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

The effect of the Coronavirus on the STR Industry

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The Coronavirus has people scared. Though the perceived risk is much higher than the actual threat of contracting COVID-19, many would-be Airbnb guests are cancelling their travel plans. What does that mean for us as STR rental hosts? And what can we do to keep our businesses going in this difficult time?

Today, I’m addressing the Coronavirus and its impact on STR hosts, discussing the markets most affected by the outbreak as well as the details of Airbnb’s extenuating circumstances policy—and how some guests are getting full refunds even if they don’t qualify.

I go on to offer my best advice for hosts who are afraid of exposure and explain why I don’t recommend making any big investments or taking on an expensive lease in the current economic climate. Listen in for insight on how long we might be dealing with Coronavirus and learn what you can do to get more bookings (and maintain your visibility in search results) during this challenging time.

Topics Covered

The markets most impacted by the Coronavirus

• China, South Korea and Japan
• Italy (entire country on lockdown)
• NY, LA and west coast of US

Airbnb’s extenuating circumstances policy

• Full refund for guests within guidelines
• Hosts can cancel guests from effected areas

Giving refunds outside the extenuating circumstances policy

• Hosts under no obligation to offer full refunds
• Policy meant for people at real risk
• Offer guests option to change travel dates

My advice for hosts afraid of exposure

• Don’t panic and cancel reservations outside policy
• Offer self check-in, ask about recent travel history
• Up your game when it comes to cleaning

How to get more bookings during this difficult time

• Offer discounts, reach out to friends and family
• Emphasize extra measures taken in listing
• Set cancellation policy to flexible
• List on additional channels
• Stay informed re: local market, events cancelled
• Stock up on supplies
• Shift target audience to domestic travelers

Why there may be light at the end of the tunnel

• Airlines have slashed rates to promote travel
• Warmer weather can help contain viruses
• Fewer new cases in China (where COVID-19 began)

What STR hosts can do to survive this challenging time

• Try to cut costs
• Take less risk

Why I’m risk averse in the current economic climate

• Parallels to 2007 (e.g.: markets at all-time high)
• Interest rates already at nearly zero
• Drop in oil prices likely to impact US companies

Resources

Coronavirus on Worldometer

Airbnb’s Extenuating Circumstances Policy

Airbnb Profit Club on Facebook

STR Legends Mastermind

STR Profit Academy

Get Paid for Your Pad Email List

Email [email protected]

To subscribe to the podcast, please use the links below

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If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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What is the SOUL of your short-term rental (STR) business? What do you believe in? And how do you want to impact other’s lives? Whether you have one Airbnb listing or one thousand, defining your core values (and aligning your actions with those ideals) can help you attract the right people and build a business you can be proud of.

Eric Moeller is the founder of Cohost Mastery and my partner in creating STR Legends Live and the STR Profit Academy. Today, Eric joins me to explain how we define core values for business and why STR hosts should take the time to get clear on what they stand for and who they want to serve.

Eric describes why it’s best to craft a phrase or story around your values (versus a single word), and we get specific on how to leverage your core values to guide decision-making. Listen in for insight into the values Eric and I created for our partnership and learn the Mission to Mars system of defining core values for YOUR STR business!

Topics Covered

How we define core values for business

• ‘Soul of company’
• Includes beliefs + who serve

Why STR hosts should define their values

• Helps guide decision-making
• Attract ideal customers, employees

Why a phrase is better than a word

• Easier to share (emotion attached)
• Speak your truth vs. authentic

How to build out your core values

• Choose 5 to 7 people for Mission to Mars
• Create statement re: value each embodies

Eric’s advice for STR hosts around values

• Revisit every quarter and revise as needed
• Publish on listing, go further to align daily

Eric & Jasper’s core values for business

1. Be better than Gap
2. Speak your truth
3. Respond vs. react
4. Seek failure

Connect with Eric

STR Legends Mastermind

STR Profit Academy

Airbnb Mastery Summit

Eric on LinkedIn

Resources

Free Training: OPP on Airbnb

Get Paid for Your Pad Email List

Social Impact on GPFYP EP283

Scaling Up: How a Few Companies Make It … and Why the Rest Don’t by Verne Harnish

Scaling Up

Traction: Get a Grip on Your Business by Gino Wickman

Crazy, Stupid, Love

Tim Kennedy

Tim Kennedy on The Joe Rogan Experience

Email [email protected]

To subscribe to the podcast, please use the links below

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If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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Do you have dreams of investing in a short-term rental (STR) property but don’t know your financing options? Opportunities beyond the traditional bank loan DO exist to help investors like you start building or expand your portfolio of vacation rentals.

Adam Windham is the Cofounder and COO of Host Financial, a firm that provides alternative financing and creative capital solutions for STR investors. Today, Adam joins me to discuss the pros and cons of using a conventional mortgage or hard money loan to finance a STR investment and explain what differentiates Host Financial from your other financing options.

Adam shares the three factors that determine the interest rate on a Host Financial loan and walks us through the process of securing a loan with his team. Listen in for insight on how Host Financial hedges against potential regulations and learn how to determine the best market for your next STR investment!

Topics Covered

The pros and cons of using a conventional bank loan

• Loan size based on borrower’s income
• Borrowing power eventually tapped out
• Challenge for self-employed investors

The pros and cons of using a hard money loan

• Short-term (one to three years)
• Interest rates vary wildly from 7%-12%

What differentiates Host Financial from the other options

• Qualify deals based on property’s income potential
• All loans fully amortizing over 30 years

Where investors can buy property through Host Financial

• Properties must be in US at present (plans to expand)
• Borrower does not have to be US citizen

The three factors that determine interest rate

1. Borrower FICO or credit score
2. Level of income property likely to generate
3. Loan size (maximum approx. $2.5M)

Host Financial’s ability to make loans to entities

• Keeps personal borrowing power separate
• Owner of LLC remains personal guarantor

How to provide income projections for a property

• Experience as operator in given market
• AirDNA report

The process of securing a loan from Host Financial

1. Enter specs of deal on Host Financial website
2. Receive term sheet of options within 48 hours
3. Complete commercial loan application
4. Submit underwriting documents
5. Appraisal and close (within 30 days)

How Host Financial thinks hedges against regulations

• Consider market-rate value for long term rental
• LTVs increases if cashflow positive both ways

The trends Adam is seeing based on loan requests

• Seasoned investors looking for multifamily financing
• Growth in invisible service boutique hotel model
• BRR method and master lease with option to buy

How to determine the best markets for STR investments

• High gross income relative to low asset price
• Pigeon Forge/Gatlinburg, TN + Poconos in PA

Adam’s advice for aspiring STR property investors

• Create folder in shared drive for underwriting docs
• Do due diligence (demand, regulatory risk, etc.)

Connect with Adam

Host Financial

Email [email protected]

Resources

AirDNA

AirDNA Blog on Best Cities for STR

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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“2020 is going to be the year of the professional host, regardless if you’re running one unit or if you’re somebody that’s trying to hit a hundred or a thousand units. All of it, the standards need to be world-class at this point. We have to truly treat even one unit as a real business.”

Eric Moeller is the creator of Cohost Mastery and the cofounder STR Legends Live. Today, Eric and I sit down to discuss our top takeaways from STR Legends Cartagena, describing the trend toward professionalism in the industry and the challenges around operations that all hosts share regardless of size.

Eric and I weigh in on how to approach your STR as a business, sharing Simon Lehmann’s challenge to define your values and align your messaging accordingly. Listen in for insight on how big brands are likely to impact the future of the STR industry and learn how YOU can benefit from the culture of sharing among the STR Legends community!

Topics Covered

The Hosting at Scale Video Series

• Four episodes, each feature one operator
• Explore what makes them legend in space

Eric’s top takeaways from STR Legends Cartagena

• Shift to professionalism
• Operations + people = greatest challenge

The evolution of operating in the STR space

1. ‘List it and forget it’
2. Listing optimization
3. Approach from business perspective

How to stand out as a host as competition grows

• Determine USP (i.e.: standards, theme, etc.)
• Design messaging to attract ideal client

Simon Lehmann’s STR Legends Cartagena challenge

• Describe your business in one sentence
• Who are you and what are your values?

The culture of sharing at STR Legends Cartagena

• Authentic connection among community
• Value openness, integrity and support

What we learned about the future of the STR space

• Larger companies buy out midsize operators
• Must understand profitability to thrive
• Efficiencies of scale offer competitive advantage

Why vacation rental hosting is a hyperlocal business

• Knowledge of area important in hospitality
• Opportunity for small hosts (personal connection)

Connect with Eric

Cohost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Resources

STR Legends

GPFYP on YouTube

STR Legends on Instagram

Y Combinator

Simon Lehmann on GPFYP EP308

Carmen Cartagena

Traction: Get a Grip on Your Business by Gino Wickman

Who by Geoff Smart and Randy Street

Sonder

Lyric

Vacasa

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

Hosted on Acast. See acast.com/privacy for more information.

“2020 is going to be the year of the professional host, regardless if you’re running one unit or if you’re somebody that’s trying to hit a hundred or a thousand units. All of it, the standards need to be world-class at this point. We have to truly treat even one unit as a real business.”

Eric Moeller is the creator of Cohost Mastery and the cofounder STR Legends Live. Today, Eric and I sit down to discuss our top takeaways from STR Legends Cartagena, describing the trend toward professionalism in the industry and the challenges around operations that all hosts share regardless of size.

Eric and I weigh in on how to approach your STR as a business, sharing Simon Lehmann’s challenge to define your values and align your messaging accordingly. Listen in for insight on how big brands are likely to impact the future of the STR industry and learn how YOU can benefit from the culture of sharing among the STR Legends community!

Topics Covered

The Hosting at Scale Video Series

• Four episodes, each feature one operator
• Explore what makes them legend in space

Eric’s top takeaways from STR Legends Cartagena

• Shift to professionalism
• Operations + people = greatest challenge

The evolution of operating in the STR space

1. ‘List it and forget it’
2. Listing optimization
3. Approach from business perspective

How to stand out as a host as competition grows

• Determine USP (i.e.: standards, theme, etc.)
• Design messaging to attract ideal client

Simon Lehmann’s STR Legends Cartagena challenge

• Describe your business in one sentence
• Who are you and what are your values?

The culture of sharing at STR Legends Cartagena

• Authentic connection among community
• Value openness, integrity and support

What we learned about the future of the STR space

• Larger companies buy out midsize operators
• Must understand profitability to thrive
• Efficiencies of scale offer competitive advantage

Why vacation rental hosting is a hyperlocal business

• Knowledge of area important in hospitality
• Opportunity for small hosts (personal connection)

Connect with Eric

Cohost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Resources

STR Legends

GPFYP on YouTube

STR Legends on Instagram

Y Combinator

Simon Lehmann on GPFYP EP308

Carmen Cartagena

Traction: Get a Grip on Your Business by Gino Wickman

Who by Geoff Smart and Randy Street

Sonder

Lyric

Vacasa

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

Hosted on Acast. See acast.com/privacy for more information.

Standing out in crowded STR markets can be difficult. With new rental properties cropping up in desirable locations every day, developing a brand for your STR business is key to long-term success in a short-term market. Branding is one of the best ways to beat out competition.

Airbnb Superhost, model, and musician Sharon Middendorf founded GO-Cottage, an STR business in Lake Placid, New York. Long before Airbnb existed, Sharon bought, renovated, and restored two 1920s bungalows on the same piece of property. Over the course of 17 years she’s successfully marketed her short-term rentals as modern-style, California-esque lodging for adventure seekers. Sharon’s property has been featured in Country Living, Domino, and on HGTV’s Small Space, Big Living.

On this episode of Get Paid for Your Pad, Sharon describes the importance of branding and how it can give rental owners the control they crave in a market dominated by listing platforms. Sharon explains how diversifying her rentals and capitalizing on their uniqueness helped her stand out amongst more than 700 STR listings in a small village. Listen in for Sharon’s insight on how Airbnb Plus has affected her listing and whether she would recommend the program to other property owners.

Topics Covered

Sharon’s STR story

• Loved vacationing in Lake Placid
• Took 4-5 years to find the right property to purchase
• Renovated two bungalows on property
• Started booking short-term renters in 2003

Why Sharon focuses on branding

• Differentiates her rental from all the rest
• Branding lasts longer than an STR platform like Airbnb

How Sharon developed a brand

• Built website and began tracking it using Google Analytics
• Started creating on-brand content for social media like Facebook and Instagram

How Sharon marketed her listing before Airbnb

• Used local listing sites and craigslist
• Relied on word-of-mouth

Why Sharon releases a quarterly newsletter

• Helps her stay in touch with former guests
• Releasing a newsletter quarterly avoids overwhelming subscribers

What Sharon includes in her newsletter

• Local upcoming events
• Information on availability and cost

How Sharon got national exposure for her property

• Networking and reaching out to media organizations
• Knowing someone at Country Living helped her listing get featured

Sharon’s insight on creating a brand

• Name the property to give it an identity
• Hire outside help if needed

Sharon’s take on Airbnb Plus

• Good experience working with professional photographer
• Meeting Airbnb Plus requirements can take time and effort
• Airbnb Plus doesn’t necessarily enable you to raise rates
• Less control over Airbnb Plus listing

Connect with Sharon

GO-Cottage

Email: [email protected]

GO-Cottage Instagram

GO-Cottage Facebook

GO-Cottage YouTube

GO-Cottage on Airbnb

Resources

Airbnb IPO

Airbnb Plus

Fairbnb

STR Profit Academy

STR Legends Mastermind

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

STR Legends Mastermind

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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It’s never fun to think about worst case scenarios. But for Airbnb hosts, it’s important to have an idea of what you might do should the worst happen. And there are few things worse that having a natural disaster hit your STR.

Peter Counsell is the Superhost behind Clyde River Cottage, a STR in Nelligen, New South Wales, with its own private jetty on the river. Peter also coaches new hosts on getting started in the STR business and optimizing their listings, and he builds personal websites for hosts looking to expand their reach beyond the Airbnb platform.

On this episode of Get Paid for Your Pad, Peter joins me to share his difficult experience during the devastating bushfires in Southeast Australia. He explains how the fires are affecting his business, what Airbnb is doing to help hosts in his position, and how the disaster is likely to impact tourism in the area. Listen in for Peter’s insight on how he might use his STR property during the recovery process and learn what to do should a natural disaster hit your STR business.

Topics Covered

The devastating bushfires in Southeast Australia

• 1M acres in six weeks (two full states)
• Caused by extreme drought + lightning strike

Peter’s harrowing experience with the fires

• Evacuated three times before leaving area entirely
• Highway closed, followed fire engine to Ulladulla

How the fires are affecting Peter’s STR business

• Cancellations as fires got worse, no new bookings
• Smoke and highway closings make travel difficult

Airbnb’s process for helping hosts in the fires

• Team in place to contact guests for Aussie hosts
• No cancellation penalty for guests or host

Peter’s advice for hosts in natural disasters

• Waive fee for cancellation (return 100% of deposit)
• Request that Airbnb waive fees for guests

How the fires will impact tourism in the area

• Known for beaches, nature and wildlife
• 1B animals killed + bushwalks burned

Peter’s insight on the long recovery process

• Charge realistic prices, allow one-night stays
• Stay in touch with potential guests

What Peter might do until the area has recovered

• May be good time for upgrades to space
• Offer STR for recovery workers to stay

What we can do to support Peter

• Travel to SE Australia (quite safe, still much to do)
• Use his website building or coaching services

Peter’s best tips for aspiring Airbnb hosts

• Read Get Paid for Your Pad, listen to podcast
• Model STR on your WHY + ideal guest avatar
• Work to get good reviews right away

Connect with Peter

Clyde River Cottage

Clyde River Cottage on Airbnb

Resources

Peter on GPFYP EP129

Airbnb Open Homes

Divi Themes Software

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

STR Legends Mastermind

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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Airbnb Superhost Rebecca Cramer lives by the philosophy that it’s better to regret something that you’ve tried than to regret something that you didn’t try at all. And that attitude has served her well, inspiring Rebecca to invest in short-term rental (STR) properties in highly competitive markets and absolutely crush it—proving that big risk, when done right, can reap big rewards.

Rebecca is the founder of Mad Men Vacation Rentals, a STR business with listings in Maryland and Florida. She invests in vacation spots she and her family love, creating the Mad Men Beach House listing in Ocean City, MD, and the Mad Men Magic Kingdom House near Disney World. Rebecca started hosting on Airbnb in January of 2018 and has quickly proven that newcomers can be successful in crowded STR markets.

On this episode of Get Paid for Your Pad, Rebecca is back to discuss her decision to invest in competitive locations like Maryland and Florida. She walks us through the process of finding, buying and renovating STR properties, explaining what she did to research profit potential and why her listings surpassed expectations. Listen in for Rebecca’s insight on furnishing your STR (without breaking the bank) and learn her top strategy for getting more bookings in the off-season!

Topics Covered

Rebecca’s STR portfolio

• Start with Ocean City vacation home in 2018
• Added Disney World property last year
• Deep Creek Lake location will go live in 2020

How Rebecca found the Ocean City property

• Discovered neighborhood on vacation there
• Outdated house on Zillow (9 months on market)

How Rebecca researched STR profit potential in Ocean City

• Look at similar listings in neighborhood on Airbnb
• Talk to realtor, friends with vacation homes there

Why Rebecca’s listing surpassed profit projections

• Renovations, updated furnishings and amenities
• High level of customer service

What Rebecca did to command a higher price for her listing

• Offer kayaks, pool and tennis courts
• Made property dog friendly

How well the Ocean City property performed

• Covers mortgage, updates and cleaning fees
• Provide down payment for next investment

Why Rebecca chose to invest in Florida

• Open to risk, confident in ability to recreate success
• Family loves Disney + can escape there themselves

How Rebecca furnished her listings for less

• Sold furniture that came with properties
• Utilized Craigslist, Facebook Marketplace
• Willing to paint/refinish distressed pieces

Rebecca’s strategy for getting more listings in the off-season

• List property twice (e.g.: 3BD/2BA AND 1BR/1BA)
• Fill booking gaps with solo travelers + small groups

Connect with Rebecca

Mad Men Vacation Rentals

Mad Men on Instagram

Mad Men on Facebook

Mad Men Beach House

Mad Men Magic Kingdom

Resources

Rebecca on GPFYP EP309

AirDNA

STR Profit Academy

STR Legends Mastermind

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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What’s the most important part of a short-term rental (STR) listing? Most hosts focus on the space itself, making it a point to have beautiful photographs that make the property look as attractive as possible. But it’s just as important to communicate who YOU are through the Airbnb listing, creating a very positive first impression so that guests feel comfortable booking with you. But what does that look like?

Rebecca Cramer is the Superhost behind Mad Men Vacation Rentals, a small STR business with listings in Ocean City, Maryland, and Kissimmee, Florida. Her third property in Deep Creek Lake, Maryland, is scheduled to go live in the summer of 2020. Rebecca started hosting on Airbnb in January of 2018 and quickly realized how much she loved helping guests make memories in the very places she and her family love. The success of her Mad Men Beach House and Mad Men Magic Kingdom prove that newcomers can still make it in a competitive STR market.

On this episode of Get Paid for Your Pad, Rebecca joins me to discuss her Airbnb origin story, explaining how renting the family’s beach house to afford the mortgage quickly turned into a small business. She describes how she creates a unique experience for families at her Madmen Magic Kingdom property near Disney World and offers insight around staging your space for photos and managing units remotely. Listen in for Rebecca’s top four strategies for earning exceptional reviews and learn how to build a trusting relationship with guests through your listing on Airbnb.

Topics Covered

How Rebecca got into Airbnb

• Dream of having beach house in Ocean City, Maryland
• Rent on Airbnb to afford mortgage, turn into business

What prepared Rebecca to be a good host

• Family goes big on hospitality at gatherings + holidays
• Work in retail, as nurse (make people feel cared for)

How Rebecca builds a relationship through her listings

• Humor and enthusiasm in captions, description
• Profile picture = family photo

How Rebecca creates an experience at Madmen Magic Kingdom

• Themed rooms (princess castle, Pirates of the Caribbean)
• Pool with inflatables + unique game room
• Costumes for kids to play dress-up

Rebecca’s tips for staging units for photos

• Help guests envision themselves in space
• Details like glass of wine on patio table

What sets Rebecca apart as a host

• Quality photos AND very positive reviews
• Go above and beyond to show you care

How Rebecca earns exceptional reviews

1. Guidebook with info about house and area
2. Communicate desire to give best possible experience
3. Automated message re: 5-star experience
4. Respond right away when guests reach out

Rebecca’s insight on managing units remotely

• Connect with handyman and cleaners willing to help
• Put together good team of people you trust

How to be successful as a newcomer in a competitive market

• Leverage heart and passion
• Don’t need degree, just need to really care

Connect with Rebecca

Mad Men Vacation Rentals

Mad Men on Instagram

Mad Men on Facebook

Resources

Hostfully

STR Profit Academy

STR Legends Mastermind

Email [email protected]

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

Hosted on Acast. See acast.com/privacy for more information.