In a recent interview with Skift CEO Rafat Ali, Brian Chesky predicted a near-future revolution in travel. A revolution that presents a big opportunity for short-term rental hosts.
As more companies offer employees the option to work remotely, Chesky believes people will take advantage of the flexibility to travel. This will increase demand for STRs, especially in secondary markets.
On this episode of Get Paid for Your Pad, Eric and I discuss the biggest opportunity we see right now in short-term rentals, describing how we’re finding older vacation homes in drive-to destinations and converting them into unique STR experiences.
Listen in for insight on the benefit of investing in real estate for Airbnbs and learn how to upgrade an older STR property—without losing sight of what makes the local area special!
Key takeaways from the recent Brian Chesky interview
- People won’t go back to working in offices full-time
- Affords much more flexibility to travel
Opportunities for STR hosts in this revolution of travel
- Find older vacation homes in secondary markets
- Convert into unique, modern STR experiences
Why we’re investing in properties in secondary markets
- Financial decisions shaped by experience of COVID
- People want to travel AND live there (can sell later)
What short-term rental guests will need moving forward
- Fast internet, workspace for remote office
- Option to disconnect and be in nature
Approach to upgrading older STR properties
- Improve experience (e.g.: smart locks, guidebook)
- Highlight what makes local area special
Benefit of investing in real estate for STRs
- Ownership affords opportunity to build wealth
- Money in properties as hedge against inflation
How the Get Paid for Your Pad podcast is changing
- Mondays focus on small hosts (Airbnb101)
- Wednesdays about managing STR business at scale
- Fridays we share journey building hospitality brand
Resources
Brian Chesky: Travel Revolution
Remote Work at Buffer
AirDNA
The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness by Morgan Housel
Strawberry Creek Village
Sonder
Lyric
Stay Alfred
Legends X STR Accelerator
Get Paid for Your Pad
Email jasper@getpaidforyourpad.com
Sponsor
Hostfully [Discount Code PAD]
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