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

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.

We know it’s beneficial to have a direct booking website for our short-term rental (STR) business. But having a webpage doesn’t do us much good if no one visits. So, how do you drive traffic to your site and make it easy for guests to book?Erinç Arık is the Cofounder and CEO of Your Porter, the premiere mobile-first property management software for professional STR hosts. The platform’s top features include message automation, team management and an Airbnb ranking booster, and the app even allows hosts to create their own SEO-optimized direct booking website in a matter of minutes.On this episode of Get Paid for Your Pad, Erinç joins me to discuss why it’s important to have a direct booking website, explaining why it gives you a better chance at capturing longer bookings and how Your Porter can help you build one today. He introduces us to the platform’s online payment processor, describing how it benefits both you and your guests. Listen in to understand what Your Porter is doing to keep your STR business safe and get Erinç’s best strategies for driving traffic to your direct booking site!Topics CoveredWhy it’s important to have a direct booking websiteMake own rules for business vs. rely on OTAsBetter chance at capturing longer bookingsThe benefits of the Your Porter online payment processorAllows guests to pay in installmentsHost gets paid right away vs. day after check-inHow long it takes to build a direct booking site with Your PorterTakes 2 to 3 minutes, can be done on phoneSite goes live in 5 to 10 minutesHow to drive traffic to your direct booking websiteMarket to past guests (discount code for direct booking)Make sure site is SEO-friendly, appears in Google searchInvest in Google Ads for exact listing keywordsHow Your Porter keeps your business safeChargeback protection featureAutomated security depositSome of the other top features you get with Your PorterAutomated messagingChannel managerAirbnb ranking boosterIncome reports (share with homeowners)Cleaning task managerSmart pricing integrationConnect with ErinçYour Porter App [Discount Code PAD]ResourcesErinç on GPFYP EP221Google AdsStripeYour Porter’s Airbnb Rank TrackerGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Airlines and hotel chains employ entire teams to determine what their pricing and booking settings should be to maximize revenue. But most short-term rental (STR) hosts don’t have access to the same kind of data, nor do we have the resources to hire world-class data scientists. So, what can we do make more from the properties we manage?Cofounders Andrew McConnel and Cliff Johnson are the CEO and CCO of Rented, the premier provider of full-service revenue management for professional vacation rental managers, best serving Airbnb hosts with a portfolio of 10 to 1,000 listings. The Rented team is also in the process of launching the first-of-its-kind revenue management software, sharing the technology they use as a standalone product for STR businesses that want to keep their revenue management discipline in-house.On this episode of Get Paid for Your Pad, Cliff and Andrew join me to discuss what differentiates revenue management strategy from pricing strategy, explaining why vacation rentals are more difficult to price than other commodities. They weigh in on how to set fees for your STR, offering insight on why they don’t recommend charging for extra guests and what you might do as an alternative. Listen in for Andrew and Cliff’s view on pricing with a dynamic algorithm versus a host who knows the market and learn how to maximize your STR revenue—with a little help from the team at Rented!Topics CoveredWhat differentiates revenue management strategy from pricingTakes ancillary factors into account (e.g.: # of reviews)Price = number, revenue management = disciplineHow Andrew and Cliff think about setting cleaning feesConsider demand for property and ownership structureInclude incremental costs but don’t try to recover fixed costsWhat hosts should think about as they set STR feesAre you making money?Is the homeowner earning enough to stay?Will the guest feel nickel and dimed?Why Cliff and Andrew don’t recommend charging for extra guestsCreates incentive for guests to liePotential benefit in terms of revenue sharing, email listWhat Andrew and Cliff suggest as an alternative to extra guest feesList smaller version of property (i.e.: 2BR option within 6BR)Make available in off-season or for midweek staysPricing with a dynamic algorithm vs. a host who knows the marketDepends on quality of data, competence of personCombine good data with revenue analyst for best resultsWhat listings are most difficult to automate pricingUnique properties in small markets (i.e.: Spanish castle)Algorithm shows seasonality but needs manual interventionConnect with Andrew & CliffRentedResourcesVacasaXplorieStayFiChess Champion Gary Kasparov vs. Deep BlueEscapiaSTR LegendsGet 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.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.