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

With Tom Sargent Hosted on Acast. See acast.com/privacy for more information.

With John Cunningham of the Birdnest Group. Hosted on Acast. See acast.com/privacy for more information.

The effect of the Coronavirus on the STR Industry Hosted on Acast. See acast.com/privacy for more information.

The Coronavirus has people scared. Though the perceived risk is much higher than the actual threat of contracting COVID-19, many would-be Airbnb guests are cancelling their travel plans. What does that mean for us as STR rental hosts? And what can we do to keep our businesses going in this difficult time?Today, I’m addressing the Coronavirus and its impact on STR hosts, discussing the markets most affected by the outbreak as well as the details of Airbnb’s extenuating circumstances policy—and how some guests are getting full refunds even if they don’t qualify.I go on to offer my best advice for hosts who are afraid of exposure and explain why I don’t recommend making any big investments or taking on an expensive lease in the current economic climate. Listen in for insight on how long we might be dealing with Coronavirus and learn what you can do to get more bookings (and maintain your visibility in search results) during this challenging time.Topics CoveredThe markets most impacted by the CoronavirusChina, South Korea and JapanItaly (entire country on lockdown)NY, LA and west coast of USAirbnb’s extenuating circumstances policyFull refund for guests within guidelinesHosts can cancel guests from effected areasGiving refunds outside the extenuating circumstances policyHosts under no obligation to offer full refundsPolicy meant for people at real riskOffer guests option to change travel datesMy advice for hosts afraid of exposureDon’t panic and cancel reservations outside policyOffer self check-in, ask about recent travel historyUp your game when it comes to cleaningHow to get more bookings during this difficult timeOffer discounts, reach out to friends and familyEmphasize extra measures taken in listingSet cancellation policy to flexibleList on additional channelsStay informed re: local market, events cancelledStock up on suppliesShift target audience to domestic travelersWhy there may be light at the end of the tunnelAirlines have slashed rates to promote travelWarmer weather can help contain virusesFewer new cases in China (where COVID-19 began)What STR hosts can do to survive this challenging timeTry to cut costsTake less riskWhy I’m risk averse in the current economic climateParallels to 2007 (e.g.: markets at all-time high)Interest rates already at nearly zeroDrop in oil prices likely to impact US companiesResourcesCoronavirus on WorldometerAirbnb’s Extenuating Circumstances PolicyAirbnb Profit Club on FacebookSTR Legends MastermindSTR Profit AcademyGet Paid for Your Pad Email ListEmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.

What is the SOUL of your short-term rental (STR) business? What do you believe in? And how do you want to impact other’s lives? Whether you have one Airbnb listing or one thousand, defining your core values (and aligning your actions with those ideals) can help you attract the right people and build a business you can be proud of.Eric Moeller is the founder of Cohost Mastery and my partner in creating STR Legends Live and the STR Profit Academy. Today, Eric joins me to explain how we define core values for business and why STR hosts should take the time to get clear on what they stand for and who they want to serve.Eric describes why it’s best to craft a phrase or story around your values (versus a single word), and we get specific on how to leverage your core values to guide decision-making. Listen in for insight into the values Eric and I created for our partnership and learn the Mission to Mars system of defining core values for YOUR STR business!Topics CoveredHow we define core values for business‘Soul of company’Includes beliefs + who serveWhy STR hosts should define their valuesHelps guide decision-makingAttract ideal customers, employeesWhy a phrase is better than a wordEasier to share (emotion attached)Speak your truth vs. authenticHow to build out your core valuesChoose 5 to 7 people for Mission to MarsCreate statement re: value each embodiesEric’s advice for STR hosts around valuesRevisit every quarter and revise as neededPublish on listing, go further to align dailyEric & Jasper’s core values for businessBe better than GapSpeak your truthRespond vs. reactSeek failureConnect with EricSTR Legends MastermindSTR Profit AcademyAirbnb Mastery SummitEric on LinkedInResourcesFree Training: OPP on AirbnbGet Paid for Your Pad Email ListSocial Impact on GPFYP EP283Scaling Up: How a Few Companies Make It … and Why the Rest Don’t by Verne HarnishScaling UpTraction: Get a Grip on Your Business by Gino WickmanCrazy, Stupid, LoveTim KennedyTim Kennedy on The Joe Rogan ExperienceEmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.

Do you have dreams of investing in a short-term rental (STR) property but don’t know your financing options? Opportunities beyond the traditional bank loan DO exist to help investors like you start building or expand your portfolio of vacation rentals.Adam Windham is the Cofounder and COO of Host Financial, a firm that provides alternative financing and creative capital solutions for STR investors. Today, Adam joins me to discuss the pros and cons of using a conventional mortgage or hard money loan to finance a STR investment and explain what differentiates Host Financial from your other financing options.Adam shares the three factors that determine the interest rate on a Host Financial loan and walks us through the process of securing a loan with his team. Listen in for insight on how Host Financial hedges against potential regulations and learn how to determine the best market for your next STR investment!Topics CoveredThe pros and cons of using a conventional bank loanLoan size based on borrower’s incomeBorrowing power eventually tapped outChallenge for self-employed investorsThe pros and cons of using a hard money loanShort-term (one to three years)Interest rates vary wildly from 7%-12%What differentiates Host Financial from the other optionsQualify deals based on property’s income potentialAll loans fully amortizing over 30 yearsWhere investors can buy property through Host FinancialProperties must be in US at present (plans to expand)Borrower does not have to be US citizenThe three factors that determine interest rateBorrower FICO or credit scoreLevel of income property likely to generateLoan size (maximum approx. $2.5M)Host Financial’s ability to make loans to entitiesKeeps personal borrowing power separateOwner of LLC remains personal guarantorHow to provide income projections for a propertyExperience as operator in given marketAirDNA reportThe process of securing a loan from Host FinancialEnter specs of deal on Host Financial websiteReceive term sheet of options within 48 hoursComplete commercial loan applicationSubmit underwriting documentsAppraisal and close (within 30 days)How Host Financial thinks hedges against regulationsConsider market-rate value for long term rentalLTVs increases if cashflow positive both waysThe trends Adam is seeing based on loan requestsSeasoned investors looking for multifamily financingGrowth in invisible service boutique hotel modelBRR method and master lease with option to buyHow to determine the best markets for STR investmentsHigh gross income relative to low asset pricePigeon Forge/Gatlinburg, TN + Poconos in PAAdam’s advice for aspiring STR property investorsCreate folder in shared drive for underwriting docsDo due diligence (demand, regulatory risk, etc.)Connect with AdamHost FinancialEmail adam@hostfinancial.comResourcesAirDNAAirDNA Blog on Best Cities for STREmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.

“2020 is going to be the year of the professional host, regardless if you’re running one unit or if you’re somebody that’s trying to hit a hundred or a thousand units. All of it, the standards need to be world-class at this point. We have to truly treat even one unit as a real business.”Eric Moeller is the creator of Cohost Mastery and the cofounder STR Legends Live. Today, Eric and I sit down to discuss our top takeaways from STR Legends Cartagena, describing the trend toward professionalism in the industry and the challenges around operations that all hosts share regardless of size.Eric and I weigh in on how to approach your STR as a business, sharing Simon Lehmann’s challenge to define your values and align your messaging accordingly. Listen in for insight on how big brands are likely to impact the future of the STR industry and learn how YOU can benefit from the culture of sharing among the STR Legends community!Topics CoveredThe Hosting at Scale Video SeriesFour episodes, each feature one operatorExplore what makes them legend in spaceEric’s top takeaways from STR Legends CartagenaShift to professionalismOperations + people = greatest challengeThe evolution of operating in the STR space‘List it and forget it’Listing optimizationApproach from business perspectiveHow to stand out as a host as competition growsDetermine USP (i.e.: standards, theme, etc.)Design messaging to attract ideal clientSimon Lehmann’s STR Legends Cartagena challengeDescribe your business in one sentenceWho are you and what are your values?The culture of sharing at STR Legends CartagenaAuthentic connection among communityValue openness, integrity and supportWhat we learned about the future of the STR spaceLarger companies buy out midsize operatorsMust understand profitability to thriveEfficiencies of scale offer competitive advantageWhy vacation rental hosting is a hyperlocal businessKnowledge of area important in hospitalityOpportunity for small hosts (personal connection)Connect with EricCohost MasteryAirbnb Mastery SummitEric on LinkedInResourcesSTR LegendsGPFYP on YouTubeSTR Legends on InstagramY CombinatorSimon Lehmann on GPFYP EP308Carmen CartagenaTraction: Get a Grip on Your Business by Gino WickmanWho by Geoff Smart and Randy StreetSonderLyricVacasaEmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.

“2020 is going to be the year of the professional host, regardless if you’re running one unit or if you’re somebody that’s trying to hit a hundred or a thousand units. All of it, the standards need to be world-class at this point. We have to truly treat even one unit as a real business.”Eric Moeller is the creator of Cohost Mastery and the cofounder STR Legends Live. Today, Eric and I sit down to discuss our top takeaways from STR Legends Cartagena, describing the trend toward professionalism in the industry and the challenges around operations that all hosts share regardless of size.Eric and I weigh in on how to approach your STR as a business, sharing Simon Lehmann’s challenge to define your values and align your messaging accordingly. Listen in for insight on how big brands are likely to impact the future of the STR industry and learn how YOU can benefit from the culture of sharing among the STR Legends community!Topics CoveredThe Hosting at Scale Video SeriesFour episodes, each feature one operatorExplore what makes them legend in spaceEric’s top takeaways from STR Legends CartagenaShift to professionalismOperations + people = greatest challengeThe evolution of operating in the STR space‘List it and forget it’Listing optimizationApproach from business perspectiveHow to stand out as a host as competition growsDetermine USP (i.e.: standards, theme, etc.)Design messaging to attract ideal clientSimon Lehmann’s STR Legends Cartagena challengeDescribe your business in one sentenceWho are you and what are your values?The culture of sharing at STR Legends CartagenaAuthentic connection among communityValue openness, integrity and supportWhat we learned about the future of the STR spaceLarger companies buy out midsize operatorsMust understand profitability to thriveEfficiencies of scale offer competitive advantageWhy vacation rental hosting is a hyperlocal businessKnowledge of area important in hospitalityOpportunity for small hosts (personal connection)Connect with EricCohost MasteryAirbnb Mastery SummitEric on LinkedInResourcesSTR LegendsGPFYP on YouTubeSTR Legends on InstagramY CombinatorSimon Lehmann on GPFYP EP308Carmen CartagenaTraction: Get a Grip on Your Business by Gino WickmanWho by Geoff Smart and Randy StreetSonderLyricVacasaEmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.

Standing out in crowded STR markets can be difficult. With new rental properties cropping up in desirable locations every day, developing a brand for your STR business is key to long-term success in a short-term market. Branding is one of the best ways to beat out competition.Airbnb Superhost, model, and musician Sharon Middendorf founded GO-Cottage, an STR business in Lake Placid, New York. Long before Airbnb existed, Sharon bought, renovated, and restored two 1920s bungalows on the same piece of property. Over the course of 17 years she’s successfully marketed her short-term rentals as modern-style, California-esque lodging for adventure seekers. Sharon’s property has been featured in Country Living, Domino, and on HGTV’s Small Space, Big Living.On this episode of Get Paid for Your Pad, Sharon describes the importance of branding and how it can give rental owners the control they crave in a market dominated by listing platforms. Sharon explains how diversifying her rentals and capitalizing on their uniqueness helped her stand out amongst more than 700 STR listings in a small village. Listen in for Sharon’s insight on how Airbnb Plus has affected her listing and whether she would recommend the program to other property owners.Topics CoveredSharon’s STR storyLoved vacationing in Lake PlacidTook 4-5 years to find the right property to purchaseRenovated two bungalows on propertyStarted booking short-term renters in 2003Why Sharon focuses on brandingDifferentiates her rental from all the restBranding lasts longer than an STR platform like AirbnbHow Sharon developed a brandBuilt website and began tracking it using Google AnalyticsStarted creating on-brand content for social media like Facebook and InstagramHow Sharon marketed her listing before AirbnbUsed local listing sites and craigslistRelied on word-of-mouthWhy Sharon releases a quarterly newsletterHelps her stay in touch with former guestsReleasing a newsletter quarterly avoids overwhelming subscribersWhat Sharon includes in her newsletterLocal upcoming eventsInformation on availability and costHow Sharon got national exposure for her propertyNetworking and reaching out to media organizationsKnowing someone at Country Living helped her listing get featuredSharon’s insight on creating a brandName the property to give it an identityHire outside help if neededSharon’s take on Airbnb PlusGood experience working with professional photographerMeeting Airbnb Plus requirements can take time and effortAirbnb Plus doesn’t necessarily enable you to raise ratesLess control over Airbnb Plus listingConnect with SharonGO-CottageEmail: info@go-cottage.comGO-Cottage InstagramGO-Cottage FacebookGO-Cottage YouTubeGO-Cottage on AirbnbResourcesAirbnb IPOAirbnb PlusFairbnbSTR Profit AcademySTR Legends MastermindGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaSTR Legends MastermindEmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.

It’s never fun to think about worst case scenarios. But for Airbnb hosts, it’s important to have an idea of what you might do should the worst happen. And there are few things worse that having a natural disaster hit your STR.Peter Counsell is the Superhost behind Clyde River Cottage, a STR in Nelligen, New South Wales, with its own private jetty on the river. Peter also coaches new hosts on getting started in the STR business and optimizing their listings, and he builds personal websites for hosts looking to expand their reach beyond the Airbnb platform.On this episode of Get Paid for Your Pad, Peter joins me to share his difficult experience during the devastating bushfires in Southeast Australia. He explains how the fires are affecting his business, what Airbnb is doing to help hosts in his position, and how the disaster is likely to impact tourism in the area. Listen in for Peter’s insight on how he might use his STR property during the recovery process and learn what to do should a natural disaster hit your STR business.Topics CoveredThe devastating bushfires in Southeast Australia1M acres in six weeks (two full states)Caused by extreme drought + lightning strikePeter’s harrowing experience with the firesEvacuated three times before leaving area entirelyHighway closed, followed fire engine to UlladullaHow the fires are affecting Peter’s STR businessCancellations as fires got worse, no new bookingsSmoke and highway closings make travel difficultAirbnb’s process for helping hosts in the firesTeam in place to contact guests for Aussie hostsNo cancellation penalty for guests or hostPeter’s advice for hosts in natural disastersWaive fee for cancellation (return 100% of deposit)Request that Airbnb waive fees for guestsHow the fires will impact tourism in the areaKnown for beaches, nature and wildlife1B animals killed + bushwalks burnedPeter’s insight on the long recovery processCharge realistic prices, allow one-night staysStay in touch with potential guestsWhat Peter might do until the area has recoveredMay be good time for upgrades to spaceOffer STR for recovery workers to stayWhat we can do to support PeterTravel to SE Australia (quite safe, still much to do)Use his website building or coaching servicesPeter’s best tips for aspiring Airbnb hostsRead Get Paid for Your Pad, listen to podcastModel STR on your WHY + ideal guest avatarWork to get good reviews right awayConnect with PeterClyde River CottageClyde River Cottage on AirbnbResourcesPeter on GPFYP EP129Airbnb Open HomesDivi Themes SoftwareGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaSTR Legends MastermindEmail jasper@getpaidforyourpad.comTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.