Curious 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.

Takeaways

• Jasper 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.

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Curious 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.

Takeaways

Hostfully 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.

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Curious 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.

Takeaways

• Systemizing 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.

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Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/. 

Summary

In 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.

Takeaways

• Revenue 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.

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Curious 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.

Takeaways

• Revenue 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.

Hosted on Acast. See acast.com/privacy for more information.

>>> 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.

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.

Hosted on Acast. See acast.com/privacy for more information.

Apply 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.

Takeaways

• Jairo Osorno's journey from a single unit to managing 51 listings
• Challenges and changes in the short rental industry over the past decade
• The impact of COVID-19 on the master leasing model and revenue management
• The importance of operational support and family involvement in the business
• Strategies 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.

Chapters

00:00 The Journey of Del Carmen Hospitality: From Single Unit to 51 Listings

04:45 Challenges and Changes in the Short Rental Industry

11:29 Navigating Market Challenges: The Impact of COVID-19 and Revenue Management

25:35 Maximizing Revenue in Short-Term Rentals: Pricing Strategies and Booking Windows

35:37 Optimizing Operations and Marketing for Short-Term Rental Properties

42:20 The Role of Virtual Assistants in Property Management

Hosted on Acast. See acast.com/privacy for more information.

Apply 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.

Takeaways

• The 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.

Chapters

00:00 The Evolution of FreeWyld: Real Estate and Hospitality Operations

13:06 Crafting Unforgettable Guest Experiences: The Power of Brand Identity

23:19 Adapting to Change: The Future of Short-Term Rental Businesses

30:12 The Importance of Revenue Management

47:14 Maximizing Property Revenue Through Strategic Management

49:08 Aligning Brand and Marketing with Revenue Management

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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

>>> 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.

Takeaways

• Guest 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!

Hosted on Acast. See acast.com/privacy for more information.

>>> 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

Zach Leimaster, founder and CEO of Rent to Retirement, discusses how he helps people retire early with turnkey rentals. He explains that turnkey rentals involve identifying the best markets based on cashflow and building teams in those areas to offer investment properties. Leimaster emphasizes that anyone can get started investing in rental real estate, and it doesn't necessarily require a large amount of money. He shares his own journey of retiring early through real estate investing and highlights the importance of consistency and having a strategy. Leimaster also discusses the process of determining the best markets to invest in and the different types of rentals available.

Takeaways

• Turnkey rentals involve identifying the best markets for investment properties and building teams in those areas.
• Anyone can get started investing in rental real estate, regardless of their financial situation.
• Consistency and having a strategy are key to achieving financial independence and generational wealth through real estate investing.
• Determining the best markets to invest in involves factors such as cashflow, legislation, taxes, population growth, and economic diversity.
• Short-term rentals require attention to detail, marketing, and creating a unique guest experience to stand out in a competitive market.

Hosted on Acast. See acast.com/privacy for more information.

>>> 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

Nick Libertin shares his experience of his short-term rental property burning down and the challenges he faced with insurance coverage. He emphasizes the importance of having the right insurance coverage and understanding the policy details. Nick also discusses the emotional and financial impact of the incident and offers advice for hosts to protect themselves.

Takeaways

Ensure you have the right short-term rental insurance coverage with a business protection rider

Review your insurance policy to understand the coverage and any caps or limitations

Consider additional coverage for loss of business revenue and excavation fees

Be prepared for the emotional and financial impact of a property loss

Maintain good documentation and evidence in case of a claim

Communicate with your mortgage company to discuss payment options during the rebuilding process

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!

Hosted on Acast. See acast.com/privacy for more information.