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i know i said it last year but wow what
00:02
a year did we just have and you should
00:04
give yourself a pat on the back
00:05
you just survived 2020 round of applause
00:08
i cannot be more serious when i tell you
00:10
that a lot of the advice that you're
00:11
going to get from other people about how
00:13
to run your business in 2021
00:15
is just going to be wrong it's going to
00:16
be unintelligent
00:18
uninformed uninspired um
00:21
and probably just they're guessing at
00:24
what's going to happen
00:25
and so in this video i'm going to give
00:26
you the 10 things that you need to know
00:28
to run your business
00:29
your airbnb business whether you own or
00:31
rent
00:32
either way i'm gonna help you run your
00:34
airbnb business as usual
00:36
in 2021 so let's like this video guys
00:39
subscribe if you're new
00:40
let's jump in to number one
00:46
[Music]
00:48
let me first say that every year this
00:50
industry
00:51
should get harder but this year is not
00:53
going to be
00:54
that year and there's going to be a
00:55
reason why and number one will help you
00:57
understand this
00:59
to run your airbnb business you're a
01:01
business owner you need to understand
01:02
the concept of market
01:04
forces there are multiple market forces
01:07
at play
01:07
supply is a market force demand is a
01:10
market force
01:10
competition is a market force there's
01:12
external market forces there's
01:14
bargaining power of consumers
01:16
and there's things that you need to know
01:17
so i need you to peel open a just
01:20
basic business 101 and start googling
01:23
what like all the stuff that you would
01:24
learn in business school and market
01:25
forces
01:26
is one of the first ones i need you to
01:27
understand because this should give you
01:29
some
01:29
optimism for 2021. so demand
01:33
dropped in 2020 of course demand dropped
01:36
but if you look at all the data
01:37
demand is down for hotels long term
01:40
demand isn't down for short-term rentals
01:42
right now
01:42
demand check marked and we're all doing
01:45
pretty well especially
01:46
like destination vacations rural
01:49
vacations
01:50
like cabins and mountains and stuff
01:52
people are crushing it right now
01:54
most of my airbnb's are in the city and
01:56
we got our butts kicked for a while but
01:58
we
01:58
have done pretty well after covid hit
02:00
their spike and this is because not only
02:02
did demand go down
02:03
but demand went down long enough that
02:05
supply went down
02:07
demand is based on sentiment do i feel
02:08
like traveling right now tomorrow next
02:10
week and it can spike and go up and down
02:12
and people like oh i'm gonna travel this
02:13
week finally covet 19 vaccine let's go
02:15
or
02:16
oh no you know new strain let's not go
02:18
and it's a lot of like up and down
02:20
so consumers can be very much quick to
02:22
respond to these like
02:24
external forces that make them want to
02:25
buy or not but people who invest in
02:28
properties to airbnb
02:29
they get in it they set the property up
02:31
they've got money saved to ride out
02:33
bad situations and then the going gets
02:35
tough but it stays tough for long enough
02:37
that they get out and they stay
02:38
out right so hosts who have quit right
02:41
now
02:42
have quit and they're gonna stay quit
02:44
market forces
02:45
would tell you this understanding market
02:47
forces and that's number one and this is
02:48
going to set you up for 2021 and what
02:51
you can do
02:52
to run a better business is
02:53
understanding that first and foremost
02:55
number two
02:55
what you need to know to run a better
02:57
airbnb business this year is to go
02:59
multi-platform we talked about it last
03:01
year but let me just herald on this
03:03
a little bit more airbnb has been the
03:06
main incumbent
03:07
in the short-term rental market but with
03:09
everything that went
03:10
like and happened in 2020 they won
03:13
and lost the loyalty of some customers
03:16
and some service providers
03:18
you me we are service providers we
03:20
provide a home
03:21
or accommodation for people to stay in
03:23
so people have left airbnb
03:24
and are never coming back and they will
03:26
instead use booking.com or vrbo or
03:29
tripadvisor
03:30
or they'll just go and look online and
03:31
try to find some homes on google hotels
03:33
because that's a thing now too by going
03:35
multi-platform you will find
03:37
more customers that are not loyal to
03:38
airbnb specifically
03:40
but are loyal to the type of
03:41
accommodation and you can get them where
03:43
they are
03:44
so go multi-platform diversify
03:47
get yourself a channel manager get on
03:49
vrbo i've got a link in the description
03:50
for you to start your vrbo account
03:52
and i will be doing videos in the future
03:54
about how to set up and manage your vrbo
03:56
listings in your booking.com and etc
03:58
so that's coming here in 2021 but get a
04:00
head start click that link
04:01
make a vrbo account and let's get you
04:04
going but multi-platform
04:05
is going to be one key to keeping your
04:07
business up regardless of what happens
04:09
with airbnb
04:10
in the year to come number three learn
04:12
to negotiate special terms
04:15
now i did a half an hour long video on
04:16
how to negotiate i was in new york
04:18
talking with some landlords you know
04:20
post coronavirus pandemic
04:22
spike right we're still in corona but
04:24
they're feeling it now right so i'm
04:26
negotiating with landlords picking up
04:27
their properties
04:28
this is especially powerful and broad
04:30
for those of you that do rent to rent or
04:32
rental arbitrage
04:33
because negotiating with a landlord
04:35
who's feeling the pain
04:36
is a lot easier to get those special
04:38
terms and i tell you guys if you're
04:40
going to pick up a lease
04:41
try to get the first month or two months
04:42
up front for free try to get a discount
04:45
on rent don't pay more in rent
04:46
all that good stuff but even if you own
04:49
your home you can negotiate special
04:50
terms on all sorts of stuff
04:52
you have to manage your lawn right so
04:54
you can negotiate special terms on a
04:56
vendor to come and do your lawn long
04:58
term
04:58
right and especially things that have to
05:00
get done more frequently you can buy
05:02
down those costs
05:03
like if you don't in-house your
05:04
housekeepers like i do which
05:06
means i pay them by the hour they work
05:08
just for me if you like are brokering
05:11
like agreements with different vendors
05:13
then leverage them against each other
05:14
get bids and be like well the company a
05:16
will is willing to clean my home for 120
05:19
bucks
05:19
what is your counter offer and buy down
05:22
those prices negotiate special rates
05:23
special terms
05:24
a lot of you have been negotiating
05:26
special terms with your mortgage
05:27
companies
05:28
because why not even if you can pay your
05:30
mortgage why not take advantage of the
05:32
pandemic
05:32
as a way to keep more cash in your
05:34
pocket negotiating special terms
05:36
is extremely important right now because
05:38
a lot of people are off their center
05:40
and because they're off their center
05:41
business wise they're much more easily
05:42
influenced
05:43
so if you're strong and they're not you
05:46
win and you get special terms which
05:47
means you make more money
05:48
and that's what we're here for is to
05:50
make more money can i get a like
05:52
number four if you really want to stick
05:54
it this year you need to learn
05:56
how to provide some form of unique value
05:59
to your customer
06:00
now i have to keep this pseudo-broad and
06:02
cryptic because there's so many
06:04
different types of customers out there
06:06
there are business people who travel to
06:07
the city here um there's people who
06:09
travel to log cabins
06:10
you know in in the wilderness there's
06:12
people who want to go to beach homes or
06:14
they want to go to miami still they want
06:15
to go to tulum mexico
06:17
and all these different people have
06:18
different wants desires things they like
06:21
that they don't like so if you learned
06:24
from
06:24
my previous couple years of videos we
06:26
talk about a consumer avatar which is
06:28
your most likely and best fit customer
06:31
for you
06:32
i want you to go back into your data if
06:33
you've been hosting for a while and look
06:35
see is there any commonalities with your
06:36
travelers
06:37
um is it always one or two people is it
06:39
always groups of ten
06:40
are they from a certain part of the
06:41
world or country are they mostly males
06:43
mostly female mostly old mostly young
06:45
you know what is it about them that
06:47
makes them more unique if you can nail
06:49
a group of people be like well half of
06:51
my customers can fit into a bucket
06:53
well then you're going to start doing
06:55
more things to provide a unique value to
06:57
that bucket
06:58
that other people don't do start
07:00
catering to them
07:01
so if certain people want certain types
07:03
of channels like i went nuts for a while
07:05
and as soon as mulan came out on disney
07:07
plus
07:07
i put disney plus on all my tvs bought
07:10
mulan
07:11
and then advertised in all my homes
07:12
where kids might go with their families
07:14
that we have you can watch mulan for
07:16
free and as an adult
07:18
love like disney too so it appeals to
07:21
all these different markets but
07:22
we got people staying in our properties
07:24
because we simply bought mulan
07:27
and advertising in a photo on our photo
07:28
reel that they can watch mulan for free
07:30
right that's a unique form of value it
07:32
can really be the little things
07:33
or it could be a big thing you could
07:35
actually paint one big white wallet you
07:36
have
07:37
to be super fun and let's say in
07:39
philadelphia i'd get like a muralist to
07:40
come in and
07:41
like spray paint or like regular paint
07:44
and do like this
07:45
tag or this mural on this wall that is
07:47
all about philadelphia
07:48
they've got the eagles logo for the
07:49
football team and the 76ers
07:51
and i don't even watch sports but this
07:53
is kind of stuff you put on the wall or
07:55
rocky balboa and
07:56
patincino's philly cheesesteaks whatever
07:58
you want the benjamin franklin bridge
08:00
you can build up this mural that's a
08:01
collage of all the cool things about
08:02
philadelphia
08:03
and so somebody wants to get in front of
08:05
and take a photo right
08:06
and so now people are booking your home
08:08
because it's like social media special
08:10
that's another form of unique value so
08:12
if you have a lot of tourism
08:14
a wall like that's really cool if you
08:16
have a lot of families well
08:17
buying mulan is really cool see that's
08:19
unique value and it can go either way so
08:21
dig deep and find those bits of unique
08:24
value that will put you above
08:26
your competitors for the customers that
08:28
you care about
08:30
number five this one's a toughy sorry
08:32
guys
08:33
you need strong documentation yes as a
08:36
business owner you should already
08:38
have strong documentation but let me
08:40
just tell you that
08:41
we've talked about this lately airbnb is
08:43
not so
08:44
friendly anymore and airbnb is public
08:46
now too i think you guys know that they
08:47
are
08:48
literally a stock you can buy a b and b
08:51
is their ticker symbol
08:52
and you can invest in them but now they
08:55
have shareholders
08:56
more than they have their whole like ceo
08:58
with the vision thing
08:59
so this is no longer brian chesky and
09:01
joe gabia you know what i mean nate
09:03
last name i don't ever remember those
09:06
three guys when they first started
09:07
airbnb they did it in an incubator
09:09
called y combinator and they built it
09:11
off this tech
09:12
like startup vision way back in the day
09:14
well they're no longer that company
09:16
they are a publicly traded company that
09:18
is going to risk manage more
09:20
and they're going to pay out less and
09:22
they're going to try to make their
09:23
shareholders
09:24
money so in order for you to get paid
09:27
when a guest breaks
09:28
something or when somebody breaks the
09:29
rules or when there's a glitch in airbnb
09:31
system
09:32
you need strong documentation so you can
09:34
go to airbnb and
09:36
ask for the money that they owe you this
09:38
means that you're going to go through
09:39
resolutions you're going to lose a
09:40
resolution because the people at airbnb
09:42
aren't always the smartest or most
09:44
professional like the people who do
09:45
resolutions and cases and stuff
09:47
and you're gonna have to go past that
09:48
into arbitration and in order to do
09:50
arbitration
09:51
you need documentation and i have passed
09:54
videos on that
09:55
um obviously i've got tons of videos on
09:57
everything let's move on to number six
09:58
you need to overcome fear
10:00
or embrace it give it a big hug now the
10:03
reason why this is so important
10:04
is right now everybody is like on their
10:07
heels they're afraid they're scared
10:09
to do x y or z i get a ton of people
10:13
who talk to alberto he's the one that
10:14
runs my like community and my course
10:17
and their biggest thing is like i'm so
10:18
afraid right now because of kovid
10:21
or because of travel or restrictions i
10:23
don't know if it's the right time to
10:24
airbnb
10:25
right so you think these people are the
10:27
only people that are afraid
10:28
no there's tons of people afraid
10:30
landlords are i'm afraid to buy new
10:31
properties right
10:32
now i don't know if they're right now is
10:33
the right time the housing market could
10:34
plummet because
10:35
the stock market could plummet and
10:37
everybody's afraid of something right
10:39
now because kovit has put everybody into
10:40
a unique
10:41
situation take advantage of that by
10:43
being the one that's not afraid
10:45
if we rewind to negotiating special
10:47
terms
10:48
learning to negotiate requires a sense
10:51
of confidence
10:52
and like an assuredness when you like
10:54
talk to somebody like i'm trying to
10:55
convince you of something right now and
10:57
i'm confident and you're not
10:58
maybe i'll win that negotiation maybe
11:00
i'll convince you of my point because i
11:01
said it so
11:02
like just chill right like this is how
11:05
it is i'm not afraid
11:06
let me tell you how it is and if you can
11:08
embrace that fear and learn
11:10
that the fear that you feel now um is
11:12
like primal it's like oh no a bears
11:14
attacking kind of fear like that is
11:16
designed to prevent you from dying
11:18
and the fear you feel now is no longer
11:20
useful like that
11:21
um you're not going to die from doing
11:24
something that you're afraid of
11:25
right now right so that paralysis that
11:28
you get that i don't want to act i'm
11:29
afraid
11:30
that is from a part like this from a
11:32
part of your biology that is no longer
11:34
useful
11:35
and so i want you to embrace fear as
11:37
part of your compass to let you know
11:38
that you're pushing the edges
11:40
and if you're pushing the edges you're
11:41
probably doing things that other people
11:43
are too afraid to do
11:44
and that they won't do which means
11:45
there's less competition which means
11:46
you're more likely to succeed
11:48
so fear if anything is an indicator that
11:50
you're on the path to success
11:51
because you're doing stuff that other
11:52
people will not do and by embracing that
11:55
fear
11:55
and learning to win through that fear
11:57
you're going to build your business more
11:59
aggressively
12:00
you're going to take deals that other
12:02
people
12:03
can't see clearly enough to see the
12:05
value in those deals because they're
12:06
just too afraid you know what i mean
12:07
when you're afraid your body's limbic
12:10
system does most of the thinking right
12:11
um and that's not really the part of
12:14
your brain that discerns
12:15
like the little details so if you can
12:18
get past your fear you can see the
12:19
little details in a deal
12:20
and you can money ball a lot more now if
12:23
you haven't seen that movie
12:24
um or know the concept um there's a guy
12:26
who built a baseball team
12:27
um off of like like really cheap players
12:30
because he's looking for stats that
12:31
weren't really respected um as
12:34
indicators of success
12:35
so he's able to sign a bunch of baseball
12:36
players who like pretty much
12:38
took them like all the way because he
12:41
was able to get them all for cheap
12:43
because there are certain stats that
12:44
they excelled at that other people
12:46
weren't looking at
12:46
and so seeing those unique details in a
12:49
deal requires you to stay focused
12:50
and yeah your future's on the line your
12:53
money's on the line your livelihood is
12:55
on the line when you build a business
12:56
when you build any business not just a
12:57
real estate related or airbnb related
12:59
business
13:00
so make fear of your friend you're going
13:03
to have a blast with it
13:04
and you know what your whole life will
13:05
change you'll feel so much better about
13:07
yourself
13:07
because fear can't stop you anymore it's
13:10
no longer your enemy
13:11
number seven book direct now i did say
13:14
go multi-platform before but it's not
13:16
the same thing
13:17
not necessarily the same thing see going
13:19
multi-platform means you have different
13:21
channels where people can find you
13:23
that's passive
13:24
people like hey i'm looking for a place
13:25
to stay oh i found this person on
13:27
like trip advisor well booking direct
13:30
does include you having your own
13:31
direct booking website but you can get
13:33
aggressive you can do
13:35
outbound calls you can call local
13:37
businesses you can prospect
13:38
you can find people doing construction
13:40
on the street you know and say hey
13:42
um who's the project manager for your
13:44
job i do corporate housing
13:46
and i'm sure you guys are probably
13:47
staying at a place you don't like too
13:48
much let me talk to him and i can put
13:50
you guys like in a real house
13:51
right and so now you talk to the project
13:53
manager for these construction guys
13:55
working on like the streets in your in
13:56
your city
13:57
and you're nailing deals because you're
13:59
prospecting and you're booking them
14:00
direct by you being proactive by you
14:02
going out there and getting the deals
14:04
done
14:04
there's a ton of money in business to
14:06
business sales in corporate housing
14:08
in short-term rentals in airbnb expand
14:11
that
14:11
book direct and start getting more
14:13
aggressive about how you're getting your
14:14
customers
14:15
number eight is to not take any part of
14:18
your business for granted
14:19
and i was gonna say don't be lazy about
14:22
any part of your business but
14:23
that doesn't quite fit see there are
14:26
seven parts
14:27
of our business model um there are seven
14:29
parts to business in general i would
14:31
argue and i do have a video i'm gonna
14:32
link so you can see that
14:34
but you have to respect them all and you
14:36
have to constantly try to improve them
14:38
all
14:38
see like getting a good like
14:42
product getting a good home is a part of
14:44
the business
14:45
sure negotiating a good rent rate if you
14:47
do arbitrage is important
14:49
buying the furniture and making the
14:50
place look beautiful taking the right
14:52
kind of photos
14:52
is important it's more marketing having
14:54
the right people you know human
14:56
resources customer service that's all
14:58
important too
14:59
pricing strategy revenue management that
15:01
is super important as well
15:03
of course operations like how good your
15:04
housekeepers do making the good people
15:06
on your team better
15:07
with good processes that's also
15:09
important every part of your business
15:11
is important to your bottom line your
15:13
longevity whether or not you're going to
15:15
survive in this business whether or not
15:16
you're going to
15:17
grow and crush it so don't just think
15:19
that finding the right home in the right
15:21
part of town is important or
15:22
finding the right way to write your
15:23
description and taking photos is what's
15:25
going to make you or break you
15:26
don't think that just having five star
15:27
reviews is going to save you
15:29
from like like from ruin they all
15:32
matter so i need you to just pick up the
15:34
slack think about your business model in
15:36
anywhere that you haven't been doing
15:38
your best work anywhere that you haven't
15:40
been
15:40
thinking enough about your business too
15:42
where you've neglected it pick that back
15:44
up and look at it look at it real close
15:46
and change your business model to
15:47
include everything become a more
15:49
powerful host
15:50
number nine relax and get creative
15:53
now it's almost like that fear thing but
15:55
we're gonna modify it here
15:56
um that fear probably has created this
15:59
like
16:00
responsive non-aggressive reactive
16:04
static person you got tight you got
16:07
tight in the shoulders you're not really
16:08
doing anything cool
16:09
i need you just to open back up i need
16:10
you to rewind a couple years ago if
16:12
you've been in the game that long
16:14
i need you to think about when you were
16:15
winning like winning and it was easy
16:17
right i need you to get back in a
16:18
positive mindset where you're like i
16:20
love what i do
16:21
i'm having fun no this isn't a big deal
16:24
these things that are happening in my
16:25
life right now aren't a big deal
16:27
and i can handle my day-to-day and i
16:28
need you to relax and just kind of let
16:30
things start to flow
16:31
again in your business because now your
16:33
brain is ready
16:34
to adapt and to change and everything
16:36
that i've given you on this channel all
16:37
the resources that i've given you for
16:39
free
16:39
or the paid content that you pay for in
16:42
cracking super host
16:43
all that can't be applied if you're in
16:46
your own way
16:48
right and so there's a lot that i can't
16:50
teach you yet also because i don't know
16:52
it yet and i may not know it you might
16:54
be the first
16:55
you may be the first to discover
16:56
something about this industry that you
16:58
can take advantage of
16:59
and that comes from you being creative
17:01
by you taking chances by you
17:02
experimenting
17:03
by you doing some goofy stuff that you
17:06
feel like this is gonna be super fun
17:07
this is so me let me do that
17:09
i need you to relax be yourself again be
17:12
true to yourself
17:13
enjoy what you do and get creative and
17:15
start applying
17:17
just your experimental side to your
17:19
business
17:20
and look for little edges that you can
17:21
push little advantages that you can push
17:23
and little bits of soul that you can
17:26
show because if your business is just a
17:28
business it doesn't have a soul doesn't
17:29
have a personality
17:30
it's not as captivating as another host
17:33
who puts their whole
17:34
body and soul into their one property
17:36
that's where you can beat me by the way
17:38
let me just give you the hack
17:39
i've got 100 properties it's kind of
17:41
hard to have soul in every single one of
17:43
them
17:43
it is tough to put all your love and
17:46
your care into every single one of those
17:48
properties and keep it there
17:49
if you've only got a few properties you
17:51
can outshine me any day of the week
17:53
because
17:54
i'm a business all of the way and you
17:57
can be that host that people love so
17:59
while you're small you have that
18:01
advantage
18:01
so chill i'm not here to take your lunch
18:04
right you're going to be okay
18:05
but get creative and that's how you're
18:06
going to compete long term because
18:08
you're going to find things that other
18:09
people don't find
18:09
you need to keep those secrets and those
18:11
secrets are going to make you ton of
18:12
money because you were creative
18:14
and number 10 you need to find community
18:17
what i mean is like if you could find a
18:19
mentor cool but
18:20
there's very few people in this industry
18:22
like me who can teach you
18:24
everything that you need to know and
18:25
because of that i don't have a lot of
18:27
time
18:27
for everybody to do like one-on-one
18:29
mentorship i do
18:31
like group mentorships every saturday
18:33
with my students um
18:35
but aside from that and some like texts
18:37
and phone calls and the stuff that i do
18:38
with you guys on facebook
18:39
it's hard for me to mentor a thousand
18:41
people one-on-one so
18:43
i'm not going to say go and find a
18:44
mentor like that's going to be an
18:46
actual achievable solution for you
18:48
because there's the mentors in this
18:49
world are few and far between
18:50
except for the caveat that a mentor is
18:52
anybody that's just a little farther
18:54
than you
18:54
right so you can find somebody who's got
18:56
five properties and they can mentor you
18:58
until you get up to becoming their peer
19:00
but then they're part of your community
19:02
as well if you're new to airbnb
19:04
everybody in a way is your mentor so you
19:05
need to find community
19:07
if you're a host with a ton of
19:08
experience you should be reaching out to
19:10
other hosts connecting with them
19:11
learning and growing with them and
19:12
bouncing ideas off of each other and
19:14
asking the what ifs and helping each
19:16
other out when you guys are in a bind
19:18
create the community that will make you
19:20
better and if you're new
19:22
that community they're all going to be
19:23
looking down at you as you grow which is
19:25
okay
19:26
until you level up and become one of
19:27
their peers and so we've got that
19:29
facebook group
19:30
the hosts of airbnb automated there's
19:32
like over 12 000 people in that group
19:34
and they're lovely people you guys are
19:35
awesome for those of you that are in the
19:37
group
19:37
let me say thank you for being there um
19:40
and let me brag about you guys to the
19:43
rest of you watching this video
19:44
join the hosts of airbnb automated and
19:46
talk to hosts with experience
19:48
and find out what it's like to succeed
19:50
and the challenges that we actually all
19:51
went through during 2020
19:53
and you'll be so happy that you did and
19:56
if your
19:56
current host trying to go at it alone
19:58
stop it like what's your problem like
20:00
seriously
20:00
like you should be part of the family
20:03
and you as a business owner shouldn't be
20:04
alone
20:05
in the first place like that's one of
20:07
the hardest things about being a leader
20:09
is to not have anybody that you can like
20:12
have a reality check with
20:13
that was one of the biggest parts of me
20:14
being a small business owner ever since
20:16
2010
20:17
is i only had people who worked for me
20:19
so i was at the top of this triangle
20:21
there's nobody holding me accountable
20:22
nobody telling me that i was being
20:23
delusional or lying to myself or
20:25
you know going too hard or too hot like
20:27
too soft on myself there was nobody like
20:29
that in my life
20:30
and if i could have had peers because
20:33
everybody who was a mentor of mine
20:35
was afraid of me taking their business
20:37
right my industry was too small
20:38
if i could have had some peers who were
20:40
also business owners even maybe in
20:41
separate businesses
20:42
i would have learned a lot more a lot
20:44
more quickly so if you're one of those
20:46
airbnb hosts that have been going at it
20:48
alone and just watching these videos and
20:50
going at it alone some more
20:51
stop it seriously like get out of your
20:53
house get out of your head
20:55
get through the phone get onto a
20:56
facebook group or two or five
20:58
um maybe see me on clubhouse by the way
21:01
you could do that too
21:02
so guys i hope this is all super
21:04
effective and helpful and i want you to
21:05
succeed
21:06
you made it through 2020 like nothing
21:09
else can stop you
21:10
i'm just gonna say that so like this
21:11
video share with your host friends
21:13
and as always i'll see you on the other
21:15
side
21:16
[Music]
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