Welcome to short-term rental riches will discuss investing in real estate but with a specific focus on short-term rentals quick actionable items to acquire manage and scale in your portfolio I’m your host Tim Hubbard.

Welcome back to the short-term rental riches podcast if you’re new to the channel for new the podcast thank you for joining us and just as quick background have been invested in short terminals for a long time about 7 years have acquired dozens in multiple cities and now in multiple countries and my team and I have managed a lot of gas over 20000 actually so we’ve learned a thing or 2 how we’ve also learned that sometimes some things can happen or properties that we don’t want right we talk a lot about how to protect ourselves from those types of things and the reality is is that they don’t happen very often all it’s a very small percentage but when they do happen we need to be protected and we need to know what options we have to be reimbursed and Airbnb released what they call air cover so that’s what I want to talk about this week thanks again for joining me Airbnb used to have their host protection they called it which was better than nothing right and definitely you could get things filed and get money back from that but it was sort of a difficult process and now they’ve released what they call air cover which is a good move to get more hosts in the game provides more protection I would say this is probably what most people are most afraid of that their property is going to get damage or something like that so I want to break down just the basics for you today so you know what options you have available so it is really good it does provide a lot more than that host guarantee did and one of the things that provides it does guarantee didn’t is liability protection so it will actually potentially it of course all of these claims depend on the amount of evidence and proof and documents and photos. As in those types of things that you have to support your claim with Airbnb but it does have a built in host liability insurance which can cover you from bodily injury to a guest something happens if they tripped in and fell damage to the property that damage to property that belongs to others gas in the property so if somehow you were responsible your property was responsible for damaging something big gas tad woman you could potentially be covered for that as well and also if something gets stolen from the gas you could potentially be covered with that as well so again any time we’re submitting a resolution with Airbnb trying to get reimbursement for anything the more proof we have the more documentation we have the better the easier the faster it’s going to be so that is a really good move for Airbnb itself that’s great press doesn’t process anything right now of course we want to make sure we have liability insurance on our properties anyways if you have a specific short term rental insurance policy which I highly recommend it will cover things like liability so double check I use a company called proper insurance but there are quite a few out there now and if you have a commercial property that has its own liability policy well then that’s going to help you with some of those things as well so double check your insurance but just know that you do have this option now with air cover from Airbnb so what are some of the things that it protects you from in terms of damage they’ve added a couple are really focused on a couple pieces here one is smoking we know our gas some of our guests will end up smoking in our properties and so there’s extra protection against smoke and deep cleaning so if your housekeeper us to spend twice as long cleaning your property it’s gonna be a little easier to get compensated for that now but you do have to document it so those are couple things will go in the best way to document. This and try to get back from Airbnb or from your gas but let’s just recap these benefits real quick so extra deep cleaning you can get compensated for smoke damage you can get compensated for income loss protection so this is a good one let’s say a gas checks out your property may did smoke a lot and your next gas can’t check in because it just smells too bad in there again I don’t want to scare everyone that these things are happening all the time because they’re not and if we take the right measures we can almost eliminate most of them are all of them so but if someone does and it is a fax the gas from moving in well you could get compensated from future reservations let’s say you had a reservation for $500 was a back to back check in so gas laughed they smoked in the place and your new gas one comment more they don’t want to stay there wasn’t ready for them well you could get compensated for that lost income so that is a really good feature and that’s also something that is on a lot of general liability commercial property policies to from your normal insurer again you want to check with them but I know that some down my apartment buildings for example like if we have a fire and it takes 6 months to rebuild the property a lot of times you can pay additionally to have that protection against loss income so now Airbnb has that for us for short term rentals that’s good quick intermission I’m super excited to announce the dates for next live event live and in person in Memphis Tennessee August 19 to 20 first this is our fourth live event and they just keep getting better and better and there’s not a ton a room so I hope you can make it will go through my whole process from start to finish what I look for properties how I find them how I set them up how I manage them how I manage them remotely with my teams and how we can scale the whole operations to retake it from start to finish perhaps one of the most exciting parts we’re gonna get on tour bus and we’re going to visit some of my. Actual properties in action in the operation really hope you can join us you can check out tickets at rest methods.com and again it’s gonna be a live in person I’ll be flying back from Colombia August 19 through the 20 first I hope to see you there we also have a longer filing window so with the host guarantee we had to submit stuff right away and we actually 2 weeks now so if you have an issue you can file it as a draft you don’t have to submit everything but you want to upload all of your documents to Airbnb as soon as possible make sure they’re within that 14 day window and you get it all sent off within 14 days. Now one of the nice things about this because we don’t have to file these resolutions as quickly as we did in the past again this is all gonna happen through Airbnb this is specific to Airbnb we have more time now which means if there was an issue let’s say gas damage the door or something like that or some sort of issue where if you were going to bring it up to the gas it could potentially lead them to give you a bad review and you’re concerned about that well now you can get the review from the gas you have a longer window 14 days and then submit the request afterwards after you’ve already gotten a review so that can help us out a little bit right so that’s pretty nice and of course we don’t wanna be sending anything that is an honest or anything like that it’s all gonna be backed up by documents and images and messages but if there were something that we think might lead that gas to give us a bad review and we know what’s right for them to compensate us well then we can wait a little longer now get the review from the gas and then ask for fair reimbursement afterwards so that is nice they’re also reimbursing quicker so used to take a long time and it still can take a long time but now they are processing all the air cover. Opposition within 2 weeks or they’re trying to shoot for 2 weeks and if you are super host one other perk to being a super host you have a a little more of a fast track with their cover so a lot of benefits there again we don’t have to pay anything additional for these these are included Airbnb they want more people to rent their properties and so this is a great perk because a lot of other travel sites do not have this protection forests so really good news here so we talked a little bit about the features we talked about some of the highlights and new ones like loss of income liability and deep cleaning compensation or smoking compensation so those are really nice now how do we go about getting this money back so we’re gonna use a resolution center like we have done in the past for a host guarantee in any sort of compensation Raskin back from the gas reviews the resolution center so we’re gonna continue use that remember we’ve got a little longer filing period for basically we’re gonna collect evidence as much as we have so photos of someone smoked in there if you had extra cleaning you have an invoice from your housekeeper that was twice as much as your normal invoice well then you can use that if you have a property management company help you with your property or you have your own property management company. Like I do fortunately we can make our own invoices and send those and it does count so that is another way to go about it but basically just want to have as much proof as possible invoices are really big help so we’re going to submit everything we have hopefully the gas agrees and they know and it was fair and and everyone’s it’s a win win scenario but if it’s not what do you do well then it’s gonna get escalated to an Airbnb ambassador and they’re gonna step in and they’re going to help us out and hopefully you guys can reach a good arrangement so that is air cover in a nutshell it’s newer it’s basically re branded it’s their insurance essentially for our properties which I think is fantastic because again it doesn’t cost us anything else yes we pay commission fees for them to rent our properties out and so did the gas but this is the extra protection the more we have the better it’s going to be when when gas and the whole community knows that we have these protections in place people won’t be trying to escape the system a little bit if you know what I mean so this is really good news if you haven’t heard of this before take a look at it make sure you know what you can be compensated for if you don’t have some of those procedures in place for getting good evidence and documents and stuff like that right after guest checks out before your next guest checks in make sure you revisit that a little bit because that’s one of the most crucial steps there so I hope you’re doing well hopefully don’t have to use this too often but just know it’s there thanks for tuning in again we do if you didn’t know already have all these podcasts on YouTube as well so if you prefer to watch video head on over to short term rental riches on YouTube you can find us there and until next time I hope you have a wonderful day I’ll talk to you soon. I want to get on the fast track to financial freedom for short term rentals what all searching the properties you choir you want to make sure that you acquired the right properties I want to give you my you doctor will show you how to do just that there is no charge to my gift to you for being one of our subscribers just go to restmethods.com that’s R E S T methods.com.

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