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What we learned at the STR Legends Mastermind

Ep. 483

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8/1/2022

Leverage Long-Term Stays to Maximize Occupancy

Ep. 494
Many companies are shifting their employees to working remotely, allowing many people the flexibility to live more of a nomadic lifestyle.This has led the 30-plus day stays to become the fastest growing category on Airbnb right now.But what are the pros and cons? And is it profitable?Toby Doré currently manages over 20 units in 'Cajun Country' downtown Lafayette, Louisiana, and has over 5000 reviews on Airbnb. He's also a full-time sports psychology professor at the University of Louisiana and writes the travel blog, "The Cajun Traveler." Toby was in the first class of Legends X. His story appears in the book, Hospitable Hosts: Inspiring & Memorable Stories From Airbnb Hosts Around The World To Educate & Motivate.On this episode of Get Paid for Your Pad, Toby joins me to discuss how he transitioned his properties to 30-day plus stays during the pandemic to keep his business alive and why he's keeping them there in the fastest growing category on Airbnb.Listen in as Toby shares the two biggest lessons he's learned from having his properties in the 30-day plus leasing model, how he uses his travel blog as a marketing tool for his STR business, plus some important tips about LTR leases.The next Legends X STR Accelerator class begins February 28, 2023. If you're interested, apply now.Topics CoveredThe importance of contracts, leases, and tenant's rightsWhere Toby found 100% of the leads for his pandemic long-term rentalsThe biggest disadvantage of the 30-day leasing modelThe key difference between regular contracts and arbitrage contractsToby's pricing strategies for managing both his 30-day leases and his STRsWhy having a blog about your STR market is a powerful marketing toolWhy Toby decided to get involved in the Hospitable Hosts book projectThe 2 biggest lessons Toby learned when he transitioned to the 30-day+ leasing modelThe important connections Toby made through Legends XConnect with TobyThe Cajun Traveler on FacebookThe Cajun Traveler on InstagramResourcesHospitable Hosts: Inspiring & Memorable Stories From Airbnb Hosts Around The World To Educate & MotivateHospitable HostsThe Cali Adventurer BlogEP200: A Serial Airbnb Entrepreneur from LafayetteApply for Legends X STR AcceleratorGet Paid for Your Pad NewsletterSTR Legends MastermindEmail jasper@getpaidforyourpad.comSponsored byLegends X STR Accelerator
7/29/2022

2022 will be a Record Year for US Short-Term Rentals

Ep. 493
2022 is going to be a record year for US short-term rentals.Or is it?On the one hand, the data tells us the STR industry is doing great, while we also see the economic uncertainty, pain at the pump, and an increasing supply of STR units. Plus, there have been recent news reports about some of the big players in the industry going belly up.We're getting mixed signals.So how can we really understand what is going on in the STR industry so we can better plan our business strategies?On this episode of Get Paid for Your Pad, Eric and I share some recent STR industry data and articles.We offer our thoughts on the current hosting market and share consumer insight into why people are still traveling despite the rising cost of everything.We'll walk you through the impact of gas prices, the concern over the the surplus supply of STR units, and why some of the big STR players may have folded.Listen in for insight into what professional hosts are saying about how they are really doing in their businesses. Plus, where the excitement is right now!If you're an STR host who wants to grow or are looking to get started in the industry, we still have a limited number of openings in our 90-Day Legends X Short-Term Rental Accelerator. Apply TODAY!Topics CoveredWhy are big players in our industry going belly upWhy the micro-economy of STR and hospitality is still a good bet even nowWhy Blackstone is looking into digging deeper into the hospitality industryWhy major rental markets are still at 90% occupancy when gas prices are the highest everWhich types of STR hosts will do well in this down economyWhat Eric is learning from the hosts applying for the 4th class of Legends X Short-Term Rental AcceleratorResourcesWhy Hospitality is the Best Place to Work, Invest, and Innovate Now (and in the Years Ahead)Shuttered Property Manager WanderJaunt Is Trying To Sell Its AssetsSkiftAirDNA 2022 Mid-Year Outlook Update: Economic Adversity Can’t Stop STR GrowthLegends X Short-Term Rental AcceleratorSTR Legends MastermindSubscribe to GPFYP on Apple PodcastsEmail jasper@getpaidforyourpad.com Sponsored ByLegends X Short-Term Rental Accelerator
7/26/2022

How to Maximize ROI for Property Owners

Ep. 492
Competition is increasing in the property management market. More owners than ever are looking to find the best management company for their property that will also help them improve their ROI.So how can you, as a management company, help owners make the best use of their properties and enjoy their homes while still making the biggest ROI?Lisa Stotelmyre is the President of Yellow Brick Road Homes+, with properties nestled in Lake Arrowhead, CA, and Winter Park, CO. Lisa began her journey as a STR host in 2010 by purchasing a run-down property for 55K and increasing its value to 400K. Yellow Brick Road Homes+ specializes in managing 2nd homes for owners so they can enjoy their homes while enjoying the biggest ROI possible.On this episode of Get Paid for Your Pad, Lisa joins me to walk us through the lessons she learned as she transitioned from owning a few units to running a property management company.She shares her #1 reason for joining Legends X and the one philosophy she's learned to embrace from the training that catapulted her to the rising star program and her plans for Yellow Brick Road Homes+.Listen in as Lisa shares how she used what she learned during Legends X to go from a hectic host to a company with 15 to 18 units and a team that's helping her scale.Legends X STR Accelerator class 4 begins August 22, 2022. If you're interested, apply now.Topics CoveredWhy Lisa got involved in the STR marketHer organic transition from owning to managingThe most important things to consider when transitioning from an owner to a managerHow to create a property management success criterion so mangers and owners are on the same pageThe 3 standards Lisa puts in place for every owner clientThe 2 ways Yellow Brick Road Homes+ maximizes ROI for property owners while ensuring their money is well investedThe amenities investments that increase ROIThe #1 question to ask that increases your value as a property managerThe biggest thing Lisa took away from the Legends X training that helped her transition from a hectic host to managing her own property management companyConnect with LisaYellow Brick Road Homes+ on Facebooklisamarie@ybrhomesplus.com(562) 900-8132 ResourcesApply for Legends X STR AcceleratorGet Paid for Your Pad NewsletterSTR Legends MastermindEmail jasper@getpaidforyourpad.com