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

Perhaps the greatest challenge of being a remote host is building a relationship with your guests when you can’t be there face to face. Airbnb was founded on the principal of personal connection, but when your listing is in the rural village of Dudeldorf, Germany, and you are a thousand miles away in Spain, how do you go about making the guests feel at home? Or providing personal recommendations for seasonal things to do?

Niels Becker has designed a truly genius approach to remote hosting through a listing Facebook page. The page functions as a sort of interactive, continually updated guidebook, providing guests with timely information around events in the area, like the popular Christmas market. In addition, the Facebook page promotes Niels’ listing as his satisfied guests like and share the page with their contacts.

Beyond his experience in the short-term rental market, Niels also manages several long-term rentals in Dudeldorf. Today on the podcast, he compares the revenue earned via Airbnb guests versus tenants. Niels explains how he secured public funds to restore his properties, why he chose to try Airbnb in one of those investment units, and how he finds information for his Facebook page. Listen in and learn his unique approach to remote hosting and why investing in rural communities is your safest bet.

Topics Covered

Niels’ decision to try Airbnb
•Rents several units long-term (near US airbase)
•Had trouble renting small studio
•Listed studio on Airbnb six months ago

The particulars of Niels’ investment property
•Beautiful area near border with Luxembourg
•Area losing residents to large cities
•Working to preserve heritage
•Provides funding to restore historic buildings (to modern standards)

Niels’ Facebook page
•Solves problem of being remote host
•Shares interesting things going on in area, nearby villages to visit
•Entries mined from local Facebook groups
•Provides most current, updated info

How the Facebook page promotes Niels’ listing
•Guests ‘like’ the Facebook page
•Guests contribute their own photos, reviews
•Guests’ contacts exposed to listing
•Book Now button links to Airbnb

Long-term rental vs. Airbnb
•Niels currently making 2X for studio
•Going into low season, but bookings still coming
•Comparable to long-term units (location, furnishings, architecture)

How Niels manages his units from home in Spain
•Relies on local cleaning, management services
•Rest is automated (e.g.: lock box for entry)
•Sends handwritten note as photo through Airbnb to welcome
•Always available to guests through Airbnb messaging

The Airbnb-friendly regulations in rural Germany
•Short-term rentals, tourism encouraged
•Many empty units (opposite problem of cities)
•Earns less revenue than cities, but property more affordable
•Niels receiving very good ROI

Connect with Niels
Living in History—Dudeldorf/Eifel
Niels’ Airbnb Listing

Connect with Jasper
Email: [email protected]
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.facebook.com/getpaidforyourpad

This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!

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It’s the top search question on Airbnb’s website and something every host has wondered: How do I improve my search rankings?

Airbnb released a blog post this week that sheds a little light on the factors the platform uses to determine your position in search results, offering three specific things you can do to work the search algorithm to your advantage and immediately boost your rankings.

Glenn Carter, Director of Marketing at Hostfully, is joining Jasper this week to discuss the data points that Airbnb uses to determine search results, as well as the reasons why you may have difficulty finding your listing online. They also cover another Airbnb press release that emerged this week involving access to their Application Program Interface (API), which will allow hosts to pull their data for third-party applications.

Also making headlines this week are some new Airbnb partnerships. The site is teaming up with a Florida developer to build an apartment complex specifically designed for home-sharing and offering extra support to hosts in the Airbnb Select program—in the form of home-improvement loans and advice around cosmetic improvements and photography for their listings. Listen in and learn how to help Airbnb help you make the most of your listing.

And starting Monday, don’t forget to check out Jasper’s new travel vlog on YouTube!

Topics Covered

Article #1: Airbnb Blog: Answers to Your Top Search Questions
•Covers factors that influence position in search results
•Over 100 data points considered
•‘Wishlisting’ does help
•Repeatedly changing listing does not help/hurt
•Make sure calendar updated daily
•Superhost status doesn’t boost position (but factors required do help)
•Rejected bookings result in lower ranking
•Most critical factors are Instant Book, fabulous first photo and competitive price
•Also addresses finding your listing online
•Jasper recommends zooming in on map
•Setting conditions on Instant Book may prevent you from seeing listing
•Airbnb uses sophisticated algorithm to personalize search results

Article #2: Airbnb is Teaming up with a Local Developer to Create a Large Apartment Complex in Florida
•324-unit complex specifically designed for home-sharing
•Tenants allowed to rent for up to 180 days, share profits with landlord
•Located in Kissimmee, near Disney (market ripe for Airbnb)
•Plans to build five more complexes in other cities
•Risky if municipality sets anti-Airbnb regulations
•Concept of aparthotels has existed in South America for many years
•Airbnb can control physical guest experience through design of units
•Experience still individual (tenant lives there at least half of year)
•Additional services for hosts in building (i.e.: new sheets, laundry service, smart locks)
•May start trend of developers catering to short-term rentals

Article #3: Airbnb to Offer Loans and Advice to Hosts Under New Scheme
•Associated with Airbnb Select program (luxury brand pilot underway)
•Provides loans for hosts to make home improvements
•Offers advice around cosmetic improvements, photos
•Loans repaid through revenue from bookings

Article #4: Connect to Our API, Connect to Millions of Travelers on Airbnb
•Allows hosts to pull data into third-party applications (e.g.: pricing tools, Hostfully)
•Only offered to select few in past
•Underscores efforts to open platform, facilitate growth via partnerships
•Still have to fill out form to gain access

Resources Mentioned
Article #1: blog.atairbnb.com/search
Instant Book
Article #2: cnbc.com/2017/10/12/airbnb-is-teaming-up-to-build-a-home-sharing-complex-in-florida.

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Paul Hart, founder of Roamlocal, want to connect Airbnb hosts, guests and local businesses to create a win-win-win situation. Guests want to live like a local, […]

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Airbnb celebrates another win in its pursuit to target the business traveler, announcing a new partnership with co-working space giant WeWork. The convenience of booking a desk through the Airbnb app benefits both companies, and the move is sure to boost use for hosts with the Business Travel Ready designation.

Hostfully President and Co-founder, David Jacoby, joins Jasper this week to chat about this victory for Airbnb, as well as other success stories in the headlines, including a PR victory in the quick activation of the Open Homes program in both Las Vegas and California, and the report of Airbnb’s exponential growth in India.

But it wasn’t all rainbows and unicorns for Airbnb in the news this week. While the platform is making gains in India, it continues to struggle in the Chinese market. Jasper and David discuss how Airbnb’s biggest competitor in China is raising capital with an eye to expand overseas. They wrap up today’s episode with the story of a host who was arrested after his Airbnb guests discovered a hidden camera in the smoke detector. Listen in to understand what qualifies as a ‘surveillance device’ per the Airbnb Terms of Service policy and the smart lock technology available to hosts with security concerns.

Topics Covered

Article #1: Airbnb Open Homes Offers Free Shelter to California Wildfire Victims
•Wildfires in California (17 over 115,000 acres)
•20 deaths, 1500 homes destroyed
•Airbnb activated Open Homes
•Airbnb could offer hosts gesture, incentive

Article #2: Airbnb and WeWork Team up to Find Desks for Business Travelers
•WeWork has raised $10B in capital
•Promotes WeWork through Airbnb
•Targets business traveler
•Potential discount on co-working space for Airbnb guests

Article #3: Airbnb’s Major China Rival Tujia Raises $300M More at a $1.5B Valuation
•Chinese competitor raised additional $300M capital
•Looking to expand overseas
•650K listings currently
•Could eventually match Airbnb
•Advantage in market of Chinese traveling overseas

Article #4: For Airbnb, Growth in India Happening at a ‘Different Level’
•Airbnb experiencing rapid growth in India
•Easier to gain traction, more open economy than China
•India very poor country ($1,700 average annual income)
•Travel within India increasing significantly
•Room for Airbnb to grow

Article #5: Police: Airbnb Host Rigged Condo to Record Sex Parties, Guests Had No Idea They Were Recorded Too
•Couple noticed camera in smoke detector
•Host banned from Airbnb, arrested
•Claimed not turned on when guests there
•Disclosure of surveillance devices required by Airbnb Terms of Service
•Unclear if one-way camera connected to doorbell would qualify

Resources Mentioned
Article #1: inman.com/2017/10/10/airbnb-open-homes-offers-free-shelter-to-california-wildfire-victims
Open Homes
Article #2: engadget.com/2017/10/04/airbnb-wework-business-travel/
Business Travel Ready Feature
Article #3: techcrunch.com/2017/10/10/tujia-raises-300-million/?ncid=rss
Tujia
Article #4: economictimes.indiatimes.com/small-biz/startups/for-airbnb-growth-in-india-happening-at-a-different-level/articleshow/60982215.cms
Stayzilla
Article #5: abcactionnews.com/news/region-sarasota-manatee/longboat-key/police-airbnb-unit-rigged-with-hidden-cameras
Airbnb Terms of Service
Ring Home Security
August Smart Lock
VRMA National Conference
Email David at [email protected]

Connect with Jasper
Email: [email protected]
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.facebook.com/getpaidforyourpad

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A shocking news story hit the world of Airbnb this week, as a 28 year old man from Michigan has been charged with sexually assaulting a […]

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If you’ve always wanted to be an entrepreneur, but you’re looking for a low-risk way to start small, Airbnb might be the answer. The vacation rental ecosystem is ripe with opportunity, and there is no better way to learn the skills necessary for running your own business than… well, running your own business.

Sid Kosatsky started simply, freelancing to help a small boutique hotel in the Dominican Republic set up their Airbnb listings. Hiring cleaners for his own Airbnb listing in the Halifax region of Nova Scotia led to Soapy Cleaning, a company created to find additional work for his team! From there, he established HostOften, a full-service Airbnb property management company.

Today, Sid’s team includes a team of seven employees, five of whom are full-time, and he has systems in place that allow him to do the work of growing the business. On the podcast, he shares his advice for aspiring Airbnb entrepreneurs, the technology he uses to save 15 hours a week, and how he built his talented team. Listen in and find out if Airbnb is the entryway to entrepreneurship you have been looking for!

Topics Covered

Sid’s Airbnb story
•Listed room in house last summer (Dartmouth)
•Relocated to Truro in May, started renting entire home
•Stress around hosting from far away
•Interviewing cleaners, considering property management company
•Inspired by entrepreneurial podcasts to start his own businesses
•Started as freelancer, helping international clients create Airbnb listings
•Expanded to HostOften property management
•Hired cleaners for HostOften, then created Soapy Cleaning
•Automated systems have allowed him to do both
•Advertised for clients, employees on Kijiji

Sid’s advice to aspiring Airbnb entrepreneurs
•Do it!
•Airbnb provides quick and easy entry
•Reinvest Airbnb earnings to build business

The entrepreneurial skills Sid learned from Airbnb
•Hospitality
•Real estate
•Hiring
•Managing employees, contractors
•Scheduling
•Customer relations, guest management
•Finances, paying taxes

The software Sid used to create systems
•Google sheets (log cleaner, client hours) didn’t work well
•Moved to QuickBooks for payroll
•TSheets App integrates with QuickBooks (time sheets)
•Automation saves Sid 10-15 hours/week

The responsibilities Sid has outsourced to other employees
•Stopped cleaning, check-ins right away
•Full-time VA took over scheduling, reviews, guest communication and coordination of maintenance
•Lead cleaner has become ops manager (hires, manages new cleaners)

Sid’s role in the business
•Website maintenance
•Procuring new clients
•Scripts, systems
•Hire, train employees

How Sid built his cleaning team
•Scanned Kajiji for cleaners, part-timers
•Conducted interviews (20% didn’t show)
•Cleaned with prospects, assessed their work
•Fosters culture of fun to attract good employees
•Has three core full-time cleaners

The importance of ‘taking yourself out of the equation’
•Frees up time to grow business, focus on big picture

The scale of Sid’s current business
•Manages three listings
•Wooing five new clients
•In talks with landlords, developers
•Three full-time, two part-time cleaners
•Full-time virtual assistant
•Freelancer optimizing SEO for website

How Sid found his VA
•Has used Fiverr, Upwork in past
•Discovered new company (Cara Helps)
•Service hires, trains in your software

Sid’s current profits
•Airbnb listing income of $5K/month

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According to the recently released Airbnb Asia Pacific (APAC) Travel survey, 71% of travelers highlighted the importance of trying local cuisine. A separate Airbnb study published this week, the 2017 Restaurant Spending Report, found that Airbnb guests generated $6.5 billion dollars for restaurants around the world between September 2016 and September 2017. Airbnb is banking on these trends to continue with its rollout of a new in-app functionality that makes restaurant recommendations and even allows guests to book a table.

Jasper is joined by Hostfully CEO and Co-founder, Margot Lee Schmorak, to discuss the connection between food and travel and how Airbnb is capitalizing on guests keen to experience a new place through its cuisine. They also cover recent interviews with Airbnb CEO Brian Chesky regarding the most important attribute for entrepreneurs and the introduction of Airbnb Experiences in New York City— featuring a shoe shopping trip with none other than Sarah Jessica Parker!

Jasper and Margot wrap today’s episode with news that Airbnb Co-founder Joe Gebbia has listed his own place on Open Homes, and listener questions about writing guest reviews. Listen in to understand why honesty is the best policy when it comes to leaving feedback on Airbnb!

Topics Covered

Article #1: Airbnb and Resy Team Up to Offer In-App Restaurant Reservations
•New functionality allows guest to book table through Airbnb app
•Available in 16 US cities
•Notify restaurant if late, pay tax/tip through app
•Might remove layer of anxiety for international travelers
•Will depend on execution
•May be hard to get traction (people loyal to Foursquare, OpenTable)
•Demo of functionality doesn’t have restaurant reviews
•Potential to team with Yelp, OpenTable for reviews

Article #2: Airbnb CEO Brian Chesky on the Most Important Trait for Entrepreneurs
•Identifies childlike wonder, curiosity as crucial trait
•Aligns with Margot’s experience at Apple
•Good leaders ask questions
•Must have open mind
•Not afraid to go against mainstream

Article #3: Airbnb Launches Local Tours in NYC with Sarah Jessica Parker
•Rollout of 150 experiences in NYC
•Includes shoe shopping experience with Sarah Jessica Parker ($400)
•Jury still out on traction of Airbnb Experiences
•Hard to make assumptions about urban travelers

Article #4: Food Influences Holiday Destination for 76% of APAC Travelers
•71% of people surveyed emphasized importance of trying local cuisine on vacation
•Logical for Airbnb to add restaurant recommendations, reservation feature to app
•Host still has greatest incentive to give best recommendations

Article #5: Airbnb: Generating $6.5 Billion for Restaurants Around the World
•Study conducted by Airbnb
•43% of spending occurs in neighborhood where staying
•Spending more than ever before ($40-$100)
•London tops list of guest spending in Europe, Prague at the bottom

Article #6: Airbnb Co-Founder Opens up His Own Home
•Joe Gebbia has listing on Open Homes platform
•Hopes to host refugee family this year
•Space boasts impressive collection of art, vintage chairs

Q: When a guest breaks the house rules, should I leave a negative review? I am reluctant to do so for fear it will hurt my Airbnb business moving forward.
•Should not fear retaliation
•Guest can’t see review until they post theirs
•Future guests unlikely to dig through reviews of previous guests
•Community platform built to weed out bad actors
•Honesty is of service to next host
•Reviews should be authentic representation of experience

Resources Mentioned
Article #1: press.

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Airbnb is often cast as the villain in discussions around affordable housing. Aspiring home owners struggle to afford the 5% down payment required for a conventional mortgage, and as increasing numbers of real estate investors use platforms like Airbnb to accommodate tourists, prices get further out of reach for would-be residents.

Yifan Zhang is re-casting Airbnb as a force for good in affordable housing with the launch of her new startup. Yifan is the co-founder and CEO of Loftium, a service that provides prospective home buyers with up to $50K for a down payment with the caveat that they list an extra bedroom on Airbnb for 12-36 months, and share the profits with Loftium for the length of the contract.

A 29-year-old Harvard grad with experience in the startup world, Yifan became an Airbnb host when she and her husband bought a townhouse in Seattle. The revenue stream from their spare bedroom covered the couple’s mortgage payments, and Yifan got the idea to help prospective home buyers come up with a down payment based on the potential profit of listing a spare room on Airbnb. Today she discusses rising home prices in the US, the strict mortgage regulations in place, and the media attention Loftium has received since its launch. Listen in to learn how the application process works, what happens if a customer breaks their contract, and how Loftium shares Airbnb profits with its hosts.

Topics Covered

How Yifan got the idea for Loftium
•Tried hosting herself in apartments, always got caught
•Bought townhouse with husband in Seattle
•Listing spare bedroom on Airbnb covered mortgage
•Seeing revenue stream gave her idea to solve down payment problem

How much a typical down payment costs in the US
•Conventional mortgage requires minimum 5%
•First-time home buyers who meet qualifications can get 3%
•Average price of home in Seattle is $700K (5%=$35K)
•Difficult to save for down payment

The strict mortgage regulations in the US
•Can’t use just any funds
•Must save up for years
•Only other option is gift from parents
•Loftium is first regulator-approved source of down payment funding

Where Loftium operates
•Product launch in Seattle
•Plans to scale to other cities
•Vote for expansion cities on website

Loftium’s current partners
•Mortgage provider Umpqua Bank
•Apply down payment to conventional Fannie Mae loan

How the Loftium process works
•Go to loftium.com
•Look up home for sale
•Platform gives estimate of down payment
•Use funding to make offer

What happens if Loftium customer breaks contract
•Pay back pro-rata amount of time remaining + termination fee
•No consequence if hosting traffic declines

How hosts and Loftium share Airbnb profits
•Split varies, adjusted based on how much customer needs for down payment
•Typical split is 70/30

How Loftium handles changes in regulations
•Only open in markets with regulatory approval
•Restricted to spare bedroom in primary residence
•If rules change, Loftium has second lien on property
•Company gets paid back when customer sells house
•No cash burden on customer

Loftium’s competitors
•ClearBank (Canadian lender)
•Works exclusively with existing hosts
•Loans for furniture, renovations
•Recently added property
•Most Loftium customers are first-time hosts

How Loftium supports its customer-hosts
•Provides automation, software
•Partnering with existing companies
•Plan to supply suite of services
•Automated keypad, smart messaging, pricing tool

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Take a walk down the yellow brick road of Airbnb news this week for stories of brains, courage and heart, and learn about the brilliant idea behind a new startup in the ecosystem, the resolve behind the mandatory host registration in Paris, and the love story of a host in Philadelphia—who fell for one of her Airbnb guests!

Jasper is discussing these stories and your questions with Nicole Prentice Williams, VP of Strategic Partnerships at Hostfully. They get into the details of Loftium, the new Seattle startup that provides aspiring home buyers with up to $50K for a down payment, pending they agree to list a spare room on Airbnb and share the profits. Jasper and Nicole also cover the latest developments in the affordable housing crisis as Paris attempts to enforce its 120-day rule, and an Airbnb romance resulting from a mutual attraction between an American host and her European guest.

Last but not least, Jasper and Nicole answer listener questions around Airbnb deductions and the pros and cons of back-to-back bookings. Listen in for their advice about who to contact with tax questions and why it is more lucrative to hire a cleaning service and fill your Airbnb calendar.

Topics Covered

Article #1: A Down Payment with a Catch: You Must Be an Airbnb Host
•Startup founded by 29-year-old Harvard grad, Yifan Zhang
•Bought Seattle townhouse, rented spare bedroom on Airbnb
•Realized income covered mortgage
•Founded Loftium to help home buyers with down payment (up to $50K)
•Must be willing to list spare bedroom on Airbnb for 12-36 months
•Loftium collects portion of Airbnb profits
•Strict guidelines (only eight ‘freebie’ days/year)
•Partnership with mortgage lender Fannie Mae
•Pilot program in Seattle with intention to expand
•ClearBank provides similar service for seasoned hosts with proven success

Article #2: You’ll Soon Need to Register Before Renting Out Your Paris Home on Airbnb, Le Figaro Reports
•Mandatory registration opens October 2nd
•Aimed at curbing city housing shortage
•Rules limit homeowners to rentals of 120 days/year
•Hosts have two months to comply
•Similar policies in San Francisco
•May be reaction to UN global housing study
•Enforcement difficult with limited resources

Article #3: Experience: I Fell in Love Through Airbnb
•Reluctant host accepted same-day booking
•Drawn to guest right away
•Spent time together, mutual attraction
•Pursuing long-distance relationship
•Brings up issues of professionalism, awkwardness

Q1: Can I only list my home on Airbnb, or do I need to actually have rentals before the end of the year to claim deductions for this year? Can I claim deductions next year for improvements and spending that occurred this year?
•Contact your CPA for accurate info
•Shared Economy CPA specializes in Airbnb

Q2: Does having a day before and after each booking really hurt me? I like to be able to clean the space myself.
•Will miss out on bookings
•Consider hiring cleaning service
•Cost 10-20% of potential revenue

Resources Mentioned
Article #1: https://www.nytimes.com/2017/09/18/your-money/mortgages/loftium-airbnb-down-payment.html
Loftium
Fannie Mae
ClearBank
Article #2: bloomberg.com/news/articles/2017-09-16/airbnb-paris-rental-agents-to-register-from-oct-2-figaro-says
UN Study: Global Housing Crisis
Article #3: theguardian.com/lifeandstyle/2017/sep/15/experience-i-fell-in-love-through-airbnb
Shared Economy CPA
Airbnb News Facebook Group

Connect with Jasper
Email: [email protected]
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad

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The beautiful thing about Airbnb is that it provides an avenue for inspired entrepreneurs to leave jobs that aren’t fulfilling and start their own businesses in the vacation rental ecosystem, and today’s guest is a perfect example. Beautification Specialist Lily Troupe is the founder of Under Control Short Stay Management, Melbourne’s premiere turnover service and management company.

Lily’s previous career as a social worker was incredibly demanding: She was working 12-hour days, but enjoying little financial reward. Feeling drained, she took a sales job with a network marketing firm and started cleaning and styling homes for extra money. One of Lily’s clients happened to be an Airbnb host, and when she went away on holiday, Lily was asked to help with check-in.

Lily’s reputation for attention to detail and exceptional communication soon spread, and her contact information was passed on to other hosts. In June of 2016, she officially expanded her offerings to include Airbnb servicing and management, and Lily established Under Control Short Stay Management. Today she shares how her service goes beyond just cleaning, what you can do to make a space more welcoming, and important information to share with your Airbnb guests. Listen in to learn how Lily has made cleaning an art form!

Topics Covered

Lily’s introduction to Airbnb
•Cleaning homes for extra money
•Airbnb host as client going on holiday
•Asked Lily to do check-ins, co-host
•Referred to other Airbnb hosts

The skills Lily leveraged to turn this service into a business
•Communication with hosts
•Connection with clients (hosts and guests)
•Understand needs beyond cleaning (five-star ratings)
•Respect for home

How Under Control Short Stay Management is more than just a cleaning service
•Relationships with parties involved
•Offers cleaning as ‘art form’
•Connection with space
•Commitment to make space beautiful
•Provides sense of peace for guest

The importance of an initial scan of the property
•Look for damage, anything untoward
•Take photos and contact host immediately

How Lily makes a space more welcoming
•Towel, toilet paper origami (e.g.: lotus flower)
•Attention to detail (i.e.: spotless mirrors)

How Lily approaches guest interaction
•Gather info about guest at check-in (personality, purpose of trip)
•Spends additional time with talkative guests
•Respond immediately to questions through Airbnb app

The information Lily shares with guests
•Local entertainment
•Closest coffee shop, cafes
•Where to catch train/tram
•Affordable carpark

How Lily handles a double booking
•Support on standby to provide backup

Connect with Lily
Under Control Short Stay Management

Resources
Drop Bears on Wikipedia
Hoop Snakes on Wikipedia

Connect with Jasper
Email: [email protected]
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.facebook.com/getpaidforyourpad

This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!

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