Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | Apartment Sharing

*** FREE REVENUE MANAGEMENT TRAINING***

DATE: TUESDAY DECEMBER 12TH 1PM PST / 4PM EST

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In today's episode of "Get Paid for Your Pad," I, Jasper Ribbers, delve into my recent experiences and learnings from the Data and Revenue Management (Darm) Conference in Nashville. This episode is packed with insights, especially for those of us in the short-term rental industry, focusing on data, revenue management, and enhancing guest experiences.

One of the highlights from the conference was Will Godera's keynote speech. His concept of "unreasonable hospitality," which he exemplified through his New York restaurant's journey to becoming the world's number one, deeply resonated with me. It emphasized the importance of going beyond the conventional to create memorable guest experiences. This approach doesn't necessarily require significant investment but rather a focus on understanding and catering to the unique needs of each guest. As an example, Will’s story about serving a New York hot dog in a high-end restaurant setting to please a group of European guests underscored the power of personalized service.

The market data and forecasts presented by AirDNA and KeyData were particularly enlightening. The industry saw an increase in demand in 2023, but an oversupply led to decreased occupancy rates. For 2024, we're looking at a balanced growth in supply and demand, with slight increases in average daily rates and revenue per available room. This data is crucial as we plan our strategies for the coming year.

An important takeaway from the conference was the necessity of understanding detailed booking data for effective revenue management. Knowing the booking lead times and trends – whether guests book in advance or closer to their stay – is critical for setting optimal pricing strategies. This approach becomes increasingly important in a market that isn't experiencing the rapid growth of previous years.

Seeing the growing interest in revenue management among hosts, I'm excited to announce a free, detailed training session on this topic, scheduled for Tuesday at 1 PM PST. This session, which you can join at getpaidforyourpad.com/webinar, will be highly actionable, showcasing the strategies used in my business. It's designed to provide valuable insights that hosts can implement in their operations.

To conclude, I share a bit about my upcoming personal travels, including a visit to the Netherlands, a skiing trip in Austria, and a romantic getaway to Paris with my wife. I'm looking forward to these personal experiences and equally excited to share more industry insights in the upcoming episodes. Thanks for listening, and I hope to see many of you in the upcoming webinar.

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!

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>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay

>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes

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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.

Takeaways

• Building 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.

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If your Airbnb listing is a treehouse or a castle, the property itself creates a unique guest experience. But what if your space is a typical, two-bedroom condo? How do you curate a personalized experience that exceeds each of your guest’s expectations?

Colin Holowaychuk is the Founder of Vamonosco, a done-for-you solution that generates new bookings and increases revenue for short-term rental (STR) managers. He also hosts his own portfolio of 200-plus Airbnb listings in Tulum, Mexico, and serves as an active participant in our STR Legends Mastermind. With 15 years of experience as a FinTech, marketing and eCommerce entrepreneur, Colin has developed an expertise in helping businesses accelerate their growth.

On this episode of Get Paid for Your Pad, Colin joins me to share his process for collecting the information he needs to personalize the guest experience before, during and after their stay. He explains how he uses the guest’s priorities and preferences to curate a custom itinerary and what he does when a guest is hesitant to share their information. Listen in for Colin’s insight on leveraging dynamic content to give yourself a competitive advantage and learn what technology you need to set up an individualized email marketing campaign for each guest!

Topics Covered

Colin’s process for getting the info he needs to personalize the guest experience

• Ask group to register ALL guests who will be staying
• Email survey re: purpose, priorities and preferences

How Colin thinks about the potential for violating Airbnb’s terms of service

• Hosts may ask questions, just need legitimate reason for doing so
• Be up front with guests re: purpose and make answering optional

How Colin uses the survey information to curate a unique guest experience

• Welcome email highlights local attractions + activities relevant to guest
• Share additional offerings based on preferences (e.g.: grocery delivery)

How Colin follows up with his guests after their stay

• Remind about experience to spark emotional response
• Invitation to return also catered to guest’s interests

What technology a host needs to set up this kind of email marketing campaign

1. Typeform survey platform
2. Zapier to connect software
3. Any email marketing service (i.e.: ActiveCampaign, Mailchimp, etc.)

Colin’s insight on leveraging dynamic content to do custom email marketing

• Takes time up front to configure autoresponder
• Sends automated, personalized emails from then on

Connect with Colin

Colin on Airbnb

Vamonosco

Resources

STR Legends

STR Profit Academy

Typeform

Zapier

ActiveCampaign

Mailchimp

Infusionsoft

Domio

‘Airbnb Suspends Domio’s Host Accounts and Listings for Allegedly Violating Its Standards’ in Skift

Kelly Kampen on GPFYP EP006

Kelly Kampen on GPFYP EP055