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

Creating a unique experience for your guests leads to five-star reviews and returning clients. And if you live near the water, you can take advantage of this open market for one-of-a-kind spaces by renting out houseboats on Airbnb. So, how is hosting on land different from hosting by sea? What are the special considerations for running a STR that floats?

Nicole Young is an Airbnb Superhost based in Norfolk, Virginia, with two houseboat listings on the platform—a 37-foot Holiday Mansion that sleeps two and a 50-foot Gibson that sleeps six. In addition to overnight stays on Airbnb, Nicole leverages Groupon to attract locals for date nights and does a food tasting Airbnb Experience on what she calls her ‘floating bed and breakfast.’

On this episode of Get Paid for Your Pad, Nicole joins me to share her experience with listing houseboats on Airbnb. She explains the ‘date night’ concept she uses to increase bookings during the week, discussing how guests book through Groupon and what you can do to apply a similar idea in your space. Listen in for Nicole’s insight around the regulations and legal issues associated with STR houseboats and learn how the little things you do to provide a unique experience create lasting memories for guests!

Topics Covered

Nicole’s houseboat listings on Airbnb

• 37-foot Holiday Mansion opened in March 2017, sleeps 2
• 50-foot Gibson opened July 2019, sleeps 6

Nicole’s experience with houseboat bookings

• Calendar full on weekends, holidays and events
• Added ‘date nights’ to attract locals during week

How Nicole’s date night concept works

• Offering on Groupon and Airbnb Experiences
• Provide sensory experience in 3-hour time blocks

How guests book Nicole’s houseboat through Groupon

• Call to schedule (Airbnb calendar link reference)
• Convert to overnight if date not available

Nicole’s advice around executing date nights

• Approval through Groupon Merchant Center
• Offer little things to create memories (e.g.: Polaroid)

Nicole’s experience with regulations and legal concerns

• Don’t go out on water for liability reasons
• Issues with local government (i.e.: taxes, water treatment)
• Move to private dock after marina policy changed

Why Nicole recommends hosting STR houseboats

• Market open for unique spaces
• Good revenue source despite renovation expense

Nicole’s very positive reviews on Airbnb

• Guests comment on fishing poles, view of naval base
• Wonderful experience leads to returning guests

Connect with Nicole

Nicole on Airbnb

Resources

Groupon Merchant Center

Airbnb Experiences

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“Honestly, it was a gamble … but I knew, if I put in the same amount of time that I did at my job, I knew I could make that much or even more through Airbnb because I saw how much it could actually grow.”

So, you’ve got a good, steady job, but it doesn’t light you up. You know you’re self-motivated enough to be an entrepreneur, and you LOVE the idea of deciding for yourself how to spend your time. You CAN achieve financial freedom through short-term rentals (STR), and today’s guest took a leap of faith to do just that.

Azubuike Dike (better known as AJ) is the Cofounder and Logistics Manager with EA Lodging, an STR property management company based in Houston. The EA Lodging team provides reliable services for property owners looking to create positive experiences for their guests, boasting a proven track record for optimizing short-term rentals in Southeast Texas. In addition, AJ and his partner, Erica, offer an array of services for hosts, including STR setup and design, listing photography, furniture sourcing, and a listing revamp—just to name a few.

On this episode of Get Paid for Your Pad, AJ joins me to share his journey from microbiologist to full-time Airbnb property manager. He explains how the Superbowl inspired his first STR listing, why he transitioned to cohosting, and where he found his first few properties to manage. AJ also discusses the automation tools he uses to manage EA Lodging, describing his role in the business and what he outsources. Listen in to understand the services AJ offers other hosts and get his advice for achieving financial freedom as an Airbnb entrepreneur!

Topics Covered

How AJ got into Airbnb

• Listed girlfriend’s apartment for Superbowl
• Booked every weekend until lease ended

How AJ grew from one listing to a property management company

• Rent apartment near NRG stadium specifically for Airbnb
• Converted to cohosting when got in trouble for listing

AJ’s transition from a 9-to-5 to entrepreneurship

• Good job as microbiologist for City of Houston
• Saw how quickly could achieve financial freedom with STR
• Requires different mindset (nobody tells you what to do)

AJ’s experience with quitting his job

• Took leap of faith despite fear
• Motivate self on days feel down

How AJ found properties to manage

• Condos for sale on Craigslist
• Search Airbnb Community Forum

AJ’s current STR cohosting portfolio

• 10 properties in Houston
• Able to sustain self comfortably

What inspired AJ to add services for other hosts

• August slow month for STR in Houston
• Help others create listing, get bookings

AJ’s advice for aspiring Airbnb entrepreneurs

• Know your number to live comfortably
• Find your lane + follow people doing what you want to do
• Get educated (i.e.: market research, podcasts and classes)
• Reach out to people with property/room available

How AJ manages EA Lodging

• Automate guest communication with Your Porter
• Optimize pricing for STR with PriceLabs
• Check on units and touch base with owners

Connect with AJ

EA Lodging

Resources

Craigslist

Airbnb Community Forum

Your Porter

PriceLabs

STR Profit Academy

STR Legends

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What do top short-term rental (STR) operators from around the world have in common? This past summer, Eric Moeller and I hosted the STR Legends Live Mastermind in Puerto Rico, and we uncovered three buckets that successful Airbnb hosts focus on, whether their business is in South Africa or Siberia or San Diego. So, we are compiling this information in a three-part series and providing you with the blueprint to launch and scale a profitable STR business!

Beyond partnering with me on STR Legends Live, Eric also serves as host of the Airbnb Mastery Summit, a program designed to help aspiring hosts build a professional and profitable business on Airbnb, and founder of Cohost Mastery, an online training academy that teaches you how to start an STR company without owning or leasing any properties. In addition, he runs his own successful vacation rental leasing and property management company in California.

On this episode of Get Paid for Your Pad, Eric and I sit down to discuss our upcoming masterclass, STR Profit Academy. We offer an overview of the three pillars of a successful Airbnb business we plan to cover in the series—business, hospitality and mindset. Listen in for insight around who would benefit most from attending our live masterclass and learn the blueprint to launch and scale a successful STR business!

Topics Covered

The three-part masterclass Eric and I are putting together

• Compile personal experience with STR Legends
• Pillars necessary to build + grow STR business

What successful STR operators have in common

1. Business
2. Hospitality
3. Mindset

Pillar #1—Building the Business

• Identify marketplace, property type
• Strategic plan to set up for success
• Properties run like McDonald’s

Pillar #2—Hospitality

• Stand out with unforgettable experience
• Understand customer journey
• Manage through automation

Pillar #3—Entrepreneurial Mindset

• Willing to invest in personal growth
• Thrive on challenges, competition
• Overcome limiting beliefs

Who should sign up for STR Profit Academy

• Just starting out, struggling to get started
• Hosts looking to live life by design
• Obsessed with Airbnb/short-term rentals
• Willing to take action + grow as person

Connect with Eric

CoHost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Resources

STR Profit Academy

Eric on GPFYP EP285

Eric on GPFYP EP278

Eric on GPFYP EP256

Eric on GPFYP EP175

STR Legends

David Krauss

Tony Robbins

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

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Vacation rentals have been around for a long time. But the advent of Airbnb put the industry on our radar in a new way, inspiring significant growth and change. And today, there’s an entire ecosystem of bespoke products and services that cater to the multibillion-dollar short-term rental (STR) industry.

Evian Gutman is the Founder and CEO of Padlifter, the world’s largest marketplace of STR service providers. Evian created the platform to connect businesses in the Airbnb ecosystem with their target customers. Padlifter provides the most comprehensive directory of short-term and vacation rental service providers globally, enabling hosts to find the right services in the right place at the right time.

On this episode of Get Paid for Your Pad, Evian joins us to discuss the development of the Airbnb ecosystem, explaining how the products and services have evolved with the expansion of the STR space. He describes several traditional industries that have adapted their offerings to serve the vacation rental industry and offers insight around the most innovative collaborations in the network. Listen in for insight around the potential for Airbnb to allow listing videos and learn how Padlifter connects stakeholders in the STR industry!

Topics Covered

How the Airbnb ecosystem developed

• Vacation rentals on people’s radar with Airbnb
• Expansion to multiple booking platforms
• Increasing number of services to meet demand
• 115K vacation rental companies worldwide

The evolution of the STR industry

• Decrease in average length of stay (4 nights)
• Destination vs. urban travel to replace hotel

Why hosts list on multiple channels

• Additional exposure, marketing opportunity
• Availability of channel management software

Traditional services that evolved to specialize in STR

• Copywriting, listing optimization
• Data and investment support
• Luggage and parcel services

Evian’s insight around the most innovative companies

• Right product for right person in right place
• Collaborations, all-inclusive services (i.e.: property manager with in-house turnover)

The potential for Airbnb to allow video

• Higher expectations around Airbnb Luxe
• Integration of video likely to trickle down

How Padlifter serves the STR industry

• World’s largest marketplace of service providers
• Connect businesses with target audience
• Simplify lives of hosts, make more money
• Connect stakeholders (verification, reliability)

Connect with Evian

Padlifter

Evian on LinkedIn

Resources

Beyond Pricing

Transparent Data

Inkifi Global Airbnb Capitals

AirDNA

Archibnb

Airbnb Plus

Airbnb Luxe

VRMA Conference

STR Legends

HOST 2019

Eric Moeller

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A lot of short-term rental hosts underestimate the power of effective guest communication. How well you convey the information your guests need has a big influence on their experience. And that, in turn, impacts the reviews they leave you on Airbnb. So, what does good guest communication look like? How often should you message your guests? And WHEN is the best time to send WHAT information?

Today, I’m sharing an edited version of my Smartbnb Webinar on how to streamline your Airbnb guest communication. I explain why it’s crucial to communicate clearly with STR guests and offer advice on building relationships with voice notes and video.

I walk you through the five aspects of successful Airbnb guest communication, discussing how to provide objective information that’s easy to understand—when the guest actually needs it. Listen in for an outline of my guest communication flow and learn how often to communicate with guests before, during and after their stay!

Topics Covered

Why guest communication is crucial on Airbnb

• Influences guest experience
• No industry standards like hotel

The reasons for communicating with Airbnb guests

• Provide information, facilitate optimal stay
• Build relationship (more forgiving review)

How we communicate as human beings

• Words only small part of message
• Tone, body language more important

Tips for building relationships with guests remotely

• Phone call and/or send voice notes
• Send short video if can’t meet in person

The 5 aspects of successful Airbnb guest communication

1. Accuracy—objective information (e.g.: WiFi speed test)
2. Timeliness—respond quickly + send info when need it
3. Digestibility—present info in concise, appealing way
4. Frequency—send most important info multiple times
5. Comprehensiveness—provide ALL info guest needs

My Airbnb guest communication flow

• Send welcome message immediately after booking
• Deliver check-in instructions few days before stay
• Resend address, check-in instructions as flight lands
• Welcome + resend WiFi password just after check-in

How often to communicate with guests during their stay

• Reach out few hours after arrival for feedback
• Message guest morning after first night
• Check in every 3 or 4 days after that

Communicating with Airbnb guests after their stay

• Send thank you immediately after check-out
• Review guest right away, ask to reciprocate
• Remind guest to submit review after week
• Final reminder day before window closes

Resources

Speedtest

Hemingway Editor

Grammarly

Smartbnb

Hostfully

WhatsApp

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Are you annoyed with your Airbnb guests or overwhelmed with the responsibility of managing your listing? If you’ve been a short-term rental host for a while now, you may be tired of answering the same questions and frustrated with guests who complain about things you can’t control. This condition is known as Airbnb hosting fatigue. So, what can you do about it? Can you prevent hosting fatigue from happening to you?

Today, I’m doing a solo episode to discuss the issue of Airbnb hosting fatigue. I share my own experience with the phenomenon, explaining how I reignited my passion for hosting. I also offer insight around how outsourcing some activities and automating things like messaging, pricing, and task management can prevent STR hosting fatigue. Listen in to understand the problem with the Airbnb review system and get my top tips for finding the inspiration to stay engaged and continuing to improve your listing!

Topics Covered

My experience with STR hosting fatigue

• Super-excited to host for first couple months
• Complaints, repeat questions got annoying
• Started to not care as much, ratings suffered

How I reignited my passion for hosting

• Look for ways to change, improve (e.g.: Hostfully guidebook)
• Engage with guests through WhatsApp

How to prevent Airbnb hosting fatigue

• Automate or outsource some activities
• Hire employee to clean, check-in guests

The problem with the Airbnb review system

• 4-star hotel review = luxury, certain amenities
• Airbnb expects consistent 5-star reviews

How I think about the Airbnb review system

• One bad review won’t kill STR business
• Take feedback seriously, be professional

My top tips for preventing STR hosting fatigue

1. Focus on finding inspiration to improve
2. Communicate with other hosts (i.e.: Meetups, online groups)
3. Shift focus by asking right questions
4. Take break from hosting if necessary

Resources

Smartbnb

Smartbnb Blog

Jasper’s Communication Post on Smartbnb

Hostfully

WhatsApp

Seth Porges on GPFYP068

Seth Porges’ Article on Reviews

Meetup

Tony Robbins

Jasper’s Smartbnb Webinar Registration

Host 2019

Get Paid for Your Pad Blog

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“I vowed to change the company’s vision … from putting roofs over people’s heads to creating memories and stirring emotions.”

It is easy to build relationships with guests when you have a small number of listings, and you can be there in person to check them in. But how do you keep that connection as you scale up to 50 units or more? What can you do to show people you care and maintain superior hospitality as your business grows?

Steve Patterson is the President of UrHomeInPhilly, a short-term rental property management company based in Philadelphia, PA. UrHip is ranked #1 in customer experience on Google and was voted best place to stay in Philadelphia by Sweet Retreats. Steve is passionate about helping his guests create memories, and he has maintained Superhost status—even as his business has grown to 80-plus units.

Today, Steve joins us to explain how he differentiates his STR business with outstanding service. He shares his struggle to achieve Superhost status, discussing what he learned at the Airbnb conference that improved his reviews. Listen in for Steve’s tips on building relationships with guests, even when you can’t be there to meet them in person, and learn what tech tools he uses to maintain exceptional hospitality while his business continues to grow!

Topics Covered

How Steve got into Airbnb

• Wanted to move to suburbs but locked into lease
• Use STR as strategy to not lose money

Steve’s experience at the Airbnb conference

• Wanted to learn to be Superhost
• Speakers inspired to use CARE as catalyst

How Steve differentiates himself with service

• Creating memories + stirring emotions
• Personalize stays around reason for travel

How to build relationships when you can’t meet guests

• Demonstrate care (e.g.: balloon for birthday)
• Online tools to communicate through video

Steve’s insight around creating a high-level of service

• Only as good as team on ground
• Learn about guest, find things in common

How Steve scaled his STR business to 80+ units

• Standardize as much as possible (e.g.: flatware)
• Find reliable technology partners
• Hire virtual team to help

Steve’s top takeaways from STR Legends Live

• Leverage processes to work fewer hours/week
• Don’t be in rush to buy property (winter coming)

Connect with Steve

UrHomeInPhilly

Steven on LinkedIn

UrHip on Facebook

Resources

Eat, Pray, Love Author Elizabeth Gilbert

Loom

BombBomb

WhatsApp

STR Legends

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If you have a small number of Airbnb listings, screening guests (and rejecting the bad ones) is not a problem once you know what to look for. But what if you want to grow your short-term rental business to 20, 50, or even 100 properties? What tools are available to STR rental managers to vet and monitor guests? How can you leverage effective screening to make more money AND acquire new listings?

Anton Zilberberg is an STR Legend and property manager out of Toronto. He operates a portfolio of 100-plus properties through his luxury STR company, QuickStay, and serves as the Founder and CEO of Autohost, an AI screening tool for Airbnb guests. Today, Anton is back on the podcast to offer his advice on guest screening to STR managers who are looking to scale.

Anton covers the risks property managers face, describing the scope of the fraud problem in the STR industry. He also weighs in on how effective screening increases STR revenue and gives property managers a competitive advantage. Listen in to understand Autohost’s multilayer verification process and learn how effective screening protects you, your business—and your neighbors!

Topics Covered

The fraud risks that property managers face

• Credit card schemes + identity theft cases
• Gun violence, escort services and drugs
• Resell STR on dark web

The scope of the fraud problem in the hospitality industry

• Accounts for $150B annually
• 1 in 20 bookings potentially fraudulent

Autohost’s multilayer verification system for screening guests

• Digital fingerprint determines geolocation
• Checks on ID, credit card and social channels

Anton’s insight on security solutions for STR managers

• Install NoiseAware, security cameras, etc.
• Process in place for removing guests
• Educate team on security and safety

How to identify and deal with fake IDs

• Use ID verification system
• Collect additional information (e.g.: social accounts, business email)

Anton’s insight around complying with privacy laws

• Do not store or share personal information
• Verify accuracy, then dispose of info

How effective screening increases STR revenue

• Remove booking restrictions, allow Instant Book
• Rewarded with higher position in search results
• Fewer gaps in calendar = less unsold inventory
• Allows to accept locals (especially in off-season)

How effective screening gives property managers a competitive advantage

• Demonstrate higher returns for owners
• Use as selling tool to grow business

How Airbnb screening compares to Autohost

• Airbnb verification at booking only
• 9 vs. 2,000 verifications + tests

Aton’s advice for growing STR managers

• Create systems to set expectations, monitor high-risk guests
• Verify ID and phone number, charge security deposit

How much it costs to use Autohost

• $1 to $10/screening based on services
• $5/screening for first 200 GPFYP listeners

How screening prevents problems for STR hosts

• Hold people accountable (sue in court if necessary)
• Charge unverified guests with trespassing

Connect with Anton

Autohost

Quickstay

Anton on LinkedIn

Resources

Anton on GPFYP EP290

Ernst & Young 2018 Global Fraud Survey

NoiseAware

STR Legends

Get Paid for Your Pad on Facebook

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If you’ve had a bad experience with a guest on Airbnb, chances are you did not screen that guest effectively. But if you know what to look out for and what questions to ask, it is fairly easy to determine which guests are likely to break your house rules—and which ones might be engaged in criminal activity like fraud or identity theft.

Anton Zilberberg is the Founder and CEO of Autohost, a new AI tool for screening Airbnb guests, and QuickStay, a luxury short-term rental (STR) management company out of Toronto with a portfolio of 100-plus properties. Today, he joins me to explain why it’s crucial to screen would-be guests and walk us through the questions he asks to determine intent.

Anton offers insight on the two types of risk, general and criminal, sharing the red flags to look out for and additional measures to take in minimizing your risk portfolio. He also weighs in on the pros and cons of different booking channels and discusses the risks associated with guests coming from Airbnb, Booking.com and VRBO. Listen in for the parameters Anton uses to establish a risk score for potential STR guests and learn how to handle cancellations for both instant bookings and booking requests on Airbnb.

Topics Covered

Why it’s crucial to screen your STR guests

• Allows for sustainable business
• Residential area not like hotel (e.g.: noise concerns)

Anton’s screening questions for Airbnb guests

1. What is the purpose of your stay?
2. Why are you interested in this property?
3. Where are you traveling from?
4. What is your experience with STR?

Anton’s tips for screening potential STR guests

• Set expectations at booking stage
• Make sure guest story makes sense
• Get indication of intent (i.e.: birthday party)

Anton’s insight on the two types of risk

1. General risk (e.g.: rule violations, additional guests)
2. Criminal activity such as fraud, identity theft

Potential red flags for criminal activity

• Out-of-province phone #, long stay + high ADR
• Never answer phone but reply with SMS

The pros and cons of different booking channels

• Airbnb good fraud detection, higher general risk
• com high risk for fraud (establish processes)
• VRBO high general risk, less payment risk

Factors to consider in determining general risk

• Length of stay
• Booking channel
• Type of property
• Number of guests
• Average daily rate
• Day of week

The benefit of using Airbnb Instant Book

• No penalty for cancellation with valid concern
• More information to run guest risk score

How Anton handles Airbnb booking requests

• Run risk score with information available
• Run again once booking confirmed
• Establish strict rules if score changes
• Invite guest to cancel for full refund

Connect with Anton

Autohost

Quickstay

Anton on LinkedIn

Resources

STR Legends Live

NoiseAware

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Accommodations account for 40% of the global travel industry, bringing in a jaw-dropping $675B in 2018. And according to a recent report by Cleveland Research Company, accommodations also happen to represent the largest, fastest growing, and most profitable segment of the online travel market. So, how much of that $675B is credited to Airbnb and other short-term rental opportunities?

Margot Schmorak is the cofounder and CEO of Hostfully, the SaaS company that helps short-term rental hosts save time, make more money and deliver a five-star experience by way of beautiful, personalized guidebooks for guests. Today, she joins me to discuss the Cleveland Research Company’s latest report on the global accommodations market, comparing the numbers for traditional vacation rentals and the sharing economy as well as the growth rates for each type of booking.

Margot and I go on to cover the EU controversy around short-term rental transparency, explaining how Airbnb listings there are required to show the real price, fees included, from the start. Listen in for insight around Airbnb’s increase in Instant Book listings, the site’s new search tools for business travelers, and the recent launch of Airbnb Adventures.

Topics Covered

 

Article #1: Breaking Down the Global Accommodations and Vacation Rental Market

·       Global accommodations market = $675B

·       Vacation rentals 17%, sharing economy 6%

·       Sharing economy growing at 30-40%

·       Airbnb double revenue of Booking.com (same # of listings)

Article #2: Airbnb Reaches Seven Out of Ten Properties Available for Instant Booking

·       All listings on Booking.com book instantly

·       VRBO/HomeAway 63%, Airbnb 70%

·       Airbnb hosts screen after booking made

Article #3: Airbnb’s Sale of an Around-the-World Trip Has Left Some Customers Angry

·       12-week Around the World in 80 Days sold out

·       Complexity makes difficult to scale, manage

Article #4: How to Earn Airline Miles & Points Through Airbnb

·       Requested during Chesky Twitter chat

·       Includes Delta, Qantas and ANA

Article #5: Airbnb Offers Greater Price Transparency in Europe After Regulatory Threats

·       Required to show real price from start (with fees)

·       Like to see worldwide implementation

Article #6: Airbnb Introduces New Search Tools for Business Travelers

·       Work trip filter under stay type

·       Listings highly rated by business travelers

Connect with Margot

Hostfully

Margot on LinkedIn

Resources

Article #1

Article #2

Article #3

Airbnb Adventures

Article #4

Delta|Airbnb

ANA|Airbnb

Qantas|Airbnb

Inspirato

Article #5

Article #6

Airbnb for Work

GPFYP Facebook Group

Zapier

Rezfest

2019 VRMA International Conference

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