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Ep. 591
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In this episode of "Get Paid for Your Pad," I had a fascinating conversation with Landon Wilkinson about Host Share, a promising new platform for short-term home sharing.
Host Share operates similarly to familiar vacation rental platforms, but it offers a unique twist. The primary focus is on allowing hosts to exchange stays in their properties with others around the world, creating a network for adventurous travelers and property owners.
Here are some key takeaways from my conversation with Landon:
How Host Share Works: Host Share simplifies the process by directly connecting to your existing property listings. It synchronizes your calendar with major platforms, ensuring that your availability is up-to-date. You won't manage your calendar within Host Share, but it will show your property's availability based on your other listings.
Property Managers and Owners: If you're a property manager, you can utilize Host Share to add listings and invite property owners and staff as co-hosts. This unique approach can benefit property management companies by offering perks to owners and staff, such as free stays in other properties listed on Host Share.
Preventing Abuse: To prevent misuse, Host Share has several controls in place. Travel privileges are linked to the active status of your listing on the platform. Delisting your property or frequently abusing the system can result in access restrictions.
Expansion and Integration: Host Share is currently available in 22 countries, with plans for further expansion. While it aims to integrate with popular property management systems like Logify, you can still use iCal for avoiding double bookings.
Future Messaging Features: In the initial beta phase, the platform will offer limited messaging capabilities, but full in-platform messaging will become available in the future.
VRMA Conference: Host Share is set to attend the Vacation Rental Management Association International Conference in Orlando in October.
Vacation rental management companies interested in the platform can participate in the beta.
To join the Host Share community, you can sign up at hostshare.co, and there's a dedicated Facebook group for discussions and feedback. Membership will soon be available at $29.95 annually, offering substantial savings compared to other vacation rental platforms.
I encourage you to explore Host Share and consider joining the community. It's a fresh approach to short-term home sharing that has the potential to become a significant player in the vacation rental industry. Don't miss out on the opportunity to be part of this exciting journey.
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41:56||Ep. 629Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. In this episode, Jasper Ribbers and Tom Sharkey discuss the latest updates in their podcast journey, the introduction of new team members, and the intricacies of revenue management in the short-term rental industry. They share insights on the importance of daily focus in revenue management, the evolving market trends, and strategies for optimizing bookings during low seasons. The conversation emphasizes the significance of understanding booking windows, pacing, and utilizing data to make informed decisions in a competitive landscape.TakeawaysJasper is committed to continuing the podcast for the foreseeable future.The team has expanded to manage over 600 listings.Revenue management requires daily focus and cannot be a side task.The short-term rental market is becoming increasingly competitive.Understanding booking windows is crucial for effective revenue management.Preparation for low seasons should start well in advance.Pacing helps gauge market demand and adjust strategies accordingly.Flexibility in minimum night stays can attract more bookings.Data-driven decisions are essential for optimizing revenue.The team is excited to serve clients and expand their services.628. Increase your revenue with upsells with Hostfully
40:40||Ep. 628Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. In this episode of 'Get Paid for Your Pad', Jasper Ribbers discusses the latest features from Hostly with Fred Bassili and David Jacoby. They delve into the importance of upselling in the current flat market, exploring various upsell strategies and the potential revenue they can generate. The conversation highlights the integration of AI in property management, the significance of early check-ins and late check-outs, and unique upsell ideas that can enhance guest experiences. The episode concludes with practical advice on implementing upselling strategies effectively.TakeawaysHostfully has introduced new features including Inbox AI for messaging.AI can help save time in guest communication without fully automating responses.Upselling is crucial in a flat market to increase revenue.Many property managers plan to implement upsells but few actually do.Early check-in and late check-out are popular upsell options.Unique upsell ideas can significantly enhance guest experiences.Revenue from upsells can be a substantial part of overall income.It's important to vet local tour operators when offering experiences.Technology can streamline the upselling process for property managers.Start small with upselling strategies and expand as you learn.627. How Sergio doubles his STR portfolio every year
35:01||Ep. 627Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. Sergio Castaneda, founder of Jungle House, shares his journey of growing his short-term rental business from 1 or 2 buildings to 19 units. He discusses the importance of systemizing and growing the team, focusing on the owner side of the business, and transitioning into commercial properties. Sergio also explains the concept behind the Jungle House brand, which revolves around his love for plants. He highlights the benefits of delegating tasks, such as plant maintenance, to local vendors. Sergio emphasizes the value of having a dedicated team and the impact it has on revenue management, including capturing extra guest fees and handling damage claims.TakeawaysSystemizing and growing the team are crucial for scaling a short-term rental business.Focusing on the owner side of the business can lead to increased control and profitability.Delegating tasks, such as plant maintenance, to local vendors can improve scalability.Capturing extra guest fees and handling damage claims can significantly impact revenue.Having a dedicated team allows for more opportunities and a better guest experience.Working with a revenue management expert can optimize pricing and improve overall performance.626. Higher Revenue with Freewyld Foundry: Success Stories and Expert Advice (Part 2)
42:42||Ep. 626Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. SummaryIn this conversation, Jasper Ribbers and Kaye Putnam continue their discussion on revenue management. They provide examples of the impact their service has had on clients' businesses, including significant improvements in revenue. They emphasize the importance of understanding the entire business and market dynamics when developing a pricing strategy. They also highlight the value of their service as a marketing and business acquisition tool, as it provides clients with data and reports to showcase their performance to owners and potential investors. They address common questions and misconceptions about revenue management and explain how their service can benefit hosts in seasonal markets.TakeawaysRevenue management can have a significant impact on short-term rental businesses, leading to improvements in revenue and profitability.Understanding the entire business and market dynamics is crucial when developing a pricing strategy.Revenue management can serve as a powerful marketing and business acquisition tool, as it provides data and reports to showcase performance to owners and potential investors.The service is particularly beneficial for owners and master leasers, as it allows them to increase their revenue and profitability.In seasonal markets, it is important to consider the booking window and adjust pricing strategies accordingly.Taking emotions out of pricing decisions and relying on data and market demand can lead to better results.The service is a win-win, as it brings value to the business and helps hosts save time and make more money.625. Higher Revenue with Freewyld Foundry: Success Stories and Expert Advice (Part 1)
38:04||Ep. 625Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. In this episode, Jasper Ribbers is interviewed by Kaye Putnam about RPM (Revenue and Pricing Management) service. They discuss the importance of revenue management for short-term rental operators and how it can significantly impact their bottom line. Jasper explains that RPM is a service where they take over the revenue management for clients, setting pricing parameters, developing strategies, and making adjustments based on market data. They also consult on other aspects of the business that impact revenue, such as marketing and messaging. Jasper shares success stories of clients who have seen significant improvements in their revenue after implementing RPM.TakeawaysRevenue management is crucial for short-term rental operators to maximize their revenue and profitability.RPM is a service that takes over revenue management for clients, setting pricing parameters and making adjustments based on market data.Every part of the business, from marketing to messaging to cleaning, impacts revenue and should be optimized.Operators with a larger portfolio can benefit from outsourcing revenue management to a service provider.RPM can lead to significant improvements in revenue, with some clients seeing a 40-43% increase.It's important to evaluate performance and compare it to the market to identify areas for improvement.RPM is not a one-size-fits-all solution, and each client's strategy is tailored to their specific portfolio and market.Operators below the million-dollar mark can still benefit from education and resources to improve their revenue management.Freewyld Foundry offers a snapshot analysis for operators interested in RPM to assess their performance and potential for improvement.624. Shark Tank Winner Jayla Siciliano Pivots Into Luxury STRs
47:53||Ep. 624>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes>>> Click here to download Jayla Siciliano, former Shark Tank entrepreneur, shares her experience on the show and the challenges she faced in building her wine company. She discusses the importance of staying focused and not spreading oneself too thin. Jayla also talks about her current business in the short-term rental industry and the challenges of managing multiple properties in different locations. She emphasizes the need for strong systems and processes and the importance of customer service in the hospitality business. Jayla Siciliano, founder of Atlas Vacation Rentals and host of the Seed Money podcast, shares her journey as an entrepreneur and offers insights into the short-term rental industry. She discusses her love for design and hospitality, and how she focuses on providing exceptional experiences for families and groups. Jayla emphasizes the importance of joining mastermind groups for support and guidance in the early stages of starting a business. She also provides advice on raising seed money and making decisions about funding options. Jayla's story highlights the significance of aligning your goals and values with your entrepreneurial pursuits.TakeawaysBuilding a business requires resilience and the ability to pivot when necessary.Staying focused and not spreading oneself too thin is crucial for success.Strong systems and processes are essential for managing multiple properties in the short-term rental industry.Customer service is a top priority in the hospitality business. Passion for design and hospitality can drive success in the short-term rental industry.Joining mastermind groups can provide valuable support and guidance for entrepreneurs.When raising seed money, consider your end goal and whether it aligns with the expectations of investors.Convertible notes and safe notes are simple and cost-effective options for raising friends and family rounds.Making decisions about funding should be based on your long-term vision and the needs of your business.Stepping away from a business requires deep reflection and the courage to prioritize your values and goals.623. How we increased RevPAR 30% for Del Carmen Hospitality
51:38||Ep. 623Apply for our revenue management service at https://freewyldfoundry.com/rpm/. Jairo Osorno, founder of Del Carmen Hospitality, shares his journey in the short rental business, from starting with a single unit to managing 51 listings. He discusses the challenges of the master leasing model, the impact of COVID-19, and the importance of revenue management. Jasper Ribbers, host of Get Paid for Your Pad, explores the evolution of the short rental industry and the strategies for success in the current market. The conversation covers revenue management strategies for short-term rental properties, focusing on pricing, booking windows, and operational optimization. It also delves into the importance of marketing, distribution, and the role of virtual assistants in property management. The discussion provides valuable insights for hosts and operators looking to maximize revenue and streamline operations in the short-term rental market.TakeawaysJairo Osorno's journey from a single unit to managing 51 listingsChallenges and changes in the short rental industry over the past decadeThe impact of COVID-19 on the master leasing model and revenue managementThe importance of operational support and family involvement in the businessStrategies for success in the current short rental market Short booking windows can lead to last-minute bookings at lower prices, impacting revenue.Changing pricing strategies and leveraging early bird promotions can drive bookings further in advance.Completing Airbnb listings with detailed information and optimizing categories can improve search visibility and conversion rates.In-house operations and standardized amenities can provide flexibility and efficiency in property management.Hiring virtual assistants with industry experience and attention to detail can support operational tasks and guest communication.Chapters00:00 The Journey of Del Carmen Hospitality: From Single Unit to 51 Listings04:45 Challenges and Changes in the Short Rental Industry11:29 Navigating Market Challenges: The Impact of COVID-19 and Revenue Management25:35 Maximizing Revenue in Short-Term Rentals: Pricing Strategies and Booking Windows35:37 Optimizing Operations and Marketing for Short-Term Rental Properties42:20 The Role of Virtual Assistants in Property Management622. Every STR operator has to focus on Revenue Management in 2024
56:46||Ep. 622Apply for our revenue management service at https://freewyldfoundry.com/rpm/. In this conversation, Eric Moeller and Jasper Ribbers discuss the recent developments and updates related to Freewyld, including real estate, hospitality, revenue management, and the launch of Freewyld Foundry. They also delve into the importance of guest experience, brand identity, and the impact of revenue management on short-term rental businesses. The conversation delves into the importance of revenue management in the short-term rental industry, emphasizing the need for a dedicated focus on revenue management to drive business growth and profitability. It also highlights the impact of revenue management on property performance and the potential for significant revenue growth through strategic management. The conversation explores the role of revenue management in maximizing property revenue and the importance of aligning brand, story, and marketing with a robust revenue management strategy.TakeawaysThe success of Freewyld's real estate and hospitality operations, including the performance of current cabins and the development of phase two properties.The importance of guest experience and brand identity in creating a unique and memorable stay for guests.The significance of revenue management in optimizing short-term rental businesses and the launch of Freewyld Foundry to offer services in branding, marketing, and revenue management.The evolving landscape of short-term rentals and the need for a daily focus on revenue management to adapt to changing market dynamics. Revenue management is a critical aspect of the short-term rental industry, requiring dedicated focus and expertise for business success.A robust revenue management strategy can significantly impact property performance and drive substantial revenue growth.Aligning brand, story, and marketing with revenue management is essential for maximizing property revenue and achieving business success.Chapters00:00 The Evolution of FreeWyld: Real Estate and Hospitality Operations13:06 Crafting Unforgettable Guest Experiences: The Power of Brand Identity23:19 Adapting to Change: The Future of Short-Term Rental Businesses30:12 The Importance of Revenue Management47:14 Maximizing Property Revenue Through Strategic Management49:08 Aligning Brand and Marketing with Revenue Management621. Mitigate Risk and Keep Your STR Properties Safe
40:55||Ep. 621>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes>>> Click here to download Vincent Niemeth, a safety expert in the short-term rental field, shares his insights on safety and liability in the industry. He emphasizes the importance of guest screening and provides tips on how to identify potentially risky guests. Vincent also discusses the need for proper maintenance and safety measures for amenities like pools and hot tubs. He highlights the significance of fire safety, including the use of smoke alarms and fire extinguishers. Vincent advises property owners to think proactively and consider potential hazards to ensure the safety of their guests.TakeawaysGuest screening is crucial for ensuring the safety of your property. Conduct thorough background checks and review social media profiles to identify potential risks.Maintaining amenities like pools and hot tubs is essential. Regular cleaning and water changes are necessary to prevent health hazards.Invest in safety measures like GFCI outlets, smoke alarms, and fire extinguishers to mitigate risks and ensure the safety of your guests.Consider potential hazards and take proactive steps to prevent accidents. This includes securing furniture, using non-slip materials, and installing safety devices.Always prioritize the safety of children and be aware of the risks associated with drugs and alcohol in your property.Before we wrap up today's episode, remember to connect with us on Instagram @getpaidforyourpad for exclusive content and behind-the-scenes moments, and don't forget to hit that 'Subscribe' button on our YouTube channel. We appreciate your support.. Stay tuned, and keep being awesome!