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

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Yesterday we announced our brand new virtual event, From Host to Successful Hospitality Brand. If you haven’t registered yet, do so now, because we’re opening up our private FB group where we’re going to start dripping out free content. In addition, you can connect with the experts that will be leading the training prior to the event. A bit more about the event...There are thousands of types of homes in the world. One home can look completely different from another one. But, every home has doors, windows, a foundation and a roof. We have discovered that this is true for successful short-term rental companies too. They are all different, but there are three ingredients they all have:1) A clear VISION. 2) Streamlined OPERATIONS. 3) A focus on SCALE.And we're going to dive deep into these three pillars on our upcoming LIVE virtual event on March 18th-19th.Click here to grab your seat (it's free)You don't want to miss this one! Hosted on Acast. See acast.com/privacy for more information.

As you know, Eric and I have been working together for a few years now building different products and events for the short-term rental industry.To better serve our mission, we've officially partnered to bring all of our brands and products under one umbrella.We're calling our company...Overnight Success! If you're reading this, you're one of the first people to hear about our rebrand.. Through Overnight Success, we're able to drive more value, and help hosts from around the world achieve freedom through building the hospitality businesses of their dreams. We have a lot in store for you and the S.T.R. industry this year, and we're excited to be on this journey with you.Stay tuned! Check out our new site at www.overnightsuccess.io. Hosted on Acast. See acast.com/privacy for more information.

As of December 7, 2020, Airbnb hosts who use third-party property management software are required to use Simplified Pricing (unless your listings are in the US, Canada, Mexico, Argentina, Taiwan, Uruguay or the Bahamas). This means there will be no service fee visible to the guest, and the host will pay 15%. So, how can you adjust your pricing to accommodate this new policy?Anurag Verma is the Cofounder at PriceLabs, a dynamic pricing tool and market data resource for short-term rental hosts. PriceLabs uses a data-driven approach to help STR operators manage pricing and stay restrictions, growing their revenue in the process. Anurag has eight years of experience in the travel industry, and he is an expert in the field of in revenue management.On this episode of Get Paid for Your Pad, Anurag joins me to discuss how to adjust your rates to accommodate the new 15% Airbnb host fee. He explains how the length of stay and lead times have shifted in the COVID era, offering advice for STR hosts around how to optimize revenue in an uncertain time. Listen in for Anurag’s insight on leveraging market data to make pricing decisions and learn how YOU can benefit from using the PriceLabs revenue management platform!Topics CoveredHow to adjust your rates to accommodate the 15% host feeRaise prices in order to keep your payout the sameGo through the math carefully, use PriceLabs blogThe two STR variables that have changed in the COVID eraLength of stay increase (double in some locations)Lead time shorter, booking rush 2 to 3 weeks outAnurag’s advice on planning if you’re in a summer marketGo ahead and raise rates for summerMonitor market data, lower prices as necessaryWhat STR hosts are doing to generate more bookingsOffer discounts to guests who extend their stayShare discount code with previous guestsWhy STR guests have more flexibility right nowAbility to do remote work from anywhereNo penalty to change flightsAnurag’s tips for optimizing your revenue in 2021Use market trends to adjust last-minute pricingDon’t discount TOO much and don’t panicExperiment with one property to see what worksHow PriceLabs’ Market Dashboard feature worksEnter address and select radiusReceive email as trends changeHow to use market data for strategic pricing decisionsWhat kind of bookings are happening?Am I getting that kind of booking?Will I benefit from that kind of booking?How can I attract bookings like that?The benefits of leveraging the PriceLabs platform$10 flat fee for Market DashboardDynamic Pricing based on # of propertiesConnect with AnuragPriceLabs [Code GPFYP]ResourcesSTR LegendsAirbnb’s Simplified Pricing GuidelinesPriceLabs’ Blog on Adjusting for the 15% Host FeeJasper’s Price Adjustment CalculatorPriceLabs’ Market DashboardsGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com Hosted on Acast. See acast.com/privacy for more information.

We all know that you can save money by buying in bulk. And most short-term rental hosts do try to negotiate discounts when we purchase multiple mattresses, rugs or couches for our units. But what if you could leverage the purchasing power of, say, 50,000 STR hosts AND have someone else do the negotiating for you? What if you could get up to 75% off the furniture and amenities you need to set up and manage your Airbnb units?Jeff Iloulian is the Cofounder and CEO of HostGPO, the first international group purchasing organization for the short-term rental industry. Jeff’s team helps professional vacation rental managers save time and money by offering access to exclusive deals on furniture, mattresses, linens and STR amenities. Jeff has nearly ten years of experience as a host himself, running as many as 150 units in Southern California.On this episode of Get Paid for Your Pad, Jeff joins me to discuss the benefits of joining HostGPO, sharing the conditions for becoming a member and some of the brands HostGPO partners with. He walks us through the process of ordering through HostGPO and explains the minimum requirement for purchases. Listen in for Jeff’s advice for hosts moving into 2021 and learn how you can save up to 75% on furniture and amenities for your STR units!Topics CoveredJeff’s advice for vacation rental managers moving into 2021Be strategic in choosing marketsFocus on professionalism, unit integrityHow Jeff thinks about the trend toward secondary marketsTemporary thing caused by COVIDDrive-to destinations will be popular for 3-4 yearsHow hosts can save up to 75% through HostGPOJoin pool of professional hosts (negotiate as group)Get discounts on furniture, mattresses, linens, etc.The cost and conditions of joining HostGPOFirst year free (fee will depend on # of units)Must have at least 3 STR unitsSome of the brands HostGPO partners withWilliams-Sonoma, West Elm and Pottery BarnHelix Sleep, Brooklinen and Standard TextilesWorld Amenities and Public GoodsThe requirements around minimum purchasesNo minimum amount for most vendorsSome partnerships geared toward larger ordersHow much hosts save through HostGPOAverage member saves 50% on new unit setupDiscounts range from 35% to 75%The benefits of joining HostGPOPurchasing power of all 50K membersNo commitment to buy through groupProducts for high-end or value unitsAccess to hospitality-optimized goodsStill allows for individualityDiscounts already negotiated for youHow it works to order products through HostGPOSome vendors offer coupon codeOthers require purchase orderHow HostGPO’s conditions differ from buying full-priceSame product warrantiesReturn policies waived in some casesWhat Jeff wishes he would have known from the startDon’t be too conservativeSet up better quality unit for much higher returnConnect with JeffHostGPOResourcesSTR LegendsEric MoellerHost GPO’s FAQ PageHost GPO’s List of Vendor PartnersEmail jasper@getpaidforyourpad.com Hosted on Acast. See acast.com/privacy for more information.

Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!Topics CoveredHow COVID is driving travel trends in 2021Harder to plan in advance = shorter lead timesAbility to work from anywhere = longer staysHow Andrew defines lead time for short-term rentalsHow far in advance guests book your STRBest way to see how market values your propertyHow to analyze lead time data for your marketCompare your lead times with market averageSelling too far in advance means it’s underpricedHow lead times have changed in 2021General trend to shorter lead times (< 20 days out)Popular drive-to destinations = longer lead timesWhat Airbnb host accommodations are earning more revenueFlexible cancellation policyPet-friendly unitsHow length-of-stay patterns have changed in 2021Guests staying longer in most marketsTrend toward extended bookingsHow to maximize STR revenue with dynamic minimum staysDon’t take short bookings far in futureSet minimum slightly higher than market averageDecrease minimum stay as dates get closerHow to deal with gaps in your STR calendarOffer discount for guest staying just before gapUse Wheelhouse to auto adjust minimum stayThe new features available through WheelhouseMarket Reports came out Q4 of 2020Beta testing Competitive Set ToolConnect with AndrewWheelhouse [Referral Code PAD]Email andrew@usewheelhouse.comResourcesAndrew on GPFYP EP365Pet-Friendly STRs on GPFYP EP358Wheelhouse Market ReportsSTR Legends MastermindAirbnb Cancellation Policy TrendsAndrew’s Demo VideosEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

We experienced an unprecedented drop in GDP in 2020 and record unemployment numbers. And yet, the real estate and stock markets seem to be doing fine. So, how do we make sense of this discrepancy? What is the economic outlook for 2021 and beyond? And is now a good time to invest in short-term rental properties?Jason Hartman is the creator of The Empowered Investor and host of the Creating Wealth Show. He has spent the last 17 years helping people achieve financial freedom through real estate investing. Jason has been involved in thousands of real estate transactions and owned income properties of his own in 11 US states. He is also the author of the eBook Pandemic Investing: How to Turn Fear Into Profit.On this episode of Get Paid for Your Pad, Jason joins me to share his outlook on the global economy, discussing why the real estate and stock markets are booming despite record unemployment. He describes how STR investors can benefit from what he calls inflation-induced debt destruction, explaining why right now IS a good time to invest in real estate and when a mortgage is not a liability—but part of your asset. Listen in for Jason’s prediction around the future of the housing market and get his advice on aligning your interests with ‘the powers that be’ by investing in STR income properties!Topics CoveredJason’s insight on what is happening in the global economyRecord drop in GDP and unprecedented unemploymentGovernments creating money = markets boomingHow Jason thinks about the uneven economic recoveryService industries hit hard, information jobs doing wellWider gap between rich and poor (bad for society)How we can benefit from inflation-induced debt destructionTake advantage of 30-year, low fixed-rate mortgagesPay back with cheaper money in future due to inflationWhat makes now a good time to invest in the STR marketDrive-to markets with low density thriving in pandemicLinear and hybrid markets safer bets than cyclicalWhen a mortgage is not a liability but part of your asset30 years to pay off at artificially-low fixed rateCreate wealth over time as value of USD dropsJason’s prediction around the future of the housing marketMortgage rates will eventually HAVE to go upSupply constrained more and morePeople will stay put or keep properties as rentalsNew supply will have to be builtHow governments are likely to respond to ongoing unemploymentExpansion of rental housing assistance programsPush to universal basic income (control spending)Jason’s advice for short-term rental real estate investorsAlign interests with governments and central banksIncome properties most proven asset class in worldConnect with JasonEmpowered InvestorPandemic InvestingCreating Wealth ShowResourcesSTR Legends MastermindCantillion EffectEric MoellerSection 8Andrew Yang1984 by George OrwellEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

What kind of linens should you buy for your short-term rentals? Should you focus on quality or durability? And how do you take care of the bedsheets and towels so that they last longer?Harold Gonzalez is the Cofounder of EXSTR Apartments, a STR property management company based in Cali, Colombia, where ‘the weather is hot, the drinks are cold and you’re always welcome.’ Harold got his start in hospitality working for Marriott International in New York City, and after eight years in the hotel industry, he transitioned to vacation rentals. Today, Harold and his business partner, Patrick, manage a portfolio of 21 units—including my penthouse in Cali! Harold has special expertise in maintaining linens, and he recently led a training on the subject in our STR Profit Academy.On this episode of Get Paid for Your Pad, Harold joins me to explain how to manage your linen efficiently, offering insight on how to decide what type of bedsheets and towels to offer your guests and find the right balance between durability and quality. He shares the do’s and don’ts of washing and drying linens for a short-term rental, describing how to get rid of difficult stains without using harsh chemicals. Listen in for Harold’s advice on deciding whether to outsource linen management or take care of it in-house and learn how to extend the life span of the bedding and towels in your Airbnb units.Topics CoveredHarold’s insight on traveling to Cali, ColombiaBeautiful weather, third largest city in countrySome COVID restrictions but open to air travelHarold’s background in the hospitality industry8 years with Marriott Hotels in New York CityWorked way up to management in short timeThe pros and cons of outsourcing linen managementSaves timeMore costly, less controlHow to decide what type of linens to offer guestsLook at what competitors offer, guest feedbackConsider type of travelers who stay with youFind balance between durability and qualityHarold’s advice on choosing the best linens for a STRThread count from 200 to 300Cotton-polyester blend (soft and durable)All white associated w/ cleanliness + comfortKeep three sets on hand for each unitThe don’ts of washing and drying STR linensDon’t ball up sheets or overload machinesDon’t use harsh chemicalsDon’t put detergent directly on linensDon’t use too much detergentDon’t dry on high heat or let sit in heatDon’t use fabric softenerThe do’s of washing and drying STR linensDo spot treat stainsDo use mild detergentDo unfurl linensDo use medium heat settingsDo soak in vinegar + baking soda regularlyHow to get rid of stains on linensTreat grease and oil w/ dish detergentUse denatured alcohol on makeup stainsGet rid of dirt w/ baking soda + vinegarTry baking soda or salt to lift wineOnly use bleach as last resortHow to extend the life span of your STR linensPost house rules, inventory and instructionsProvide makeup wipes or black towelsOffer guests disposable towels for accidentsConnect with HaroldEXSTR ApartmentsResourcesSTR Profit AcademyYour Porter [Discount Code PAD]Email jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Remote work became a reality during the COVID-19 pandemic, and many of us learned that you really can do business from just about anywhere. And now that companies like Twitter and Square are giving their teams the option to work from home even after we return to normalcy, remote employees are looking for a cool places travel and do their work. So, what can STR hosts do to capitalize on this opportunity?Robert Nunez is the vacation rental expert behind Work in Paradise, a STR villa on the island of Aruba that caters to remote workers. The Work in Paradise suites are minutes away from the beach, affording guests the opportunity to snorkel or enjoy a SeaBob adventure when their work day is done. Robert has been hosting on Airbnb since 2013, and in addition to his Aruban villa, he manages a portfolio of 76 units in Philadelphia, Miami, New York and New Jersey.On this episode of Get Paid for Your Pad, Robert joins me to explain how he came up with the idea for Work in Paradise, describing what Aruba has to offer remote workers and why he chose to open a new business during the pandemic. He offers insight on attracting remote workers on social media and providing both private and community workspaces (with reliable Wi-Fi) throughout the villa. Listen in for Robert’s advice to STR hosts on seeing the opportunity in a crisis, learning from other operators and challenging yourself to grow every day.Topics CoveredHow Robert ended up in ArubaVisited friend on island last JulyStruck by beauty and peaceHow Robert came up with the idea for Work in ParadiseRemote work became reality during shutdownPeople will want cool place to do businessWhat Aruba has to offer remote workersParadise (blue water and consistent weather)Friendly for tourists, lots of things to doHow Robert attracts remote workers to his STRActive on social mediaTap into online remote work communityHow Robert caters to remote workers in his unitsPrivate suite with workstationWork areas throughout villa with reliable Wi-FiEngage with guests to create communityHow Robert profited from staying the course in COVIDAdded inventory when others ran awayHosted first responders, contractors, etc.Robert’s advice for aspiring STR entrepreneursTalk to people already doing itDon’t let people talk you out of opportunityRobert’s advice for current STR hosts‘Push the envelope’Do one thing each day to growConnect with RobertWork in ParadiseResources“Twitter Announces Employees Will Be Allowed to Work from Home ‘Forever’” in The GuardianEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Guest communication has changed in the COVID era. Travelers have more anxiety right now, and there is a strong need for STR hosts to communicate clearly and be responsive to our guests’ questions and concerns. So, what can we do to build a personal connection with our guests in a socially-distanced world and make them feel comfortable staying with us?David Jacoby is the Cofounder and President of Hostfully, a platform designed to help short-term rental hosts provide five-star hospitality through beautiful digital guidebooks and a full-scale property management system. Prior to Hostfully, David served as the COO of WellCall, Inc., a health coaching and corporate wellness program that was acquired by Health Advocate in 2012. He is also a graduate of the Wharton School of Business at the University of Pennsylvania.On this episode of Get Paid for Your Pad, David joins me to discuss the importance of guest communication in a COVID world, explaining what questions travelers are asking right now and how their habits have changed through the pandemic. He shares his top tips for communicating clearly with guests, describing how hosts are incorporating video in their guidebooks and what we can do to balance personalization and email automation. Listen in for the top takeaways from Hostfully’s 2020 Hospitality Report and get David’s insight on building a personal connection with guests—even in the midst of a pandemic.Topics CoveredWhy guest communication is more important now than everDemonstrates professionalismMore difficult to find accurate info onlineDavid’s insight around STR trends in the COVID eraChoose repeat or familiar destinationsProperties with amenities, close to natureLook for flexible cancellation policyConcerns about cleanliness of propertyWhat questions guests are asking in a COVID worldWhat’s open in areaSafe things to do (outdoor activities)How to use amenitiesThe most recent updates to the Hostfully product suiteAbility to embed videos in guidebookTools to enhance brand, promote direct bookingHow hosts are incorporating video in their guidebooksWelcome messageHow-to videosHome toursVideos of area (i.e.: shopping district, local park)David’s hack for balancing scale with personalizationSend automated confirmation email with bookingAsk question in automated welcome emailSend personal note in response to questionResend welcome email five hours prior to arrivalCheck in with automated message one day into tripThe top takeaways from Hostfully’s 2020 Hospitality ReportUse of digital guidebooks more than doubled55% of hosts expect less revenue than 2019Direct bookings up by more than 25%Top challenges = technology, pricing and cleaningWhat upsells property managers are offering their guestsEarly check-in and late checkoutMid-stay cleaningsSpa servicesGroceries pre-arrivalConcierge services (e.g.: set up tours, activities)Connect with DavidHostfully [Discount Code PAD]David on LinkedInEmail david@hostfully.comResourcesHostfully’s 2020 Hospitality ReportWheelhouseAndrew KitchellEric MoellerGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.