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

Things are changing and evolving in the economy, and with rising rents and fluctuation in the real estate industry, it was bound to trickle down into the STR market. This week Sonder, one of the biggest short-term rental companies in the world, announced it is cutting 20% of its workforce. On this edition of STR Conversations, Eric and I walk you through Sonder's announcement, their first-quarter losses, and the reality of the over-leveraged master leasing model in a post-Covid market. We discuss what we believe the forecast will be for the STR industry as the crowds return to travel with the current economic correction filtering into cost-of-living increases across the board. Listen in to learn how to position yourself to ride the waves. We’ll offer insight into how to take advantage of the opportunities in real estate and diversify your income streams to handle any season and situation in your STR business. Plus, the two places that are always worth investing in, no matter the economy. Would you like a sneak peek at our STR Legends LIVE event happening June 16th - 20th, 2022, at an incredible beachfront STR property in Oaxaca, Mexico? We'll be sharing stories and photos on social media, so follow Jasper on Instagram and Eric on Instagram and search the #STRLegends hashtag. Topics Covered What economic factors led Sonder to this pointThe critical importance of scenario analysisHow STR entrepreneurs can position themselves to take on more real estate in this marketHow to put yourself in a position to put OPM - other people's money - to work for your STR businessWhy diversifying is the key to survival and even success in a downturnThe 2 critical area to invest in now for more stability in any economyResources Sonder Restructuring to Include Layoffs, Growth LimitsWinter is Coming...But When? Tony Robbins PodcastThe Psychology of Money: Timeless Lessons on Wealth, Greed, and HappinessSteve Schwab Founder/ CEO at Casago on LinkedInGet Funding to Grow Your Airbnb Portfolio with Nectar (Ep444)Join the Overnight Success TeamLegends X STR AcceleratorJasper on InstagramEric on InstagramSubscribe to GPFYP on Apple Podcasts FREE Airbnb Starter GuideSTR Profit AcademyOvernight SuccessEmail team@overnightsuccess.io Hosted on Acast. See acast.com/privacy for more information.

In this economy, traveling millennials and more are flocking to destinations based on their desire to fill their social feeds with swoon-worthy pictures from Instagrammable destinations. Late to the Airbnb game but ready to take the plunge, my guest Jeff Brown, the Co-Founder at Loma Homes, did the research, and the results told them Orlando was the place to be with excellent profitability potential. But upon closer inspection, they found out there were 10s of thousands of vacation rentals in the highly competitive theme park mecca. To stand out and be competitive, they would need to differentiate their units in a BIG way. On this episode of Get Paid for Your Pad, Jeff joins me to share how Loma Homes partnered with specialty contractors to create their sought-after properties. With names such as Once Upon a Castle and Pirates Pearl and showcasing amenities such as a Cinderella carriage bed and Southern-style wraparound balconies, Jeff and his team have taken leveraging Instagram-worthy destinations to a new level. Listen in as Jeff walks us through some affordable ways STR hosts can add a theme to a unit to give it that photo-worthy luxury quality without breaking the bank. Plus, he shares his insight into the opportunities available in the current Airbnb model and why now is still an excellent time for entrepreneurs and investors to jump into the STR market. Topics Covered How Jeff and his team worked with custom contractors to create custom beds, fog machines, and lighting effects for their themed unitsWhy location, location, location is more important now than everHow to invest in resort areas with high seasons for peak income flowJeff’s take on the current opportunities available in the Airbnb modelWhat Loma Homes is working on now to compete in the current market and beyondWhy Jeff thinks now might be the perfect time to jump into the STR marketConnect with JeffLoma Homesjeff@loma-homes.comResources Get Paid for Your Pad YouTube ChannelOutdoorsyLegends X STR AcceleratorSTR Legends MastermindGet Paid for Your Pad NewsletterEmail jasper@getpaidforyourpad.com Hosted on Acast. See acast.com/privacy for more information.

We all have BIG things we want to achieve in our personal lives and our businesses. But did you know that unless you get clear on what you really want to accomplish, you can get overwhelmed in building your business without ever achieving your big-picture vision? On this edition of STR Conversations, Eric and I walk you through how to accomplish more in your business and personal life through effective goal setting. We discuss the two biggest mistakes entrepreneurs make when setting goals plus and we’ll walk you through the 3-step action plan we use for setting goals in our businesses. I’ll share a story of a personal goal I’m working to achieve, my WHY, and my action plan to get there, and Eric will share a tool he uses to stay on track when he feels like giving up. Listen in to learn the importance of setting compelling North Star goals for your business and the steps you need to take to get laser-focused so you can achieve them. Plus, the most powerful thing you can do today to reach your biggest goals. Topics CoveredWhy both small goals and big goals require the same process to achieveThe bucket and rocks goal action plan for reaching more of your targetsTwo tools to help you stay accountable to your big picture goalsThe one move that gets your subconscious involved and tells your brain to go to work on achieving your goalsThe gut check to make sure you are setting the right goals for yourself and your businessThe most powerful step you can take each day to achieve your goalsHow to determine if your action plan is getting you closer to your goalsThe big difference between reevaluating and giving up on your goalsThe number 1 thing you can do to achieve your number 1 goal Resources Tony Robbins Motivation—How to Visualize to Get What You WantThe 15 Commitments of Conscious Leadership: A New Paradigm for Sustainable SuccessJoin the Overnight Success TeamLegends X STR AcceleratorJasper on InstagramEric on InstagramGet Paid for Your Pad Email ListSubscribe to GPFYP on Apple Podcasts FREE Airbnb Starter GuideSTR Profit AcademyOvernight SuccessEmail team@overnightsuccess.io Hosted on Acast. See acast.com/privacy for more information.

Are you thinking of hiring an operations manager to help scale your Airbnb business? Before you start interviewing candidates, it’s important to know exactly what an ops manager does and carefully consider whether that’s the hire you need right now. Aaron Whelan is the Chief Operating Officer here at Overnight Success. He has extensive operations management experience across several industries, primarily serving clients in the coaching, consulting and online education space before joining our team a year ago. On this episode of Get Paid for Your Pad, Aaron joins me to discuss the responsibilities of an operations manager and describe the top three qualities to look for in a COO for your Airbnb business. He explains how to decide what tasks you want to delegate and build a job scorecard for the roles, offering advice on when to build systems and how to train new hires on your short-term rental processes. Listen in for Aaron’s insight around the most common challenges entrepreneurs face in achieving scale and find out what it takes to operate your Airbnb business like a machine! Topics Covered Aaron's experience as an Airbnb guest (including 4 years as a digital nomad)Aaron’s advice for STR hosts around listing photos, communication and welcoming touchesThe role of an operations manager in a vacation rental businessHow to decide what responsibilities you want to delegate and build a job scorecard for the roleWhy Aaron recommends hiring an experienced operations manager who knows every aspect of the STR businessThe top 3 qualities to look for in an operations manager for your Airbnb businessAaron’s insight on the most common challenges entrepreneurs face in scaling a businessWhen an Airbnb host should start thinking about building systemsAaron’s experience working with Overnight Success and the company’s systems mindsetHow a clearly defined vision and customer avatar make decisions easierThe open role for Digital Content Manager on the Overnight Success team Connect with Aaron Whelan Overnight SuccessResources Open Roles at Overnight SuccessLegends X STR AcceleratorSlackVoxerGoogle DriveLoomEmail jasper@getpaidforyourpad.com Hosted on Acast. See acast.com/privacy for more information.

No matter the size, all business owners have the same challenges, just on a different scale. And hiring is one of the biggest challenges any leader can take on in their business. When Eric and I started hiring, we looked for one thing, somebody with the skills to complete a task. Since then, we've evolved in our business and how we seek to fill the roles on our team. On this edition of STR Conversations, Eric and I walk you through the 4 biggest lessons we've learned about finding the right team members. We discuss where to start the hiring process and the tools you can use to scope out the competition so you can be sure you are hiring snipers instead of generalists. Plus, we'll share an insider tip on how to attract and hire A-Players, no matter the size of your business. Listen in for a look at our specialized application funnel and how we measure the success of our team members. Plus, we share the most valuable tips we've gathered from the experts on finding the people who understand your vision and who will be a part of your team for the long haul.Would you like to be part of the Overnight Success Team? We are Hiring! We're seeking a Digital Content Manager and an Enrollment Specialist.Know someone who would be a good fit? We're now offering a hiring referral bonus, so be sure to forward this to those A-Players in your network and be sure they tell us you sent them.Topics CoveredHow hiring evolves within a company as the company growsThe BIG difference between busy team members and those who move the needleHow to develop the skills that will help you cut through the BS and discover someone's true characterWhy hiring slow and firing fast is actually a win-win for all parties involvedHow to use Glassdoor and Upwork to scope out both the talent and the competitionHow to use a referral program to invest in your network and find top talentHow to incentivize the best talent to join your company even when you can't afford them (YET)Our key piece of advice to alleviate the fear of hiring A-playersWhy sharing MORE details about your company vision is the biggest key to successful hiresResourcesJoin the Overnight Success TeamLegends X STR AcceleratorJasper on InstagramEric on InstagramGet Paid for Your Pad Email ListSubscribe to GPFYP on Apple PodcastsFREE Airbnb Starter GuideSTR Profit AcademyOvernight SuccessEmail team@overnightsuccess.io Hosted on Acast. See acast.com/privacy for more information.

Airbnb Summer Release 2022 completely revamped the whole search function at Airbnb. Last week on the show, Kelvin Mah, the founder of Rankbreeze and an Airbnb SEO specialist, and I talked about these changes, but there just wasn't enough time to get everything in, so we're doing Part II this week. On this episode of Get Paid for Your Pad, Kelvin joins me for a quick recap of the 8 changes Airbnb has made. Listen in as we walk through what our research revealed about how Airbnb determines which categories to place your property in, which photo they display with your listing, and specific "art" search terms you can use to get your listing found in the design category. Plus, why the photos you include with your listing matter now more than ever.  We'll share 5 action steps every host can take right now to optimize their Airbnb property listings for more clicks with this new search rollout.  Topics Covered How Airbnb determines which categories to place your listing inWhy Airbnb's new algorithm changes your cover photo based on guest selectionsWhy you should optimize the look of your first five listing photos (don't forget mobile)How to shine the spotlight on your property features for more category listingsHow to dial in on your location to help Airbnb understand where to put your listingWhy NOW is the time to invest in amenities to rank in higher value categoriesWhat "art" terms you can use in your property listing to be found in the design categoryHow Rankbreeze helps Airbnb hosts optimize their listingsThe 5 biggest action steps to take NOW to optimize your listing for more clicks Connect with Kelvin MahRankbreezeResourcesGet Paid for Your Pad YouTube ChannelHow to Improve Your Listings’ Search Rank in Airbnb Categories Part I (Ep. 474)Airbnb May 2022 Update | Optimization Strategies Rankbreeze BlogThe Airbnb 2022 Summer Release: Introducing a new Airbnb for a new world of travelGet Paid for Your Pad NewsletterGet Paid for Your Pad on Apple PodcastsJasper on InstagramEmail jasper@getpaidforyourpad.com Hosted on Acast. See acast.com/privacy for more information.

We officially hired our first team member for our Freewyld brand!We’ve hired a Virtual Assistant (VA) named Mei who will help us start building our brand.On this edition of STR Conversations, Eric and I share how we worked with a company called Virtual Staff Finder to hire our VA and the process they used to help us find the right Virtual Assistant for our Freewyld team.We share the 3 most common questions students in Legend X have about hiring a VA, plus the biggest mistakes people make when hiring that can lead to hiring the wrong team member. Eric shares the plus-minus time tracking process he uses to determine which tasks to delegate, plus, I share my secret for accomplishing more tasks each day.We discuss how to use a job scorecard to improve your job description and increase your chances of hiring the RIGHT person for the job.Listen in for insight into how to find the perfect VA for your Airbnb hosting team, so you free yourself from the day-to-day tasks of managing your business and focus on building your business.Topics Covered The biggest reason for outsourcing the lower-level tasks in your hosting businessWhy a virtual assistant is the first team member we hiredWhy we chose Virtual Staff Finder to help us find our VAThe 80/20 rule for systems and training for your Airbnb teamThe biggest challenge when hiring a virtual assistantHow to take the overwhelm out of hiring team membersWhat shifts our VA will be working for us in FreewyldWhat a Voice Over IP (VoIP) can do for your Airbnb businessThe most valuable thing you can do BEFORE you hire a virtual assistantEric’s plus-minus trick for figuring out which tasks you should delegateJasper's game-changing plan to get more work done dailyWhy job scorecards are invaluable in finding the RIGHT fit for your teamResources How to Hire and Train Virtual Assistants (Ep. 352)How to Leverage Virtual Assistants to Scale Your Hosting Business (Ep. 407)Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business by Chris DuckerThe One Thing by Gary KellerThe 4-Hour Workweek by Timothy Ferriss5 Multitasking Myths Debunked, Plus 6 Ways to be Productive Without Task SwitchingVirtual Staff FinderRingCentralDISC Assessment by Tony RobbinsEmail team@overnightsuccess.io Hosted on Acast. See acast.com/privacy for more information.

Airbnb just released the biggest change to Airbnb categories in a decade. They completely changed the search on Airbnb, leaving everyone wondering how it will affect their listing and if it will still show up. Kelvin Mah is the founder of Rankbreeze and an Airbnb SEO specialist. Rankbreeze is a listing optimization software that helps you optimize your listings to make sure you show up in the Airbnb search results. On this episode of Get Paid for Your Pad, Kelvin joins me to explain how Airbnb has transitioned from a destination-focused search to an experience-focused search and what he believes prompted this change. Listen in as we walk through how you can use additional information in all the areas Airbnb allows to come up in more searches. Kelvin says, "One of the rules around ranking on Airbnb is fighting the filter because everything a guest does is essentially filtering."Kelvin shares his insight on how to zoom in and supercharge your listing to get more clicks for MORE BOOKINGS. Topics Covered How Airbnb is working to shift people's short-term rental investing habitsWhat are the new Airbnb categories and Split Stays featureHow to test 3-day minimums to get more Split StaysDoes your Airbnb title still play a part in your listingThe 2 biggest battles of getting the booking conversion once a user clicks on your listingWhy not using photo captions is a missed opportunity for more bookingsHow to audit the amenities on your Airbnb listing for appearance in more categoriesHow Rankbreeze uses its amenities analyzer to pinpoint the amenities at top-rated propertiesHow Airbnb uses price anchoring to garner more bookingsWhy NOW is time to get new photos of your Airbnb propertyHow to focus and supercharge your listing to stand out, get more clicks, and more bookingsConnect with Kelvin MahRankbreezeResourcesThe Airbnb 2022 Summer Release: Introducing a new Airbnb for a new world of travelHow Airbnb Personalization Affects Search Rankings Get Paid for Your Paid (Ep 276)Get Paid for Your Pad NewsletterGet Paid for Your Pad on Apple PodcastsJasper on InstagramEmail jasper@getpaidforyourpad.comSponsored BySTR Legends X Hosted on Acast. See acast.com/privacy for more information.

Last September, when Eric and I started building Freewyld, our new short-term rental brand, we took over an existing Airbnb business—four cabins on three acres in Idyllwild, California. At that time, we took over the whole business, including the staff.But over time, we ran into some challenges working with the existing cleaning team.And then the challenges escalated. We realized the cleaning staff wasn’t the right fit for our company; it was getting so bad that it was putting us in a hectic host position and affecting our bookings and reviews.It was time to make a change.On this edition of STR Conversations, Eric and I discuss why we decided to partner with a management company for Freewyld. We share the most frustrating parts that happened in our situation and walk you through the options we looked at when we decided to move on from the team we had in place. Listen in for insight into how we made this transition from negative team members to a rock-solid A-plus team. We’ll walk you through how making this transition helped us step back from controlling all aspects of the business and more fully into our lane of brilliance to make Freewyld more scalable. Topics Covered What to do when the team you have is not a good culture fit with the business you're buildingHow surrounding yourself with negativity brings down your entire operationHow having the wrong team in place keeps you from building your visionHow bookings (and reviews) can be challenged if you don’t have the right cleaning teamsHow we transitioned away from negative team members and found a better culture fitHow we negotiated a cost-effective agreement for higher-level support for our propertiesWhat we learned about bringing on expertsHow surrendering control over some aspects of the business leads to growthThe biggest advantages of hiring and upleveling a teamHow investing in yourself and your business leads to a higher ROIThe immediate payoff of our new team partnershipResources Jasper on InstagramEric on InstagramGet Paid for Your Pad Email ListSubscribe to GPFYP on Apple Podcasts FREE Airbnb Starter GuideSTR Profit AcademyOvernight SuccessEmail team@overnightsuccess.ioSponsor Legends STR Accelerator Hosted on Acast. See acast.com/privacy for more information.

With larger property management companies looking to add to their portfolios, we're seeing more Airbnb entrepreneurs selling their businesses. But what can you do to structure your business to ensure it's an attractive acquisition target? Julie George discovered the world of Airbnb in 2016 when she listed her one-bedroom unit on the platform. In November 2016, she established Host My Home, one of Australia's largest Airbnb property management companies. In 2019, Julie sold her lucrative business to a larger company to concentrate on mentoring and consulting other budding entrepreneurs to build a business in the sharing economy. On this episode of Get Paid for Your Pad, Julie joins me to explain the process she went through as she prepared her business for sale and how you can structure your business, so it's attractive to buyers. Julie says, "If you've got ten or more properties that you are managing in a property management portfolio, get ready! You're going to get a knock on the door. I can almost guarantee it." Listen in for Julie's insight into why NOW is the time to be sure you've structured your business so it's attractive to buyers—even if you're not currently thinking of selling.  Topics Covered The one thing you need to determine before you decide to sell your Airbnb businessWhat can you do to structure your business to make sure it's an attractive acquisition targetWhere do you find the company that will buy your Airbnb businessHow to make your profit margin as strong as possibleHow asking the right questions can help you determine your best business moves3 ways to find a suitable STR business buyerWhat was Julie's biggest mistake when she decided she wanted to sell her Airbnb businessWhen can't you sell your Airbnb businessWhat comes after the sale Connect with Julie GeorgeMillion Dollar HostResourcesVacasaMillion Dollar Host by Julie GeorgeThe Million Dollar Host (EP 300) with Julie GeorgeHow to Work ON instead of IN Your STR Business (EP 346) with Julie GeorgeJulie George's Takeaways Coaching 52 Airbnb Hosts Through Legends (EP 397)Get Paid for Your Pad NewsletterEmail jasper@getpaidforyourpad.com Hosted on Acast. See acast.com/privacy for more information.