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

Did COVID-19 put a halt to your short-term rental (STR) business? If so, you may need to restructure your Airbnb portfolio and pivot to a new business model. A business model that will stand the test of time.

Ryan Anderson is the Founder and CEO at Sojourn, an upscale STR venture that had grown to 200 active units in the US, Puerto Rico, Mexico and Colombia—until the Coronavirus pandemic devastated his business. A serial entrepreneur with a background in finance, Ryan has founded companies in the technology, craft beer and hospitality space, and today, he is downsizing his portfolio and developing a new approach to the STR business.

On this episode of Get Paid for Your Pad, Ryan joins me explain why he is shifting away from the master lease Airbnb model and pivoting to an owner-operator paradigm. He shares the most important lessons he has learned through the Coronavirus crisis, describing how he plans to grow slower and wiser in the future. Listen in for Ryan’s insight on building a brand that reflects who you are as a person and get ideas for developing a STR business model that is sustainable for the long term.

An overview of Ryan’s business pre-COVID

• Master lease Airbnb model in urban markets
• 200 active units across four countries

What Ryan’s STR business looks like now

• Gave back nearly all master lease units
• Looking to invest in multifamily properties (flexible living model)
• Test market for camper van rentals

Ryan’s predictions around the future of the master lease model

• Supply has gone away in reaction to COVID shutdown
• Those who hang onto supply will see big returns again

The most important lessons Ryan has learned from the crisis

• Must own asset to acquire wealth over time
• Stay disciplined and focus on fundamentals

Why Ryan had expanded to so many different markets

• Concerned about regulations in US
• Acquired HostTonight (already operating south of border)

What Ryan would do differently if he could go back

• Grow slower and wiser (can’t blitzscale hospitality)
• Enjoy journey, not so hyper-focused on destination

The challenge of negotiating with landlords in a global pandemic

• Difficult to convince that business would grind to halt
• Tense circumstances, not easy to persuade via Zoom

Ryan’s best advice for aspiring STR entrepreneurs

• Build brand that reflects who you are, what you enjoy
• Money can’t be only motivator in tough times

Ryan on LinkedIn

Sonder

Outdoorsy

Outdoorsy on GPFYP EP266

Stay Alfred

Lyric

Domio

HostTonight

STR Legends

STR Profit Academy

WanderJaunt

Email [email protected]

Hostfully

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Do you know exactly what items are in each of your Airbnb listings? Do you know where the breaker box is located? Or the make and model of the washing machine? The more detailed information you have, the easier it is for you (or your team) to help a guest when they call with questions. But what’s the best way to manage inventory in your STR units?

Darik Eaton is the Founder and CEO of Seattle Oasis Vacation Rentals, a short-term rental management company out of Seattle, Washington. Darik got his start as a host in 2008, and he was one of the first to list on Airbnb when the platform expanded to the Seattle market in 2010. He currently operates 40 properties in downtown Seattle and manages his team remotely from his home in Kauai.

On this episode of Get Paid for Your Pad, Darik joins me to share the process he uses to manage inventory in his STR units. He explains how his detailed system of documentation makes it easier for his team to provide customer support and improves the guest experience. Listen in for Darik’s insight on standardizing your Wi-Fi network names and passwords and learn how to build your own process for taking inventory of your STR listings!

How Darik got into Airbnb

• Bought ‘city pad’ in downtown Seattle 13 years ago
• STR to cover cost, booked 315 nights in first year
• Success led to property owners asking to manage

How Airbnb has changed since 2010

• Guests no longer expect to meet host in person
• CTO responded to Darik’s first help ticket

The process Darik uses to document inventory in his units

• Take pictures of every item as onboard property
• Record serial numbers of every appliance, electronics
• Inventory batteries and light bulbs (when last changed)
• Location of breaker box, water shutoff valve
• Store info on cloud drive for team to access

Why Darik requires his owners to use his design team

• Standardized dishware, bedding and towels
• Easy to replace items as needed (at scale)

What inspired Darik’s detailed inventory system

• Common questions from guests (e.g.: operating TV)
• Team access to info improves customer experience

The benefits of keeping a detailed inventory of your STR

• Provide top quality customer support
• Easy to report stolen or damaged items
• Insurance payout in case of natural disaster
• Repair appliances more quickly

Why Darik standardizes his Wi-Fi network names + passwords

• Less confusing for guests, improves experience
• Branding opportunity (advertise to others in building)

Seattle Oasis Vacation Rentals

STR Legends

Box Cloud Storage

Airbnb Resolution Center

How to Change Your Wi-Fi Network’s Name and Password

Get Paid for Your Pad on YouTube

Email [email protected]

Hostfully

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Why are you in the short-term rental (STR) business? A lot of us start with a goal to replace our income and eventually quit our 9-to-5. But do you want to create a new job for yourself as a 24/7 Airbnb host? Or do you want to have the freedom to travel and do other things? In that case, it’s crucial that you learn how to work ON instead of IN your STR business.

Julie George is the Airbnb consultant and business mentor behind Million Dollar Host, a platform designed to help STR hosts scale a property management business. Prior to Million Dollar Host, Julie founded Host My Home, an Airbnb property management company out of Cairns, Australia. She grew the business from 0 to 130 properties in three years and earned $8M on Airbnb before selling the portfolio in 2019. Julie is also the author of Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too!

On this episode of Get Paid for Your Pad, Julie joins me to share her tips for working ON rather than IN your STR business. She explains the benefit of partnering with others rather than hiring employees and offers advice on how to document your processes in a playbook and then properly train and empower new team members. Listen in for Julie’s insight on developing a game plan for the future of your business and learn how to build a STR company that runs itself!

Julie’s background in the STR business

• Grew Host My Home portfolio to 130 units
• Earned $8M on Airbnb before selling in 2019

Julie’s tips for working ON rather than IN your business

• Determine what you’re going into business for
• Recognize strengths and outsource weaknesses
• Empower staff + contractors to do job FOR you

The benefit of partnering vs. hiring employees

• Sense of ownership leads to pride in work
• Self-motivated and invested in success

Julie’s insight on how to train new staff members

• Document processes, communicate through playbook
• Shadow you or trusted team member for week
• Run through induction to see how business works
• Check in regularly with biweekly meetings

Why it’s crucial to document your STR processes

• Forces to consider best way to do things
• Team can step up when you’re away
• Prepared when want to sell business

Julie’s experience with joining STR Legends

• Blown away by inspiring stories, culture of sharing
• Opportunities to partner on deals and projects

Why hosts should think about their values

• Culture more important than strategy
• Defining values attracts ‘right people’

Julie’s advice on finding a community

• No point in being smartest person in room
• Surround self with people who enhance life

Million Dollar Host

Julie on Facebook

Julie on LinkedIn

Julie on Instagram

Julie on Get Paid for Your Pad EP300

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

STR Legends

STR Profit Academy

Host My Home

Google Docs

Dropbox

Asana

This is Marketing: You Can’t Be Seen Until You Learn to See by Seth Godin

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]

Hostfully

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So, you want to scale a short-term rental (STR) property management company. But how do you find new clients? And how do you manage tens or even hundreds of units? Airbnb host Prak Sangthong grew from 0 to 100 listings in a single year, and he didn’t spend any money on marketing. How did he do it?

Prak is the Cofounder and Managing Director at Easy Home Rentals, an Airbnb property management company based in Perth, Australia. Frustrated with long-term renters who damaged their investment properties and drained their profits, Prak and his wife decided to list a few units on Airbnb. And within a year, Prak was managing a STR portfolio of 100 units for property owners in Western Australia.

On this episode of Get Paid for Your Pad, Prak joins me to explain how he went from 0 to 100 units in just 12 months—without formally marketing his property management business! He describes how setting up systems helped him scale so quickly and what he does to train his cleaning staff and reward them for good work. Listen in for Prak’s insight on negotiating discounts in COVID season and learn how YOU can be the best STR host in your market—and charge accordingly.

How Prak got into Airbnb

• Frustrated with long-term renters in investment properties
• Listed 3 units on Airbnb (went from $400/week to $1K/week)
• Share success with other property owners to add clients

How Prak grew to 100 units without marketing

• Drop property management fees by 1% for each referral
• Offer 28-day notice to walk away if anyone not happy

Prak’s top advice for aspiring STR hosts

• Be willing to be on standby 24/7
• Develop passion for delivering excellent product
• Believe in yourself and be BEST in town

What allowed Prak to scale so quickly

• Put systems and processes in place
• Seek out best and do it better

Prak’s approach to documenting processes

• Create templates for every possible guest question
• Property checklist with links to instructions for use

Prak’s suggestions for negotiating discounts

• Offer bottle of wine or 6-pack of beer as alternative
• Don’t take personally (expect from everyone)

How Prak trains his cleaning staff

• Teach how property should look, feel and smell
• Do 2 or 3 cleans with existing staff first
• Provide checklist with clear expectations

Why Prak’s cleaners are invested in doing well

• Reward for good work with cash, gift cards
• Share Airbnb reviews

Prak’s words of wisdom for STR hosts

• Wake up each day with gratitude
• Find lesson in challenging times

Easy Home Rentals

Prak on LinkedIn

STR Legends

Email [email protected]

Hostfully

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When you have a question about your short-term rental (STR) business, where do you go? Do you run a Google search and then spend several hours sifting through the information? What if you had a community of experienced Airbnb hosts you could go to for knowledge, inspiration and support?

Phillipe Thibodeau is the real estate developer and STR host behind Strawberry Stays, a vacation rental and property management company out of Montreal, Canada. His experience as a host began with a single unit in May of 2017, and now he and his business partner are growing their portfolio quickly—with plans to secure a total of 80 listings in the next 12 months!

On this episode of Get Paid for Your Pad, Phillipe joins me to discuss the pros and cons of self-learning versus being part of a community. He explains how COVID-19 gave him the opportunity to work ON his business and what you can do to develop a playbook for your own Airbnb. Listen in for Phillipe’s insight on the three things you need to know before you start a STR business and learn how YOU can get inspired by an engaged community of Airbnb hosts!

How Phillipe got into hosting on Airbnb

• Struggling to rent unit of building owned w/ best friend
• Decided to try STR, earned double normal income on unit
• Opened eyes to new market in real estate business

How Phillipe was affected by COVID-19

• One guest for 30 days vs. 30 guests per month
• Opportunity to work ON business (build systems)

How to develop a playbook for your STR business

• Wear ALL hats early on (e.g.: cleaning, maintenance)
• Optimize and document processes for every role

The three things you need to know before you start hosting

1. Look for community to learn from
2. Business doesn’t run itself (work ON AND IN to start)
3. Only move forward if you’re passionate about STR

The benefits of being part of a community of hosts

• Knowledge and information
• Inspiration
• Accountability
• Motivation in moments of doubt
• Accelerate growth

Phillipe’s goals for the next 12 to 24 months

• Grow business to qualify for STR Legends
• Build boutique hotel on land purchased

Strawberry Stays

Phillipe on LinkedIn

Phillipe on Airbnb

Zapier

Chip Conley

Maslow’s Hierarchy of Needs

STR Legends

STR Profit Academy

Get Paid for Your Pad on Facebook

Email [email protected]

Hostfully

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Are you struggling to move out of fear and into action? Yes, the short-term rental (STR) industry took a hit in March when the Coronavirus forced most of us to shelter in place. But now, many Airbnb hosts are taking steps to generate bookings and some are even thriving through the pandemic. So, how do you get motivated to turn off Netflix and say YES to building your STR business?

Gordon Martin is the CEO of People, Places & Things, a vacation rental and experiential tourism business based in Paradise, Newfoundland and Labrador, Canada. Gordon began his hosting career in August of 2017, listing his family cabin on Airbnb. Today, he represents 15 owners and 37 listings, aiming to ground his guests in PLACE, connect them with local PEOPLE, and provide the opportunity to do THINGS that will create lasting memories.

On this episode of Get Paid for Your Pad, Gordon joins me to explain how he is thriving through the pandemic, serving his owner-clients, staff and guests. He describes the shell shock he felt when the crisis started and walks us through the steps he took to turn his STR business around—and even pick up several new properties! Listen in for Gordon’s insight around the importance of community in challenging times and learn how to get un-stuck and take action in YOUR vacation rental business.

How Gordon got into Airbnb

• Needed immediate cash in Fall of 2017
• Immediate bookings from listing cabin
• Now represent 15 owners, 37 listings

Gordon’s initial reaction to the Coronavirus crisis

• Fear, uncertainty and dread
• Two weeks watching Netflix and CNN

How Gordon turned his STR business around

• Hire back VAs (operations + social media)
• Shift focus to staycations, rename listings
• Positive press in traditional media

How Gordon picked up new properties in a pandemic

• Referrals from current owner-clients
• Share success on social media

How Gordon transitioned out of stuck-ness into action

• Take responsibility for situation
• Change environment

What Gordon learned through the COVID-19 crisis

• Importance of community
• Stay close to credible sources of info
• Learn as much as possible
• Accept situation and then respond

Gordon’s advice for STR hosts who feel stuck

• Share challenges with community
• Remember your WHY

People, Places & Things

PPT on Facebook

PPT on Instagram

PPT on LinkedIn

Gordon on LinkedIn

Gordon on Airbnb

Eric Moeller

Landmark Worldwide

Tony Robbins

The Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living by Ryan Holiday and Stephen Hanselman

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

Ego is the Enemy by Ryan Holiday

Books by Ryan Holiday

Allan Cuevas’ Airbnb Empire Academy on Facebook

Mark Simpson’s Boost Hospitality Marketing Podcast

STR Legends

STR Profit Academy

Get Paid for Your Pad on Facebook

Email [email protected]

Hostfully

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If you survived the last 3 months, you can survive anything. The pandemic hit short-term rental (STR) units hard and it hit property management companies even harder.

So, how did major players handle the crisis? What advice do they have for anyone still trying to navigate rough waters?

Syed Lateef is the CEO and founder of Hostly, a property management company based in Chicago. He left his full-time job as a financial analyst in 2018 to start his master lease business and build relationships with landlords in and around the city. By February 2020, Syed had 165 units and was looking to bring in $6 million in revenue in 2020.

Today, Syed joins me to discuss how he and his team have handled the pandemic. Syed explains how he started his business and on-boarded units pre-COVID. He then pivots to his experience de-commissioning units after the crisis hit and how he negotiated his way out of contracts with landlords. Syed also reflects on how he and his company have weathered the pandemic and what his plans are moving forward. Listen in for Syed’s insight on identifying new business partners and growing the number of units you maintain.

Syed’s Airbnb story

• Background in finance
• Bought multi-family property in 2017 (4 units plus basement unit)
• Slowly converted all units to STRs

How Syed founded Hostly

• Left full-time job in 2018 to manage STR properties full-time
• Built strong relationships with larger landlords and property management companies

Syed’s approach STR seasonality in Chicago

• Bell curve – Summer to October is when you make your money
• Manage cash flow and reserves throughout year to pay for Winter

Syed’s advice on approaching landlords

• No one responds to the first call/email
• Leverage success with one landlord to bring another on board

How Syed on-boards properties

• Negotiate up-front rent credits and waived security deposits
• Furnish apartments but use an intake process
• Hire handy-men using an app like TaskRabbit

Syed’s experience with COVID

• Covid-19 was like hitting a brick wall – huge losses and no cash or bookings
• Rented units at super low prices and hit 80 percent occupancy in March
• Made a profit in May and planned to do the same in June

How Syed down-sized (decommissioned units)

• Stuck with 2 or 3 landlords that he had the best relationship with and the most units
• De-commissioned about 60 units total – settled out of contracts
• Took furniture out and put in storage or in basements or garages of buildings he owns

Syed’s vision for the next year

• Trying to survive month to month right now
• Wants to add more units if the demand is back
• 2020 is mostly a lost cause

How Syed mentally handled the pandemic

• Knew it was out of his control and a once in a lifetime thing
• Was super transparent with business partners and team
• Little wins after biggest loss gave him motivation

Syed’s advice for newcomers

• Reputation and the right business partners will set you up for success
• Choose your partners wisely

Hostly

Hostly on Instagram

Syed on LinkedIn

BiggerPockets Real Estate Podcast

STR Profit Academy

STR Legends Masterminds

TaskRabbit

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Search Airbnb for listings in your area that are accessibility friendly. What did you find?

Many markets have very few short-term rental (STR) units that accommodate travelers with limited mobility or other special needs. And those that do definitely stand out. So, how do you design an accessible Airbnb listing?

Margie Schrader is the Superhost behind Zennia Hospitality, a STR management company out of Bloomington, Indiana, and an active member of our STR Profit Academy. Margie has maintained a remarkable 4.99 average over 188 reviews by stressing hospitality and cleanliness.

Today, Margie joins me to discuss what she is doing to accommodate differently-abled travelers with an accessibility friendly Airbnb. She explains what inspired her to design a listing with wheelchair access and how she is challenging herself to make everyone with special needs feel comfortable in the space. Listen in for insight on the marketing benefits of an accessible STR and get Margie's advice on how to stand out in your market with an accessibility friendly listing.

Margie's Airbnb journey

• Local builder asked to manage STR (May 2018)
• Now hosting five units in Bloomington, IN

Margie's experience with COVID

• Provide free stays for medical professionals
• Step up cleaning procedures, day in between
• Slow return to normal (two units back up)

What Margie's market is like right now

• Pre-COVID guests = parents of college students
• Now guests in town to see family, for getaway

What inspired Margie to create an accessibility friendly Airbnb

• Local builder gutting and renovating house nearby
• No one else in market with wheelchair accessibility

How Margie is accommodating differently-abled travelers

• Step-free access, wide doorways + hallways
• Roll-in shower, accessible height toilet/bed
• Furniture contrasts with floor (low vision)

The marketing benefits of an accessibility friendly Airbnb

• Media opportunities as only accessible STR in market
• Guests drawn to business that aligns with values

Margie's advice for aspiring Airbnb hosts

1. Make sure units are super-clean
2. Be yourself in interactions with guests
3. Underpromise and overdeliver
4. Try not to take reviews personally

Zennia Hospitality

Zennia Hospitality on Instagram

Margie on Airbnb

STR Profit Academy

Airbnb’s COVID-19 Cleaning Guidelines

CDC Guidelines on Cleaning & Disinfecting

Airbnb’s Accessibility Support

Social Impact on GPFYP EP283

Email [email protected]

Hostfully

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Nobody’s perfect. But Martin Chilangles comes pretty close. If you check out his Airbnb listing, you’ll notice that he’s never received anything other than a five-star review. And he does NOT directly ask guests for the five-star rating. So, what is he doing to get the highest possible score—every single time?

Martin is a marketing expert and STR host in Mexico City. Originally from the UK, Martin fell in love with Mexico City in college and returned for good in 2013. An Airbnb Superhost and active member of our STR Profit Academy, Martin has earned 100-plus reviews as a host—all of them five-star.

Today, Martin joins me to share his secrets for getting nothing but five-star reviews, explaining what he does to connect with guests and exceed their expectations. He discusses the marketing principles he applies to his Airbnb, introducing us to his own detailed customer avatar and describing the benefits of knowing your target market. Listen in for insight on finding the unique selling point for your STR listing and learn how YOU can gain a competitive advantage and get great reviews on Airbnb!

What drew Martin to Mexico City

• Warmth of people
• Food and weather

Martin’s secrets to getting nothing but five-star reviews

• Create personal connection with guest
• Exceed expectations with gift basket
• Anticipate problems, respond to messages quickly
• Give guest five-star review + invite to stay again

How Martin dealt with his most difficult guest

• Responded to blocked toilet personally (with cleaner, plumber)
• Brought family $100 in food from local deli

Martin’s advice on marketing your Airbnb

• Choose niche + target market (e.g.: business travelers)
• Build out customer persona

Martin’s Airbnb customer profile

• 40-year-old New Yorker named David
• Takes international vacations often
• Doesn’t know Mexico City well
• Loves discovering new places
• Likes tacos and drinking tequila

The idea of a unique selling point or USP

• Gives host competitive advantage
• Better than competing on cost

The benefit of building out a customer avatar

• Helps host make decisions
• Put client’s needs first

Martin on Airbnb

STR Legends

STR Profit Academy

Couchsurfing

WhatsApp

Toastmasters

AirReview Chrome Extension

Email [email protected]

Hostfully

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Is it too much trouble to manage multiple short-term rentals (STRs) in different markets? If you have the opportunity to invest in Airbnb properties, but you know you’d have to run the units remotely, there are tactics and tools you can use to make the job easier.

Karen Chenaille is the real estate investor and vacation rental host behind Star Gazer Stays, a STR business with properties in Vermont, Tennessee, Mississippi and Florida. She is also an active member of our STR Profit Academy and works full-time as a program manager for a Fortune 500 defense contractor.

Today, Karen joins me to explain how she grew her portfolio to 11 properties, discussing what she looks for in a STR market and how she manages those units remotely. She shares her experience as a host through COVID-19 and describes how Profit First helped her build the cash reserves to navigate the crisis. Listen in for Karen’s insight on leveraging a CEO mindset as you expand your STR business and learn what tools you can use to run multiple Airbnbs in different markets!

How Karen grew a portfolio of 11 STR properties

• Use extra space in own 5BR house
• Added condo near ski resort
• Sold convenience store to expand

What Karen looks for in a STR market

• Vacation rentals have been around long time
• Local governments pro-STR and make money

How Karen finds cleaners + maintenance staff in new markets

• Stay in local Airbnb, contact host/cleaner
• Ask for referrals from local realtor

The benefits of using Wi-Fi locks for self check-in

• Only valid for period from check-in to checkout
• Know what’s going on and stay in control

Karen’s vision for the future of her STR business

• Grow Airbnb revenue for next six to eight months
• Decide whether STR can be main source of income

Karen’s experience as a host through COVID-19

• Lost $20K in five days on Tennessee properties
• State of Vermont blocked calendar through 7/1

What bookings look like for Karen now

• New properties in Florida booking like crazy
• Tennessee Airbnbs picking up (at higher rates)
• Guests choosing drive-to destinations

How Karen applies the principles of Profit First

• Pay yourself and taxes first, then use rest to operate
• Narrow down and prioritize expenses based on ROI

How Karen built the cash reserves to survive COVID

• Leverage YNAB cashflow management tool
• Set aside money to pay off expenses in 10 months

How Karen is implementing the CEO mindset

• Only do things good at, outsource rest
• Develop systems + use automation when possible

Karen’s advice for STR hosts

• Don’t feed into hysteria and panic
• Still much opportunity in STR space

Star Gazer Stays

Star Gazer Stays on Facebook

Karen on Airbnb

STR Profit Academy

Get Paid for Your Pad by Jasper Ribbers and Huzefa Kapadia

NoiseAware

Remote Lock

TurnoverBnB

Profit First by Mike Michalowicz

YNAB

QuickBooks

Mike Michalowicz’s Podcast: Entrepreneurship Elevated

Clockwork by Mike Michalowicz

The 4-Hour Workweek by Timothy Ferriss

Email [email protected]

Hostfully

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