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

Looking for ways to supplement your STR income? Chances are, most of your Airbnb guests are renting a car locally to explore the area while they travel. Why not make extra money by offering YOUR car on a site like Getaround?

John William Johnson is the founder of Happy Healthy Long Life, an online store dedicated to products that promote health and wellbeing. He is also a veteran short-term rental host and runs a car sharing business through the site Getaround. John takes full advantage of his status as a digital nomad to travel internationally, often trading his pet sitting services for a free place to stay.

Today, John joins me to discuss the process of renting cars on Getaround, explaining how the service differs from Turo and sharing his tips for optimizing a business on the site. He reflects on his 10 years of experience with Airbnb, describing how he evolved as a host and why he’s phasing out his STR business in Portland. Listen in for John’s advice on becoming a digital nomad and leveraging the sharing economy to generate income!

Topics Covered

John’s decade of experience as an Airbnb host

• Listed room, then entire house in Portland
• Phasing out STR business as rules change

John’s advice for aspiring Airbnb hosts

• Must like people, be willing to take risk
• Talk to guests before stay in home

The process around renting cars on Getaround

• Platform installs device in car
• User unlocks car with app
• Rent by hour or day (e.g.: $6/hour, $36/day)

John’s tips for optimizing a business on Getaround

• Purchase older car OR electric car
• Park in well-trafficked location

How insurance works on Getaround

• Check car after use, photos of damage
• Platform sends check for repairs

Where John is looking to invest in STR property

• Opportunities in Spain, Portugal and Africa
• Research AirDNA + International Living

How John trades pet sitting for a place to stay

• Apply on sites like Trusted House Sitters
• Pick city and see what’s available

John’s insight on leveraging the sharing economy

• Trust your gut, not the gurus
• Take calculated risks

Connect with John

Healthy Happy Long Life

Healthy Happy Long Life on Amazon

Resources

Getaround

Turo

Drivy

AirDNA

International Living

International Living Real Estate Trend Alert

Trusted House Sitters

House Carers

Rover

Amazon Seller Central

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What’s the biggest obstacle hosts and property managers face in growing a short-term rental business? For most, the frustration comes from the sheer volume of communication necessary to run a large portfolio of properties. But what if you could automate both your guest messaging and operations—without sacrificing personalization?

Pierre-Camille Hamana is the founder and CEO of Smartbnb. the leading guest experience platform for short-term rentals. Pierre-Camille and his team are on a mission to support hosts and property managers in running their guest communications and operations at scale. Today, he joins me to explain how Smartbnb is expanding to offer its customers new functionality in terms of business metrics and automated operations.

We discuss Smartbnb’s ability to automate personalized messaging and support multiple languages, and Pierre-Camille describes why Smartbnb is adding features to streamline the operations of a STR business and allow property managers to grow their portfolio across platforms. Listen in for insight around Smartbnb’s new metrics product and learn how Smartbnb can help you scale your own STR business!

Topics Covered

The fundamentals of Smartbnb

• Help hosts deliver great guest experience at scale
• Serve 2K customers, 65K properties around world

How Smartbnb automates personalized messages

• Machine learning to detect common questions
• Access to data allows for customized reply

Smartbnb’s multiple language support feature

• Supports same 29 languages as Airbnb
• Adapts messages based on culture

Why Smartbnb is expanding to include operations

• Identify pain points in talking to customers
• Need to streamline operations as grow portfolio

The STR platforms Smartbnb integrates with

• Airbnb, HomeAway and VRBO
• In talks with Expedia, Booking.com

The metrics product Smartbnb added last November

• Property managers need easy way to calculate
• Occupancy rates, time to respond, growth, etc.

How much it costs to use Smartbnb

• Free trial for 14 days
• €15 or $18 per month for first 2 listings
• Fee for additional listings that generate revenue

Connect with Pierre-Camille

Smartbnb

Pierre-Camille on LinkedIn

Resources

Pierre-Camille on GPFYP EP125

Airbnb

HomeAway

Booking.com

VRBO

Expedia

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Traditional real estate investing requires saving for a down payment and securing a bank loan before you purchase an asset. And this process limits how often you can add properties to your portfolio. But that is not the only way to acquire real estate, and Scott Glass contends that with a little creativity, you can own more properties and accelerate the growth of your STR listings!

Scott Glass is a serial entrepreneur and real estate investor who manages 65 STR units in his native Canada, the US and the Dominican Republic. He has been active in the space for nine years and full-time for the last five. Today, Scott joins me to share his unconventional method of acquiring more properties more quickly, the land contract or seller financing strategy.

Scott explains how the above-average cashflow of the Airbnb model supports land contracts and walks us through the process of finding FSBO properties and negotiating with owner-investors. Listen in to understand how Scott’s focus on larger properties helps him stand out on STR sites and learn how he leverages what he calls clustering to accommodate large groups and earn a premium on his listings!

Topics Covered

Scott’s background in the STR space

• Active nine years and full-time last five
• Listings in Canada, US + Dominican Republic

What inspired Scott to pursue Airbnb

• Unconventional strategy to acquire properties
• STR provides above-average cashflow

Why Scott uses land contracts or seller financing

• Deal directly with investor-owner
• Find motivated seller living in different market

How Scott finds seller financing deals

• Basic research on Craigslist and Zillow
• Search FSBOs by zip code (larger properties)

The terms + conditions Scott proposes

1. Cash offer for significant discount
2. Zero down, balance of sale over 60 months

Scott’s success with the land contract strategy

• Recoup investment within two years
• Own asset debt-free by year five

The fundamentals of land contracts

• Title held by owner until final payment
• Value-add in lieu of down payment/interest

Scott’s success in secondary markets

• Attracts business travelers, tradesmen
• Recoup investment in 15 months

How Scott stands out on Airbnb

• Large properties to accommodate groups
• Less competitive and higher yield

Scott’s cluster listing strategy

• List entire nine-unit building (i.e.: weddings)
• List entire floor (cluster of three units)
• List clusters of two 60 days out
• Make singles available 30 days out

Connect with Scott

Scott’s Airbnb Profile

Resources

STR Legends Live

Craigslist

Zillow

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STR Legends Live hosted 25 top operators from all over the world. Attendees represented 10 countries on 5 continents, with a grand total of more than 1,000 combined listings. So, what can we learn from these Airbnb big fish running businesses at scale? What were some of our top takeaways from the mastermind retreat?

Eric Moeller is the creator of Cohost Mastery and the cohost of STR Legends Live. Erica Beers and Rebecca Slivka serve as head of Operations & Finance and Customer Service & Business Development for Pillow and Coffee, a short-term rental company built on the master lease model that manages 100-plus listings. Today, Eric, Erica and Rebecca join me to share their top lessons learned from STR Legends Live, discussing the guests’ willingness to connect and learn from each other.

Erica and Rebecca describe how the quality of operators differentiated this event from other vacation rental conferences and offer insight around finding your niche in the short-term rental marketplace. Eric weighs in on what he learned in terms of scaling with intention, addressing the importance of adding listings that fit your business model. Listen in to understand how defining your guest avatar makes other decisions easier and learn how you can leverage systems to grow a successful STR business!

Topics Covered

 

Eric’s top takeaways from STR Legends Live

·       Similar challenges regardless of location

·       Willingness to share + learn together

What made STR Legends Live different from other conferences

·       Everybody brought value (quality of operators)

·       Opportunity to connect, learn from each other

Erica & Rebecca’s advice for growing the master lease model

·       Build relationships with owner/operators

·       Solve pain points (i.e.: maintenance, vacancies)

·       Negotiate contract as business partners

How Erica & Rebecca choose properties

·       Goal = $800 to $1K per month per unit in profit

·       Understand market (e.g.: seasonality, average daily rates)

Erica & Rebecca’s tips for finding your niche

·       Define guest avatar to make other decisions easier

·       Analyze marketplace for needs

Eric’s insight on intentional growth

·       More listings don’t necessarily mean more money

·       Choose properties that fit defined business model

How Erica & Rebecca can add a new listing in a couple of days

·       Designer selects furniture + décor to fit brand

·       Standard queen bed and appliances

·       Systems for onboarding to booking software

·       Team executes on checklist (i.e.: utilities, internet)

My top takeaways from STR Legends Live

·       Inspired by professionalism and systems

·       Benefits of entrepreneurial mindset

Connect with Eric

Cohost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

 

Connect with Erica & Rebecca

 

Pillow and Coffee

Airbnb Girls

Erica on LinkedIn

Rebecca on LinkedIn

 

Resources

AirDNA

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Jot down your top three travel experiences. What made your stay so special? If you are looking for inspiration to create a unique Airbnb, considering what you appreciated most about those spaces is a good place to start.

Nadia Rodriguez is a property appraiser and successful Airbnb Superhost with an upscale listing on the beach in San Juan, Puerto Rico. Today, she joins me to discuss where she goes for the design inspiration that makes her Airbnb stand out.

Nadia describes her design aesthetic, explaining how her taste aligns with that of hotelier Liz Lambert and how she was inspired by a recent visit to Hotel San José in Austin. Listen in for Nadia’s insight on taking the guest’s sensory experience into consideration and get inspired to create a unique Airbnb of your own!

Topics Covered

How the infrastructure has improved in Puerto Rico

• Continue to rebuild after Hurricane Maria
• Significant improvement in streets, electric

Nadia’s advice on where to find design inspiration

• Find aesthetic you enjoy
• Follow designers on Instagram, Pinterest

Where Nadia gets inspiration + ideas for her Airbnb

• Attracted to aesthetic of Liz Lambert
• Bring hotel experience to STR (e.g.: bathrobes)

How Liz Lambert’s hotel design resonates with Nadia

• Retro with modern twist, Spanish villa
• Balance space with warm + cold materials

How to improve your STR guest’s sensory experience

• Includes sight, touch and smell
• Make choices that consider all

Other factors that contribute to Nadia’s success

• Remain calm, collected under pressure
• Make guests feel safe + be available

Connect with Nadia

LAKASA

LAKASA on Instagram

Email [email protected]

Resources

Nadia on GPFYP EP238

Liz Lambert on Instagram

Hotel San José

Bunkhouse Group

Aloft Bangkok

Shangri-La

STR Legends Live

Follow GPFYP on Instagram

Join the GPFYP Email List

Simon on GPFYP EP277

Beyond Pricing [Discount Code GP4YP]

Jasper’s STR Investments

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87% of consumers prefer to work with businesses that align with their values. So, how can we create a social impact as Airbnb hosts? How do we attract guests by doing good?

Lynn Thurston is the founder and principal at Watersound Management, a firm dedicated to helping business owners develop social impact initiatives. With 20-plus years of experience as a social impact professional, Lynn often speaks on the topics of strategic planning and marketing, presenting at the VRMA International Conference, among many other venues.

Today, Lynn joins me to share what it means to make a social impact and discuss the benefit of making social responsibility a part of your STR business model. Listen in on Lynn’s ideas for demonstrating social responsibility as an Airbnb host and learn her three-step approach to identifying opportunities to create a social impact in your community—AND attract guests to your Airbnb!

Topics Covered

Lynn’s insight on the definition of social impact

• Related to broad social issues (e.g.: poverty, education, clean energy)
• Businesses engage in social issues in local community

The benefit of growing a social impact business

• Consumers prefer businesses that align with values
• Opportunity to do something good

How an Airbnb host might demonstrate social responsibility

• Recycle, use green cleaning products and sensor lights
• Recommend restaurants based on values (i.e.: organic, green)
• Become member of local organizations, volunteer
• Suggest socially responsible activities to guests (e.g.: plogging)
• Provide free accommodations during conferences
• Help organizations generate additional revenue for cause

Lynn’s approach to identifying social impact opportunities

1. Find alignment of values between you + your guests
2. Update owner profile, rental description with social initiatives
3. Initiate social impact partnership with local NGO

Connect with Lynn

Watersound Management

Email [email protected]

Lynn on VRMintel

Resources

VRMA

Verizon Ad ‘Love Calls Back’

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Artists and creatives need space to work their magic, and a unique Airbnb can offer the perfect backdrop for a photo or film shoot, a podcast recording, or even a pop-up art show. But it can be costly to rent a listing overnight, especially if you only need the space for an hour or two. So, how can STR hosts collaborate with local creative entrepreneurs to make the most of the space available AND support the arts in their community?

Sid Kosatsky is the founder and CEO of HostOften, a vacation rental property management firm based in Halifax, Nova Scotia. Today, he joins me to discuss his new venture, CollabOften, a partnership with local artists and creative entrepreneurs. Sid shares the process he has developed to allow photographers, podcasters and filmmakers to use his units for free in the slow season and between guests.

Sid also explains the value he gets from the collaboration, describing how local creatives have become brand ambassadors for HostOften. Listen in to understand how Sid manages the risk involved in hosting artists between guests and learn how you might collaborate with local creatives to make the best use of your Airbnb! 

Topics Covered

Sid’s idea to host artists + creatives in his units

• Availability in slow season and between guests
• Use spaces to record podcasts, do photo shoots

The rules creatives follow to use Sid’s units for free

• Use space after cleaning from 1 to 3:30pm
• Complete checklist (e.g.: no trash, clean sink)
• Submit photos to get security deposit back

How Sid thinks about risk management

• Build trusting relationships with creatives
• ‘They don’t want to let us down’

The value Sid gets back for collaborating with artists

• Thousands of listing, lifestyle photos of units
• Free advertising on Instagram (tag @hostoften)
• Part of creative community in Halifax

Sid’s CollabOften page on the HostOften website

• Photos + videos of recent collaborations
• Testimonials from artists, entrepreneurs

Sid’s unique RetroBnB listing on HostOften

• 1980’s theme (i.e.: video games, monitor TVs)
• Provides marketing boost, priced 15% higher

Connect with Sid

HostOften

HostOften on Instagram

CollabOften

RetroBnB

Resources

Sid on GPFYP EP248

Sid on GPFYP EP193

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One of the most challenging aspects of growing a short-term rental property management business is managing host relationships. How do you decide which property owners to work with? How do you build trust with hosts early on? What is the best way to onboard new clients so that they understand your process?

Zac Rushton is the co-owner and Host Relations Specialist at Great Dwellings, a DC-based property management company that helps homeowners maximize their Airbnb and short-term vacation rentals. In his role, Zac has grown the Great Dwellings portfolio from 20 to 80 listings in less than 12 months! Today, he joins me to discuss how he keeps property owners happy, sharing the Great Dwellings onboarding process and addressing how the team builds trust with new clients.

Zac explains the Great Dwellings client selection process, describing how he attracts leads through SEO optimization and what standards a property (and its owner) must meet to be a part of the portfolio. Listen in for Zac’s insight on the functionality of the Wishbox guest experience platform—and learn how to best manage host relationships as you scale a STR business on Airbnb!

Topics Covered

The Great Dwellings onboarding process

• Set expectations + provide as much info as possible
• Understand payout schedule and owner statement

How Great Dwellings clients have changed over the years

• Little experience with short-term rentals in 2015
• Now familiar with Airbnb and want to outsource

The challenge around customizing processes as you scale

• Difficult to break workflow for one or two clients
• Exceptions rare but possible depending on client

The Great Dwellings client selection process

• Quality of property, potential nightly rate
• Personality of property owner (15-minute call)

How Great Dwellings attracts new clients

• Optimize SEO (Airbnb property management DC)
• Rank near top on Google, generate hot leads

How Great Dwellings handles properties that are not ready for STR

• Presentation after walk-through to show standard
• Offer design/staging services for those who need it

How Wishbox prevents subpar reviews on Airbnb

• Feedback part of checkout checklist (cleanliness, staff + overall)
• 5-star reviews link to Airbnb page, < 5-star reviews do not

The other Wishbox functionalities that Zac likes

• Check-in checklist w/ anticipated arrival time
• Upsells (e.g.: airport transportation, laundry service)

What’s on the horizon for Great Dwellings

• Master lease for 12 units in Playa del Carmen
• Expand to Dominican Republic, Lynchburg, VA

Connect with Zac

Great Dwellings

Zac on LinkedIn

Resources

Wishbox

Maximizing Profit on GPFYP EP280

Kelvin Mah on GPFYP EP276

Rankbreeze

Belong Here

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We know that special events afford Airbnb hosts the opportunity to make extra money on the platform. But how do you decide how much to charge for your listing? When do guests start making reservations for events like the Super Bowl or SXSW? Are there ways you might earn additional revenue by offering add-on services?

Tyler Olson is the founder and CEO of Away Agents, a unique property management startup out of Minneapolis that specializes in short-term vacation rentals. Tyler’s team provides homeowners with the tools to optimize their listings and bring out the best in every property. Today, Tyler joins me to discuss the origin of the company and explain how he maximized profits during the Super Bowl to earn an impressive $50K!

Tyler addresses how he determines pricing for special events and shares the additional services he offered Super Bowl guests to bring in additional revenue. Listen in to understand Tyler’s process of finding landlords who allow short-term rentals and get advice around capitalizing on special events to maximize profit on Airbnb.

Topics Covered

The origin of Away Agents

• Start business with University of Minnesota intern
• Rent apartment in downtown Minneapolis July 2016
• Made $5K in first month on $1500/month lease
• Automated operations processes with Guesty
• Expanded to 8 units by Fall 2017

The additional services Tyler offered during the Super Bowl

• Stocked refrigerators
• Drivers and bodyguard
• Cold-weather gear

How Tyler determined pricing for the Super Bowl

• Studied averages for last 2 years
• Based on premium end of spectrum
• Half booked year in advance (15X rates)
• Average of $1500/night, total of $50K

Minneapolis’ Super Bowl Airbnb stats

• Established Airbnbs booked out by March
• Listings jumped from 600 to 4K
• Wave of bookings in summer + 2 weeks prior

Tyler’s tips for creating a winning Super Bowl listing

• Establish listing year in advance to build reputation
• Create separate listing with ‘Super Bowl’ in title
• Optimize listing to rank high on Airbnb

How Tyler finds willing landlords

• Research # of open units in advance
• Offer to take off hands for permission to do STR
• Discuss zoning, insurance, security, etc. up front

Tyler’s advice for new hosts looking to capitalize on special events

• Quality of listing comes first
• Consider offering additional services

Tyler’s experience with the Turo car sharing site

• Put winter car on site, earned $900/month ($300/month lease)
• Added cars in Minneapolis + expanded to Denver
• Partner with Hassle-Free Car management team
• Average daily rate decreasing as supply grows

Connect with Tyler

Away Agents

Tyler on LinkedIn

Tyler on Twitter

Tyler on Facebook

Resources

Guesty

Turo

Hassle-Free Car

Connect with Jasper

Email: [email protected]

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad 

Facebook: www.facebook.com/getpaidforyourpad

Airbnb News Facebook Group

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How do you go from managing a single vacation rental to 50? Alma Bair got her start renting out her family’s luxury villa in Puerto Rico. Before long, neighbors in Dorado Beach asked her to take on their properties, and the business grew organically by word of mouth from there. So, what challenges has she faced in scaling up? How does she market and manage her listings remotely? And how is she working to customize the guest experience?

Alma is the founder and Chief Joy Officer at Paradise Villas & Vacations, a short-term rental management company based in Dorado, Puerto Rico. Today, she joins me to explain how her own vacation in Puerto Rico 16 years ago grew into a vacation rental management business. She shares the challenges she has faced in scaling up, from finding a sufficient reservation management system to working with owners who cancel bookings.

Alma also discusses her goal to be less dependent on third-party platforms for marketing her business and her luck in finding an outstanding hospitality professional to handle guest services. Listen in for Alma’s insight on delighting guests with a unique experience and learn why it’s beneficial to partner with a local destination management organization!

Topics Covered

How Alma got into managing vacation rentals

• Bought own vacation home on Dorado Beach
• Donated to local charity 6 weeks/year
• Business grew from outside inquiries

How Alma grew from 1 to 50 vacation rentals

• Neighbors ask to manage their villas
• Organic growth by word of mouth

How Alma gets paid for her management services

• Take percentage of revenue in most cases
• Experimenting with fixed income model

The challenges Alma faces in scaling her business

• Scaling reservation management system
• Working with owners

How Alma manages her calendars without software

• Process to update manually on other platforms
• Remote support assistant in Philippines to help

How Alma markets her vacation rentals

• Monthly newsletter to database of 8K
• Third party platforms + own website

How Alma manages her vacation rentals remotely

• Guest services professional on call 24/7
• Locally networked and bilingual

Alma’s insight on the value of becoming a local expert

• Match expectations with reality of vacation
• Provide offerings in related activities (e.g.: extreme adventures)

Partnering with a destination management organization

• Access to analytics about marketplace
• PR, media outlets and social media

Connect with Alma

Paradise Villas & Vacations

Alma on LinkedIn

Resources

Keys to Bali

René of Keys to Bali on GPFYP EP215

STR Legends Live Retreat in Puerto Rico

Discover Puerto Rico

VRMA International Conference

PROSTATE 1000

Donate to Jasper’s PROSTATE 1000 Bike Ride

Connect with Jasper

Email: [email protected]

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad 

Facebook: www.facebook.com/getpaidforyourpad

Airbnb News Facebook Group

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