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

Do you know exactly what items are in each of your Airbnb listings? Do you know where the breaker box is located? Or the make and model of the washing machine? The more detailed information you have, the easier it is for you (or your team) to help a guest when they call with questions. But what’s the best way to manage inventory in your STR units?Darik Eaton is the Founder and CEO of Seattle Oasis Vacation Rentals, a short-term rental management company out of Seattle, Washington. Darik got his start as a host in 2008, and he was one of the first to list on Airbnb when the platform expanded to the Seattle market in 2010. He currently operates 40 properties in downtown Seattle and manages his team remotely from his home in Kauai.On this episode of Get Paid for Your Pad, Darik joins me to share the process he uses to manage inventory in his STR units. He explains how his detailed system of documentation makes it easier for his team to provide customer support and improves the guest experience. Listen in for Darik’s insight on standardizing your Wi-Fi network names and passwords and learn how to build your own process for taking inventory of your STR listings!Topics CoveredHow Darik got into AirbnbBought ‘city pad’ in downtown Seattle 13 years agoSTR to cover cost, booked 315 nights in first yearSuccess led to property owners asking to manageHow Airbnb has changed since 2010Guests no longer expect to meet host in personCTO responded to Darik’s first help ticketThe process Darik uses to document inventory in his unitsTake pictures of every item as onboard propertyRecord serial numbers of every appliance, electronicsInventory batteries and light bulbs (when last changed)Location of breaker box, water shutoff valveStore info on cloud drive for team to accessWhy Darik requires his owners to use his design teamStandardized dishware, bedding and towelsEasy to replace items as needed (at scale)What inspired Darik’s detailed inventory systemCommon questions from guests (e.g.: operating TV)Team access to info improves customer experienceThe benefits of keeping a detailed inventory of your STRProvide top quality customer supportEasy to report stolen or damaged itemsInsurance payout in case of natural disasterRepair appliances more quicklyWhy Darik standardizes his Wi-Fi network names + passwordsLess confusing for guests, improves experienceBranding opportunity (advertise to others in building)Connect with DarikSeattle Oasis Vacation RentalsResourcesSTR LegendsBox Cloud StorageAirbnb Resolution CenterHow to Change Your Wi-Fi Network’s Name and PasswordGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Why are you in the short-term rental (STR) business? A lot of us start with a goal to replace our income and eventually quit our 9-to-5. But do you want to create a new job for yourself as a 24/7 Airbnb host? Or do you want to have the freedom to travel and do other things? In that case, it’s crucial that you learn how to work ON instead of IN your STR business.Julie George is the Airbnb consultant and business mentor behind Million Dollar Host, a platform designed to help STR hosts scale a property management business. Prior to Million Dollar Host, Julie founded Host My Home, an Airbnb property management company out of Cairns, Australia. She grew the business from 0 to 130 properties in three years and earned $8M on Airbnb before selling the portfolio in 2019. Julie is also the author of Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too!On this episode of Get Paid for Your Pad, Julie joins me to share her tips for working ON rather than IN your STR business. She explains the benefit of partnering with others rather than hiring employees and offers advice on how to document your processes in a playbook and then properly train and empower new team members. Listen in for Julie’s insight on developing a game plan for the future of your business and learn how to build a STR company that runs itself!Topics CoveredJulie’s background in the STR businessGrew Host My Home portfolio to 130 unitsEarned $8M on Airbnb before selling in 2019Julie’s tips for working ON rather than IN your businessDetermine what you’re going into business forRecognize strengths and outsource weaknessesEmpower staff + contractors to do job FOR youThe benefit of partnering vs. hiring employeesSense of ownership leads to pride in workSelf-motivated and invested in successJulie’s insight on how to train new staff membersDocument processes, communicate through playbookShadow you or trusted team member for weekRun through induction to see how business worksCheck in regularly with biweekly meetingsWhy it’s crucial to document your STR processesForces to consider best way to do thingsTeam can step up when you’re awayPrepared when want to sell businessJulie’s experience with joining STR LegendsBlown away by inspiring stories, culture of sharingOpportunities to partner on deals and projectsWhy hosts should think about their valuesCulture more important than strategyDefining values attracts ‘right people’Julie’s advice on finding a communityNo point in being smartest person in roomSurround self with people who enhance lifeConnect with JulieMillion Dollar HostJulie on FacebookJulie on LinkedInJulie on InstagramResourcesJulie on Get Paid for Your Pad EP300Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too! by Julie GeorgeSTR LegendsSTR Profit AcademyHost My HomeGoogle DocsDropboxAsanaThis is Marketing: You Can’t Be Seen Until You Learn to See by Seth GodinGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

So, you want to scale a short-term rental (STR) property management company. But how do you find new clients? And how do you manage tens or even hundreds of units? Airbnb host Prak Sangthong grew from 0 to 100 listings in a single year, and he didn’t spend any money on marketing. How did he do it?Prak is the Cofounder and Managing Director at Easy Home Rentals, an Airbnb property management company based in Perth, Australia. Frustrated with long-term renters who damaged their investment properties and drained their profits, Prak and his wife decided to list a few units on Airbnb. And within a year, Prak was managing a STR portfolio of 100 units for property owners in Western Australia.On this episode of Get Paid for Your Pad, Prak joins me to explain how he went from 0 to 100 units in just 12 months—without formally marketing his property management business! He describes how setting up systems helped him scale so quickly and what he does to train his cleaning staff and reward them for good work. Listen in for Prak’s insight on negotiating discounts in COVID season and learn how YOU can be the best STR host in your market—and charge accordingly.Topics CoveredHow Prak got into AirbnbFrustrated with long-term renters in investment propertiesListed 3 units on Airbnb (went from $400/week to $1K/week)Share success with other property owners to add clientsHow Prak grew to 100 units without marketingDrop property management fees by 1% for each referralOffer 28-day notice to walk away if anyone not happyPrak’s top advice for aspiring STR hostsBe willing to be on standby 24/7Develop passion for delivering excellent productBelieve in yourself and be BEST in townWhat allowed Prak to scale so quicklyPut systems and processes in placeSeek out best and do it betterPrak’s approach to documenting processesCreate templates for every possible guest questionProperty checklist with links to instructions for usePrak’s suggestions for negotiating discountsOffer bottle of wine or 6-pack of beer as alternativeDon’t take personally (expect from everyone)How Prak trains his cleaning staffTeach how property should look, feel and smellDo 2 or 3 cleans with existing staff firstProvide checklist with clear expectationsWhy Prak’s cleaners are invested in doing wellReward for good work with cash, gift cardsShare Airbnb reviewsPrak’s words of wisdom for STR hostsWake up each day with gratitudeFind lesson in challenging timesConnect with PrakEasy Home RentalsPrak on LinkedInResourcesSTR LegendsEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

When you have a question about your short-term rental (STR) business, where do you go? Do you run a Google search and then spend several hours sifting through the information? What if you had a community of experienced Airbnb hosts you could go to for knowledge, inspiration and support?Phillipe Thibodeau is the real estate developer and STR host behind Strawberry Stays, a vacation rental and property management company out of Montreal, Canada. His experience as a host began with a single unit in May of 2017, and now he and his business partner are growing their portfolio quickly—with plans to secure a total of 80 listings in the next 12 months!On this episode of Get Paid for Your Pad, Phillipe joins me to discuss the pros and cons of self-learning versus being part of a community. He explains how COVID-19 gave him the opportunity to work ON his business and what you can do to develop a playbook for your own Airbnb. Listen in for Phillipe’s insight on the three things you need to know before you start a STR business and learn how YOU can get inspired by an engaged community of Airbnb hosts!Topics CoveredHow Phillipe got into hosting on AirbnbStruggling to rent unit of building owned w/ best friendDecided to try STR, earned double normal income on unitOpened eyes to new market in real estate businessHow Phillipe was affected by COVID-19One guest for 30 days vs. 30 guests per monthOpportunity to work ON business (build systems)How to develop a playbook for your STR businessWear ALL hats early on (e.g.: cleaning, maintenance)Optimize and document processes for every roleThe three things you need to know before you start hostingLook for community to learn fromBusiness doesn’t run itself (work ON AND IN to start)Only move forward if you’re passionate about STRThe benefits of being part of a community of hostsKnowledge and informationInspirationAccountabilityMotivation in moments of doubtAccelerate growthPhillipe’s goals for the next 12 to 24 monthsGrow business to qualify for STR LegendsBuild boutique hotel on land purchasedConnect with PhillipeStrawberry StaysPhillipe on LinkedInPhillipe on AirbnbResourcesZapierChip ConleyMaslow’s Hierarchy of NeedsSTR LegendsSTR Profit AcademyGet Paid for Your Pad on FacebookEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Are you struggling to move out of fear and into action? Yes, the short-term rental (STR) industry took a hit in March when the Coronavirus forced most of us to shelter in place. But now, many Airbnb hosts are taking steps to generate bookings and some are even thriving through the pandemic. So, how do you get motivated to turn off Netflix and say YES to building your STR business?Gordon Martin is the CEO of People, Places & Things, a vacation rental and experiential tourism business based in Paradise, Newfoundland and Labrador, Canada. Gordon began his hosting career in August of 2017, listing his family cabin on Airbnb. Today, he represents 15 owners and 37 listings, aiming to ground his guests in PLACE, connect them with local PEOPLE, and provide the opportunity to do THINGS that will create lasting memories.On this episode of Get Paid for Your Pad, Gordon joins me to explain how he is thriving through the pandemic, serving his owner-clients, staff and guests. He describes the shell shock he felt when the crisis started and walks us through the steps he took to turn his STR business around—and even pick up several new properties! Listen in for Gordon’s insight around the importance of community in challenging times and learn how to get un-stuck and take action in YOUR vacation rental business.Topics CoveredHow Gordon got into AirbnbNeeded immediate cash in Fall of 2017Immediate bookings from listing cabinNow represent 15 owners, 37 listingsGordon’s initial reaction to the Coronavirus crisisFear, uncertainty and dreadTwo weeks watching Netflix and CNNHow Gordon turned his STR business aroundHire back VAs (operations + social media)Shift focus to staycations, rename listingsPositive press in traditional mediaHow Gordon picked up new properties in a pandemicReferrals from current owner-clientsShare success on social mediaHow Gordon transitioned out of stuck-ness into actionTake responsibility for situationChange environmentWhat Gordon learned through the COVID-19 crisisImportance of communityStay close to credible sources of infoLearn as much as possibleAccept situation and then respondGordon’s advice for STR hosts who feel stuckShare challenges with communityRemember your WHYConnect with GordonPeople, Places & ThingsPPT on FacebookPPT on InstagramPPT on LinkedInGordon on LinkedInGordon on AirbnbResourcesEric MoellerLandmark WorldwideTony RobbinsThe Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living by Ryan Holiday and Stephen HanselmanThe Obstacle is the Way: The Timeless Art of Turning Trials into Triumph by Ryan HolidayEgo is the Enemy by Ryan HolidayBooks by Ryan HolidayAllan Cuevas’ Airbnb Empire Academy on FacebookMark Simpson’s Boost Hospitality Marketing PodcastSTR LegendsSTR Profit AcademyGet Paid for Your Pad on FacebookEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

If you survived the last 3 months, you can survive anything. The pandemic hit short-term rental (STR) units hard and it hit property management companies even harder.So, how did major players handle the crisis? What advice do they have for anyone still trying to navigate rough waters?Syed Lateef is the CEO and founder of Hostly, a property management company based in Chicago. He left his full-time job as a financial analyst in 2018 to start his master lease business and build relationships with landlords in and around the city. By February 2020, Syed had 165 units and was looking to bring in $6 million in revenue in 2020.Today, Syed joins me to discuss how he and his team have handled the pandemic. Syed explains how he started his business and on-boarded units pre-COVID. He then pivots to his experience de-commissioning units after the crisis hit and how he negotiated his way out of contracts with landlords. Syed also reflects on how he and his company have weathered the pandemic and what his plans are moving forward. Listen in for Syed’s insight on identifying new business partners and growing the number of units you maintain.Topics CoveredSyed’s Airbnb storyBackground in financeBought multi-family property in 2017 (4 units plus basement unit)Slowly converted all units to STRsHow Syed founded HostlyLeft full-time job in 2018 to manage STR properties full-timeBuilt strong relationships with larger landlords and property management companiesSyed’s approach STR seasonality in ChicagoBell curve – Summer to October is when you make your moneyManage cash flow and reserves throughout year to pay for WinterSyed’s advice on approaching landlordsNo one responds to the first call/emailLeverage success with one landlord to bring another on boardHow Syed on-boards propertiesNegotiate up-front rent credits and waived security depositsFurnish apartments but use an intake processHire handy-men using an app like TaskRabbitSyed’s experience with COVIDCovid-19 was like hitting a brick wall – huge losses and no cash or bookingsRented units at super low prices and hit 80 percent occupancy in MarchMade a profit in May and planned to do the same in JuneHow Syed down-sized (decommissioned units)Stuck with 2 or 3 landlords that he had the best relationship with and the most unitsDe-commissioned about 60 units total – settled out of contractsTook furniture out and put in storage or in basements or garages of buildings he ownsSyed’s vision for the next yearTrying to survive month to month right nowWants to add more units if the demand is back2020 is mostly a lost causeHow Syed mentally handled the pandemicKnew it was out of his control and a once in a lifetime thingWas super transparent with business partners and teamLittle wins after biggest loss gave him motivationSyed’s advice for newcomersReputation and the right business partners will set you up for successChoose your partners wiselyConnect with SyedHostlyHostly on InstagramSyed on LinkedInResourcesBiggerPockets Real Estate PodcastSTR Profit AcademySTR Legends MastermindsTaskRabbit Hosted on Acast. See acast.com/privacy for more information.

Search Airbnb for listings in your area that are accessibility friendly. What did you find?Many markets have very few short-term rental (STR) units that accommodate travelers with limited mobility or other special needs. And those that do definitely stand out. So, how do you design an accessible Airbnb listing?Margie Schrader is the Superhost behind Zennia Hospitality, a STR management company out of Bloomington, Indiana, and an active member of our STR Profit Academy. Margie has maintained a remarkable 4.99 average over 188 reviews by stressing hospitality and cleanliness.Today, Margie joins me to discuss what she is doing to accommodate differently-abled travelers with an accessibility friendly Airbnb. She explains what inspired her to design a listing with wheelchair access and how she is challenging herself to make everyone with special needs feel comfortable in the space. Listen in for insight on the marketing benefits of an accessible STR and get Margie's advice on how to stand out in your market with an accessibility friendly listing.Topics CoveredMargie's Airbnb journeyLocal builder asked to manage STR (May 2018)Now hosting five units in Bloomington, INMargie's experience with COVIDProvide free stays for medical professionalsStep up cleaning procedures, day in betweenSlow return to normal (two units back up)What Margie's market is like right nowPre-COVID guests = parents of college studentsNow guests in town to see family, for getawayWhat inspired Margie to create an accessibility friendly AirbnbLocal builder gutting and renovating house nearbyNo one else in market with wheelchair accessibilityHow Margie is accommodating differently-abled travelersStep-free access, wide doorways + hallwaysRoll-in shower, accessible height toilet/bedFurniture contrasts with floor (low vision)The marketing benefits of an accessibility friendly AirbnbMedia opportunities as only accessible STR in marketGuests drawn to business that aligns with valuesMargie's advice for aspiring Airbnb hostsMake sure units are super-cleanBe yourself in interactions with guestsUnderpromise and overdeliverTry not to take reviews personallyConnect with MargieZennia HospitalityZennia Hospitality on InstagramMargie on AirbnbResourcesSTR Profit AcademyAirbnb’s COVID-19 Cleaning GuidelinesCDC Guidelines on Cleaning & DisinfectingAirbnb’s Accessibility SupportSocial Impact on GPFYP EP283Email jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Nobody’s perfect. But Martin Chilangles comes pretty close. If you check out his Airbnb listing, you’ll notice that he’s never received anything other than a five-star review. And he does NOT directly ask guests for the five-star rating. So, what is he doing to get the highest possible score—every single time?Martin is a marketing expert and STR host in Mexico City. Originally from the UK, Martin fell in love with Mexico City in college and returned for good in 2013. An Airbnb Superhost and active member of our STR Profit Academy, Martin has earned 100-plus reviews as a host—all of them five-star.Today, Martin joins me to share his secrets for getting nothing but five-star reviews, explaining what he does to connect with guests and exceed their expectations. He discusses the marketing principles he applies to his Airbnb, introducing us to his own detailed customer avatar and describing the benefits of knowing your target market. Listen in for insight on finding the unique selling point for your STR listing and learn how YOU can gain a competitive advantage and get great reviews on Airbnb!Topics CoveredWhat drew Martin to Mexico CityWarmth of peopleFood and weatherMartin’s secrets to getting nothing but five-star reviewsCreate personal connection with guestExceed expectations with gift basketAnticipate problems, respond to messages quicklyGive guest five-star review + invite to stay againHow Martin dealt with his most difficult guestResponded to blocked toilet personally (with cleaner, plumber)Brought family $100 in food from local deliMartin’s advice on marketing your AirbnbChoose niche + target market (e.g.: business travelers)Build out customer personaMartin’s Airbnb customer profile40-year-old New Yorker named DavidTakes international vacations oftenDoesn’t know Mexico City wellLoves discovering new placesLikes tacos and drinking tequilaThe idea of a unique selling point or USPGives host competitive advantageBetter than competing on costThe benefit of building out a customer avatarHelps host make decisionsPut client’s needs firstConnect with MartinMartin on AirbnbResourcesSTR LegendsSTR Profit AcademyCouchsurfingWhatsAppToastmastersAirReview Chrome ExtensionEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Is it too much trouble to manage multiple short-term rentals (STRs) in different markets? If you have the opportunity to invest in Airbnb properties, but you know you’d have to run the units remotely, there are tactics and tools you can use to make the job easier.Karen Chenaille is the real estate investor and vacation rental host behind Star Gazer Stays, a STR business with properties in Vermont, Tennessee, Mississippi and Florida. She is also an active member of our STR Profit Academy and works full-time as a program manager for a Fortune 500 defense contractor.Today, Karen joins me to explain how she grew her portfolio to 11 properties, discussing what she looks for in a STR market and how she manages those units remotely. She shares her experience as a host through COVID-19 and describes how Profit First helped her build the cash reserves to navigate the crisis. Listen in for Karen’s insight on leveraging a CEO mindset as you expand your STR business and learn what tools you can use to run multiple Airbnbs in different markets!Topics CoveredHow Karen grew a portfolio of 11 STR propertiesUse extra space in own 5BR houseAdded condo near ski resortSold convenience store to expandWhat Karen looks for in a STR marketVacation rentals have been around long timeLocal governments pro-STR and make moneyHow Karen finds cleaners + maintenance staff in new marketsStay in local Airbnb, contact host/cleanerAsk for referrals from local realtorThe benefits of using Wi-Fi locks for self check-inOnly valid for period from check-in to checkoutKnow what’s going on and stay in controlKaren’s vision for the future of her STR businessGrow Airbnb revenue for next six to eight monthsDecide whether STR can be main source of incomeKaren’s experience as a host through COVID-19Lost $20K in five days on Tennessee propertiesState of Vermont blocked calendar through 7/1What bookings look like for Karen nowNew properties in Florida booking like crazyTennessee Airbnbs picking up (at higher rates)Guests choosing drive-to destinationsHow Karen applies the principles of Profit First Pay yourself and taxes first, then use rest to operateNarrow down and prioritize expenses based on ROIHow Karen built the cash reserves to survive COVIDLeverage YNAB cashflow management toolSet aside money to pay off expenses in 10 monthsHow Karen is implementing the CEO mindsetOnly do things good at, outsource restDevelop systems + use automation when possibleKaren’s advice for STR hostsDon’t feed into hysteria and panicStill much opportunity in STR spaceConnect with KarenStar Gazer StaysStar Gazer Stays on FacebookKaren on AirbnbResourcesSTR Profit AcademyGet Paid for Your Pad by Jasper Ribbers and Huzefa KapadiaNoiseAwareRemote LockTurnoverBnBProfit First by Mike MichalowiczYNABQuickBooksMike Michalowicz’s Podcast: Entrepreneurship ElevatedClockwork by Mike MichalowiczThe 4-Hour Workweek by Timothy FerrissEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

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