booking site for your STR business.

Topics Covered

The value of search engine optimization (SEO)

• Show up as result in relevant keyword searches
• More traffic to site = more direct bookings

The two categories of keywords you need to know

1. Planning category keywords for blog content
2. High booking intent keywords for listing pages

How to choose the best keywords to use in your content

1. Generate list with Google autocomplete/similar search
2. Use Google Keyword Planner to determine popularity
3. Target high search volume, low competition keywords

Vincent’s top tips for getting started with SEO

• Create highly relevant content with NARROW focus
• Engagement impacts ranking (best resource available)

What Uplisting can do for STR business owners

• Channel manager, dynamically synced with OTAs
• Create direct booking site with one click

Vincent’s advice on targeting planning keyword content

• Develop blog with WordPress or Webflow
• Link to Uplisting’s direct booking site

Uplisting [Discount Code GPFYP]

Vincent on LinkedIn

STR Legends

The Traveling Dutchman

Google Keyword Planner

Vincent’s Blog on Booking.com

WordPress

Webflow

Yoast

Email [email protected]

Hostfully

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Cleaners are an integral part of any short-term rental (STR) business, and their role has become even more vital in the season of COVID-19. So, how do you find and train good cleaners? And how do you manage a growing team of cleaners as your vacation rental business scales?

Gosia Cooke is the founder of Coastal Properties Vacation Rentals, the #1 STR management company in Myrtle Beach, South Carolina. Gosia started hosting her own properties on Airbnb in 2015. Soon, property owners were asking her to manage their vacation rentals, and today, she has grown the business to a portfolio of 70-plus properties. Gosia has a particular expertise in managing cleaners, having developed a system for training a growing staff and eventually selling that part of the business to her cleaning manager.

On this episode of Get Paid for Your Pad, Gosia joins me to share her advice for finding good vacation rental cleaners and training them to meet extremely high standards. She weighs in on how to manage a growing cleaning staff, describing what she did to standardize the units and schedule both cleaners and inspectors for each property. Listen in for insight on how the Myrtle Beach market has fared through the pandemic and learn how Gosia empowered her cleaning manager to found her own company—and take responsibility for that aspect of the business as Coastal Properties scales.

Gosia’s advice on finding good vacation rental cleaners

·       Check with network first

·       Know standards, don’t settle for anything less

How Gosia thinks about training a cleaning staff

·       Be patient and give time to improve

·       Clearly explain expectations (must look brand new)

·       Inspection checklist for inspectors + cleaners

·       Include staging for next group of guests

Gosia’s insight on how to manage your cleaning staff

·       Standardize units (e.g.: bedspreads, throw pillows)

·       Don’t assign one cleaner to certain units

·       Send unit numbers and order night before

·       Hire inspectors to check their work

What inspired Gosia to sell the cleaning business

·       Couldn’t run and scale management company

·       Trusted cleaning manager to take responsibility

·       Free up time to focus on growing business

How Myrtle Beach has performed through COVID

·       Lockdown through end of April

·       Busy through summer (drive-to destination)

·       Quiet now but picking up with snowbirds

Coastal Properties Vacation Rentals

Gosia on Airbnb

STR Profit Academy

Eastbound & Down

Indeed

Craigslist

Your Porter [Discount Code PAD]

Erinç Arık on GPFYP EP356

Email [email protected]

Hostfully

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