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

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The pandemic has limited our ability to engage in social interaction. Sporting events and concerts have been cancelled, nightclubs are closed and even restaurants are restricted to a limited capacity. And young people have turned to short-term rentals (STRs) as a party venue where they can meet up with friends and make bad decisions. So, what can you do as a host to avoid these pandemic partiers?

Michael Goldin is the Director of Business Development at NoiseAware, a noise protection service for vacation rentals. Functioning like a smoke detector for noise, the NoiseAware device notifies hosts when the noise level at a property exceeds their quiet hours setting—without violating the guest’s privacy. Prior to joining the team at NoiseAware, Michael led the business development team at Rented.com.

On this episode of Get Paid for Your Pad, Michael joins me to explain why parties have become such an issue for STR hosts in the last few months and why Airbnb’s measures to prevent parties haven’t been effective. He shares his top strategies for preventing partiers from booking your STR and discusses how to keep a party from taking place in your property during a guest’s stay. Listen in for Michael’s insight on how to approach the guest when you receive a notification from NoiseAware and learn your options for handling the situation (and keeping yourself safe) when there’s a party in progress at your Airbnb.

Why parties have become an issue for STR hosts in the last few months

• Usual outlets for social interaction restricted due to COVID
• Young people home from college, less worried about virus
• Multiplier effect of news coverage of Airbnb house parties

Why Airbnb’s measures to prevent parties haven’t been effective

• Partiers pay friends to book through their listing account
• Rent multiple houses in case party shut down at one

How to prevent partiers from booking your STR

1. Mention NoiseAware device, provide photo in listing
2. Use Autohost or Guardhog to catch bad actors
3. Ask screening questions re: purpose of stay, etc.
4. Say you’ll meet guest at property or live nearby
5. Ban one-night stays (reduce party risk by 1/3)

How to prevent parties in your STR during a guest’s stay

• Use NoiseAware to monitor noise inside
• View number of people in and out with Ring doorbell

NoiseAware’s stats on the frequency of excessive noise in STRs

• 1/20 stays = noise event that will disturb neighbors
• 1/200 stays = full-blown party

What to do when you get a NoiseAware notification

• Friendly text to remind guest of rules
• Stern follow-up text if noise persists

What you can do if a party is taking place in your Airbnb listing

1. Go to property yourself (can be dangerous)
2. Call police
3. Take photos from safe distance
4. Share security company with other hosts
5. 
   

NoiseAware

Autohost

Guardhog

Ring

STR Legends

Rent Responsibly

Airbnb Resolution Center

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

Hostfully

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We know it’s beneficial to have a direct booking website for our short-term rental (STR) business. But having a webpage doesn’t do us much good if no one visits. So, how do you drive traffic to your site and make it easy for guests to book?

Erinç Arık is the Cofounder and CEO of Your Porter, the premiere mobile-first property management software for professional STR hosts. The platform’s top features include message automation, team management and an Airbnb ranking booster, and the app even allows hosts to create their own SEO-optimized direct booking website in a matter of minutes.

On this episode of Get Paid for Your Pad, Erinç joins me to discuss why it’s important to have a direct booking website, explaining why it gives you a better chance at capturing longer bookings and how Your Porter can help you build one today. He introduces us to the platform’s online payment processor, describing how it benefits both you and your guests. Listen in to understand what Your Porter is doing to keep your STR business safe and get Erinç’s best strategies for driving traffic to your direct booking site!

Why it’s important to have a direct booking website

• Make own rules for business vs. rely on OTAs
• Better chance at capturing longer bookings

The benefits of the Your Porter online payment processor

• Allows guests to pay in installments
• Host gets paid right away vs. day after check-in

How long it takes to build a direct booking site with Your Porter

• Takes 2 to 3 minutes, can be done on phone
• Site goes live in 5 to 10 minutes

How to drive traffic to your direct booking website

1. Market to past guests (discount code for direct booking)
2. Make sure site is SEO-friendly, appears in Google search
3. Invest in Google Ads for exact listing keywords

How Your Porter keeps your business safe

• Chargeback protection feature
• Automated security deposit

Some of the other top features you get with Your Porter

• Automated messaging
• Channel manager
• Airbnb ranking booster
• Income reports (share with homeowners)
• Cleaning task manager
• Smart pricing integration

Your Porter App [Discount Code PAD]

Erinç on GPFYP EP221

Google Ads

Stripe

Your Porter’s Airbnb Rank Tracker

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

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Airlines and hotel chains employ entire teams to determine what their pricing and booking settings should be to maximize revenue. But most short-term rental (STR) hosts don’t have access to the same kind of data, nor do we have the resources to hire world-class data scientists. So, what can we do make more from the properties we manage?

Cofounders Andrew McConnel and Cliff Johnson are the CEO and CCO of Rented, the premier provider of full-service revenue management for professional vacation rental managers, best serving Airbnb hosts with a portfolio of 10 to 1,000 listings. The Rented team is also in the process of launching the first-of-its-kind revenue management software, sharing the technology they use as a standalone product for STR businesses that want to keep their revenue management discipline in-house.

On this episode of Get Paid for Your Pad, Cliff and Andrew join me to discuss what differentiates revenue management strategy from pricing strategy, explaining why vacation rentals are more difficult to price than other commodities. They weigh in on how to set fees for your STR, offering insight on why they don’t recommend charging for extra guests and what you might do as an alternative. Listen in for Andrew and Cliff’s view on pricing with a dynamic algorithm versus a host who knows the market and learn how to maximize your STR revenue—with a little help from the team at Rented!

What differentiates revenue management strategy from pricing

• Takes ancillary factors into account (e.g.: # of reviews)
• Price = number, revenue management = discipline

How Andrew and Cliff think about setting cleaning fees

• Consider demand for property and ownership structure
• Include incremental costs but don’t try to recover fixed costs

What hosts should think about as they set STR fees

1. Are you making money?
2. Is the homeowner earning enough to stay?
3. Will the guest feel nickel and dimed?

Why Cliff and Andrew don’t recommend charging for extra guests

• Creates incentive for guests to lie
• Potential benefit in terms of revenue sharing, email list

What Andrew and Cliff suggest as an alternative to extra guest fees

• List smaller version of property (i.e.: 2BR option within 6BR)
• Make available in off-season or for midweek stays

Pricing with a dynamic algorithm vs. a host who knows the market

• Depends on quality of data, competence of person
• Combine good data with revenue analyst for best results

What listings are most difficult to automate pricing

• Unique properties in small markets (i.e.: Spanish castle)
• Algorithm shows seasonality but needs manual intervention

Rented

Vacasa

Xplorie

StayFi

Chess Champion Gary Kasparov vs. Deep Blue

Escapia

STR Legends

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

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

Hostfully

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In the same way that ‘smooth seas don’t make great sailors,’ a strong economy doesn’t produce great entrepreneurs. And for short-term rental (STR) business owners using the master lease model, the last six months have been a worst-case scenario of rough waters. So, how did Travers Xanthos manage to make it through the storm—and even add boats to his fleet?

Travers is the Founder at COMÓ, a STR company out of Nashville, Tennessee, that caters to the modern business traveler. He spent several years working in corporate sales before starting his STR business in February of 2018, and today, he has a portfolio of 30 properties. Travers is an expert in the rental arbitrage model, and he was able to pivot and not just keep his business alive but add units in the pandemic.

On this episode of Get Paid for Your Pad, Travers joins me to explain how he created a successful STR business in Nashville and what he did to keep it going through COVID-19. He discusses how he learned the master lease model and shares the strategies he used to expand his portfolio in the midst of a global pandemic. Listen in for Travers’ insight on building a team to run your business (while you travel the world) and get his advice on making your STR hosting dreams a reality.

What the last six months have been like for Travers

• Revenue dropped 95% in one week
• Learned much that will serve for rest of life

How Travers was able to add units during the pandemic

• Started initiative to house medical professionals
• Focused on extended stays (up to 6 months)
• Distributed flyers at construction job sites

How Travers got into the STR master lease business

• Wanted to travel, live life on own terms
• Talked to friend with successful STR business
• Started calling list of rental property owners
• Created plan to leave 9-to-5 job in 6 months

Travers’ advice for aspiring STR business owners

1. Take action
2. Get educated (course, mentorship)
3. Outsource as quickly as possible

The structure of Travers’ team

• Only one W-2 employee (property manager)
• Team of independent contractor cleaners

Travers’ lifestyle of frequent travel

• Lived in Bali but couldn’t grow business
• Home base in Nashville, trips all over world

COMÓ

Travers on Instagram

STR Legends

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

Facebook Marketplace

The Founder

Barbara Corcoran on BiggerPockets

STR Profit Academy

STR Method

Smartbnb

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

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For short-term rental hosts in urban markets, the last few months have not been easy. So, how do you stay sane in such a stressful time? Mack Owen credits the network he has built through the STR Legends community (and a willingness to pivot) for his ongoing success in the vacation rental business.

Mack is the Founder and CEO of Day One Stays, an Airbnb management and luxury corporate housing company out of Seattle, Washington, that offers furnished apartments for 30-day stays. Mack got his start in 2013, and since then, he has developed an expertise in the master leasing model and scaled up to a portfolio of 100 units. In response to the pandemic, Mack is developing a real estate investing and property management company in a nearby secondary market.

On this episode of Get Paid for Your Pad, Mack joins me to explain how he built a STR empire in Seattle, describing what he did to pivot when the city introduced regulations and how he might do things differently if he could start over again. He reflects on how the STR Legends community helped him get through the Coronavirus crisis, sharing how the friendships he established at live events have proven invaluable in the last few months. Listen in to understand why now might be a good time for the master lease model and learn about the new business Mack is building in response to current circumstances!

How Mack built a STR empire in Seattle

• Got start in 2013 using master leasing model
• Scaled to 100 units before regulations introduced
• Pivot to 30-day stays, downsize to 30 units in COVID

What Mack would do differently if he could start over

• Hire VA sooner to focus on maximizing revenue
• Structure deals differently
• Manage cashflow better in seasonal market
• Rach out to network to learn about land use
• Don’t cut corners on safety or professionalism

Why now might be a good time for the master lease model

• Rents lower, many units available
• Negotiating power shifted to renter

How Mack got through the stressful Coronavirus crisis

• Daily bike ride with daughter
• Phone calls with Legends community
• Start new company in secondary market

Mack’s experience at the STR Legends live events

• Incredible networking opportunity
• Learn about different models and get advice
• See deals in action (acquiring assets)

Mack’s vision for his new STR management company

• Acquire real estate in drive-to destination
• Manage units for other owners in market

Day One Stays

Mack on LinkedIn

Mack on Facebook

STR Legends

Rebecca Slivka on GPFYP EP352

Noise Aware

Autohost

VRMA

Hicksville Trailer Palace on Instagram

Get Paid for Your Pad on Instagram

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

Hostfully

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Are you starting to feel overwhelmed as your short-term rental (STR) business grows? Or maybe you’re just tired of doing EVERYTHING and wish you had a little more time to yourself? Either way, you may want to consider taking on a virtual assistant, or VA, to help. So, where do you go to find a qualified one? And what can you do to make sure your VA has all the information they need to do a good job?

Rebecca Slivka is the STR Legend behind Pillow and Coffee, a fully-furnished vacation rental company out of Los Angeles, and Hicksville Trailer Palace, a unique vintage trailer motel in Joshua Tree, California. Rebeeca has five years of experience as a STR host, and in that time, she has created a team of VAs that she describes as ‘a lean, mean fighting machine.’

On this episode of Get Paid for Your Pad, Rebecca joins me to share her detailed process for finding and training a virtual assistant to support your STR business. She introduces us to the benefits of outsourcing work to a VA, explaining how her remote team of 6 performs 95% of the tasks in her business! Listen in for Rebecca’s insight on creating training videos for your VAs and get her advice on building a strong team that will perform well and stay with your business for the long term.

How much of the work VAs do in Rebecca’s business

• Lean team, 6 VAs do 95% of work
• Anything online or over phone

Why a STR host would want to outsource work to a VA

• Want to grow business or more time for self
• Transition from employee to business owner

Rebecca’s process for finding and training a VA

• List out everything you do for company
• Create very clear job description
• Determine if good fit in interview
• Train in ‘bite-sized pieces’
• Retrain and check in regularly

Rebecca’s advice for creating training videos for VAs

• Make video for anything you do more than once
• Don’t worry about making it perfect
• Consider having VA create or recreate videos

Rebecca’s secrets for building a strong team of VAs

• Take responsibility if they don’t perform well
• Create step-by-step training and check work
• Get feedback re: how they would do things

The benefits of hiring VAs for your STR business

• Time to work ON vs. IN business
• Better experience for you and guests

Pillow and Coffee

Hicksville Trailer Palace

Hicksville on Instagram

STR Legends

STR Profit Academy

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

Loom

Virtual Staff Finder

Upwork

TaskRabbit

Online Jobs|ph

Email [email protected] or [email protected]

Hostfully

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1. We’re not selling a space, we’re selling an experience 

• The size, #rooms and location don’t drive the price as much as with LTRs and real estate prices 
• Two completely similar units can make very different amounts of money 
• Google “most popular Airbnbs,” they are all unique experiences. 
• Before you start an Airbnb, figure out what the experience is that you’re going to provide and the avatar that you’re going to target
• A traveler who stays 3 nights just wants to have a stressfree, comfortable experience. Communication, amenities, and providing the right information.

2. It’s a lot of work, but you can take yourself out of the business for 95% 

• There is so much you can automate (Messaging, pricing, task management, self-checkins etc.) Go to https://getpaidforyourpad.com/airbnb-tools/ to find the best ones.
• The power of a VA (one of our Legends Rebecca runs 100+ units and only spends a few hours a week working in her business 

3. You can drive a lot of bookings through your own marketing channels

• Collecting emails
• Social media 
• Direct booking website 
• It’s a long-term investment, but you’re building an asset 
• No dependence on Airbnb and other platforms 

Combination of Most Downloads & my personal favorites

Ep263: How to use Social Media to Market your Airbnb

Ep260: How to Rank Higher and Drive More Bookings

Ep024: With Chip Conley 

Ep034: How an Airbnb experience can create a bond between people

Ep047: How Airbnb empowered this host to keep his home from being foreclosed 

Go to Get Paid For Your Pad, click on podcast, you’ll find the show notes with links to all these episodes. 

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If your Airbnb listing is a treehouse or a castle, the property itself creates a unique guest experience. But what if your space is a typical, two-bedroom condo? How do you curate a personalized experience that exceeds each of your guest’s expectations?

Colin Holowaychuk is the Founder of Vamonosco, a done-for-you solution that generates new bookings and increases revenue for short-term rental (STR) managers. He also hosts his own portfolio of 200-plus Airbnb listings in Tulum, Mexico, and serves as an active participant in our STR Legends Mastermind. With 15 years of experience as a FinTech, marketing and eCommerce entrepreneur, Colin has developed an expertise in helping businesses accelerate their growth.

On this episode of Get Paid for Your Pad, Colin joins me to share his process for collecting the information he needs to personalize the guest experience before, during and after their stay. He explains how he uses the guest’s priorities and preferences to curate a custom itinerary and what he does when a guest is hesitant to share their information. Listen in for Colin’s insight on leveraging dynamic content to give yourself a competitive advantage and learn what technology you need to set up an individualized email marketing campaign for each guest!

Colin’s process for getting the info he needs to personalize the guest experience

• Ask group to register ALL guests who will be staying
• Email survey re: purpose, priorities and preferences

How Colin thinks about the potential for violating Airbnb’s terms of service

• Hosts may ask questions, just need legitimate reason for doing so
• Be up front with guests re: purpose and make answering optional

How Colin uses the survey information to curate a unique guest experience

• Welcome email highlights local attractions + activities relevant to guest
• Share additional offerings based on preferences (e.g.: grocery delivery)

How Colin follows up with his guests after their stay

• Remind about experience to spark emotional response
• Invitation to return also catered to guest’s interests

What technology a host needs to set up this kind of email marketing campaign

1. Typeform survey platform
2. Zapier to connect software
3. Any email marketing service (i.e.: ActiveCampaign, Mailchimp, etc.)

Colin’s insight on leveraging dynamic content to do custom email marketing

• Takes time up front to configure autoresponder
• Sends automated, personalized emails from then on

Colin on Airbnb

Vamonosco

STR Legends

STR Profit Academy

Typeform

Zapier

ActiveCampaign

Mailchimp

Infusionsoft

Domio

‘Airbnb Suspends Domio’s Host Accounts and Listings for Allegedly Violating Its Standards’ in Skift

Kelly Kampen on GPFYP EP006

Kelly Kampen on GPFYP EP055

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

Hostfully

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Travel has changed in the season of COVID-19. Short-term rental (STR) guests are looking for a ‘home instead of home’ that they can drive to. Most are looking to escape the city and enjoy nature. And many plan to stay for an extended period and work from the property. So, how can we capitalize on this new guest persona and market specifically to the work-from-home traveler?

Eric Moeller is my partner in crime at STR Profit Academy, a educational platform for vacation rental hosts, and the STR Legends Mastermind, a community of the leaders, visionaries and innovators in the STR industry. He is also the founder and host of the Airbnb Mastery Summit, an exclusive virtual event featuring premiere STR hosts and real estate experts from around the world.

On this episode of Get Paid for Your Pad, Eric joins me to explain what he is looking for in a STR as a work-from-home traveler and share what he learned from looking through 100+ listings on Airbnb. He walks us through his process for finding world-class properties for business travel, challenging hosts to do regular internet speed tests and offer discounts for extended stays. Listen in for Eric’s insight on upgrading your STR to a proper coworking space and learn how to market your listing to attract the work-from-home traveler.

What Eric learned from looking at 100+ Airbnb listings

• Decision-making different for work-from-home traveler
• Lack of marketing to attract this new persona

The elements of a listing most important to work-from-home travelers

1. Strong internet (25 Mbps minimum)
2. Space set up for coworking

What STR hosts can do to market to the work-from-home traveler

• Add screen shot of internet speed test to photos
• Get approved as workplace on Airbnb
• Advertise parking space or explain where to park
• Offer discounts for extended stays
• Be hands-on to address guest’s individual needs

How to leave clues in your Airbnb listing re: how to contact directly

• Copy and paste guest review that mentions brand name
• Promote social media, e.g.: check us out on Instagram

Eric’s process for finding world-class properties for business travel

• Search filters for Wi-Fi, 2BR and traveling for work
• Narrow down with parameters for location and price
• Imagine working from property through photos

How to turn your Airbnb listing into a proper coworking space

• Provide smartphone and computer chargers
• Consider adding printer to workstation

Airbnb Mastery Summit

STR Profit Academy

STR Legends

STR Legends on Instagram

Eric on Instagram

Vacasa Vacation Rentals

The Hideaway on Airbnb

Speedtest

Phillipe Thibodeau on GPFYP EP344

Get Paid for Your Pad on YouTube

Email [email protected] or [email protected]

Hostfully

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