Notes from Chris

Episode 1506

Josh Strawczynski didn’t set out to manage Airbnb properties for other people, but he stumbled onto a lucrative side hustle almost by accident. Seven years ago, while he was living in Australia, Josh started renting out a one-bedroom apartment on Airbnb so that he could travel on the weekends. The plan was to have the Airbnb income cover his travel costs, allowing him to explore for free.

It worked, and Josh quickly saw the opportunity to generate higher revenue by using software. For instance, he used a program that actively monitors the demand and supply for short term rentals in his area. It predicts peaks and troughs in demand and allows him to set fancy pricing rules that the Airbnb website can’t do on its own. If he has a 3-day gap between two bookings, for example, it automatically decreases the price of that gap to fill it.

Josh uses a different program to automate communications with guests to ensure that they have all the information they need. It also includes scripted responses to common questions. Before long, he was hooked and began renting out his place all the time. If a lodger booked during the week, he’d sleep at his parents or friends’ houses. Sometimes he’d even rent a cheap motel room and still come out ahead financially.

After the first year, his one-bedroom apartment was generating enough revenue to make it one of the top five earners in his suburb. The only properties earning more were big houses with tennis courts and spa-level baths. Josh’s apartment had none of those amenities, just a smart pricing algorithm that measured demand and made sure he wasn't leaving money on the table. Now, Josh manages 5-star Airbnbs all over Australia, all the while living … in the Caribbean. Thanks to his automation, he only has to apply himself for an hour here and there, because he has other people on the ground handling physical tasks. Where did they come from? Well, he had a theory that there were lots of retired people who had decades of cleaning experience and nothing to do with their time. So, he’s hired a network of retirees all over Australia to manage property cleaning, report problems, and help him solve any issues that arise.

With his Airbnb rentals running like a well-oiled machine, Josh has turned his attention to his next venture … growing a marketing agency that can also be managed from anywhere.

 

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  MENTIONED IN THIS EPISODE:

• When Josh isn't managing his rentals, you can find him at his main hustle, Jmarketing.agency.
• Josh uses several different programs to help him automate his rental management process. One of these is a pricing algorithm called, pricelabs.co. Josh also provided two Google searches that he used to find other programs: 1) Pricing Software and, 2) Automated Messaging.

SEE ALSO:

• Interior Designer Starts Boutique Airbnb Alternative: She’d stayed in her share of iffy and icky Airbnbs, and wondered why there wasn’t a better service for boutique, well-designed homes. Now there is.
• Q&A: How can I rent out my spare bedroom on Airbnb?: An attorney who isn’t home a lot would like to earn passive income from renting out her spare bedroom. What does she need to know, and is there any way to make it easier?
• Reddit Post Inspires Airbnb Cleaning Service: Inspired by a post on Reddit, a Los Angeles man picks up the knowledge to start his own cleaning service.

Inspiration is good; inspiration combined with action is better. Now get back to work! Yours in the revolution,

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