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EP051: Elvina Beck is the Owner of The Podshare in LA and has Hosted the Airbnb Founders

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The 15% Airbnb Host Fee and Adjusting Your Prices

Ep. 373
As of December 7, 2020, Airbnb hosts who use third-party property management software are required to use Simplified Pricing (unless your listings are in the US, Canada, Mexico, Argentina, Taiwan, Uruguay or the Bahamas). This means there will be no service fee visible to the guest, and the host will pay 15%. So, how can you adjust your pricing to accommodate this new policy?Anurag Verma is the Cofounder at PriceLabs, a dynamic pricing tool and market data resource for short-term rental hosts. PriceLabs uses a data-driven approach to help STR operators manage pricing and stay restrictions, growing their revenue in the process. Anurag has eight years of experience in the travel industry, and he is an expert in the field of in revenue management.On this episode of Get Paid for Your Pad, Anurag joins me to discuss how to adjust your rates to accommodate the new 15% Airbnb host fee. He explains how the length of stay and lead times have shifted in the COVID era, offering advice for STR hosts around how to optimize revenue in an uncertain time. Listen in for Anurag’s insight on leveraging market data to make pricing decisions and learn how YOU can benefit from using the PriceLabs revenue management platform!Topics CoveredHow to adjust your rates to accommodate the 15% host feeRaise prices in order to keep your payout the sameGo through the math carefully, use PriceLabs blogThe two STR variables that have changed in the COVID eraLength of stay increase (double in some locations)Lead time shorter, booking rush 2 to 3 weeks outAnurag’s advice on planning if you’re in a summer marketGo ahead and raise rates for summerMonitor market data, lower prices as necessaryWhat STR hosts are doing to generate more bookingsOffer discounts to guests who extend their stayShare discount code with previous guestsWhy STR guests have more flexibility right nowAbility to do remote work from anywhereNo penalty to change flightsAnurag’s tips for optimizing your revenue in 2021Use market trends to adjust last-minute pricingDon’t discount TOO much and don’t panicExperiment with one property to see what worksHow PriceLabs’ Market Dashboard feature worksEnter address and select radiusReceive email as trends changeHow to use market data for strategic pricing decisionsWhat kind of bookings are happening?Am I getting that kind of booking?Will I benefit from that kind of booking?How can I attract bookings like that?The benefits of leveraging the PriceLabs platform$10 flat fee for Market DashboardDynamic Pricing based on # of propertiesConnect with AnuragPriceLabs [Code GPFYP]ResourcesSTR LegendsAirbnb’s Simplified Pricing GuidelinesPriceLabs’ Blog on Adjusting for the 15% Host FeeJasper’s Price Adjustment CalculatorPriceLabs’ Market DashboardsGet Paid for Your Pad on YouTubeEmail

Get Up to 75% Discounts on Furniture and Amenities

Ep. 372
We all know that you can save money by buying in bulk. And most short-term rental hosts do try to negotiate discounts when we purchase multiple mattresses, rugs or couches for our units. But what if you could leverage the purchasing power of, say, 50,000 STR hosts AND have someone else do the negotiating for you? What if you could get up to 75% off the furniture and amenities you need to set up and manage your Airbnb units?Jeff Iloulian is the Cofounder and CEO of HostGPO, the first international group purchasing organization for the short-term rental industry. Jeff’s team helps professional vacation rental managers save time and money by offering access to exclusive deals on furniture, mattresses, linens and STR amenities. Jeff has nearly ten years of experience as a host himself, running as many as 150 units in Southern California.On this episode of Get Paid for Your Pad, Jeff joins me to discuss the benefits of joining HostGPO, sharing the conditions for becoming a member and some of the brands HostGPO partners with. He walks us through the process of ordering through HostGPO and explains the minimum requirement for purchases. Listen in for Jeff’s advice for hosts moving into 2021 and learn how you can save up to 75% on furniture and amenities for your STR units!Topics CoveredJeff’s advice for vacation rental managers moving into 2021Be strategic in choosing marketsFocus on professionalism, unit integrityHow Jeff thinks about the trend toward secondary marketsTemporary thing caused by COVIDDrive-to destinations will be popular for 3-4 yearsHow hosts can save up to 75% through HostGPOJoin pool of professional hosts (negotiate as group)Get discounts on furniture, mattresses, linens, etc.The cost and conditions of joining HostGPOFirst year free (fee will depend on # of units)Must have at least 3 STR unitsSome of the brands HostGPO partners withWilliams-Sonoma, West Elm and Pottery BarnHelix Sleep, Brooklinen and Standard TextilesWorld Amenities and Public GoodsThe requirements around minimum purchasesNo minimum amount for most vendorsSome partnerships geared toward larger ordersHow much hosts save through HostGPOAverage member saves 50% on new unit setupDiscounts range from 35% to 75%The benefits of joining HostGPOPurchasing power of all 50K membersNo commitment to buy through groupProducts for high-end or value unitsAccess to hospitality-optimized goodsStill allows for individualityDiscounts already negotiated for youHow it works to order products through HostGPOSome vendors offer coupon codeOthers require purchase orderHow HostGPO’s conditions differ from buying full-priceSame product warrantiesReturn policies waived in some casesWhat Jeff wishes he would have known from the startDon’t be too conservativeSet up better quality unit for much higher returnConnect with JeffHostGPOResourcesSTR LegendsEric MoellerHost GPO’s FAQ PageHost GPO’s List of Vendor PartnersEmail

Pricing Tips for 2021

Ep. 371
Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!Topics CoveredHow COVID is driving travel trends in 2021Harder to plan in advance = shorter lead timesAbility to work from anywhere = longer staysHow Andrew defines lead time for short-term rentalsHow far in advance guests book your STRBest way to see how market values your propertyHow to analyze lead time data for your marketCompare your lead times with market averageSelling too far in advance means it’s underpricedHow lead times have changed in 2021General trend to shorter lead times (< 20 days out)Popular drive-to destinations = longer lead timesWhat Airbnb host accommodations are earning more revenueFlexible cancellation policyPet-friendly unitsHow length-of-stay patterns have changed in 2021Guests staying longer in most marketsTrend toward extended bookingsHow to maximize STR revenue with dynamic minimum staysDon’t take short bookings far in futureSet minimum slightly higher than market averageDecrease minimum stay as dates get closerHow to deal with gaps in your STR calendarOffer discount for guest staying just before gapUse Wheelhouse to auto adjust minimum stayThe new features available through WheelhouseMarket Reports came out Q4 of 2020Beta testing Competitive Set ToolConnect with AndrewWheelhouse [Referral Code PAD]Email andrew@usewheelhouse.comResourcesAndrew on GPFYP EP365Pet-Friendly STRs on GPFYP EP358Wheelhouse Market ReportsSTR Legends MastermindAirbnb Cancellation Policy TrendsAndrew’s Demo VideosEmail jasper@getpaidforyourpad.comSponsorHostfully