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

2021 has been a unique year for the short-term rental industry. David Jacoby is the Cofounder and President of Hostfully, an all-in-one property management platform that helps STR hosts embrace automation and deliver an exceptional guest experience.On this episode of Get Paid for Your Pad, David joins me to share his top takeaways from the Hostfully 2021 Hospitality Report, exploring where STR reservations are coming from and why some markets report more competition in 2021—while others report less. Listen in to understand why cleaning and turnover management is an ongoing challenge and find out what short-term rental hosts plan to do to increase their revenue in 2022!Topics Covered Some STR markets report more competition in 2021 while others report lessSecondary markets have more competition and increase in revenueHosts in large cities have less competition (COVID, regulations)What hosts count as their most valuable software tool in 2021PMS was largest category, especially among large property managers56 different tools mentioned (e.g.: Zapier, Zoho, Canva, Trello, etc.)What the Hostfully survey reveals about the value of dynamic pricingLarge property managers use more and report higher incomeLosses significantly less among hosts using dynamic pricingWhy cleaning and turnover management remains a pain point for STR hostsChallenge to implement and track new cleaning protocols in 2020Shortage of good, reliable contractors in 2021Connect with David Jacoby Hostfully 2021 Vacation Rental Industry Stats Report Email david@hostfully.com Resources  Homes & Villas by Marriott InternationalPlum GuideCHBOBud and BreakfastZapierZohoGoogle WorkspaceMicrosoft OfficeWheelhouseHostfully Studies, Trends & Industry ReportsSTR 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.

How do you set up a new Airbnb listing to earn a profit right away?Kelvin Mah is the Founder and CEO of Rankbreeze, the premiere Airbnb optimization toolkit and rank tracker. Rankbreeze offers software and services to help STR managers improve search visibility and conversion on Airbnb.On this episode of Get Paid for Your Pad, Kelvin joins me to share his five-step framework for faster profits, explaining how to decide where to invest in a new Airbnb listing and when to launch a new property.He offers advice on choosing your first five photos and deciding what to say in your listing description, challenging hosts to include amenities and points of interest to optimize a title for search.Listen in for Kelvin’s insight on how to price a new Airbnb listing and learn his top strategies for ‘throwing your weight around’ to get more bookings at your new STR property!Topics Covered Kelvin’s 5-step framework for faster profitsWhere to investWhen to launchWhat to use in title and descriptionHow to price property Throw your weight around How to decide where to investConsider local short-term rental regulationsChoose market with strong future demandConduct top-level city search on AirbnbHow to decide when to launchResearch overall demand on Google TrendsLaunch 30 to 60 days before busy seasonKelvin’s advice on what to use in your listing titleStrong call-to-action (e.g.: new, renovated)Include amenities and points of interestHow to choose pictures for your listing photo gridUse 5 BEST photosVariety is helpfulKelvin’s advice on pricing your new propertyStart with ‘break-even pricing’Raise prices for weekends and busy seasonConsider dynamic or signal-based pricingKelvin’s top strategies for getting more bookingsAdjust photos based on seasonLeverage SEO campaignsOffer freebie for weekday bookingSplit property into parent and child listingsAsk guests to come earlier or stay longerInvite guests to return to propertyConnect with Kelvin Mah RankbreezeResources  Kelvin Mah on GPFYP EP276 Rankbreeze AirReview Chrome ExtensionGoogle Trends 11 Tips for an Invincible Airbnb Pricing StrategyAirbnb Smart Pricing ToolSTR 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.

At the end of each session of Legends X, we ask our students for feedback around what aspects of the program were most beneficial. And the takeaways for this cohort were much like that of our first student group. On this episode of Get Paid for Your Pad, Eric and I go over the feedback from our latest group of Legends X students, describing the four aspects of the course they found most valuable.We discuss what our students like about the Legends X playbook and our customized systems, explaining why Airbnb hosts should document everything we do and organize that information in one place.Listen in to understand the value in designing a host vision map and learn how we chose the tools included in our Legends X tech stack to help you scale your STR business!Topics CoveredThe purpose of our Legends X playbook Index for all documents and systems within companyDefines role each team member plays in systemsSTR hosts benefit from building systemsGives time back to work ON business (not in it)New team members up and running in < weekHow we support Legends X students around STR technologyRoadmap of tech needed at each stage of businessTrainings on how to use recommended toolsOur top advice on choosing technology for your Airbnb businessCommit to using new tool for 6 to 12 months Look for technology that allows you to scale Resources   Legends X Short-Term Rental AcceleratorOvernight SuccessStrawberry Creek VillageClickUpLoomThe E Myth by Michael Gerber Clockwork: Design Your Business to Run Itself by Mike MichalowiczScaling Up: How a Few Companies Make It ... and Why the Rest Don’t by Verne HarnishTraction: Get a Grip on Your Business by Gino WickmanWheelhouseBreezewayReview GPFYP on Apple Podcasts Email jasper@getpaidforyourpad.com  Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.

What is the best way to create long-term wealth?As Airbnb hosts, we can leverage our expertise running a short-term rental business to acquire properties of our own. But what does it look like to buy a STR property? How, exactly, do you finance a purchase like that?Juan Carlos Morales is the serial entrepreneur and Airbnb investor behind Capital Jetset, a beachfront vacation rental company out of San Juan, Puerto Rico. He leveraged the rental arbitrage model to start his business and has since added management units and purchased properties of his own to build a portfolio of 30 STR units.On this episode of Get Paid for Your Pad, Juan Carlos joins me to explain what differentiates a business owner from a manager and describe how he built a team of 13 employees to run Capital Jetset.Listen in for Juan Carlos’ insight on why it’s a good idea to buy STR properties and learn how to finance YOUR first Airbnb property in the ownership model!Topics Covered Juan Carlos got into Airbnb by mistakeListed spare room on Airbnb when roommate moved outTried listing whole place, 3 months booked in 1 night Breakdown of Juan Carlos’ hybrid business model85% rental arbitrage10% management5% ownershipJuan Carlos’ unique approach to rental arbitrageTarget properties sitting empty for months/years Offer to invest $10K and renovate unit himselfJuan Carlos’ advice on starting a STR arbitrage businessDon’t be afraid to invest your moneyBe creative and propose deal beneficial to both sidesWhy Juan Carlos decided to start buying propertiesOwners have power to raise rentProperty values increase over timeHow Juan Carlos benefits from owning STR propertiesNet worth tripled, banks take him more seriously nowControl over business affords more stabilityJuan Carlos’ plans for the future of his STR businessContinue to grow, create wealth and help peopleBuy building and small hotel, develop boutique hotelConnect with Juan Carlos Capital Jetset Juan Carlos on Instagram Juan Carlos on YouTubeResources  Robert Kiyosaki The 4-Hour Workweek by Timothy Ferriss The E Myth by Michael GerberSTR 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.

Is scaling your Airbnb business on your list of goals for 2022? Then the next session of our Legends X program may be right for you.On this episode of Get Paid for Your Pad, Eric and I sit down to reflect on the 2nd Legends X class, describing what we’ve learned about the STR industry from coaching hosts around the world.We explain how our students benefited from the program discussing what gave several Legends Xers the confidence to quit their corporate jobs and go all-in on Airbnb. Listen in for insight on becoming the go-to short-term rental expert in your marketplace and find out how to get on the waitlist for our next session of Legends X!Topics Covered Things learned about the STR industry from coaching Legends XStudents crushing bookingsMost markets performing very well right nowThe biggest opportunity for Airbnb hosts looking to scale in 2022Leverage STR experience to partner with cash investors Build equity and grow STR management company  Our best advice on how to add units to your Airbnb portfolioShare expertise to become top-of-mind in marketplaceBuild relationships with agentsWho should apply for the Legends X Accelerator programExperienced hosts with one or more Airbnb listingsOperators focused on scaling their STR businessResources   Legends X Short-Term Rental AcceleratorAirbnb International Host Advisory Board Expert Enough: The Fastest Way to Create a Career as a Go-To Authority by Russell DavisHow to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaWheelhouseOvernight SuccessRich Dad Poor Dad by Robert T. KiyosakiStrawberry Creek Schoolhouse on AirbnbGet Paid for Your Pad on YouTube STR 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.

Now that remote work has become mainstream, more and more workers want to travel the world. To spend several months living and working in a location before they move on to the next.Unfortunately for digital nomads, booking mid-term stays through Airbnb is terribly expensive. But there is a platform that caters specifically to guests and hosts looking to book one-, two- or three-month leases.Omer Kucukdere is the Founder and CEO of Nestpick and Sublet.com, the largest global platform for on-demand housing. Omer’s team targets mid-term stays of more than 30 nights but less than a year, serving expats, corporate travelers, international students and the growing population of digital nomads.On this episode of Get Paid for Your Pad, Omer joins me to discuss the benefits of using Nestpick over other OTAs or local market platforms and share the supply available on the platform.Listen in to understand the benefits of listing your units on multiple platforms and learn how to attract mid-term stays by adding YOUR properties to Nestpick or Sublet.com!Topics Covered Nestpick the Airbnb of mid-term staysGlobal platform for on-demand housingTargets stays of > 30 days but < 1 year STR supply available on Omer’s platformsNestpick connected to 250+ platforms, 2.75M stays in databaseSublet.com serves 675K hosts, 1.5M monthly rentals hostedBenefits of using Nestpick vs. other OTAs or local platformsTravelers don’t need local credit score to secure leaseSignificantly lower service fees for hosts and tenantsOpportunities for hosts in monthly staysRegulations in large cities where stays < 30 days not allowedExplosion of remote work population post-COVIDShort-term rental hosts should consider offering mid-term leasesBetter yield than unfurnished long-term leasesMuch lower operating costs than daily staysHow to list your properties on Nestpick and Sublet.comIndividual landlords sign up at Sublet.comOperators with 10+ units list at NestpickConnect with Omer Nestpick Sublet.com Email info@nestpick.com Resources  Zoopla Brian Chesky Interview Furnished FinderSTR 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.

So, you want to find new Airbnb properties to grow your short-term rental business. But you’re competing with big companies (with big marketing budgets) like Sonder and Vacasa.You can’t afford to run a Facebook ad campaign or hire a sales team the way they can.But you CAN grow your influence in the marketplace and make YOUR name the one people think of when they hear ‘Airbnb.’On this episode of Get Paid for Your Pad, Eric and I explain how to create your own property abundance plan and describe how taking daily action to spread the word about what you do attracts opportunities.Listen in for insight on how to market your short-term rental business on social media and learn how to stay top-of-mind with your network, so they bring new Airbnb properties to YOU.Topics Covered Why we recommend staying in your own propertiesMeet guests and get valuable feedbackFind small things to improve experienceHow to compete with big companies to find propertiesStay top-of-mind with network Grow influence in marketplace What’s involved in creating a property abundance planDevelop rhythms + habits behind marketingDaily action to spread word about what you do Why you want people to hear 'Airbnb' and think of you Contact you with questions, to solve problemsCome to you with opportunities for new unitsWhy we suggest dominating ONE marketing channelCan’t get traction trying to be everywhereEasier to take consistent action long termChoose a marketing channel you likePositive energy attracts property leadsCommunicate authentically with avatarHow to market your STR business on social mediaEducate avatar on what you doHelp solve problemsAsk for businessResources  Get Paid for Your Pad on YouTube Strawberry Creek Schoolhouse on AirbnbSonderVacasaEric on TikTokThe Cali Adventurer BlogOvernight 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.

We’ve talked at length in recent weeks about the opportunity to take over old-school vacation rental businesses and improve the guest experience. Niels Becker is the Airbnb host behind Living in History, a hospitality brand based in rural Germany. And he’s in the process of taking over a business stuck in the 1960’s. (The previous operator’s marketing efforts were limited to a roadside sign boasting amenities like hot water and showers in the units!)On this episode of Get Paid for Your Pad, Niels joins me to discuss the upgrades he is making in the vacation rental business he’s taking over, explaining why the previous host only operated in the summer and how he plans to attract tourists year-round.Niels shares how his rural STR business benefitted from the popularity of secondary markets in the pandemic, describing how guests from urban areas want to spend time in nature and young people are exploring close to home.Listen in for Niels’ insight on scaling an Airbnb business without losing the personal touch and get an inside look at what it’s really like to take over an old-school STR business in a secondary market.Topics Covered The traditional short-term rental business model in rural MoselNo vision for business, few systems in placeMarketing limited to sign on road Operate in summer only (during wine harvest)Furnished with bare necessities How Niels plans to attract tourists to his units year-roundOffer experience of slipping into another worldMarket nearby hot springs as featured amenityHow the pandemic affected Niels’ vacation rental businessBenefit from rise in popularity of secondary marketsAverage daily rate skyrocketed in past yearWhy Niels’ guest avatar was different than he expectedYoung people explore close to home with pandemicGuests from urban areas want to spend time in natureWhat Niels is doing to scale without losing the personal touchAlready use PMS system, automated messagingOutsource personal communication to one employee Give cleaners budget to buy seasonal detailsConnect with Niels Living in HistoryResources  Niels on Get Paid for Your Pad EP198 AirDNA Wheelhouse PriceLabsSTR 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.

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.