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

Just two months ago, Eric and I bought an existing vacation rental business in Idyllwild, California, with the intention of renovating the existing units and building 10 to 15 new cabins on the property. This acquisition is our first step in building a hospitality brand known as Freewyld, a world-class short-term rental operation focused on secondary markets near large metropolitan areas. Places for city dwellers to get away and reconnect with nature.On this episode of Get Paid for Your Pad, Eric and I sit down to describe how the Freewyld project is going, explaining how we’ve upgraded the marketing for our new listings and why we’re booking exclusively on Airbnb right now.We share the challenges we’re facing on the development side of the project and discuss how we’re shifting our focus in light of a changing construction timeline.Listen in for insight on doing a scenario analysis before you take over a short-term rental business and find out how we got Strawberry Creek up and running in just eight weeks—and increased its revenue by 20%.Topics Covered What surprised us about our guest avatarMany new to using Airbnb platformMuch younger than expectedWhy we’re booking exclusively on AirbnbLeverage reputation as hosts to book new listingsBuild catalog of 10-plus reviews for each unit  Why ‘the barn’ is struggling to get bookingsLeast attractive property of 4 units availableNeeds redesign to update experienceHow we've upgraded the marketing for our new listings Reduce number of photos (must ALL bring value)Tell story of experience through picturesThe challenges we’re facing on the development sideBackup in county permitting officeAdditional 6 to 12 months to get approvalHow we’re pivoting in light of a changing timelineFocus on buying more existing STR communitiesEnlist help of project manager to find leadsThe benefit of doing a scenario analysis before you buyRun numbers for worst-case scenarioEnsure investors will still get returnOur top wins since taking over Strawberry CreekBusiness up and running in under 2 monthsIncrease revenue by 20% without renovationsResources  The Future of Short-Term Rentals on GPFYP EP404Strawberry Creek VillageOvernight Success Legends X Short-Term Rental AcceleratorSTR Legends Mastermind Review GPFYP on Apple Podcasts Subscribe to the GPFYP NewsletterEmail jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

In the aftermath of the pandemic, a growing number of corporate workers are thinking about leaving their jobs to make room for what’s most important to them. And for those who already manage one or two units on Airbnb, building a short-term rental business seems like a natural fit.But walking away from the certainty of a monthly paycheck is scary. Just ask Samantha, a Legends X student who is trying to decide if she should quit her job and go all-in on Airbnb.On this episode of Get Paid for Your Pad, Samantha joins me to explain what inspired her to consider leaving her corporate job and share her concerns around the uncertainty of being a full-time Airbnb entrepreneur.Listen in to understand how daily affirmations can benefit aspiring short-term rental entrepreneurs and find out if it’s time for YOU to quit the rat race and go all-in on Airbnb!Topics Covered What inspired Samantha to consider leaving her corporate jobTime to pause and reflect during pandemicSTR business = more time for family, travel3 mindset shifts you need to adopt to be an entrepreneurView obstacles as opportunities for growthBuild thick skin re: feedback from networkDon’t be afraid to failQuit your job vs. build a business on the sideBusiness grows faster when you’re all-in'Fight better when there’s no way to retreat’ Biggest mistakes STR entrepreneurs makeJump on every opportunity vs. do one thing very wellClear vision gives confidence to say no to distractionsDaily affirmations benefit new and aspiring entrepreneursLower anxiety and facilitate important mindset shiftsRecognize value, build belief that you’re on right path Samantha’s top tips for aspiring STR entrepreneursSet vision for what you want business to beSystematize to get out of working IN businessResources  Tony Robbins’ 6 Human NeedsThe Obstacle is the Way: The Timeless Art of Turning Trials into Triumph by Ryan HolidayExtreme Ownership: How US Navy SEALs Lead and Win by Jocko Willink and Leif BabinVRMA ConferenceMeetup.comThe Art of War by Sun TzuJohn Lee Dumas of Entrepreneurs on FireSTR Legends MastermindLegends X 90-Day STR AcceleratorEmail jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

When Eric and I started building an Airbnb business together, our hiring process was arbitrary. We would recognize the fact that we needed help, reach out to our network and then hire the first person available. We didn’t have clear expectations around what the role would entail. It was impossible to hold team members accountable or help them improve.On this episode of Get Paid for Your Pad, Eric and I explain how creating a job score card for each role, giving an example of how we use key performance indicators (or KPIs) to hold everyone accountable—from our cleaners to the CEO.Listen in for insight on what you need to know about yourself before you start hiring and learn how the ‘hire slow, fire fast’ approach will help YOU find the right team members to scale your Airbnb business!Topics Covered Creating a job score card for each roleCommunicate expectations with description of tasks and KPIsOffer feedback, review culture questions at monthly check inHow we use a job score card for the cleaners on our STR teamExpectations clear with KPIs (5-star review for every turnover)Track and offer feedback at review, identify if need support Benefits of conducting monthly performance reviewsCreates intentional space to communicate with team regularlyEasier to have honest conversation within structure of reviewHire team members who are a good culture fitAlign around core values for decision-makingDiverse global team all committed to world-class experienceWhat you need to know about yourself before you hire a STR teamUnderstand individual skill set and how you perceive worldHire team with complementary skills or different perspectiveResources  Overnight Success Flying Cat Marketing Who: The A Method for Hiring by Geoff Smart and Randy Street Scaling Up: How a Few Companies Make It … and Why the Rest Don’t by Verne Harnish Traction: Get a Grip on Your Business by Gino Wickman  Eric on The Sam Skelly Show EP201Legends X STR AcceleratorSTR Legends Mastermind Review GPFYP on Apple Podcasts Subscribe to the GPFYP NewsletterEmail jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

Craig Westaway took over the management of a luxury short-term rental property on July 1, 2020. And in one month, he made more than the previous operator did in all of 2019. Craig is the Cofounder and CEO of Bnbbooking, a high-end STR management company out of Gold Coast, Australia.On this episode of Get Paid for Your Pad, Craig joins me to explain what he and his wife Holly do differently from ‘old school’ STR managers, describing how they create a high-end experience for guests across their portfolio of luxury accommodations.Listen in for insight on meeting the high expectations of high-end guests and learn how Craig consistently TRIPLES the revenue of luxury Airbnb units by improving and personalizing the guest experience.Topics Covered How Craig and Holly got started hostingFalling out with manager of own holiday homeWife took over management, tripled profits How Craig 5Xed the profits on a recent acquisitionInvest $20K in styling and rephotograph Increase price from $1K to $3K/nightCraig’s insight on creating a high-end STR experienceBeautiful styling, make sure everything worksTake steps to accommodate right # of guestsWhat guests expect in a luxury STR bookingMeet guests personallyGifts (e.g.: champagne, beer and chocolates)Midterm cleans and inspect prior to check-inHow Craig gets 5-star reviews despite high expectationsGet to know guests and personalize experienceOffer late checkout when possible How Craig finds high-end property ownersReferrals and word-of-mouth marketingSEO on website = best sales toolHow to sell your services to a high-end property ownerListen to and align with their goalsMake them feel comfortable with youWhat Craig did to navigate the pandemic80% drop in bookings during snap lockdownsOffer travel credits to guests forced to cancelCraig’s advice around accommodating weddingsCreate separate listingIncrease price point for wedding partiesWhat Craig got out of our Legends X STR acceleratorPlaybook to document systemsBuild team of VAs, tech guy to run businessConnect with CraigBnbbooking Resources  Uplisting PriceLabs BNB Professional Julie George Airbnb Automated on YouTubeSTR Legends MastermindLegends X 90-Day STR AcceleratorEmail jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

Short-term rental hosts asked... And this week, Airbnb delivered, announcing 50-plus upgrades to the platform in its 2021 Winter Release. So, what are the most important updates? And how do they impact you and your STR business?On this episode of Get Paid for Your Pad, Eric and I share our top takeaways from Airbnb’s Winter Release, describing how Chesky’s team improved its host guarantee program—now known as AirCover.We explore several of our favorite new features, including the accessibility review, pet fee option, in-app Wi-Fi speed test and short stay cleaning fee. Listen in to understand how Airbnb’s ability to create community differentiates it from other OTAs and learn how YOU can benefit from the 50 new innovations on the platform!Topics Covered How Airbnb changed its host guarantee programPet damage, deep cleaning and income loss protection14-day filing window and quicker reimbursementsThe updates we like that benefit guests on AirbnbI’m (even more) flexible optionAccessibility reviewUpgraded translation engineAdded property categories The updates we like that benefit hosts on AirbnbGetting started made simpler (10 steps)Option to add pet feeEasier to become SuperhostAdditional support for SuperhostsWhat we like about Airbnb’s new verified Wi-Fi speed test toolHelps work-from-home guests choose listingsNo longer need ugly pic of Wi-Fi speed in photosThe benefit of Airbnb’s new short stay cleaning feeLower fees for guests on 1- or 2-night staysHelps hosts fill in gaps on calendarWhat differentiates Airbnb from other OTA platformsExcel at design, marketing and creating communityAddress host concerns through tech innovationResources  Airbnb 2021 Winter Release Airbnb Host Advisory Board Strawberry Creek Village Big Idaho Potato HotelLegends X Short-Term Rental AcceleratorSTR Legends Mastermind Review GPFYP on Apple Podcasts Subscribe to the GPFYP NewsletterEmail jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

Are you looking to scale your Airbnb hosting business? If so, you need to hire an operations manager sooner rather than later.David Golshan is the founder of StayWithDave, a short-term rental business out of Los Angeles, California. He started hosting on Airbnb seven years ago, growing a portfolio of 50 units through rental arbitrage. Forced to downsize in the pandemic, Dave currently has 15 listings, and he is rebuilding his hosting business in the management model.This episode of Get Paid for Your Pad, Dave returns for Part II of our discussion on Airbnb operations. We chat about the process of hiring a virtual operations manager for a STR business, exploring the best way to train someone for the role and the benefit of conducting a monthly review with your team.Dave asks about our vision for outsourcing the management of Freewyld, the STR brand Eric and I are building. I explain why guests in secondary markets want to build a personal connection with their hosts—and how that impacts our operations.Listen in for insight on operating in a highly regulated city like Los Angeles and learn how to choose an Airbnb-friendly market that’s the right fit for you!Topics CoveredBenefit of owning STRsBest way to build long-term wealthReal estate appreciates in valueDave’s process: hiring a virtual operations managerServe as integrator to oversee VAs + vendorsTraining through Loom and job score cardMonthly review team meetingsShifts dynamic among teamMotivates all to up game (even owners)Create connection with guests at FreewyldOnsite host lives in each communityAdd general manager for portfolio as scaleSTR hosting in highly regulated citiesDecide if willing to operate in gray zoneMust be comfortable with uncertaintyPros and cons of hosting in a vacation cityMore competition but fully legalTakes longer to scale but more sustainableTips for choosing STR-friendly markets to focus onBring value to community long termPlaces where you already have listingsConnect with DaveStayWithDaveStayWithDave on InstagramResourcesInto the Weeds of the Operations of an Airbnb Business, Part I on GPFYP EP420Harold Gonzalez on GPFYP EP369LoomVacasaSTR Legends MastermindLegends X 90-Day STR AcceleratorEmail jasper@getpaidforyourpad.com SponsorHostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

When Eric and I bought the existing Airbnb business at Strawberry Creek Village, the previous host didn’t use any technology tools at all.Running the community as a traditional vacation rental, she tracked bookings with pen and paper, texted the cleaner personally and physically plugged in and unplugged the outdoor lights herself each day.On this episode of Get Paid for Your Pad, Eric shares the home automation technology he’s installed at Strawberry Creek and describes the system we created around the digital locks and temporary access codes in our short-term rentals to streamline our business.Listen in to understand why Eric and I are setting up the tech ourselves and get our best advice on implementing new technology in your Airbnb hosting business.Topics CoveredWhat tech we’ve installed at Strawberry CreekLights turn on/off automaticallySchlage Encode digital locksNoiseAware in units and outdoorsApple TV and Nest thermostatsThe benefits of using digital locks in a STRSecurityGuest convenienceManagementHow we’re automating the guest code processHostfully to import info at bookingManage and track via RemoteLockOur best advice on implementing technologyTake time for onboarding processBuild SOPs around how to use techThe advantage of creating walk-through videosHelps VAs with guest messagingInsurance in case of owner disputesHow we’re building relationships with guestsPersonal communicationOnsite team memberResourcesStrawberry Creek VillageStrawberry Creek on InstagramBreezewayWheelhouseSchlage Encode LocksNoiseAwareApple TVNest ThermostatsEric on TikTokRemoteLockOvernight SuccessReview GPFYP on Apple PodcastsLegends X STR AcceleratorSTR Legends MastermindEmail jasper@getpaidforyourpad.comSponsorHostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

If you manage listings remotely, operations can be a challenge.With no supervision, how do you maintain quality control? How do you make sure that your cleaners and maintenance workers are meeting expectations?David Golshan is the entrepreneur and real estate investor behind StayWithDave, a short-term rental business with properties in Los Angeles, Orange County and the Smoky Mountains. On this episode of Get Paid for Your Pad, Dave asks me questions about the operations of his Airbnb business, describing how hard it is to find contractors he can count on when unexpected issues arise.Listen in for insight on putting systems in place to prevent operations issues and learn how to hustle to find good team members for your short-term rental business—despite the current labor shortage!Topics Covered The ins and outs of Dave’s Airbnb businessListings in LA, Orange County & Smoky MountainsTransition from arbitrage to management model Manage operations remotelyHire cleaner or cohost who’s invested in your visionDevelop systems to prevent issuesHow to hold STR team members accountableJob score card for everyone who works with youFinancial reward for achieving KPIsSample key performance indicators for STR cleanersAirbnb ratings ConsistencySample KPIs for STR maintenance staffNo guest complaints about things not workingShow up within certain amount of timeWhy it’s crucial to develop KPIs for contractorsAlign incentives with team membersIncentivize to do good jobHow to find maintenance workers and cleanersOnline platforms may not work in labor shortageStay in area and build relationships in person Connect with DaveStayWithDave StayWithDave on Instagram Resources Dave on Get Paid for Your Pad EP043 How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaThe Risks of Arbitrage on GPFYP EP419 Julie George Breezeway ThumbtackSTR Legends MastermindLegends X 90-Day STR AcceleratorEmail jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

Today, Eric and I are focused on buying property and building a hospitality brand. We also run a Short term rental mastermind as well as the Legends X coaching program.We started just like everyone else, hosting a single property on Airbnb.And the reason why we can teach at such high level is because we’ve been through it all; Run into challenges, made mistakes, figured out how to problem-solve and move forward.On this episode of Get Paid for Your Pad, Eric explains how he got started with Airbnb: his transition from house flipping real estate investor to STR entrepreneur.He describes what inspired his vision to build an online business in the real estate space, how he discovered STRs and why he pivoted from rental arbitrage to a management model.Listen as Eric shares his craziest guest experience and learn how you can benefit from our mistakes and scale a STR business of your own!Topics CoveredEric’s real estate investing background10 years raising money to flip housesAdded Section 8 apartment buildingsEric’s introduction to being a digital nomadMet John Lee Dumas 7 years agoVision for online business in real estateEric’s move: New Jersey to San DiegoBuilt network of entrepreneurs in CARoom at Epic Entrepreneur HouseWhat inspired Eric’s focus on STRsMet STR entrepreneur as Airbnb guestRealized could automate with techEric’s first Airbnb property in San DiegoOpportunity to lease 2BR in La Mesa, CAMade $2K profit in first monthWhy Eric pivoted from an arbitrage modelUps and downs of market in crashRecognized leasing too risky to scaleThe power of the management modelManaged vacant units for HNWI as STRs3X revenue of leases without paying rentUse profits to buy property, build wealthWhat Eric would've done differentlyFocus on building portfolio in single marketStick to one business model, property typeHow Eric dealt with challenging guestsRecognize where failed and solve problemGrow as person, make better decisionsResourcesJohn Lee Dumas of Podcasters’ ParadiseThe Epic Entrepreneur HouseEric on Get Paid for Your Pad EP175Overnight SuccessGet Paid for Your Pad on Apple PodcastsLegends X STR AcceleratorSTR Legends MastermindEmail jasper@getpaidforyourpad.comSponsorHostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

Short-term rental operators understand that technology helps automate certain aspects of our hosting business, saving time and streamlining our operations. But there are few tools that smaller Airbnb hosts can afford.So, what is the ideal tech setup for STR hosts with five units or less?Henry Bennett is the Cofounder and CEO of YourWelcome, a guest engagement tablet currently used in 15,000 STR properties. Henry and the YourWelcome team are in the process of launching PropertyCare, a complementary platform to automate guest engagement and manage STR cleaning and maintenance.Listen in to understand why text messaging is the best way to communicate with guests (and how PropertyCare facilitates SMS) and find out what affordable technology options are available to small Airbnb hosts!Topics CoveredHenry’s take: COVID changed the STR industryProperty managers looking to reduce costsDifficult to find cleaners and maintenance staffHow Henry thinks about Chesky’s predicted BOOM in STRsRecord domestic bookings for ‘revenge travel’Vacation rentals seen safer than hotelsWhat PropertyCare does to serve small Airbnb hostsSet up cleaning and maintenance tasksAutomates guest communicationsWhat differentiates PropertyCare from a PMSPMS = channel management and accountingPropertyCare integrates with PMS systemsThe gap in the market for tech seving small Airbnb hostsMost tech creates for big companies to scale fastHosts with 5-15 units underserved part of industryHow hosts benefit using PropertyCareLeverage CRM to personalize post-stay marketingCollect emails of ALL guests with advanced check-inConnect with HenryPropertyCare.comYourWelcomeResourcesHenry on GPFYP EP123Brian Chesky Interview on Travel’s Revolutionary MomentVRMARingCentralTwilioYour Porter AppGuestyRentals UnitedStayFiSTR Legends MastermindLegends X 90-Day STR AcceleratorEmail jasper@getpaidforyourpad.comSponsorHostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.