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

In the same way that ‘smooth seas don’t make great sailors,’ a strong economy doesn’t produce great entrepreneurs. And for short-term rental (STR) business owners using the master lease model, the last six months have been a worst-case scenario of rough waters. So, how did Travers Xanthos manage to make it through the storm—and even add boats to his fleet?Travers is the Founder at COMÓ, a STR company out of Nashville, Tennessee, that caters to the modern business traveler. He spent several years working in corporate sales before starting his STR business in February of 2018, and today, he has a portfolio of 30 properties. Travers is an expert in the rental arbitrage model, and he was able to pivot and not just keep his business alive but add units in the pandemic.On this episode of Get Paid for Your Pad, Travers joins me to explain how he created a successful STR business in Nashville and what he did to keep it going through COVID-19. He discusses how he learned the master lease model and shares the strategies he used to expand his portfolio in the midst of a global pandemic. Listen in for Travers’ insight on building a team to run your business (while you travel the world) and get his advice on making your STR hosting dreams a reality.Topics CoveredWhat the last six months have been like for TraversRevenue dropped 95% in one weekLearned much that will serve for rest of lifeHow Travers was able to add units during the pandemicStarted initiative to house medical professionalsFocused on extended stays (up to 6 months)Distributed flyers at construction job sitesHow Travers got into the STR master lease businessWanted to travel, live life on own termsTalked to friend with successful STR businessStarted calling list of rental property ownersCreated plan to leave 9-to-5 job in 6 monthsTravers’ advice for aspiring STR business ownersTake actionGet educated (course, mentorship)Outsource as quickly as possibleThe structure of Travers’ teamOnly one W-2 employee (property manager)Team of independent contractor cleanersTravers’ lifestyle of frequent travelLived in Bali but couldn’t grow businessHome base in Nashville, trips all over worldConnect with TraversCOMÓTravers on InstagramResourcesSTR LegendsGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaFacebook MarketplaceThe FounderBarbara Corcoran on BiggerPocketsSTR Profit AcademySTR MethodSmartbnbGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

For short-term rental hosts in urban markets, the last few months have not been easy. So, how do you stay sane in such a stressful time? Mack Owen credits the network he has built through the STR Legends community (and a willingness to pivot) for his ongoing success in the vacation rental business.Mack is the Founder and CEO of Day One Stays, an Airbnb management and luxury corporate housing company out of Seattle, Washington, that offers furnished apartments for 30-day stays. Mack got his start in 2013, and since then, he has developed an expertise in the master leasing model and scaled up to a portfolio of 100 units. In response to the pandemic, Mack is developing a real estate investing and property management company in a nearby secondary market.On this episode of Get Paid for Your Pad, Mack joins me to explain how he built a STR empire in Seattle, describing what he did to pivot when the city introduced regulations and how he might do things differently if he could start over again. He reflects on how the STR Legends community helped him get through the Coronavirus crisis, sharing how the friendships he established at live events have proven invaluable in the last few months. Listen in to understand why now might be a good time for the master lease model and learn about the new business Mack is building in response to current circumstances!Topics CoveredHow Mack built a STR empire in SeattleGot start in 2013 using master leasing modelScaled to 100 units before regulations introducedPivot to 30-day stays, downsize to 30 units in COVIDWhat Mack would do differently if he could start overHire VA sooner to focus on maximizing revenueStructure deals differentlyManage cashflow better in seasonal marketRach out to network to learn about land useDon’t cut corners on safety or professionalismWhy now might be a good time for the master lease modelRents lower, many units availableNegotiating power shifted to renterHow Mack got through the stressful Coronavirus crisisDaily bike ride with daughterPhone calls with Legends communityStart new company in secondary marketMack’s experience at the STR Legends live eventsIncredible networking opportunityLearn about different models and get adviceSee deals in action (acquiring assets)Mack’s vision for his new STR management companyAcquire real estate in drive-to destinationManage units for other owners in marketConnect with MackDay One StaysMack on LinkedInMack on FacebookResourcesSTR LegendsRebecca Slivka on GPFYP EP352Noise AwareAutohostVRMAHicksville Trailer Palace on InstagramGet Paid for Your Pad on InstagramGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Are you starting to feel overwhelmed as your short-term rental (STR) business grows? Or maybe you’re just tired of doing EVERYTHING and wish you had a little more time to yourself? Either way, you may want to consider taking on a virtual assistant, or VA, to help. So, where do you go to find a qualified one? And what can you do to make sure your VA has all the information they need to do a good job?Rebecca Slivka is the STR Legend behind Pillow and Coffee, a fully-furnished vacation rental company out of Los Angeles, and Hicksville Trailer Palace, a unique vintage trailer motel in Joshua Tree, California. Rebeeca has five years of experience as a STR host, and in that time, she has created a team of VAs that she describes as ‘a lean, mean fighting machine.’On this episode of Get Paid for Your Pad, Rebecca joins me to share her detailed process for finding and training a virtual assistant to support your STR business. She introduces us to the benefits of outsourcing work to a VA, explaining how her remote team of 6 performs 95% of the tasks in her business! Listen in for Rebecca’s insight on creating training videos for your VAs and get her advice on building a strong team that will perform well and stay with your business for the long term.Topics CoveredHow much of the work VAs do in Rebecca’s businessLean team, 6 VAs do 95% of workAnything online or over phoneWhy a STR host would want to outsource work to a VAWant to grow business or more time for selfTransition from employee to business ownerRebecca’s process for finding and training a VAList out everything you do for companyCreate very clear job descriptionDetermine if good fit in interviewTrain in ‘bite-sized pieces’Retrain and check in regularlyRebecca’s advice for creating training videos for VAsMake video for anything you do more than onceDon’t worry about making it perfectConsider having VA create or recreate videosRebecca’s secrets for building a strong team of VAsTake responsibility if they don’t perform wellCreate step-by-step training and check workGet feedback re: how they would do thingsThe benefits of hiring VAs for your STR businessTime to work ON vs. IN businessBetter experience for you and guestsConnect with RebeccaPillow and CoffeeHicksville Trailer PalaceHicksville on InstagramResourcesSTR LegendsSTR Profit AcademyThe E Myth: Why Most Businesses Don’t Work and What to Do About It by Michael E. GerberLoomVirtual Staff FinderUpworkTaskRabbitOnline Jobs|phEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Top three learning lessons from 350 podcast episodes.We’re not selling a space, we’re selling an experience The size, #rooms and location don’t drive the price as much as with LTRs and real estate prices Two completely similar units can make very different amounts of money Google “most popular Airbnbs,” they are all unique experiences. Before you start an Airbnb, figure out what the experience is that you’re going to provide and the avatar that you’re going to targetA traveler who stays 3 nights just wants to have a stressfree, comfortable experience. Communication, amenities, and providing the right information. 2. It’s a lot of work, but you can take yourself out of the business for 95% There is so much you can automate (Messaging, pricing, task management, self-checkins etc.) Go to https://getpaidforyourpad.com/airbnb-tools/ to find the best ones. The power of a VA (one of our Legends Rebecca runs 100+ units and only spends a few hours a week working in her business 3. You can drive a lot of bookings through your own marketing channelsCollecting emailsSocial media Direct booking website It’s a long-term investment, but you’re building an asset No dependence on Airbnb and other platforms  Must Listen episodesCombination of Most Downloads & my personal favoritesEp263: How to use Social Media to Market your AirbnbEp260: How to Rank Higher and Drive More BookingsEp024: With Chip Conley Ep034: How an Airbnb experience can create a bond between peopleEp047: How Airbnb empowered this host to keep his home from being foreclosed Go to Get Paid For Your Pad, click on podcast, you’ll find the show notes with links to all these episodes.  Hosted on Acast. See acast.com/privacy for more information.

If your Airbnb listing is a treehouse or a castle, the property itself creates a unique guest experience. But what if your space is a typical, two-bedroom condo? How do you curate a personalized experience that exceeds each of your guest’s expectations?Colin Holowaychuk is the Founder of Vamonosco, a done-for-you solution that generates new bookings and increases revenue for short-term rental (STR) managers. He also hosts his own portfolio of 200-plus Airbnb listings in Tulum, Mexico, and serves as an active participant in our STR Legends Mastermind. With 15 years of experience as a FinTech, marketing and eCommerce entrepreneur, Colin has developed an expertise in helping businesses accelerate their growth.On this episode of Get Paid for Your Pad, Colin joins me to share his process for collecting the information he needs to personalize the guest experience before, during and after their stay. He explains how he uses the guest’s priorities and preferences to curate a custom itinerary and what he does when a guest is hesitant to share their information. Listen in for Colin’s insight on leveraging dynamic content to give yourself a competitive advantage and learn what technology you need to set up an individualized email marketing campaign for each guest!Topics CoveredColin’s process for getting the info he needs to personalize the guest experienceAsk group to register ALL guests who will be stayingEmail survey re: purpose, priorities and preferencesHow Colin thinks about the potential for violating Airbnb’s terms of serviceHosts may ask questions, just need legitimate reason for doing soBe up front with guests re: purpose and make answering optionalHow Colin uses the survey information to curate a unique guest experienceWelcome email highlights local attractions + activities relevant to guestShare additional offerings based on preferences (e.g.: grocery delivery)How Colin follows up with his guests after their stayRemind about experience to spark emotional responseInvitation to return also catered to guest’s interestsWhat technology a host needs to set up this kind of email marketing campaignTypeform survey platformZapier to connect softwareAny email marketing service (i.e.: ActiveCampaign, Mailchimp, etc.)Colin’s insight on leveraging dynamic content to do custom email marketingTakes time up front to configure autoresponderSends automated, personalized emails from then onConnect with ColinColin on AirbnbVamonoscoResourcesSTR LegendsSTR Profit AcademyTypeformZapierActiveCampaignMailchimpInfusionsoftDomio‘Airbnb Suspends Domio’s Host Accounts and Listings for Allegedly Violating Its Standards’ in SkiftKelly Kampen on GPFYP EP006Kelly Kampen on GPFYP EP055Get Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Travel has changed in the season of COVID-19. Short-term rental (STR) guests are looking for a ‘home instead of home’ that they can drive to. Most are looking to escape the city and enjoy nature. And many plan to stay for an extended period and work from the property. So, how can we capitalize on this new guest persona and market specifically to the work-from-home traveler?Eric Moeller is my partner in crime at STR Profit Academy, a educational platform for vacation rental hosts, and the STR Legends Mastermind, a community of the leaders, visionaries and innovators in the STR industry. He is also the founder and host of the Airbnb Mastery Summit, an exclusive virtual event featuring premiere STR hosts and real estate experts from around the world.On this episode of Get Paid for Your Pad, Eric joins me to explain what he is looking for in a STR as a work-from-home traveler and share what he learned from looking through 100+ listings on Airbnb. He walks us through his process for finding world-class properties for business travel, challenging hosts to do regular internet speed tests and offer discounts for extended stays. Listen in for Eric’s insight on upgrading your STR to a proper coworking space and learn how to market your listing to attract the work-from-home traveler.Topics CoveredWhat Eric learned from looking at 100+ Airbnb listingsDecision-making different for work-from-home travelerLack of marketing to attract this new personaThe elements of a listing most important to work-from-home travelersStrong internet (25 Mbps minimum)Space set up for coworkingWhat STR hosts can do to market to the work-from-home travelerAdd screen shot of internet speed test to photosGet approved as workplace on AirbnbAdvertise parking space or explain where to parkOffer discounts for extended staysBe hands-on to address guest’s individual needsHow to leave clues in your Airbnb listing re: how to contact directlyCopy and paste guest review that mentions brand namePromote social media, e.g.: check us out on InstagramEric’s process for finding world-class properties for business travelSearch filters for Wi-Fi, 2BR and traveling for workNarrow down with parameters for location and priceImagine working from property through photosHow to turn your Airbnb listing into a proper coworking spaceProvide smartphone and computer chargersConsider adding printer to workstationConnect with EricAirbnb Mastery SummitSTR Profit AcademySTR LegendsSTR Legends on InstagramEric on InstagramResourcesVacasa Vacation RentalsThe Hideaway on AirbnbSpeedtestPhillipe Thibodeau on GPFYP EP344Get Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.com or support@strlegends.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Did COVID-19 put a halt to your short-term rental (STR) business? If so, you may need to restructure your Airbnb portfolio and pivot to a new business model. A business model that will stand the test of time.Ryan Anderson is the Founder and CEO at Sojourn, an upscale STR venture that had grown to 200 active units in the US, Puerto Rico, Mexico and Colombia—until the Coronavirus pandemic devastated his business. A serial entrepreneur with a background in finance, Ryan has founded companies in the technology, craft beer and hospitality space, and today, he is downsizing his portfolio and developing a new approach to the STR business.On this episode of Get Paid for Your Pad, Ryan joins me explain why he is shifting away from the master lease Airbnb model and pivoting to an owner-operator paradigm. He shares the most important lessons he has learned through the Coronavirus crisis, describing how he plans to grow slower and wiser in the future. Listen in for Ryan’s insight on building a brand that reflects who you are as a person and get ideas for developing a STR business model that is sustainable for the long term.Topics CoveredAn overview of Ryan’s business pre-COVIDMaster lease Airbnb model in urban markets200 active units across four countriesWhat Ryan’s STR business looks like nowGave back nearly all master lease unitsLooking to invest in multifamily properties (flexible living model)Test market for camper van rentalsRyan’s predictions around the future of the master lease modelSupply has gone away in reaction to COVID shutdownThose who hang onto supply will see big returns againThe most important lessons Ryan has learned from the crisisMust own asset to acquire wealth over timeStay disciplined and focus on fundamentalsWhy Ryan had expanded to so many different marketsConcerned about regulations in USAcquired HostTonight (already operating south of border)What Ryan would do differently if he could go backGrow slower and wiser (can’t blitzscale hospitality)Enjoy journey, not so hyper-focused on destinationThe challenge of negotiating with landlords in a global pandemicDifficult to convince that business would grind to haltTense circumstances, not easy to persuade via ZoomRyan’s best advice for aspiring STR entrepreneursBuild brand that reflects who you are, what you enjoyMoney can’t be only motivator in tough timesConnect with RyanRyan on LinkedInResourcesSonderOutdoorsyOutdoorsy on GPFYP EP266Stay AlfredLyricDomioHostTonightSTR LegendsSTR Profit AcademyWanderJauntEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

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.