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

2020 was a roller coaster ride for short-term rental hosts. Yes, the COVID crisis presented some very big challenges. But for those of us who stuck it out, the year presented some very big opportunities as well. So, what did STR hosts learn in 2020? And how can we apply those lessons to succeed in 2021?Steven Che Suarez is the Cohost of Live Let Thrive, a podcast about Airbnb and the sharing economy, and the Cofounder and CEO of Argest Rentals, a full-service short-term rental management company. Steven and his partner, Federico, have 15 years of experience in the travel industry. They have flown a combined 1M miles, traveled to more than 60 countries and experienced a wide range of accommodations from youth hostels to high-end hotels. The Argest team knows what travelers expect, and they are dedicated to making the guest experience a unique and memorable one.On this episode of Get Paid for Your Pad, Steven joins me to recap the STR landscape in 2020, explaining how the past year turned out to be a blessing for hosts who persisted through the initial COVID shutdown. We discuss how the Airbnb IPO may influence short-term rental advocacy moving forward, and Steven shares the most important lesson he learned in the last 12 months. Listen in for insight into Steven’s goals for Argest Rentals in the new year and learn how YOU can take advantage of the opportunities for STR hosts coming in 2021.Topics CoveredHow Steven got started with short-term rentalsHouse hacking and doing long-term rentalsMyka on BiggerPockets suggested AirbnbThe blessings in disguise for STRs in 2020Great deals on STRs for hosts who persistedShutdown served to weed out pretendersSTRs rebounded much stronger than hotels‘Smooth oceans don’t make great sailors’How the Airbnb IPO might influence STR advocacyInflux of cash gives Airbnb more cloutMay help to fight bans in big citiesThe #1 thing Steven learned in 2020Never rent spot with own management teamCannot fire when serious issues ariseSteven’s aspirations for Argest in 2021Grow portfolio to 50 unitsBuild team of rockstarsSteven’s advice for aspiring STR operatorsBe boldTake actionConnect with StevenLive Let Thrive PodcastEmail liveletthrive@gmail.comArgest RentalsEmail argestrentals@gmail.comSteven on FacebookSteven on InstagramResourcesJasper on Live Let Thrive EP007Jasper on Live Let Thrive EP118BiggerPocketsSTR Profit AcademyJohn An on GPFYP EP337STR LegendsJason HartmanTheron Lewis on GPFYP EP362David Krauss at Rent ResponsiblySarah Doan Glidewell on Live Let Thrive EP125VistaprintEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.Topics CoveredHow Andrew hosted Airbnb CEO Brian Chesky at his STREarly adopter (on platform since 2010)Interviewed for ABC news storyThe challenge of creating a pricing automation tool for STRsLarge amount of dataDiversity of supplyWhat drives demand in a given STR marketSeasonalityDay-of-weekLocal eventsThe free resources for determining seasonalityWeather SparkWheelhouse Market DataThe free resources for identifying the day-of-week curveGoogle FlightsContact local hotel or revenue managerThe free resources for finding local eventsFlight information or conference center websiteSort events by relevance on TicketmasterAndrew’s insight on how to react first and winCompare lead time with market averageFind patterns as bookings emerge and adjust priceWheelhouse’s personalized pricing featureSet parameters around strategy/goalsChoose suggested, aggressive or conservative riskThe #1 way to optimize STR revenue going into 2021Be aware of average minimum stay in local marketUse Wheelhouse Dynamic Minimum Stays toolConnect with AndrewWheelhouse [Referral Code PAD]Andrew on LinkedInResourcesSTR LegendsAndrew on GPFYP EP071Wheelhouse Market DataWeather SparkGoogle FlightsTicketmasterWheelhouse Dynamic Minimum Night StaysEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Last week, we took a closer look at the ownership model for a short-term rental business. But what if you’re not interested in buying real estate and would rather partner with people who already own it? If so, the STR management model is the best fit for you.Logan Humphrey is the Founder and CEO of Cohobnb Properties, a full-service vacation rental property management company in Northwest, Arkansas. Logan also serves as President of The Arkansas Short Term Rental Alliance, an organization advocating for fair short-term rental regulations in Arkansas, and he is an active member of our elite STR Legends Mastermind Community.On this episode of Get Paid for Your Pad, Logan joins me to discuss the management model he chose for his STR business, explaining why it’s important to build systems, set clear policy and focus on income-producing properties. He shares the obstacle he faced in complying with state law and offers advice on determining which owners you want to work with. Listen in for Logan’s insight on learning from people who know more than you and learn how his degree in philosophy is helping him grow a successful STR management company!Topics CoveredThe three basic short-term rental business modelsOwnershipManagementMaster leasingHow Logan built his property management businessRented apartment on Airbnb when hours cut at workStarted cohosting for friends and other hosts in areaGrew portfolio from 3 to 42 properties in 2019Set up full-service management company in 2020Dropped to 25 properties (focus on A + B players)What Logan wishes he had done from the startDevelop business plan and strategySet clear expectations and policySystematize how to handle recurring situationsChase after income-producing propertiesThe obstacle Logan faced in complying with state lawHad to find business partner with brokerage licenseLearn brokerage files and real estate contractsNow able to legally collect rents, fees from ownersAllows to list on multiple channels and own siteHow Logan identified his brand and who he wants to serveName came to him in dream, bought domainProperty must meet minimum revenue potentialOnly work with owners who allow price freedomThe driving factors behind Tim’s successSeek out mentors, mastermind groupComfortable with being told NOAbility to step back and work on selfConnect with LoganCohobnb PropertiesCohobnb on InstagramThe Arkansas Short Term Rental AllianceResourcesSTR LegendsGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaChip ConleyAirDNATony RobbinsTim FerrissTribe of Mentors: Short Life Advice from the Best in the World by Timothy FerrissEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

The first step in building a short-term rental business is choosing the right business model. Do you want to lease properties and then list them on Airbnb? Would you prefer to partner with owners, managing their STR properties for them? Or are you interested in owning the properties yourself and growing a short-term rental investment portfolio?Tim Hubbard is the Cofounder and CEO of Midtown Stays, a company that invests in and manages STR apartments in thriving midtown and downtown areas. Since he started the business in November of 2015, Tim has built a portfolio of 60 properties (32 of which are vacation rentals) in Sacramento, Memphis and Oklahoma City, accommodating 10K-plus business and leisure travelers with an average review of 4.8 stars. He is also an active member of our elite STR Legends Mastermind Community.On this episode of Get Paid for Your Pad, Tim joins me to discuss the ownership model he chose for his STR business, explaining why he suggests exploring markets beyond your home city and how to get financing for real estate investments. He shares the driving factors behind his success and offers advice on communicating with your team and taking advantage of OTAs beyond Airbnb. Listen in for Tim’s insight on the benefits of investing in studio apartments for short-term rental and find out if the owner/operator model is the right fit for you!Topics CoveredThe three basic short-term rental business modelsOwnershipManagementMaster leasingHow Tim’s business is structuredOwns portfolio of 60 properties (32 STRs)Sacramento, Memphis and Oklahoma CityWhat Tim wishes he had done from the startRegular, face-to-face communication w/ teamSend negative reviews to cleaning staffFocus on other channels (not just Airbnb)What a mentor could have helped Tim with early onExplore markets beyond where he livedConnect with brokers for off-market dealsTim’s advice on getting financing for real estateDon’t be intimidated by rejectionAsk for referral from broker or agentTry small local bank or credit unionThe benefits of owning STR studio apartmentsBest returns, fewer expensesFewer problems w/ guestsCosts less to renovateThe driving factors behind Tim’s successMotivationConsistencyEducationTim’s advice to aspiring STR investorsDon’t try to time market (invest for cashflow)Better to buy and wait than wait to buyConnect with TimMidtown StaysResourcesSTR LegendsGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaThe Slight Edge: Turning Simple Disciplines into Massive Success and Happiness by Jeff OlsonEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

In July 2019, Theron Lewis was in the process of scaling a short-term rental business when he read about a proposed ban on Airbnb in the city of Detroit. And his business life flashed before his eyes. Theron had no prior advocacy experience, but he knew he had to do something.Theron is the Founder of Sharing Detroit, a group of residents, small business owners and community leaders who support the fair regulation of short-term rentals in the State of Michigan. He is also the Founder and President of Capitol Rental Management, a full-service STR property management company with a portfolio of 18 properties in Detroit, Michigan, and Chicago, Illinois.On this episode of Get Paid for Your Pad, Theron joins me to share his story of STR advocacy, beginning with the rocky first steps (and missteps) he took to fight the proposed ban in Detroit. He explains how to go about engaging members of City Council and why you should start building relationships with these local leaders NOW—rather than waiting until regulations are on the table. Listen in for Theron’s insight on demonstrating how STR rules will impact marginalized communities and learn how building an advocacy group can benefit your business beyond preventing a ban on Airbnb!Topics CoveredWhat inspired Theron’s work around STR advocacyScaling Airbnb business in Detroit (8 properties)Read about proposed ordinance to ban AirbnbThe first steps Theron took to start an advocacy campaignFind out who to talk to, who spearheaded banStart talking to local hostsResearch on affordable housing, property valuesBuild team of volunteersTheron’s best advice on STR advocacy in your communityDon’t view city government as ‘bad guys’Build relationships with local leaders NOWShow impact of rules on marginalized communitiesDon’t be deterred by negativityBring hosts in to tell their storiesWhat you need to know about City Council meetingsAgenda of topics to cover available to publicPublic gets time to speak (1 to 3 minutes)How Airbnb helped with Theron’s fight against the banPresence at weekly meetings for credibilityProvide framework, help keep group informedThe turning point in Theron’s STR advocacy campaignFacebook ads to let people know about ordinanceEmail campaign to build 1,000-member communityPresence of 100 hosts at City Council meetingThe right way to engage City Council membersInvite consultant to advocacy meetingsHire consultant to get in room with politiciansWhat happened at the Detroit City Council voteOrdinance thrown out completelyCity Council shift to pro-Airbnb sentimentThe benefits of STR advocacy beyond preventing a banAlternative form of marketing for businessGet ahead of issues related to COVIDConnect with TheronSharing DetroitCapitol Rental ManagementTheron on LinkedInEmail theronlewis@capitolrentalmgmt.comEmail hello@sharingdetroit.comResourcesSTR LegendsDetroit’s 2019 Proposed STR RegulationsGoFundMeEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Short-term rental hosts know that ranking on the first page of Google results is crucial in driving traffic to a direct booking site. So, what can we do to make sure our page is one of the first few results potential guests see? How can we use search engine optimization, otherwise known as SEO, to get more site visitors and more direct bookings?Vincent Breslin is the Founder of Uplisting, a self-service property management system for vacation rental owners and operators. Uplisting provides a simple way for STR hosts to manage operations across multiple OTAs, and the platform also allows users to launch their own channel with a one-click direct booking website. Vincent is an engineer by training and serial entrepreneur with an expertise in search engine optimization, and he serves on the Tech Council for our STR Legends Mastermind.On this episode of Get Paid for Your Pad, Vincent joins me to explain how SEO can help STR hosts drive direct bookings and share his best strategies for ranking on the first page of search results. He discusses the two categories of keywords for vacation rental searches, walking us through a simple process for choosing the best keywords to use in our content. Listen in for Vincent’s insight on improving your search ranking through engagement and learn how Uplisting can help you create an easy-to-use direct booking site for your STR business.Topics CoveredThe value of search engine optimization (SEO)Show up as result in relevant keyword searchesMore traffic to site = more direct bookingsThe two categories of keywords you need to knowPlanning category keywords for blog contentHigh booking intent keywords for listing pagesHow to choose the best keywords to use in your contentGenerate list with Google autocomplete/similar searchUse Google Keyword Planner to determine popularityTarget high search volume, low competition keywordsVincent’s top tips for getting started with SEOCreate highly relevant content with NARROW focusEngagement impacts ranking (best resource available)What Uplisting can do for STR business ownersChannel manager, dynamically synced with OTAsCreate direct booking site with one clickVincent’s advice on targeting planning keyword contentDevelop blog with WordPress or WebflowLink to Uplisting’s direct booking siteConnect with VincentUplisting [Discount Code GPFYP]Vincent on LinkedInResourcesSTR LegendsThe Traveling DutchmanGoogle Keyword PlannerVincent’s Blog on Booking.comWordPressWebflowYoastEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

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Cleaners are an integral part of any short-term rental (STR) business, and their role has become even more vital in the season of COVID-19. So, how do you find and train good cleaners? And how do you manage a growing team of cleaners as your vacation rental business scales?Gosia Cooke is the founder of Coastal Properties Vacation Rentals, the #1 STR management company in Myrtle Beach, South Carolina. Gosia started hosting her own properties on Airbnb in 2015. Soon, property owners were asking her to manage their vacation rentals, and today, she has grown the business to a portfolio of 70-plus properties. Gosia has a particular expertise in managing cleaners, having developed a system for training a growing staff and eventually selling that part of the business to her cleaning manager.On this episode of Get Paid for Your Pad, Gosia joins me to share her advice for finding good vacation rental cleaners and training them to meet extremely high standards. She weighs in on how to manage a growing cleaning staff, describing what she did to standardize the units and schedule both cleaners and inspectors for each property. Listen in for insight on how the Myrtle Beach market has fared through the pandemic and learn how Gosia empowered her cleaning manager to found her own company—and take responsibility for that aspect of the business as Coastal Properties scales.Topics CoveredGosia’s advice on finding good vacation rental cleaners·       Check with network first·       Know standards, don’t settle for anything lessHow Gosia thinks about training a cleaning staff·       Be patient and give time to improve·       Clearly explain expectations (must look brand new)·       Inspection checklist for inspectors + cleaners·       Include staging for next group of guestsGosia’s insight on how to manage your cleaning staff·       Standardize units (e.g.: bedspreads, throw pillows)·       Don’t assign one cleaner to certain units·       Send unit numbers and order night before·       Hire inspectors to check their workWhat inspired Gosia to sell the cleaning business·       Couldn’t run and scale management company·       Trusted cleaning manager to take responsibility·       Free up time to focus on growing businessHow Myrtle Beach has performed through COVID·       Lockdown through end of April·       Busy through summer (drive-to destination)·       Quiet now but picking up with snowbirds Connect with GosiaCoastal Properties Vacation RentalsGosia on AirbnbResourcesSTR Profit AcademyEastbound & DownIndeedCraigslistYour Porter [Discount Code PAD]Erinç Arık on GPFYP EP356Email jasper@getpaidforyourpad.com SponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

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The pandemic has limited our ability to engage in social interaction. Sporting events and concerts have been cancelled, nightclubs are closed and even restaurants are restricted to a limited capacity. And young people have turned to short-term rentals (STRs) as a party venue where they can meet up with friends and make bad decisions. So, what can you do as a host to avoid these pandemic partiers?Michael Goldin is the Director of Business Development at NoiseAware, a noise protection service for vacation rentals. Functioning like a smoke detector for noise, the NoiseAware device notifies hosts when the noise level at a property exceeds their quiet hours setting—without violating the guest’s privacy. Prior to joining the team at NoiseAware, Michael led the business development team at Rented.com.On this episode of Get Paid for Your Pad, Michael joins me to explain why parties have become such an issue for STR hosts in the last few months and why Airbnb’s measures to prevent parties haven’t been effective. He shares his top strategies for preventing partiers from booking your STR and discusses how to keep a party from taking place in your property during a guest’s stay. Listen in for Michael’s insight on how to approach the guest when you receive a notification from NoiseAware and learn your options for handling the situation (and keeping yourself safe) when there’s a party in progress at your Airbnb.Topics CoveredWhy parties have become an issue for STR hosts in the last few monthsUsual outlets for social interaction restricted due to COVIDYoung people home from college, less worried about virusMultiplier effect of news coverage of Airbnb house partiesWhy Airbnb’s measures to prevent parties haven’t been effectivePartiers pay friends to book through their listing accountRent multiple houses in case party shut down at oneHow to prevent partiers from booking your STRMention NoiseAware device, provide photo in listingUse Autohost or Guardhog to catch bad actorsAsk screening questions re: purpose of stay, etc.Say you’ll meet guest at property or live nearbyBan one-night stays (reduce party risk by 1/3)How to prevent parties in your STR during a guest’s stayUse NoiseAware to monitor noise insideView number of people in and out with Ring doorbellNoiseAware’s stats on the frequency of excessive noise in STRs1/20 stays = noise event that will disturb neighbors1/200 stays = full-blown partyWhat to do when you get a NoiseAware notificationFriendly text to remind guest of rulesStern follow-up text if noise persistsWhat you can do if a party is taking place in your Airbnb listingGo to property yourself (can be dangerous)Call policeTake photos from safe distanceShare security company with other hostsConnect with MichaelNoiseAwareResourcesAutohostGuardhogRingSTR LegendsRent ResponsiblyAirbnb Resolution CenterGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.