Bill Faeth Unfiltered

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

In the latest episode of STRUnfiltered, Bill shares the secrets behind his short-term rental success, breaking it down into four essential strategies.

First, he delves into the world of listing optimization, emphasizing the importance of a strategic approach to enhancing your property portfolio. Bill advocates setting benchmarks when refining listing details to gauge the impact of your changes effectively.

Next up is email marketing, with Bill revealing how platforms like Stayfi can help you capture guest emails for offering exclusive perks, such as limited-time offers and unique experiences.

The third strategy revolves around the power of text message marketing. Bill recommends sending personalized videos and messages to guests, complete with emojis and responses to their specific concerns, ensuring a warm and welcoming stay.

Bill's fourth strategy centers on social media marketing, advocating for content batching using platforms like MarketMySTR.com to maintain a consistent online presence over months.

Lastly, Bill underscores the importance of infusing a personalized touch into all marketing efforts and guest communication. It's not just a place to stay; it's a home filled with lifelong memories for Bill's family, and he's keen on conveying its special significance to guests. Building genuine, non-automated lines of communication with guests is paramount in achieving this

[00:00] Intro

[00:15] The Core Four

[00:27] One: Listing Optimization

[04:19] Two: Email Marketing

[06:20] Three: Text Marketing

[09:18] Four: Social Media

[09:04] Bonus: Personalization

[13:15] 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

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

In the latest STRUnfiltered episode, Bill challenges the idea that Airbnb investments are losing steam, arguing that they're still relevant. He points out a common mistake: investing in lackluster locations, wrong markets, and ill-timed ventures.

Bill shares his proactive approach to finding untapped investment opportunities, like his exploration of Whitefish, Montana—an overlooked gem. He explains his strategy for gaining trust with bankers, emphasizing the importance of providing well-prepared information. Throughout his talk, Bill stresses the importance of focusing on quality when choosing properties and crafting marketing plans.

Bill also highlights the value of building relationships with experienced investors and learning from them, pointing out the helpfulness of resources like the Fall Accelerator for newcomers. Wrapping up, he advises a careful assessment of underperforming properties to decide whether to improve or let go, expressing his preference for outstanding investments over ordinary ones.

[00:00] Intro

[00:42] Market Right Now

[02:16] Finding New Markets

[03:11] Getting Approved

[07:22] Compromising

[08:05] Learning From Professionals

[09:04] Mastermind Retreat

[10:00] Average Property

[12:26] Host Academy

[13:00] In Closing

STR Host Training gives you the tools you need to create new opportunities with sales and marketing with prebuilt campaigns, monthly coaching, webinars, and more. Making it easy for you to focus on doing what you do best while you turbocharge sales. Click here for more information > https://www.strhostacademy.com/hostacademy

Join the waitlist for the Fall Accelerator, a virtual 8-week intensive program led by expert STR investors, tax & legal professionals, and real estate marketers… (A.K.A. “The Super Team”). Click here to learn more > https://strsuperteam.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

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.In this installment of STRUnfiltered, Bill delves into the crucial aspects of safeguarding your future self by ensuring the comprehensive insurance coverage of your properties.

Having encountered numerous individuals who put immense effort into establishing and maintaining their properties as supplementary income sources alongside their W-2s, Bill notes a concerning trend: many of these property owners lack sufficient insurance coverage for unforeseen natural disasters.

Bill recounts his own predicament involving his cabin in Whitefish, Montana, which faced the imminent threat of a forest fire drawing closer. Reflecting on this situation, he emphasizes his immediate action of reviewing his insurance policy. This proactive step led him to confirm the presence of robust fire protection measures that would shield him in case of any possibilities.

Expanding on the subject, Bill advocates for proactive discussions with your insurance agent to grasp the intricate details of your policy's exclusions and addendums. He underscores the significance of cultivating an in-depth understanding of policy stipulations, particularly the intricacies of estimating reconstruction costs for short-term rentals. A pivotal aspect of this process involves meticulous calculation of potential loss, encompassing both property structure and the income stream from rentals, in the event of a fire, hurricane, or other natural disaster.

Bill acknowledges that while dwelling on worst-case scenarios might not be the most optimistic approach to this industry, it is an essential part of positioning oneself for long-term success. Mastery in ensuring personal safety, managing liability, and fortifying property security emerges as paramount in this discussion.

[00:00] Intro

[00:30] Under-Insured

[01:25] Whitefish, MT

[01:50] Insurence

[03:20] Exclusions & Addendums

[03:50] Cost To Rebuild

[04:53] Liability Coverage

[05:45] Being Prepared

[06:41] 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

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

In this episode of STRUnfiltered, join Bill as he delves deep into the insights from Mike Michalowicz's transformative book, "The Pumpkin Plan," uncovering the essence of cultivating a ‘Super Pumpkin’.

Bill vividly illustrates how, while achieving a degree of success with his Beach Mountain property, it fell short in comparison to the remarkable cash flow and growth observed in his other exceptional properties. Conducting a meticulous evaluation of the situation, he recognized that redirecting his equity towards a property with untapped growth potential was the key.

Drawing from the metaphor of nurturing a Super Pumpkin, Bill draws parallels to the world of pumpkin farming, where some farmers opt for inexpensive seeds scattered haphazardly. Although an abundance of pumpkin sprouts, these seeds lack quality and the necessary room to reach their full potential.

Translating this metaphor, Bill emphasizes the power of strategically planting your metaphorical seed in an emerging market, allowing it the expansive environment it needs to thrive. Whether through investing in a promising property or channeling resources into an up-and-coming locale, this approach ignites the potential to not only recoup your investment but to flourish.

Bill's message resounds: By affording your STR (Short-Term Rental) the space to evolve organically, you pave the path for its ascension into the ranks of a Super Property. In the quest for excellence, the average isn't the goal – it's about striving for greatness. Tune in to gain profound insights on transforming your property into a true standout.

[00:00] Intro

[00:23] The Pumpkin Plan

[00:57] Beach Mountain Property

[01:21] Audit & Equity

[02:25] Pumpkin Farmers

[04:26] Never Strive For Average

[05:20] Super Pumpkin

[06:10] Finding Space

[07:13] 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

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

In the most recent episode of STRUnfiltered, Bill opens up by discussing Mike Michalowicz's impactful book, "The Pumpkin Plan," which has significantly influenced his approach to property investment. He vividly illustrates the concept of cultivating success by trimming the smaller pumpkins, allowing the larger ones to flourish.

Bill delves into his perspective on the pivotal role of time and money in driving individuals toward real estate ventures. His ultimate objective revolves around achieving his financial milestones with a minimal number of properties. Rather than fixating on amassing an extensive portfolio with countless units, he emphasizes the wisdom of focusing on a select few exceptionally prosperous properties. These properties, characterized by strong cash-on-cash returns, appreciation potential, and advantageous tax benefits, form the cornerstone of his strategy.

Expanding on this viewpoint, Bill advocates against the shortsighted approach of investing solely for the sake of cost segregation or 1031 exchanges. Instead, he highlights the long-term advantages of incorporating a holistic perspective into investment decisions. By aligning investments with future financial security and retirement plans, one can channel more energy into cultivating a thriving enterprise centered around a handful of properties that yield substantial revenue.

In the latter part of the episode, Bill shares insights from his recent condo deal, underscoring how cost segregation has emerged as a favorable factor in this endeavor. His decision-making process is driven by a comprehensive evaluation of multiple elements, prominently including the property's proximity to a flourishing national park—a key factor contributing to sustained cash flow. Bill's approach underscores the importance of considering these multifaceted aspects before committing to a new investment.

[00:00] Intro

[01:10] The Pumpkin Plan

[01:40] My Portfolio

[02:00] Rank Breeze

[04:10] Future Planning

[05:20] Cash on Cash

[05:45] Appreciation

[06:00] Tax Benefits

[08:58] Condo

[10:00] National Park

[10:55] 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

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

In the latest episode of STRUnfiltered, Bill delves into the strategies he employs to optimize his super properties, ensuring seamless operations across his multiple holdings. He highlights several indispensable tools that contribute to this success.

Bill opens the discussion by introducing OwnerRez, an instrumental platform for channel management. He couples this with Hospitable, a tool that facilitates automated guest messaging, thereby enabling swift and efficient communication. Notably, Bill emphasizes that prompt responses through Hospitable positively impact guest rankings. Another crucial asset in his arsenal is Rank Breeze, which significantly aids in refining listing optimization.

Perhaps the linchpin of Bill's business is his cell phone. This device provides him with the versatility to oversee all his listings remotely, a cornerstone of his operational efficiency. Further, he delves into his in-home technology arsenal, spotlighting Schlegan locks that enhance front-door security. The deployment of Ring cameras bolsters safety across his properties. Bill's endorsement of specific thermostat models underscores his attention to detail. He also underscores the convenience of the Pentair Pool App, which effectively manages his pools' temperature regulation.

Bill then shares his reliance on STRInsights for identifying prime Super Property investment opportunities, given its comprehensive view of nationwide investments and ROI analysis. To optimize pricing, he employs Pricelabs for dynamic rate adjustments. Airdna aids him in understanding market trends based on occupancy rates.

The final stretch of tools includes MarketMySTR, a comprehensive marketing suite that integrates email marketing, text message campaigns, and live chat support, redefining Bill's approach to promotional efforts. With STRVAS, Bill taps into a network of adept Virtual Assistants, alleviating routine tasks while adding value. Lastly, Google Trends serves as a strategic resource, enabling Bill to target guest origins and potential destinations effectively.

Through a combination of strategic tools and innovative approaches, Bill has honed his property management into a finely tuned operation, maximizing guest satisfaction and business success.

[00:00] Intro

[00:58] PMS: OwnerRez

[01:37] Hospitable

[02:00] Rank Breeze

[04:05] Everything From My Phone

[04:30] Schlage Locks

[05:00] Ring Cameras

[05:50] Thermostats

[06:35] Pentair Pool App

[07:00] Pool Heaters

[08:30] STR Insights

[10:00] Pricelabs

[10:27] MarketMySTR

[11:25] STRVAS

[13:00] Google Trends

[13:43] Recap

OwnerRez https://www.ownerreservations.com?referredBy=oru5b14b4ce13x

Hospitable https://hospitable.com/?grsf=gojytl

Rank Breeze https://rankbreeze.com/?affiliate=bstrw

Schlage  https://www.schlage.com/en/home/products/products-smart-locks.html

Ring https://ring.com

Ecobee thermostat https://www.ecobee.com

Pentair app https://www.pentair.com/en-us/pentairhome.html

STR Insights https://www.strinsights.com/

Pricelabs https://pricelabs.co/users/sign_up?referral=pFGkTd

MarketMySTR https://marketmystr.com/

STRVAs https://www.strvas.com/

Google Trends https://trends.google.com/trends/

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 the latest episode of STRUnfiltered, Bill delves into cutting-edge marketing techniques that can elevate your STR's appeal and secure numerous bookings throughout the Fall and winter seasons.

At the heart of your short-term rental business, the cornerstone remains hospitality. Bill underscores the significance of engaging with your guests, demonstrating that their comfort and concerns are of paramount importance. He astutely notes that apprehensions about guest disengagement from email subscriptions are natural. The solution lies not in ceaseless sales pitches for your property, but rather in imbuing your written content with substantial value.

Bill further explores the concept of cultivating a sense of urgency and exclusivity among your guests. By doing so, you craft an environment where they feel like valued members of an exclusive VIP community. This allure kindles their desire to select your property for their forthcoming family getaways.

The episode also delves into leveraging Lookalike lists within Facebook ads. This strategic approach presents your property to individuals who mirror the demographics of your prior guests. The integration of this technique with platforms like Airbnb and Vrbo propels your listing's popularity. As rankings on Airbnb operate as a popularity contest, channeling increased traffic toward your listing inevitably enhances your property's visibility and ranking.

In essence, Bill's insights empower you to refine your marketing tactics, prioritize guest satisfaction, and ultimately secure a stronger foothold in the competitive short-term rental landscape.

[00:00] Intro

[00:50] Summer To Fall Mode

[02:00] Being A Giver

[02:40] Hospitality

[03:18] My Email List

[04:00] Urgency & Exclusivity

[05:15] Taking Care of Your People

[06:36] Facebook Ads

[10:23] Sending Emails

[11:15] Rankings on Popularity

[12:30] Follow Friday

[13:00] Wrapping Up

Unify your data and convert your guests into loyal, repeat customers with smart email, text, and digital marketing by using Stayfi. Click here to learn more > https://stayfi.com?lmref=CfXJjQ

Join us February 5-7 at the STR Wealth Conference with Keynote speaker Daymond John! Learn more and get your ticket today before we run out > https://strwealthconference.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

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

In this episode of STRUnfiltered, Bill dives deep into demystifying the hashtag #Airbnbust. He lays out the essential connection between sprucing up your property's marketing and amenities and navigating through the winter season without a hitch.

Bill shares his practical approach to property evaluation and opens up about his strategy of letting go of well-performing properties to seize new investment opportunities. He emphasizes the need for a genuine market interest, underscoring that lukewarm excitement just won't cut it when making investment decisions.

He raises a thought-provoking question about your financial preparedness to take the investment plunge. He's brutally honest about properties that end up being money-draining sinkholes, emphasizing that it's like having a hobby that sucks your bank account dry. Bill also lets you in on the savvy moves he made in Whitefish that paved the way for acquiring another property.

Bill is all about enhancing the guest experience. He shares practical tips, including the use of platforms like MarketMySTR—an all-in-one CRM that streamlines property marketing. And don't miss his enthusiasm for the upcoming STR Wealth Conference—an event brimming with valuable insights, especially for those hungry for knowledge.

Tune in to this episode for a treasure trove of ideas on how to steer your property toward success even in a market that's in the midst of a correction!

[00:00] Tale of the STR Investor

[01:40] #Airbnbust

[03:05] Super Property

[04:42] Audit Your Property

[07:04] Interest in Market

[08:00] Are You Financially Ready?

[12:00] Market Correcting Itself

[13:05] MarketMySTR

[14:45] Seeing You Succeed

[15:50] STR Wealth Conference

[16:58] 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 the latest episode of STRUnfiltered, Bill shares invaluable insights on choosing the perfect Interior Designer for your project. Building a strong relationship with your designer is key, and asking the right questions during the vetting process is crucial.

Discovering the right fit involves the fundamental truth: Do you trust this person? Will they bring your vision to life, delivering a product that excites you? Remember, a well-designed space can transform your property from ordinary to extraordinary, and though it may come at a cost, it's worth every penny.

Before diving into any partnership, define what you desire from this relationship. Each collaboration is unique, and clear expectations pave the way for success.

While most designers have good intentions, it's essential to be cautious. Some big-time designers might exploit legalities, potentially leading to troublesome situations. Protect yourself and your property by laying out terms and conditions explicitly, avoiding unnecessary complexities that could cause trouble down the line.

Join us in this eye-opening episode as we unravel the secrets of finding the ideal Interior Designer. Remember, a well-chosen designer can turn your property into a masterpiece, elevating its value and leaving a lasting impression on every guest.

[00:00] Introduction

[00:45] Minoan

[01:30] Details Details Details

[03:10] Back to Minoan

[08:08] Questions to Ask

[08:52] Do You Trust Them?

[10:15] 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.

Welcome back to STRUnfiltered! In this episode, Bill dives into the power of small gestures that can significantly enhance guests' experiences and how embracing basic hospitality is essential for success in the short-term rental industry. He shares insightful tips on the starter pack of amenities he provides, emphasizing how every detail matters in creating a remarkable stay.

One of his best examples is leaving extra phone chargers as they're the number one thing people forget at home. Additionally, setting water bottles on the bedside table caters to guests' late-night thirst needs, leaving a lasting impression of care and thoughtfulness.

However, it's not just about offering these amenities; it's equally crucial to showcase and market them effectively to guests. These little touches throughout the house can make a substantial impact, yet the true essence of hospitality provided by the host often goes unnoticed. Demonstrating genuine care for each aspect of your guests' stay will undoubtedly lead to a glowing five-star review for your STR.

So, remember to pay attention to the small things and ensure that your guests feel valued and well-cared for. These seemingly minor gestures can make a world of difference in their overall experience, setting your STR apart and ensuring success in this competitive industry.

[00:00] Introduction

[00:27] Invest in Amenities

[04:20] Starter Pack

[05:30] Showcasing Amenities

[07:40] Pillows

[08:35] Basic Hospitality

[09:00] 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