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

We experienced an unprecedented drop in GDP in 2020 and record unemployment numbers. And yet, the real estate and stock markets seem to be doing fine. So, how do we make sense of this discrepancy? What is the economic outlook for 2021 and beyond? And is now a good time to invest in short-term rental properties?Jason Hartman is the creator of The Empowered Investor and host of the Creating Wealth Show. He has spent the last 17 years helping people achieve financial freedom through real estate investing. Jason has been involved in thousands of real estate transactions and owned income properties of his own in 11 US states. He is also the author of the eBook Pandemic Investing: How to Turn Fear Into Profit.On this episode of Get Paid for Your Pad, Jason joins me to share his outlook on the global economy, discussing why the real estate and stock markets are booming despite record unemployment. He describes how STR investors can benefit from what he calls inflation-induced debt destruction, explaining why right now IS a good time to invest in real estate and when a mortgage is not a liability—but part of your asset. Listen in for Jason’s prediction around the future of the housing market and get his advice on aligning your interests with ‘the powers that be’ by investing in STR income properties!Topics CoveredJason’s insight on what is happening in the global economyRecord drop in GDP and unprecedented unemploymentGovernments creating money = markets boomingHow Jason thinks about the uneven economic recoveryService industries hit hard, information jobs doing wellWider gap between rich and poor (bad for society)How we can benefit from inflation-induced debt destructionTake advantage of 30-year, low fixed-rate mortgagesPay back with cheaper money in future due to inflationWhat makes now a good time to invest in the STR marketDrive-to markets with low density thriving in pandemicLinear and hybrid markets safer bets than cyclicalWhen a mortgage is not a liability but part of your asset30 years to pay off at artificially-low fixed rateCreate wealth over time as value of USD dropsJason’s prediction around the future of the housing marketMortgage rates will eventually HAVE to go upSupply constrained more and morePeople will stay put or keep properties as rentalsNew supply will have to be builtHow governments are likely to respond to ongoing unemploymentExpansion of rental housing assistance programsPush to universal basic income (control spending)Jason’s advice for short-term rental real estate investorsAlign interests with governments and central banksIncome properties most proven asset class in worldConnect with JasonEmpowered InvestorPandemic InvestingCreating Wealth ShowResourcesSTR Legends MastermindCantillion EffectEric MoellerSection 8Andrew Yang1984 by George OrwellEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

What kind of linens should you buy for your short-term rentals? Should you focus on quality or durability? And how do you take care of the bedsheets and towels so that they last longer?Harold Gonzalez is the Cofounder of EXSTR Apartments, a STR property management company based in Cali, Colombia, where ‘the weather is hot, the drinks are cold and you’re always welcome.’ Harold got his start in hospitality working for Marriott International in New York City, and after eight years in the hotel industry, he transitioned to vacation rentals. Today, Harold and his business partner, Patrick, manage a portfolio of 21 units—including my penthouse in Cali! Harold has special expertise in maintaining linens, and he recently led a training on the subject in our STR Profit Academy.On this episode of Get Paid for Your Pad, Harold joins me to explain how to manage your linen efficiently, offering insight on how to decide what type of bedsheets and towels to offer your guests and find the right balance between durability and quality. He shares the do’s and don’ts of washing and drying linens for a short-term rental, describing how to get rid of difficult stains without using harsh chemicals. Listen in for Harold’s advice on deciding whether to outsource linen management or take care of it in-house and learn how to extend the life span of the bedding and towels in your Airbnb units.Topics CoveredHarold’s insight on traveling to Cali, ColombiaBeautiful weather, third largest city in countrySome COVID restrictions but open to air travelHarold’s background in the hospitality industry8 years with Marriott Hotels in New York CityWorked way up to management in short timeThe pros and cons of outsourcing linen managementSaves timeMore costly, less controlHow to decide what type of linens to offer guestsLook at what competitors offer, guest feedbackConsider type of travelers who stay with youFind balance between durability and qualityHarold’s advice on choosing the best linens for a STRThread count from 200 to 300Cotton-polyester blend (soft and durable)All white associated w/ cleanliness + comfortKeep three sets on hand for each unitThe don’ts of washing and drying STR linensDon’t ball up sheets or overload machinesDon’t use harsh chemicalsDon’t put detergent directly on linensDon’t use too much detergentDon’t dry on high heat or let sit in heatDon’t use fabric softenerThe do’s of washing and drying STR linensDo spot treat stainsDo use mild detergentDo unfurl linensDo use medium heat settingsDo soak in vinegar + baking soda regularlyHow to get rid of stains on linensTreat grease and oil w/ dish detergentUse denatured alcohol on makeup stainsGet rid of dirt w/ baking soda + vinegarTry baking soda or salt to lift wineOnly use bleach as last resortHow to extend the life span of your STR linensPost house rules, inventory and instructionsProvide makeup wipes or black towelsOffer guests disposable towels for accidentsConnect with HaroldEXSTR ApartmentsResourcesSTR Profit AcademyYour Porter [Discount Code PAD]Email jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Remote work became a reality during the COVID-19 pandemic, and many of us learned that you really can do business from just about anywhere. And now that companies like Twitter and Square are giving their teams the option to work from home even after we return to normalcy, remote employees are looking for a cool places travel and do their work. So, what can STR hosts do to capitalize on this opportunity?Robert Nunez is the vacation rental expert behind Work in Paradise, a STR villa on the island of Aruba that caters to remote workers. The Work in Paradise suites are minutes away from the beach, affording guests the opportunity to snorkel or enjoy a SeaBob adventure when their work day is done. Robert has been hosting on Airbnb since 2013, and in addition to his Aruban villa, he manages a portfolio of 76 units in Philadelphia, Miami, New York and New Jersey.On this episode of Get Paid for Your Pad, Robert joins me to explain how he came up with the idea for Work in Paradise, describing what Aruba has to offer remote workers and why he chose to open a new business during the pandemic. He offers insight on attracting remote workers on social media and providing both private and community workspaces (with reliable Wi-Fi) throughout the villa. Listen in for Robert’s advice to STR hosts on seeing the opportunity in a crisis, learning from other operators and challenging yourself to grow every day.Topics CoveredHow Robert ended up in ArubaVisited friend on island last JulyStruck by beauty and peaceHow Robert came up with the idea for Work in ParadiseRemote work became reality during shutdownPeople will want cool place to do businessWhat Aruba has to offer remote workersParadise (blue water and consistent weather)Friendly for tourists, lots of things to doHow Robert attracts remote workers to his STRActive on social mediaTap into online remote work communityHow Robert caters to remote workers in his unitsPrivate suite with workstationWork areas throughout villa with reliable Wi-FiEngage with guests to create communityHow Robert profited from staying the course in COVIDAdded inventory when others ran awayHosted first responders, contractors, etc.Robert’s advice for aspiring STR entrepreneursTalk to people already doing itDon’t let people talk you out of opportunityRobert’s advice for current STR hosts‘Push the envelope’Do one thing each day to growConnect with RobertWork in ParadiseResources“Twitter Announces Employees Will Be Allowed to Work from Home ‘Forever’” in The GuardianEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

Guest communication has changed in the COVID era. Travelers have more anxiety right now, and there is a strong need for STR hosts to communicate clearly and be responsive to our guests’ questions and concerns. So, what can we do to build a personal connection with our guests in a socially-distanced world and make them feel comfortable staying with us?David Jacoby is the Cofounder and President of Hostfully, a platform designed to help short-term rental hosts provide five-star hospitality through beautiful digital guidebooks and a full-scale property management system. Prior to Hostfully, David served as the COO of WellCall, Inc., a health coaching and corporate wellness program that was acquired by Health Advocate in 2012. He is also a graduate of the Wharton School of Business at the University of Pennsylvania.On this episode of Get Paid for Your Pad, David joins me to discuss the importance of guest communication in a COVID world, explaining what questions travelers are asking right now and how their habits have changed through the pandemic. He shares his top tips for communicating clearly with guests, describing how hosts are incorporating video in their guidebooks and what we can do to balance personalization and email automation. Listen in for the top takeaways from Hostfully’s 2020 Hospitality Report and get David’s insight on building a personal connection with guests—even in the midst of a pandemic.Topics CoveredWhy guest communication is more important now than everDemonstrates professionalismMore difficult to find accurate info onlineDavid’s insight around STR trends in the COVID eraChoose repeat or familiar destinationsProperties with amenities, close to natureLook for flexible cancellation policyConcerns about cleanliness of propertyWhat questions guests are asking in a COVID worldWhat’s open in areaSafe things to do (outdoor activities)How to use amenitiesThe most recent updates to the Hostfully product suiteAbility to embed videos in guidebookTools to enhance brand, promote direct bookingHow hosts are incorporating video in their guidebooksWelcome messageHow-to videosHome toursVideos of area (i.e.: shopping district, local park)David’s hack for balancing scale with personalizationSend automated confirmation email with bookingAsk question in automated welcome emailSend personal note in response to questionResend welcome email five hours prior to arrivalCheck in with automated message one day into tripThe top takeaways from Hostfully’s 2020 Hospitality ReportUse of digital guidebooks more than doubled55% of hosts expect less revenue than 2019Direct bookings up by more than 25%Top challenges = technology, pricing and cleaningWhat upsells property managers are offering their guestsEarly check-in and late checkoutMid-stay cleaningsSpa servicesGroceries pre-arrivalConcierge services (e.g.: set up tours, activities)Connect with DavidHostfully [Discount Code PAD]David on LinkedInEmail david@hostfully.comResourcesHostfully’s 2020 Hospitality ReportWheelhouseAndrew KitchellEric MoellerGet Paid for Your Pad on YouTubeEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

2020 was a roller coaster ride for short-term rental hosts. Yes, the COVID crisis presented some very big challenges. But for those of us who stuck it out, the year presented some very big opportunities as well. So, what did STR hosts learn in 2020? And how can we apply those lessons to succeed in 2021?Steven Che Suarez is the Cohost of Live Let Thrive, a podcast about Airbnb and the sharing economy, and the Cofounder and CEO of Argest Rentals, a full-service short-term rental management company. Steven and his partner, Federico, have 15 years of experience in the travel industry. They have flown a combined 1M miles, traveled to more than 60 countries and experienced a wide range of accommodations from youth hostels to high-end hotels. The Argest team knows what travelers expect, and they are dedicated to making the guest experience a unique and memorable one.On this episode of Get Paid for Your Pad, Steven joins me to recap the STR landscape in 2020, explaining how the past year turned out to be a blessing for hosts who persisted through the initial COVID shutdown. We discuss how the Airbnb IPO may influence short-term rental advocacy moving forward, and Steven shares the most important lesson he learned in the last 12 months. Listen in for insight into Steven’s goals for Argest Rentals in the new year and learn how YOU can take advantage of the opportunities for STR hosts coming in 2021.Topics CoveredHow Steven got started with short-term rentalsHouse hacking and doing long-term rentalsMyka on BiggerPockets suggested AirbnbThe blessings in disguise for STRs in 2020Great deals on STRs for hosts who persistedShutdown served to weed out pretendersSTRs rebounded much stronger than hotels‘Smooth oceans don’t make great sailors’How the Airbnb IPO might influence STR advocacyInflux of cash gives Airbnb more cloutMay help to fight bans in big citiesThe #1 thing Steven learned in 2020Never rent spot with own management teamCannot fire when serious issues ariseSteven’s aspirations for Argest in 2021Grow portfolio to 50 unitsBuild team of rockstarsSteven’s advice for aspiring STR operatorsBe boldTake actionConnect with StevenLive Let Thrive PodcastEmail liveletthrive@gmail.comArgest RentalsEmail argestrentals@gmail.comSteven on FacebookSteven on InstagramResourcesJasper on Live Let Thrive EP007Jasper on Live Let Thrive EP118BiggerPocketsSTR Profit AcademyJohn An on GPFYP EP337STR LegendsJason HartmanTheron Lewis on GPFYP EP362David Krauss at Rent ResponsiblySarah Doan Glidewell on Live Let Thrive EP125VistaprintEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.Topics CoveredHow Andrew hosted Airbnb CEO Brian Chesky at his STREarly adopter (on platform since 2010)Interviewed for ABC news storyThe challenge of creating a pricing automation tool for STRsLarge amount of dataDiversity of supplyWhat drives demand in a given STR marketSeasonalityDay-of-weekLocal eventsThe free resources for determining seasonalityWeather SparkWheelhouse Market DataThe free resources for identifying the day-of-week curveGoogle FlightsContact local hotel or revenue managerThe free resources for finding local eventsFlight information or conference center websiteSort events by relevance on TicketmasterAndrew’s insight on how to react first and winCompare lead time with market averageFind patterns as bookings emerge and adjust priceWheelhouse’s personalized pricing featureSet parameters around strategy/goalsChoose suggested, aggressive or conservative riskThe #1 way to optimize STR revenue going into 2021Be aware of average minimum stay in local marketUse Wheelhouse Dynamic Minimum Stays toolConnect with AndrewWheelhouse [Referral Code PAD]Andrew on LinkedInResourcesSTR LegendsAndrew on GPFYP EP071Wheelhouse Market DataWeather SparkGoogle FlightsTicketmasterWheelhouse Dynamic Minimum Night StaysEmail jasper@getpaidforyourpad.comSponsorHostfully Hosted on Acast. See acast.com/privacy for more information.

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.