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

One of the most challenging aspects of growing a short-term rental property management business is managing host relationships. How do you decide which property owners to work with? How do you build trust with hosts early on? What is the best way to onboard new clients so that they understand your process?Zac Rushton is the co-owner and Host Relations Specialist at Great Dwellings, a DC-based property management company that helps homeowners maximize their Airbnb and short-term vacation rentals. In his role, Zac has grown the Great Dwellings portfolio from 20 to 80 listings in less than 12 months! Today, he joins me to discuss how he keeps property owners happy, sharing the Great Dwellings onboarding process and addressing how the team builds trust with new clients.Zac explains the Great Dwellings client selection process, describing how he attracts leads through SEO optimization and what standards a property (and its owner) must meet to be a part of the portfolio. Listen in for Zac’s insight on the functionality of the Wishbox guest experience platform—and learn how to best manage host relationships as you scale a STR business on Airbnb!Topics CoveredThe Great Dwellings onboarding processSet expectations + provide as much info as possibleUnderstand payout schedule and owner statementHow Great Dwellings clients have changed over the yearsLittle experience with short-term rentals in 2015Now familiar with Airbnb and want to outsourceThe challenge around customizing processes as you scaleDifficult to break workflow for one or two clientsExceptions rare but possible depending on clientThe Great Dwellings client selection processQuality of property, potential nightly ratePersonality of property owner (15-minute call)How Great Dwellings attracts new clientsOptimize SEO (Airbnb property management DC)Rank near top on Google, generate hot leadsHow Great Dwellings handles properties that are not ready for STRPresentation after walk-through to show standardOffer design/staging services for those who need itHow Wishbox prevents subpar reviews on AirbnbFeedback part of checkout checklist (cleanliness, staff + overall)5-star reviews link to Airbnb page, < 5-star reviews do notThe other Wishbox functionalities that Zac likesCheck-in checklist w/ anticipated arrival timeUpsells (e.g.: airport transportation, laundry service)What’s on the horizon for Great DwellingsMaster lease for 12 units in Playa del CarmenExpand to Dominican Republic, Lynchburg, VAConnect with ZacGreat DwellingsZac on LinkedInResourcesWishboxMaximizing Profit on GPFYP EP280Kelvin Mah on GPFYP EP276RankbreezeBelong HereTo 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.

We know that special events afford Airbnb hosts the opportunity to make extra money on the platform. But how do you decide how much to charge for your listing? When do guests start making reservations for events like the Super Bowl or SXSW? Are there ways you might earn additional revenue by offering add-on services?Tyler Olson is the founder and CEO of Away Agents, a unique property management startup out of Minneapolis that specializes in short-term vacation rentals. Tyler’s team provides homeowners with the tools to optimize their listings and bring out the best in every property. Today, Tyler joins me to discuss the origin of the company and explain how he maximized profits during the Super Bowl to earn an impressive $50K!Tyler addresses how he determines pricing for special events and shares the additional services he offered Super Bowl guests to bring in additional revenue. Listen in to understand Tyler’s process of finding landlords who allow short-term rentals and get advice around capitalizing on special events to maximize profit on Airbnb.Topics CoveredThe origin of Away AgentsStart business with University of Minnesota internRent apartment in downtown Minneapolis July 2016Made $5K in first month on $1500/month leaseAutomated operations processes with GuestyExpanded to 8 units by Fall 2017The additional services Tyler offered during the Super BowlStocked refrigeratorsDrivers and bodyguardCold-weather gearHow Tyler determined pricing for the Super BowlStudied averages for last 2 yearsBased on premium end of spectrumHalf booked year in advance (15X rates)Average of $1500/night, total of $50KMinneapolis’ Super Bowl Airbnb statsEstablished Airbnbs booked out by MarchListings jumped from 600 to 4KWave of bookings in summer + 2 weeks priorTyler’s tips for creating a winning Super Bowl listingEstablish listing year in advance to build reputationCreate separate listing with ‘Super Bowl’ in titleOptimize listing to rank high on AirbnbHow Tyler finds willing landlordsResearch # of open units in advanceOffer to take off hands for permission to do STRDiscuss zoning, insurance, security, etc. up frontTyler’s advice for new hosts looking to capitalize on special eventsQuality of listing comes firstConsider offering additional servicesTyler’s experience with the Turo car sharing sitePut winter car on site, earned $900/month ($300/month lease)Added cars in Minneapolis + expanded to DenverPartner with Hassle-Free Car management teamAverage daily rate decreasing as supply growsConnect with TylerAway AgentsTyler on LinkedInTyler on TwitterTyler on FacebookResourcesGuestyTuroHassle-Free CarConnect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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.

How do you go from managing a single vacation rental to 50? Alma Bair got her start renting out her family’s luxury villa in Puerto Rico. Before long, neighbors in Dorado Beach asked her to take on their properties, and the business grew organically by word of mouth from there. So, what challenges has she faced in scaling up? How does she market and manage her listings remotely? And how is she working to customize the guest experience?Alma is the founder and Chief Joy Officer at Paradise Villas & Vacations, a short-term rental management company based in Dorado, Puerto Rico. Today, she joins me to explain how her own vacation in Puerto Rico 16 years ago grew into a vacation rental management business. She shares the challenges she has faced in scaling up, from finding a sufficient reservation management system to working with owners who cancel bookings.Alma also discusses her goal to be less dependent on third-party platforms for marketing her business and her luck in finding an outstanding hospitality professional to handle guest services. Listen in for Alma’s insight on delighting guests with a unique experience and learn why it’s beneficial to partner with a local destination management organization!Topics CoveredHow Alma got into managing vacation rentalsBought own vacation home on Dorado BeachDonated to local charity 6 weeks/yearBusiness grew from outside inquiriesHow Alma grew from 1 to 50 vacation rentalsNeighbors ask to manage their villasOrganic growth by word of mouthHow Alma gets paid for her management servicesTake percentage of revenue in most casesExperimenting with fixed income modelThe challenges Alma faces in scaling her businessScaling reservation management systemWorking with ownersHow Alma manages her calendars without softwareProcess to update manually on other platformsRemote support assistant in Philippines to helpHow Alma markets her vacation rentalsMonthly newsletter to database of 8KThird party platforms + own websiteHow Alma manages her vacation rentals remotelyGuest services professional on call 24/7Locally networked and bilingualAlma’s insight on the value of becoming a local expertMatch expectations with reality of vacationProvide offerings in related activities (e.g.: extreme adventures)Partnering with a destination management organizationAccess to analytics about marketplacePR, media outlets and social mediaConnect with AlmaParadise Villas & VacationsAlma on LinkedInResourcesKeys to BaliRené of Keys to Bali on GPFYP EP215STR Legends Live Retreat in Puerto RicoDiscover Puerto RicoVRMA International ConferencePROSTATE 1000Donate to Jasper’s PROSTATE 1000 Bike RideConnect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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.

There are any number of forums and online groups for short-term rental hosts. But Airbnb operators who manage 25-plus listings don’t seem to have a community where they can share the unique challenges of scaling and managing a vacation rental business with multiple units. Enter STR Legends Live Mastermind Retreat, an epic live event planned for this summer in Puerto Rico.A master at organizing live and online events, Eric Moeller is the host of the Airbnb Mastery Summit, a platform where he interviews top experts in short-term rentals and real estate from around the world, and the creator of Cohost Mastery. In addition, he serves as the founder and CEO of Homtel, a luxury, short-term rental leasing and hosting company out of California. Eric also happens to be helping me cohost the upcoming STR Legends Live Mastermind June 27 through July 1, 2019.Today, Eric and I explain why we organized STR Legends Live, describing the need for a community of established operators focused on scaling a professional short-term rental business. We discuss the topics covered at the retreat, who can apply, and what attendees can expect at the event—including a villa on the beach, personal chef and mind-blowing excursion. Listen in for insight around how you can benefit from the mastermind (even if you can’t attend) and learn how getting involved in a community of operators can help you grow your own Airbnb business!Topics Covered The impetus behind STR Legends LiveCommunity for established operators of multiple unitsFocus on growing professional business, finding clientsOpportunity to network + share ideas and challengesThe topics we’ll cover at the retreatBest tech to manage calendars, pricing, etc.Growth challenges, strategies to scale businessWho’s invited to apply for the eventOperators with 25+ units in position of growthProperty managers and developersThe sponsors and presenters scheduled for STR Legends LiveNoiseAware and Organized GainsTalking to Booking.com, Properly The particulars of STR Legends Live in Puerto Rico11BR villa on beach near San JuanRuns from June 27 to July 1$3500 all-inclusive fee ($1K deposit)How small operators can get involved in STR Legends LiveIntroduce lead for all-access pass to content$250 reward if lead chooses to attend Connect with EricCohost MasteryAirbnb Mastery SummitEric on LinkedInAirbnb Profit Club on Facebook ResourcesSTR Legends Live RetreatEric on GPFYP EP175Eric on GPFYP EP256NoiseAwareOrganized GainsBooking.comProperlySimon on GPFYP EP277Connect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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.

Airbnb is a momentum game. The more bookings you get, the more users see your listing in search results. Build a solid reputation, and you become one of the top Airbnbs in your city. But in order to get those initial bookings and build that momentum, you have to make it as easy as possible for guests to book your Airbnb!My friend, Simon Lewis, lists his home in Cape Town, South Africa, and it’s a beautiful space in an ideal location. Unfortunately, his bookings have declined in recent months. Today on the podcast, we’re taking a look at his listing to find out why.First, Simon describes the features of his Airbnb, explaining what makes it special and how it’s managed currently. We debate the pros and cons of allowing one-night stays, and Simon explains why he’s hesitant to set his listing to Instant Book and relax his cancellation policy. We also discuss simple ways to improve your position in search results, like changing the order of your photos and maintaining your calendar. Listen in for our plan to improve Simon’s results on Airbnb and learn how to build momentum for YOUR listing so it ranks near the top!Topics Covered An overview of Simon’s Airbnb in Cape Town1BR by beach in desirable areaSlow during winter months (May—August)Friend does check-ins, local cleaning co.The benefits of using the Instant Book settingAirbnb promotes listing in search resultsBuild momentum as reputation growsWhy Simon is hesitant to use Instant BookFear of theft from personal homeAvoid bad reviews by talking to guest firstHow you can protect yourself AND use Instant BookUse Airbnb Resolution Center for stolen itemsAllowed to cancel booking 3X penalty-freeSet conditions for who can Instant BookTips for maintaining your Airbnb calendarOpen up for booking full year in advanceUpdate daily to demonstrate accuracyHow to order photos for your greatest advantageUse collage of photos in first positionFirst 5 should show different spacesResearch nearby listings + stand outOur plan to improve Simon’s results on AirbnbSet listing to Instant BookMaintain calendarReduce minimum stay to one nightChange order of photosShift to flexible cancellation policyHow to handle requests for early check-inAllow guests to leave bags while cleaningRecommend nearby restaurants, shopping Connect with Simon Simon’s Airbnb ListingSimon on TwitterResources Get Paid for Your Pad on YouTubeGet Paid for Your Pad BlogGet Paid for Your Pad Email ListConnect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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.

Today I chat with Kevin Mah, founder of Rankbreeze. Kevin is an Airbnb SEO specialist and he did a study to find out how Airbnb personalization affects search results. Airbnb's search algorithm takes into account the user's unique profile when calculating which listings to show. Factors include historic data such as what listings the user has clicked on in the past and historic bookings. Here are some takeaways from the study Kevin performed. 1. The longer a user spends viewing a listing, the more likely Airbnb is to show that listing again. This suggests that it's beneficial to have a large number of photos and a wordy description to increase the time that potential guests spend viewing your listing.  2. The personalization effect is smaller for listings that typically rank on the first page. In other words, no matter the user profile, certain listings are always shown by Airbnb. Listings that rank on lower pages have more variability. This confirms the importance of getting to the first page.  3. Airbnb refused to move listings with poor photos up the search results, no matter how often they were clicked on. This reinforces the importance of having high quality photos on your listing. Connect with KelvinEmail: kelvin@remotescale.comWebsite: RankBreezeMore info: Rankbreeze Review Connect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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.

In today's episode I discuss news updates in short term rental land with Margot Schmorak, CEO of Hostfully. Items discussed: Skift Forum Europe: Airbnb Is Doubling Down on ExperiencesThe Airbnb Invasion of BarcelonaAirbnb Leads $160 Million Investment Into Hospitality Startup LyricAirbnb improves security deposit featureSTR Legends Live Hosted on Acast. See acast.com/privacy for more information.

Today I chat with John Oden, superhost with properties in Nashville and Florida. John hosts his properties with his wife Ellen under the brand Stay in the South. He's a firm believer in offering his guests the best hospitality possible by creating outstanding guest experiences. Here's how he does it.We really focus on building a great guest experience, and we do so by making sure we absolutely nail the basics. Cleanliness is #1 - we are fanatical and impress that upon our housekeepers, who are wonderful. Getting our technology right - the fastest WiFi we can get in every property. We have just gone through a round of HD-TV updates where we have a HD-TV with cable and WiFi in every living room and each bedroom. The last two homes we updated, we went with 4K TVs.Coffee! Guests love it - we have a Keurig coffee system in each property and are also adding a secondary drip coffee maker in each property for those who prefer it.Lighting - we use LED lighting everywhere, inside and out. Almost eliminates bulb changing. Dusk-to-Dawn lights outside, and festive string lights over the outdoor courtyards and decks. Prior to guest arrival, we have all the TVs on, and have the place lit up so the guests arrive to a bright and lively space. Especially important when guests arrive after dark so they aren't trying to find their way through the shadowsBeverages - we provide bottles of water in the fridge, coffee service with sweeteners, creamers, tea bags, tea kettle.We also ask about guests preferred beverage, maybe a bottle of red or white wine, craft beers or even something totally different. We have that waiting upon their arrival.Personal hand-written note in the guest book, welcoming the guest by name, thanking them for booking with us and encouraging them to call or text anytime if they have a questionWe contact our guest immediately upon booking, or even inquiry, and offer our local expertise to help them find things they might not find on their own. We ask them about their plans and things they would like to see and do, and make suggestions based on our local knowledge.We communicate multiple times before, during and after the guests stay.We publicly respond to every guest review, 93% of which are five-star. We thank the guest for choosing our place and booking their stay, thank them for their kind words and for taking care of our place.We don't sweat the small stuff. Glasses get broken occasionally. Towels or linens get a stain, or small items go missing. The cost of these things in trivial in the big picture, and we'd never try to recover costs from guests from these small issues. Cost of doing business.My goal is to respond to every inquiry, booking or question in less than five minutes. With phone, text, email, and OTA apps on my smartphone in my hand, I hit this goal most of the time. Always within less than an hour. Typically within minutes.We aim to build a relationship with our guests from first inquiry. We aim to begin building goodwill long before the guests arrive at our property. By the time they arrive, we have a relationship, and this helps if problems come up (Internet outage, house mechanical issue, etc) and if an issue does arise, we get on it immediately.We realize we can't make everyone happy all of the time. When we have the (very rare) unreasonable guest, we deal with them graciously, and let it go.We care about our community. Every one of our properties was an abandoned disaster when we acquired. We have saved all of our properties from abandonment and have returned them to a beautiful state, which increases the value of the entire community. We make it clear that our houses are not party houses, that quiet hours are to be observed and that we expect guests to be respectful of our neighbors and neighborhood. Hosted on Acast. See acast.com/privacy for more information.

Today I chat with my good friend Jesse Krieger, who helped me publish Get Paid For Your Pad in 2014. Jesse has since grown his publishing business and has published over 50 books. But the topic for today is how Jesse rents out his primary residence in Las Vegas on Airbnb when he is out of town.Jesse has branded his listing as "The Publishing Palace" and makes the listing stand out by having a primary photo that shows his backyard during a wedding party.He also has given his home a lot of character by having themed rooms each with its own mural (created by former podcast guest Annie Kim, see podcast episode 245, How to Integrate Art in Your Airbnb)Jesse also shares how he almost missed a flight after his neighbour pranked him into thinking his guests were throwing a massive party at his house.Enjoy!Connect with JesseEmail: jesse@jessekrieger.comAirbnb Listing: The Publishing PalaceWebsite: Lifestyle Entrepreneurs PressConnect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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 that time of the year again, the deadline for filing US taxes is April 15th. Reason enough to invite Miguel Centeno on the show to explain what Airbnb hosts need to know when filing their taxes and how they can avoid paying the IRS too much of course.In addition to taxes, we also talk about investment insights that Miguel has gained over the years by filing the taxes of thousands of Airbnb hosts all over the US. One observation he has made is that a lot of his rural clients are outperforming those located in the big (sub)urban areas such as New York and Los Angeles.Miguel has also personally joined the Airbnb tribe as he has invested in a beach front property in Baja California. We discuss the purchase process, the approach to renovating the property and the performance that Miguel is expecting.Last but not least, Miguel is offering listeners a $50 discount on tax filings. Go to https://sharedeconomycpa.com/gpfyp/to take advantage of this offer or simply mention that you've listened to this podcast. Connect with MiguelEmail: miguel@sharedeconomycpa.comWebsite: https://sharedeconomycpa.comConnect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo 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.