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

In today's episode of "Get Paid For Your Pad," I had an insightful conversation with Andrew Schur, the Head of Product at Hospitable. We explored Hospitable's evolution from its earlier incarnation as SmartBnB to its current role as an innovative solution for property hosts. Andrew highlighted Hospitable's pioneering use of AI in messaging, predating the current AI trend, and how they're continually leveraging AI to elevate the host experience.We delved into Hospitable's unique focus on catering to smaller-scale hosts, those with fewer than five properties. Andrew underscored how they offer an accessible, user-friendly platform at an affordable price point, positioning Hospitable as an excellent starting point for hosts looking to take their hosting endeavors to the next level. He also discussed the seamless integration of Hospitable alongside other property management systems, ensuring flexibility for users who wish to combine different tools for maximum efficiency.Andrew provided an exciting glimpse into Hospitable's upcoming endeavors, notably their vision for an app store that simplifies and enhances the tool selection process for short-term rental hosts. This app store aims to break down barriers and enable hosts to harness a diverse range of solutions without being tied to a single channel manager.In today's episode of "Get Paid For Your Pad," I had an insightful conversation with Andrew Schur, the Head of Product at Hospitable. We explored Hospitable's evolution from its earlier incarnation as SmartBnB to its current role as an innovative solution for property hosts. Andrew highlighted Hospitable's pioneering use of AI in messaging, predating the current AI trend, and how they're continually leveraging AI to elevate the host experience.We delved into Hospitable's unique focus on catering to smaller-scale hosts, those with fewer than five properties. Andrew underscored how they offer an accessible, user-friendly platform at an affordable price point, positioning Hospitable as an excellent starting point for hosts looking to take their hosting endeavors to the next level. He also discussed the seamless integration of Hospitable alongside other property management systems, ensuring flexibility for users who wish to combine different tools for maximum efficiency.Andrew provided an exciting glimpse into Hospitable's upcoming endeavors, notably their vision for an app store that simplifies and enhances the tool selection process for short-term rental hosts. This app store aims to break down barriers and enable hosts to harness a diverse range of solutions without being tied to a single channel manager.As a special treat for 'Get Paid For Your Pad' listeners, Hospitable is offering an exclusive discount of 25% for three months! Whether you're just starting your hosting journey or managing multiple properties, Hospitable's user-friendly platform with AI-powered messaging can elevate your hosting experience. Don't miss out on this opportunity to streamline your operations and enhance guest communication. To claim your 25% discount for three months, simply visit https://hospitable.com/ and use promo code:GPFYP and take your hosting to the next level with Hospitable! Hosted on Acast. See acast.com/privacy for more information.

From scaling up to 600 units and then scaling back to 300, the podcast explores the host's journey in the short-term rental industry. They discuss the challenges faced during the pandemic, the importance of partnerships with landlords, managing anxiety and stress, cash flow strategies, and future plans for their business and personal brand.

Grow your short-term rental business https://www.overnightsuccess.io/xSave time & money with these Airbnb tools https://www.getpaidforyourpad.com/airbnb-toolsIn this episode of "Get Paid for Your Pad," I had the incredible opportunity to sit down with Yonah Weiss, a true guru in the realm of real estate tax strategies. Our conversation took us on a deep dive into the world of cost segregation, a groundbreaking concept that promises substantial tax benefits for real estate investors. Despite a few technical hiccups during the podcast, the wealth of knowledge Yonah shared was nothing short of enlightening.During our chat, Yonah masterfully unraveled the complexities of cost segregation—a strategy that involves dissecting a property's components to accelerate depreciation deductions. Unlike the conventional linear depreciation approach, where the property's value is spread over decades, cost segregation enables investors to categorize elements into shorter depreciation schedules, ultimately leading to considerable tax savings.What truly caught my attention was the revelation about "bonus depreciation." Yonah elaborated on recent tax amendments that have elevated bonus depreciation to a staggering 100% for qualifying assets. This game-changing strategy empowers investors to claim the entire depreciation deduction in the very first year, potentially slashing tax liabilities and releasing funds for additional investments.Our conversation seamlessly transitioned to the practical side of cost segregation, from the nuts and bolts of the cost segregation study to the tangible benefits it offers. Yonah underscored the importance of engaging specialized professionals to conduct comprehensive cost segregation studies. This study involves classifying components, cost allocation, and crafting a meticulous report that ultimately becomes your new depreciation schedule—an essential tool with significant implications, especially for recently acquired properties or those earmarked for significant renovations.The timing of cost segregation studies was a key topic we explored. Yonah stressed the importance of conducting these studies promptly after property acquisition. He also shared a golden nugget of advice: if you're contemplating substantial renovations, it's wise to initiate the cost segregation process on the original asset before implementing changes.As we neared the conclusion of our conversation, Yonah extended an offer that piqued the interest of listeners—a free upfront feasibility analysis for those intrigued by the potential of cost segregation. If you're keen to explore this strategy for your properties, Yonah can be found on various social media platforms, including LinkedIn, Twitter, and Instagram. Alternatively, you can reach out through his website at yonaweiss.com or Madison SPECS (Specialized Property Engineering Cost Segregation) at madisonspecs.com.To wrap up, this episode of "Get Paid for Your Pad" provided an immersive dive into the realm of cost segregation. Yonah's insights illuminated a tax strategy that holds the promise of reshaping the way real estate investors approach their financial endeavors. The allure of cost segregation lies not only in its potential tax advantages but also in its ability to equip investors with the tools and insights needed to make astute, forward-thinking decisions that amplify returns. Hosted on Acast. See acast.com/privacy for more information.

Grow your short-term rental business https://www.overnightsuccess.io/xSave time & money with these Airbnb tools https://www.getpaidforyourpad.com/airbnb-toolsDuring this engaging conversation, I had the privilege of chatting with David Curtis, the founder of WeHost Canada and an adept property manager. Our discussion provided a comprehensive overview of the intricate world of short-term rental management, touching on essential strategies and insights for success.David began by sharing his personal evolution, moving from a co-hosting model to establishing WeHost Canada as a prominent property management company. He emphasized the crucial role of transparent contracts and agreements with clients to facilitate effective collaborations and minimize potential disputes. Open communication and setting clear expectations emerged as key practices to ensure a harmonious working relationship.A pivotal shift David discussed was his transition from co-hosting to directly managing properties on his account via a Property Management System (PMS). This switch empowered him to deliver an elevated level of service, ensure consistent branding, and mitigate potential risks associated with the co-hosting approach.Fee structures also emerged as a critical topic, with David advocating for a management fee structured around gross rental revenue. While acknowledging that industry norms vary across markets, David emphasized the importance of appropriately valuing services. Prioritizing exceptional value and an outstanding guest experience should inform fee decisions.The conversation explored the significance of cultivating a distinct brand identity, particularly within the short-term rental niche. David underscored WeHost Canada's specialization in inner city family homes, notably in St. John's, Newfoundland. These uniquely designed Jelly Bean Row style homes have garnered popularity among travelers.David extended an invitation to fellow professionals and enthusiasts to connect and learn from his experiences. He underscored the value of mutual support and growth within the community. Interested individuals can reach out to David directly at David@wehostcanada.ca or explore the listings and services provided by WeHost Canada at their website, https://www.wehostcanada.ca.In conclusion, my conversation with David Curtis offered a treasure trove of insights into short-term rental property management. From emphasizing transparent agreements and effective communication to advocating for a hands-on management model and fostering a strong brand identity, David's journey is a testament to the boundless opportunities within the industry. Hosted on Acast. See acast.com/privacy for more information.

Sign-up for Hostfully with code LEGENDS and get $100 off your onboarding fee: http://www.hostfully.com/legendsXSave time & money with these Airbnb tools https://www.getpaidforyourpad.com/airbnb-toolsGrow your short-term rental business https://www.overnightsuccess.io/Hey everyone, Jasper here! Today, I had the pleasure of chatting with Brise Carpenter from Hostfully, a property management software and digital guidebooks service that we've been using and loving for quite some time now. I want to share with you some key insights from our conversation and how Hostfully can revolutionize your property management experience.Hostfully offers an integrated platform that combines digital guidebooks with their property management system (PMS). This integration makes it incredibly convenient for hosts to manage their vacation rentals efficiently. Brise emphasized that Hostfully's PMS is not a magic bullet; it requires dedication and time to fully leverage its potential. However, I can vouch for the fact that once you invest that time and effort, the results are well worth it.For those interested in using Hostfully's services, you can sign up for either the property management software or the guidebooks directly on their website. The great news is that they offer a special discount code, "Legends," which grants you $100 off and 50% off onboarding costs for the PMS. If you opt for an annual subscription, you'll also receive an additional 10% discount. For guidebooks, "Legends" code users get three months of free access.One aspect I truly appreciate about Hostfully is their commitment to engaging with users actively. They love working with dedicated hosts who are eager to improve their business and have the perseverance to overcome challenges. It's evident that Hostfully values its customers, and I believe this level of customer support can significantly benefit any vacation rental host.It's crucial to remember that Hostfully's PMS is an investment in your property management journey. While some may initially expect immediate results, the reality is that it requires a learning curve and time to optimize its potential. I can understand how hosts might hop between various PMS options, seeking a quick fix, but investing in Hostfully's and giving it the time it deserves will yield long-term rewards.In conclusion, I highly recommend Hostfully for property managers and hosts who are dedicated to improving their vacation rental business. The integrated approach combining the PMS and guidebooks, along with the valuable support provided by the Hostfully team, sets it apart from other options on the market. To experience the benefits firsthand, head over to their website and use the "Legends" code to get started on optimizing your property management workflow with HostfullyAlright, that's it from me today. Stay tuned for more exciting content, and I'll catch you in the next podcast. Have a fantastic week! Hosted on Acast. See acast.com/privacy for more information.

Follow Freewyld on Instagram: https://www.instagram.com/stayfreewyld/Sign up for our free revenue management training=> https://getpaidforyourpad.com/trainingGrow your short-term rental business => https://www.overnightsuccess.io/xSave time & money with these Airbnb tools => https://www.getpaidforyourpad.com/airbnb-toolsIn this episode of "Get Paid for Your Pad," I am thrilled to share the exciting news about our latest project, Freewyld. Together with my friend Eric Moeller, we are embarking on a journey to help people disconnect from the digital world, reconnect with nature, and be fully present in the moment.Freewyld is not just another ordinary short-term rental concept. It's a unique experience that allows guests to choose between two modes: "Free Mode" and "Wyld Mode." In "Free Mode," guests can enjoy all the modern comforts they're used to, with fast internet, streaming services, and full connectivity. But the magic truly happens when you decide to switch to "Wyld Mode."In "Wyld Mode," we encourage you to put away your devices and embrace the natural surroundings. Our properties are strategically located near beautiful nature spots, such as mountains, lakes, and beaches, offering the perfect backdrop for reconnecting with nature and yourself. During this mode, you'll discover a world of offline experiences, from old-fashioned board games and vinyl records to treasure maps that lead you to explore the area.The inspiration behind Freewyld came from our own experiences during the COVID pandemic. It was a challenging time when we felt the need to find balance between staying connected and taking a break from technology. After going through our own journeys of self-discovery and reconnection, we realized that there's a demand for such experiences. That's when Freewyld was born, a place where you can escape the digital noise and immerse yourself in the beauty of the world around you.We want Freewyld to be more than just a short-term rental concept. It's a movement, a lifestyle, and a community of like-minded individuals who value being in the moment and finding joy in nature. Through our Instagram page @freewyld, we will keep you updated on our progress, share stories, and inspire you to incorporate "Wyld Mode" moments into your daily life.Our vision is to expand Freewyld globally, touching the lives of millions of people who long for a genuine disconnection from the virtual world. By embracing Wyld Mode, we hope to create more meaningful experiences, deeper connections with loved ones, and a greater appreciation for the natural wonders that surround us. Hosted on Acast. See acast.com/privacy for more information.

Grow your short-term rental business https://www.overnightsuccess.io/Save time & money with these Airbnb tools https://www.getpaidforyourpad.com/airbnb-toolsIn today's episode of Get Paid for Your Pad, we had the pleasure of hosting Nate and Dan, two successful short-term rental hosts, as they shared their valuable insights and strategies for running a profitable Airbnb business. Throughout our conversation, they discussed various topics ranging from pricing strategies to maximizing five-star reviews and even touched on their upcoming venture, a real estate fund.Nate and Dan emphasized the importance of tiered pricing based on the length of the stay. They found that offering two-night stays for bookings within 10 days, three-night stays for bookings within 25 days, four-night stays for bookings within 40 days, and five-night stays for bookings beyond 60 days helped them optimize their revenue. They also mentioned allowing one-night "orphan" bookings to fill gaps in their calendar, but with increased prices to attract quality guests and avoid potential issues.When it comes to earning five-star reviews, Nate and Dan shared their proven strategies. They implemented an automated guest messaging system that sends messages at various points during the guest's stay, including a follow-up message the day after their first night. They also leveraged DoorDash and Instacart to fulfill guest requests promptly and efficiently. By actively engaging with their guests, providing exceptional service, and requesting five-star reviews, they managed to maintain a remarkable streak of 117 consecutive five-star reviews, which significantly boosted their rankings on platforms like Airbnb.Throughout the conversation, Nate and Dan highlighted the importance of educating guests on the Airbnb review system, as many guests are accustomed to the traditional hotel rating system. They explained that a five-star review signifies a good stay, while anything below that indicates a less satisfactory experience. By educating their guests and encouraging open communication, they created a positive guest-host relationship, resulting in satisfied guests and higher ratings.In terms of advice for aspiring hosts, Nate and Dan emphasized the significance of taking care of guests, actively listening to their needs, and personalizing their interactions. They also stressed the importance of creating efficient systems and processes to save time and address any recurring issues promptly. Additionally, they highlighted the value of building a strong team and fostering a sense of camaraderie among team members, recognizing their contributions, and celebrating successes together.Towards the end of the episode, Nate and Dan discussed their latest venture—a real estate fund aimed at allowing investors to passively participate in short-term rental properties. They expressed their ambition to scale their business, diversify into different property types, and continue growing their success.To learn more about Nate and Dan's short-term rental properties in Ohio, visit their website at HomeHopPM.com. If you're interested in investing in their real estate fund or have any inquiries, you can reach out to Nate at Nate.klatt@homehoppm.com. Hosted on Acast. See acast.com/privacy for more information.

Grow your short-term rental business: https://www.overnightsuccess.io/xIn this episode of Get Paid for Your Pad, I had the pleasure of speaking with Avery Carl, an experienced real estate investor and short-term rental expert. We discussed various topics related to financing, the current real estate market, and strategies for success in the short-term rental industry.Avery shared valuable insights about mortgage options and the impact of interest rates on real estate investments. We explored the difference between a 3% mortgage and a 6% mortgage, highlighting the significant financial implications over a 30-year time horizon. While transferring an existing mortgage to a new buyer is not straightforward, Avery mentioned that distressed sellers might consider such arrangements. She also recommended reading Pace's book, Wealth Without Cash, for more detailed information on this topic.We delved into alternative financing methods, such as management contracts and partnerships. Avery emphasized the importance of strategic partnerships, cautioning against taking on too many partners without considering long-term implications. She advised aspiring investors to focus on quality over quantity, emphasizing the need for thorough research and due diligence.As the conversation shifted to the future outlook, we discussed the impact of high interest rates, slow economic growth, rising house prices, and booking slowdowns. While Avery acknowledged her limited expertise in economics, she expressed optimism that interest rates may come down as the pressure eases, potentially leading to a resurgence in buying activity. She also highlighted the growing recognition of short-term rentals as an established asset class, recommending operators to focus on delivering a world-class guest experience and addressing potential concerns proactively.Throughout the discussion, Avery stressed the importance of clear communication and anticipating guest needs. She highlighted the value of comprehensive digital guidebooks and detailed property listings in fostering trust and positive guest experiences. Creating a top-performing short-term rental involves attention to decor, answering guest questions proactively, and providing comprehensive information.To connect with Avery Carl and explore her services, listeners can find her on all social media platforms at the Short Term Shop. Additionally, if interested in buying properties in any of the 20 markets she covers, the Short Term Shop offers free property management training. Further details and the opportunity to sign up for their live Q&A sessions can be found at strquestions.com.Overall, this episode provided valuable insights into financing options, market trends, and strategies for success in the short-term rental industry. Listeners gained a deeper understanding of the current real estate landscape and valuable tips to optimize their investments. Hosted on Acast. See acast.com/privacy for more information.

Sign-up for Wynd and get a $10 discount: https://getpaidforyourpad.com/wynd (Use coupon code PAD)During a conversation with Mark Young and Dora Du, we discussed a product called Wynd Sentry, which is a smoke and noise monitoring device specifically designed for short-term rental properties. The device helps hosts maintain a safe and pleasant environment for guests and prevents potential damages caused by smoking and excessive noise.Dora explained that Wynd Sentry was developed by the company Wynd, initially focusing on air quality monitoring. However, they observed many hosts using their general air quality monitors to address smoking issues in their rental spaces. Recognizing this need, Wynd developed the Wynd Sentry, a specialized product to address smoke detection accurately.The device utilizes a proprietary technology called AirID, which classifies different particle types to identify specific smoke sources, such as cigarettes, marijuana, or vape. This enables hosts to receive real-time alerts and provides them with evidence to resolve any smoking-related issues with guests or with Airbnb. The reporting feature generates detailed reports, which can be submitted to insurance companies in case of damages caused by smoking.Furthermore, Wynd Sentry includes noise monitoring capabilities, helping hosts address noise complaints and maintain a peaceful environment for both guests and neighbors. The device measures decibels and provides hosts with the ability to address noise issues proactively, preventing potential disputes with guests.Dora emphasized that Wynd Sentry is designed to be tamper-proof. If a guest attempts to tamper with the device, an alert is triggered, ensuring the host is aware of any tampering and can take appropriate action.If you're interested in learning more about Wynd Sentry, you can visit the Wynd website at hellowynd.com. They are offering a discount of $10 off for listeners of the podcast using the code PAD. This device can be a valuable tool for hosts to maintain a smoke-free and peaceful rental environment. Hosted on Acast. See acast.com/privacy for more information.

Sign-up for Baselane and get a $300 bonus: https://getpaidforyourpad.com/bank Hosted on Acast. See acast.com/privacy for more information.