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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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602. Host your luxury homes on Plumguide47:52*** Save over $7,500 and sign up for our Black Friday Bundle at https://getpaidforyourpad.com/blackfriday.
601. How to leverage discounts on Airbnb to drive bookings31:15*** Save over $7,500 and sign up for our Black Friday Bundle at https://getpaidforyourpad.com/blackfriday.
600. Unreasonable hospitality is the future of short-term rentals42:50>>> 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 downloadIn today's celebratory episode of "Get Paid for Your Pad," I had the privilege of speaking with my business partner, Eric Moeller, as we marked the momentous occasion of our 600th episode. Our conversation delved into the evolution of the hospitality industry and how it relates to the short-term rental space, inspired by the concept of 'unreasonable hospitality.Eric shared insights from the book "Unreasonable Hospitality" by Will Gierda, which emphasizes going above and beyond in guest experiences.This approach is not just about the service or the property, but about creating a profound human connection with guests. We discussed how this philosophy is now a core value of Free Wild, our venture, aiming to provide an exceptional hospitality experience that leaves guests in awe.We reflected on the journey of Airbnb and the short-term rental industry. Initially, the novelty of staying in unique properties was enough to captivate guests. However, as the industry has matured, there's been a shift towards creating memorable experiences, not just providing a place to stay. This evolution mirrors society's broader trends, where experiences are increasingly valued over mere transactions.Eric noted that in today's digital age, people are more aware of the possibility of exceptional stays, as seen on platforms like TikTok and Instagram. This awareness drives a demand for more than just standard accommodations. To meet this demand, we must focus on creating experiences that resonate with guests, offering them stories to share and memories to cherish.We also touched on how this philosophy could be implemented in short-term rentals, balancing the efficiency of automated systems with the personal touch of exceptional hospitality. Eric shared examples of how small, thoughtful gestures, like providing fresh water or adjusting the temperature to a guest's preference, can significantly enhance the guest experience.Finally, we discussed the future of short-term rentals and how leading with hospitality is crucial for success. The industry is shifting, with more unique, branded properties emerging, indicating a move towards prioritizing exceptional guest experiences. This shift is essential for creating sustainably successful rental businesses.In conclusion, this episode highlighted the importance of 'unreasonable hospitality' in transforming the short-term rental industry. By focusing on creating unique, memorable experiences, we can elevate the standard of hospitality and ensure guests have stories worth sharing. As we celebrate this milestone episode, we look forward to continuing these valuable discussions and exploring new ideas in future episodes.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!
599. Cashflow based financing for Airbnb hosts46:28>>> 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 downloadIn this episode of "Get Paid for Your Pad," I had the pleasure of welcoming back Derrick Barker, a returning guest and one of the founders of Nectar. Derrick, who boasts a diverse background in finance, football, and entrepreneurship, shared his journey from starting his first business at Harvard to becoming a real estate mogul with over $450 million in assets. He detailed his experience at Goldman Sachs as a bond trader and how he, alongside his wife and business partner Brittany, successfully managed a portfolio of 125 short-term rentals and over 4,500 apartment units.The focus of our discussion was Nectar, a company Derrick co-founded that provides working capital loans to professional real estate owners and operators. He explained how Nectar works with existing mortgages to offer flexible loans for various purposes, emphasizing their non-traditional approach of lending against net cash flow rather than the traditional mortgage model.Derrick shared insights into the current economic landscape, particularly the impact of rising interest rates on real estate and asset values. He explained the intricacies of how higher interest rates lead to decreased asset prices and discussed historical economic patterns, including recessions and the Federal Reserve's role in them. Derrick opined that the recent halt in rate hikes by the Fed doesn't necessarily signal an immediate economic upturn and that a typical recession might follow within about ten months of such actions.We delved into the challenges and opportunities in the current lending climate, with Derrick highlighting Nectar's role in providing liquidity to real estate owners in this environment. He also touched on the potential for buying opportunities during economic downturns, encouraging listeners to be prepared with liquidity to capitalize on such situations.Towards the end of our conversation, Derrick outlined the process for obtaining a loan from Nectar, emphasizing their focus on evaluating the actual cash flows and financial health of potential borrowers. He concluded by offering VIP treatment to listeners of "Get Paid for Your Pad" who reach out to Nectar for their lending needs, ensuring a speedy and favorable loan process.Overall, this episode provided valuable insights into the world of real estate financing and the broader economic landscape, offering listeners practical advice on navigating these challenging times.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!
598. Hire Slow, Fire Fast With Steve Trover49:11>>> 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 downloadIn this episode of "Get Paid For Your Pad," I had the privilege of chatting with Steve from BetterTalent. We delved into some crucial topics related to hiring and team building in the short-term rental industry. Here's a concise summary of our enlightening conversation:Steve began by stressing the importance of hiring the right talent. He emphasized that taking your time to find the perfect fit for your team is crucial, even though it might seem challenging and time-consuming. Rushing into hiring decisions can lead to costly mistakes down the road.We discussed various roles that are vital for short-term rental hosts, including bookkeepers, virtual assistants, and operations managers. Steve highlighted the benefits of outsourcing roles like guest communications and revenue management to experts or specialized companies, especially in the early stages of your business. One key point Steve raised was the significance of revenue management. He shared insights into the complexities of managing rental rates in the short-term rental market, emphasizing the need for experienced professionals or outsourcing this task to experts who understand the nuances of the industry.We touched upon the concept of hiring in-house revenue managers and when it becomes economically viable. Steve recommended considering this step when your business manages a substantial number of properties, typically around a hundred or more.Steve also shared his insights into the challenges of hiring and retaining top talent in the short-term rental industry. He cautioned against making hasty decisions, such as offering stock options or partnering with the wrong individuals. He suggested that hiring slow and firing fast, when necessary, is a more prudent approach.For those interested in exploring opportunities in the short-term rental job market, Steve mentioned that BetterTalent offers a valuable weekly newsletter that features job listings from various companies in the industry. It's a great way to stay informed about job opportunities and industry trends.To learn more about BetterTalent and connect with Steve, visit their website at bettertalent.com. You can also reach out to Steve directly via email at email@example.com. Additionally, he welcomes connections on LinkedIn, where he actively engages with industry professionals and shares valuable insights.In conclusion, our conversation with Steve shed light on the critical aspects of hiring and team building in the short-term rental industry. Taking your time to find the right talent, outsourcing wisely, and understanding the intricacies of revenue management are all essential elements for success in this dynamic field. Don't forget to check out BetterTalent's newsletter and connect with Steve to stay updated on job opportunities and industry knowledge.
597. Takeaways and learning lessons from VRMA Orlando54:09>>> 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 downloadIn today's episode of Get Paid for Your Pad, we had a fantastic conversation with Moira Sedgwick and David Curtis about their experiences and key takeaways from the VRMA conference. Moira runs A Chalet Collective and can be found on Instagram at @achalet.collective, specializing in hosting and designing vacation rental properties. Meanwhile, David Curtis operates We Host Canada, which you can discover on Instagram at @w.e.host and their website, wehostcanada.ca. They offer short-term rental management and property maintenance services.Throughout the episode, Moira and David shared valuable insights from the VRMA conference. We discussed the significance of providing an exceptional guest experience, the growing impact of AI tools on the industry, and the emergence of travel insurance options for hosts. Additionally, we delved into the challenges posed by hotel lobbyists in some markets and the need for advocacy within the vacation rental community.The episode emphasized the importance of being well-prepared for conferences like VRMA, managing your energy effectively, and making intentional connections with other industry professionals. We also touched upon the value of participating in panel discussions and how it can boost your credibility as an industry expert, ultimately benefiting your business.For those interested in learning more about Moira and David's businesses, you can visit their respective websites and social media profiles. Don't forget to follow Get Paid for Your Pad for more insightful discussions and expert insights in the vacation rental and property management industry. Stay tuned for our next episode!
596. Airbnb Ranking Insights From Studying 29,000 Properties53:44>>> 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 downloadIn this episode of "Get Paid For Your Pad," I had the opportunity to delve into a fascinating conversation with Kelvin Mah from Rankbreeze. We discussed a range of critical topics related to Airbnb listings and how they impact your ranking on the platform.First off, we talked about the importance of having high-quality photos for your Airbnb listing. According to Kelvin's research, it's advisable to aim for at least 31 appealing photos in your listing. Properties with 30 to 60 photos tend to rank higher, and this could be due to the visual appeal and the opportunities for showcasing the property and its surroundings.Next, we explored whether it's better to have a strict or flexible cancellation policy. Surprisingly, Kelvin's data revealed that having a strict cancellation policy doesn't necessarily hinder your ranking. In fact, many top-ranking properties had such policies. It's important to remember that correlation doesn't always imply causation, so there might be other factors at play.We also discussed optimal check-in and check-out times for Airbnb listings. While 3 or 4 pm check-ins and 10 or 11 am check-outs are common, top-ranking properties often had later check-in times (4 pm) and earlier check-out times (10 am). This provides some leverage for hosts to offer early check-ins as a bonus to guests.One of the most surprising findings was related to allowing pets in your Airbnb listing. Contrary to what you might expect, properties that didn't allow pets tended to rank higher, especially on the top pages. This might be due to cleanliness concerns associated with pet-friendly properties.Throughout the conversation, we emphasized the importance of interpreting the data critically. While data is valuable, it's crucial to consider various factors and not jump to conclusions. Correlation doesn't always equal causation, and many elements can affect your Airbnb ranking.For more in-depth insights and details, be sure to check out the full episode of "Get Paid For Your Pad" with Kelvin Mah from Rankbreeze. You can find the episode on their website or on various podcast platforms. Additionally, don't forget to follow them on social media for updates and promotions related to their research and services.Overall, this episode provided valuable insights into Airbnb listing strategies and how they can impact your property's visibility and ranking. It's always essential to stay informed and adapt your approach to maximize your success as an Airbnb host.
595. Revenue Management Questions Answered Part II34:01>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replayIn this episode of Get Paid for Your Pad, I want to dive deep into a topic that's essential for anyone in the vacation rental industry: revenue management. Drawing from my own experiences and insights, I'll cover various aspects of this critical element in running a successful vacation rental business.First off, let me take you back to 2020, right after the initial wave of COVID-19. That year, my business partner, Eric, and I attended the VRMA conference in New Orleans, and it was an absolute blast. I can't stress enough the value of such conferences for networking and building a supportive community within the vacation rental industry. As business owners and entrepreneurs, we need each other's insights and connections to grow and learn.One key takeaway from a recent panel discussion I attended is the importance of coaching. I'm a firm believer that everyone, no matter their level of experience, can benefit from having a coach. Eric and I both have coaches, and we've learned that avoiding common mistakes and learning from others can significantly contribute to our success.If you're attending VRMA or have an interest in the vacation rental industry, I invite you to reach out to me via email or on my Instagram accounts, Jasper Rivers and Get Paid for Your Pad. Let's connect and continue the conversation.Now, let's get into the core of this episode: daily revenue management. In today's vacation rental landscape, it's no longer enough to list your property on Airbnb and expect passive income. I encourage you to dedicate at least 10-30 minutes a day to revenue management. By reviewing pricing strategies, market trends, and occupancy levels daily, you can maximize your profitability.As your vacation rental portfolio grows, you'll find that managing revenue becomes more complex. To streamline your tasks, consider outsourcing some to virtual assistants (VAs). They can assist with data collection and reporting, making your daily revenue management tasks more efficient.When it comes to pricing decisions, it's crucial to stay up-to-date with real-time data rather than relying solely on historical data. I recommend comparing your current occupancy rates with those of your competitors in the market. This way, you can make more informed decisions about adjusting your pricing strategy to stay competitive.Marketing to past guests is an often-underutilized strategy in our industry. Sending regular emails to past guests, engaging them with content about local events, activities, and tips for enjoying their stay, can significantly boost your bookings. To help you get started, I'm offering to share the marketing emails my team sends out as inspiration.Lastly, I'd like to introduce you to the Cashflow Mastery Course. If you're looking to take your vacation rental business to the next level, I invite you to visit our website. By joining the program, you'll gain access to valuable insights and strategies for success in the vacation rental industry.In conclusion, this episode of Get Paid for Your Pad is packed with actionable advice and insights into revenue management and community building within the vacation rental industry. I'm here to share my experiences and expertise, so don't hesitate to connect with me on social media, explore the Cashflow Mastery Course, and embark on your journey to success in the vacation rental business.
594. Your Revenue Management Questions Answered35:40>>> Watch our free Revenue Management training at https://getpaidforyourpad.com/cfm-replay