Bill Faeth Unfiltered

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode of "STR Unfiltered" hosted by Bill Faith, listeners are encouraged to take two extra steps to stand out and excel in the short-term rental (STR) industry. Bill emphasizes that these extra efforts, while simple, require discipline, commitment, and self-drive, and they cost nothing.

Key Points:

The Importance of Going the Extra Mile: Bill shares his personal experiences in sports and business to underscore the significance of going beyond what's expected. Successful athletes like Tiger Woods and Michael Jordan put in extra hours and effort to achieve greatness.

Applying the Principle to STR: Bill urges STR hosts and investors to apply the same principle. Taking two extra steps can set you apart from competitors and maximize your revenue.

Examples of Extra Steps: Bill provides concrete examples, such as investing a bit more to enhance amenities, upgrading interior design, and sending personalized videos or emails to guests. These small efforts can significantly impact the guest experience.

The Power of Consistency: Bill emphasizes that consistency is key. It's not about getting it perfect the first time; it's about continuous improvement and learning from mistakes.

Achieving Excellence: Bill's passion for helping others achieve success drives his message. He encourages listeners to push themselves to be overachievers and to strive for excellence.

Reach Out for Guidance: Bill offers to answer questions and provide guidance to listeners. He is dedicated to helping others in the industry succeed.

In conclusion, Bill Faith inspires listeners to take two extra steps daily in their STR business, demonstrating that with commitment and effort, anyone can achieve excellence in the industry.

For questions or further assistance, listeners can contact Bill on Instagram at @billfaith73.

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode of "STR Unfiltered," host Bill Faith, a seasoned entrepreneur with extensive business experience, discusses a crucial skill for STR hosts and investors: marketing. Bill emphasizes the importance of mastering marketing to succeed in the short-term rental industry and provides a powerful marketing tool.

Key Points:

Business Acumen: Bill brings his 29 years of entrepreneurship, including 29 startups and 18 exits, to the world of short-term rentals. He believes that having business experience is vital for success in the industry.

Marketing Is Key: Bill highlights marketing as the most critical skill for hosts and investors. To stand out in a competitive market, it's essential to excel in marketing strategies.

Avoiding Average: Bill asserts that average hosts are struggling in today's saturated markets. To thrive, hosts must upgrade their properties and focus on effective marketing.

The Secret Tool: Bill reveals an advanced marketing technique—a "lookalike audience" on Facebook. He explains that by uploading an email list of previous guests, Facebook can create a custom audience and then find similar individuals with uncanny accuracy.

Effective Targeting: Bill advises keeping the lookalike audience narrow, ensuring that it closely matches your ideal guests. This precision in targeting is key to success.

Qualified Traffic: While creative content and a compelling call to action are crucial, it all begins with qualified traffic, which the lookalike audience provides.

Bill encourages hosts to incorporate this powerful marketing tool into their toolkit and welcomes feedback on its effectiveness.

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode of the "STR Unfiltered" podcast, host Bill Faith discusses the importance of geographic diversification in short-term rental (STR) and real estate investments. Bill highlights several key reasons why investors should consider diversifying their property portfolios across different locations:

Mitigating Natural Disaster Risks: Bill shares personal experiences of how natural disasters, like hurricanes and wildfires, can impact rental properties. Geographic diversification reduces the risk of losing multiple properties in one area due to unforeseen events.

Revenue Diversification: Diversifying across various regions allows for multiple sources of rental income. This approach helps investors avoid over-reliance on a single market that may experience fluctuations in demand or regulatory challenges.

Risk Mitigation from Regulatory Changes: Bill advises considering the political climate and regulatory sentiment in potential investment areas. Investing in regions with established regulations can protect against sudden policy changes that could negatively affect rental properties.

Market Expansion: Diversifying geographically opens up a broader range of potential investment opportunities. Investors are not limited to a single local market and can explore nationwide options.

Bill emphasizes that diversification should be a part of the underwriting process when evaluating new investment opportunities. By considering income diversification, risk mitigation, and regulatory factors, investors can make informed decisions and protect their investments.

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode of "STR Unfiltered," host Bill Faith delves into the essential skills required for successful co-hosting in the short-term rental industry. Bill outlines three crucial skills that every exceptional co-host needs:

Underwriting Properties: Co-hosts must excel at assessing the potential of a property. Bill emphasizes the importance of identifying underperforming properties and knowing how to elevate their revenue potential. He suggests offering your services for free initially to build trust and prove your abilities.

Marketing Expertise: Co-hosts need to be proficient in marketing. This includes mastering listing optimization, using platforms like Airbnb effectively, and understanding the value of Facebook ads, email marketing, and organic social media. Bill also mentions the significance of conversion rate optimization on sales pages.

Effective Pricing Strategy: Bill underscores the role of pricing strategy in increasing a property's revenue. He advises against "set it and forget it" approaches and recommends actively monitoring and adjusting prices based on factors like lead time, pacing, and RevPAR.

Bill concludes that excelling in these three areas will set co-hosts on the path to success and making homeowners more money while saving them time.

Listeners are also encouraged to explore "MarketMySTR" for additional resources and support in mastering these skills.



Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode, host Bill Faith discusses the vital role of virtual assistants (VAs) in efficiently managing short-term rental properties and businesses. Bill shares insights on how VAs can help property owners and hosts scale their operations. 

Key takeaways:

VAs for Scaling: Bill emphasizes that VAs are essential for operational scale in various industries, including short-term rentals.

Maximizing Property Potential: Bill stresses the importance of maximizing property potential, including revenue, ROI, and ADR, through effective marketing.

Challenges in Finding VAs: Bill highlights the difficulty of finding the right VAs, especially in marketing roles, and the need for proper vetting.

VAs' Responsibilities: Bill suggests breaking down VA roles into specific skill sets, including research, marketing, and guest communication.

Testing and Interviewing: Bill advises testing VAs with tasks during recruitment and thoroughly discussing job descriptions during interviews.

Standard Operating Procedures (SOPs): SOPs should clearly define tasks, reporting, and communication methods to manage expectations.

Payment Methods: Bill recommends using services like Wise.com for paying overseas VAs and mentions STRVAs.com as a resource for finding trained VAs.

Building Relationships: Bill highlights building rapport with VAs but emphasizes paying for task execution, not their time.

Scaling with VAs: VAs are crucial for scaling and operational efficiency in property management.

Links and Resources Mentioned:

STRVAs.com

Wise.com

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

Join Bill in this episode as he delves into the secrets of the top 1% of Airbnb earners during the off-season. Bill shares his own strategy for maximizing bookings and revenue at his properties, including his minimum night requirement and the innovative 3-2-1 method (three nights on weekends, two nights during the week, and a one-night gap night).

Discover how Bill taps into the psychology of those gap nights to enhance the guest experience. By offering bonus time at a discounted rate, he tests whether guests with a gap night between them would opt for earlier check-ins or later check-outs. He sends a thoughtful email to both guests, emphasizing the benefits and also highlighting the challenges of same-day turnovers for his cleaning crew. The result? An astonishing 40% increase in his portfolio with filling those previously vacant gap nights.

Bill's approach isn't just for those driving to the property; it's especially effective for travelers flying into a location. Many guests yearn for an immediate sense of comfort and convenience, making the offer of extra time at a reduced cost all the more tempting.

In the competitive world of Airbnb hosting, Bill underscores the importance of diversifying your techniques to attract more guests, especially during the off-season. Filling those elusive gap dates is just the beginning of boosting your overall revenue. Tune in to learn how you can join the ranks of the top 1% of Airbnb earners with tips like these. Don't miss out on this insider knowledge to level up your hosting game!

[00:00] Intro

[00:10] Gap Dates

[01:25] Lead Time

[02:28] Gap Nights

[03:30] Check In Check Out

[08:52] My Year

[10:35] Wrapping Up

The Superhost Library covers everything a successful host needs to know and understand to buy the right properties, mitigate risk, and maximize profit, all while creating a unique experience for guests and building long-term wealth. Click Here to Learn More > https://buildstrwealth.com/thelibrary

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this engaging episode of STRUnfiltered, Bill delves into the critical reasons why your investments might be faltering at this very moment. He begins by shedding light on the common pitfalls investors encounter, such as acquiring underperforming properties with insufficient due diligence. Many individuals, he notes, have been chasing real estate markets without a comprehensive understanding of their chosen properties.

Bill takes a deep dive into the concept of EBITA (Earnings Before Interest, Taxes, and Depreciation), emphasizing that net cash flow reigns supreme when building wealth through investments.

Further, he emphasizes the importance of not banking on historical rental income or future projections. Relying on uncertain future events, such as interest rate fluctuations, can be risky. Instead, Bill advocates for a strategy where investments are profitable from day one, irrespective of future outcomes.

Bill's unique approach sets him apart from the crowd. He shares his secret recipe for success: investing when conditions are challenging and doing the hard work that others shy away from. By embracing this idea, you can position yourself to outperform the competition.

In addition, Bill addresses a common misstep many investors make: hiring virtual assistants (VAs) to handle every aspect of their business. He cautions against this "set-it-and-forget-it" mentality, stressing that the real estate game requires hands-on involvement. To stand out in the industry, you must personally engage in underwriting and research. Bill makes a compelling case that VAs cannot replicate the creation of "Super Properties," and by arming yourself with the necessary knowledge, you can achieve extraordinary results.

[00:00] Intro

[00:20] Why Your Investments Are Hurting

[01:19] EBITA (Earnings Before Interest, Taxes, and Depreciation)

[01:55] Chasing

[02:30] The Future

[03:51] Election Year

[04:40] Two Extra Steps

[07:13] VA’s Doing Everything

[09:55] Wrapping Up

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode, Bill shares his concerns about the hurried approach many take when considering 1031 exchanges, viewing them solely as a tax deferral tool. He emphasizes the importance of long-term thinking and highlights the potential pitfalls if there's a lack of available cash in case of emergencies. Bill advises against the reckless use of 1031 exchanges and urges listeners to conduct a thorough analysis of their cash reserves before proceeding with one. He emphasizes that they do have the potential to work but they also have the potential to hurt your pockets.

Moving on, Bill delves into his apprehensions regarding Cost Segregation Studies, drawing from his recent experience with his Montana condo. He cautions against the common misconception that cost segregation can lead to significant profits without considering the IRS's recaptured money. He also warns of the potential risk of attracting an IRS audit with careless behavior.

Bill then shares insights into the DSCR (Debt Service Coverage Ratio) loan product and his recent utilization of it for his Beach Mountain house. He recounts a costly lesson involving a prepayment penalty that resulted in paying thousands of dollars in recaptured funds due to the way he structured his 1031 exchange and Cost Segregation Study. His message is clear: thoughtless financial maneuvers can have dire consequences.

Wrapping up the discussion, Bill reveals that only 30% of his property portfolio carries any of these financial encumbrances. He underscores the influence of age, advising younger individuals to exercise caution and avoid properties with such encumbrances.

[00:00] Intro

[00:30] Context

[01:41] 1031

[03:48] Cost Segregation Studies

[06:55] DSCR Loan Product

[08:22] Encumbered Properties

[10:11] Age

[11:50] In Closing

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

Learn more about your ad choices. Visit megaphone.fm/adchoices