Bill welcomes Sam Rubin, the founder of the top luxury concierge service, DONE Concierge Service, based in Park City. Sam shares his journey from the restaurant business and email marketing in Huntsville, Alabama, to managing a high-end ground transportation company and luxury concierge service. Sam discusses the importance of exceptional guest services, such as personalized grocery deliveries and transportation, and how they can elevate short-term rental experiences. He emphasizes the value of ...
Nov 19, 2024•39 min•Ep. 165
https://www.marketmystr.com/ https://go.buildstrwealth.com/movetheneedle Bill explores the power of email marketing to increase direct bookings for short-term rental properties. He shares practical strategies including leveraging tools like StayFi for email capture and Market My STR for comprehensive marketing automation. Bill emphasizes the importance of building a 200-day email funnel to foster repeat bookings and discusses how integrating personalized content and multiple communication channe...
Nov 12, 2024•17 min•Ep. 164
https://go.buildstrwealth.com/movetheneedle MarketMySTR: https://www.marketmystr.com/ Co-hosting Business Masterclass: https://buildstrwealth.com/cohost 5/50/250 Plan: buildstrwealth.com/550250masterclass In this episode you'll learn how to break into the Airbnb business without owning a property by becoming a co-host. Bill explains the process, addressing common questions about co-hosting, required skills, and how to make money. He contrasts co-hosting with the riskier Airbnb arbitrage model an...
Nov 05, 2024•22 min•Ep. 163
https://go.buildstrwealth.com/movetheneedle Bill welcomes Brianna Chavis, a resilient co-host in the short-term rental (STR) industry. Brianna shares her remarkable journey overcoming significant adversities, including losing her home to a fire and enduring hurricane damages. The discussion highlights her transition from real estate investing to co-hosting to recover financially, underscoring the importance of resilience, safety measures, and proper insurance coverage. Brianna's experiences offe...
Oct 29, 2024•24 min•Ep. 162
https://go.buildstrwealth.com/movetheneedle Bill sits down with Austin Palacios, a wealth manager turned short-term rental investor, to discuss his journey into the rental market and the establishment of his Airbnb property management business in Southern Florida. The conversation reveals strategies for managing and scaling a property portfolio, particularly focusing on high-revenue, luxury properties with pools. Key insights include effective customer acquisition, building authority in a single...
Oct 22, 2024•24 min•Ep. 161
https://go.buildstrwealth.com/movetheneedle Bill discusses the critical importance of evaluating real estate agents when purchasing property. He outlines four essential criteria every agent must meet, highlighting the necessity of running your own numbers and underlining the pitfalls of relying solely on agents' calculations. Bill shares his experiences with top agents such as Avery Carl and Tyler Coon, emphasizing the significance of an agent's experience and their involvement in the short-term...
Oct 15, 2024•12 min•Ep. 160
https://go.buildstrwealth.com/movetheneedle Bill outlines a comprehensive guide to becoming the number one property in your market by focusing on location, views, proximity, unique amenities, and guest-centric design. With specific examples from successful properties, it highlights the importance of a best location that cannot be replicated, ensuring top views, proximity to desired attractions, and offering distinctive amenities. The focus is also on designing for an ideal guest persona, such as...
Oct 08, 2024•16 min•Ep. 159
https://go.buildstrwealth.com/movetheneedle Bill walks listeners through the challenges that short-term rental property owners will face in 2024, identifying seven key components to address: Market Saturation, Market Selection, The Kardashian Effect, Budget, Pricing Strategies, Debt Control, and Proforma Use. Faye emphasizes the importance of unique amenities, competitive pricing, and efficient property setup. Additionally, he advises on prudent financial management and the strategic timing of p...
Oct 01, 2024•26 min•Ep. 158
https://go.buildstrwealth.com/movetheneedle Bill sits down with Erik Courson from STR Tech Talk to discuss essential technology and automation tips for short-term rental hosts. They dive into the importance of getting hands-on experience before adopting advanced platforms like OwnerRez, the value of mobile experience, and the critical role of guest messaging. Erik shares insights on using platforms such as Hospitable for better messaging management, integrating AI for optimizing pricing, and the...
Sep 24, 2024•13 min•Ep. 157
https://go.buildstrwealth.com/movetheneedle Bill sits down with Avery Carl, a renowned expert in short-term rentals, discusses her preparations for the New York Marathon, balancing family life with professional responsibilities, and her approach to real estate investments. They touch upon the current state of the real estate market, including the best strategies for buying and selling properties amidst high interest rates and market fluctuations. Avery shares her personal investment experiences,...
Sep 17, 2024•41 min•Ep. 156
https://go.buildstrwealth.com/movetheneedle Bill sits down with Jake Cohen, a top revenue manager, who provides insights on effective revenue management strategies post-COVID. Topics include the importance of market data, PriceLabs Market Research Report, listing optimization, and manual versus automated pricing adjustments. Jake also emphasizes the necessity of regular data review and offers free consultations to enhance revenue management. stayfi.com/bill Discount code: BILL https://www.stepby...
Sep 10, 2024•20 min•Ep. 155
Ryan Bakke's Tax Prep: https://retaxprep.com/apply?am_id=billfaeth2205 Bill is joined by Ryan Bakke, a key team member and expert in financial and tax planning. They discuss critical steps for financial stability, including establishing an emergency fund, leveraging 401k matches, calculating the financial independence number, and strategically investing in real estate. Ryan also introduces a new affordable tax preparation program designed for real estate investors. The episode wraps up with insi...
Sep 03, 2024•16 min•Ep. 154
Bill is joined by Tyler Coon from Savvy Realty. They discuss Tyler's rapid business expansion into multiple more markets over less than two years due to client demand and hiring a director of expansion. Key topics include leveraging strengths, outsourcing weaknesses, effective communication through DISC testing, and evaluating STR market potential in various U.S. regions. They also delve into recent changes in NAR regulations and their impact on buyers, sellers, and real estate agents, along wit...
Aug 28, 2024•20 min•Ep. 153
Bill shares his extensive experience in generating significant revenue through co-hosting. He outlines an effective sales process tailored for the Short-Term Rental (STR) market, emphasizing targeted lead generation over traditional mass-appeal methods. Bill discusses the importance of selecting high-value properties, leveraging sales strategies from other industries, and provides a detailed step-by-step guide for closing deals. He also stresses the significance of understanding objections, havi...
Aug 20, 2024•23 min•Ep. 152
Bill welcomes special guest Paula Blankenship, a successful entrepreneur with a rich history in the furniture and paint industries. Blankenship shares her journey from growing up in Tennessee with entrepreneurial parents to creating the 23rd largest paint company in North America. She discusses the importance of vertical integration, the challenges faced during economic downturns, and her groundbreaking product, All-In-One Paint. Blankenship's story is filled with invaluable lessons on resilienc...
Aug 13, 2024•39 min•Ep. 151
Bootcamp Tour: https://go.buildstrwealth.com/tour Bill emphasizes the importance of uniqueness in real estate investments. He criticizes the impatient and reckless approach of current buyers who are not properly underwriting properties. Bill shares personal experiences with his unique properties, detailing how these distinct features provide competitive advantages and higher returns. He also offers insights on avoiding common pitfalls, like overdesigning, and stresses the importance of continuou...
Aug 06, 2024•15 min•Ep. 150
Bill Faith and guest Emile Sahkel discuss the critical role of revenue management in short-term rental success. Emile, an experienced anesthesiologist turned revenue manager, shares insights on setting realistic goals, evaluating market conditions, seasonal pricing strategies, and overcoming common mistakes self-managers make. They also discuss leveraging marketing alongside revenue management to boost performance and share real-life examples of how these strategies have significantly increased ...
Jul 30, 2024•40 min•Ep. 149
Bill addresses common misconceptions about revenue management and outlines key principles for success. The speaker introduces an upcoming series featuring top revenue managers like Emile Sakhel and Jake Cohen, emphasizing the importance of mindset and manual processes in revenue management. Strategies discussed include daily and multiple daily pricing adjustments, importance of minimum night stays, and using market research reports to inform pricing strategies. The host also highlights the role ...
Jul 23, 2024•14 min•Ep. 148
Bill shares his methods for building personal connections with guests, emphasizing direct communication, personalized messages, and maintaining high service standards to boost guest satisfaction and generate rebookings. Additionally, Bill outlines the critical role of speed and quality control in managing rental properties effectively. Couples Retreat - https://buildstrwealth.com/puertorico stayfi.com/bill Discount code: BILL www.buildstrwealth.com/550250masterclass ➡️ Connect with us: • Join Ou...
Jul 16, 2024•13 min•Ep. 150
Bill shares his comprehensive checklist for underwriting profitable properties, emphasizing the importance of intangibles and listing optimization. Broadcasting from a lakefront property in Alabama, he discusses key components such as revenue management, off-platform marketing, and advanced listing techniques. Bill highlights the critical role of high-quality photos, exceptional copywriting, and effective use of dynamic pricing tools. The episode provides a deep dive into his targeted marketing ...
Jul 09, 2024•20 min•Ep. 146
Bill shares his strategy for reducing dependence on Online Travel Agencies (OTAs) and boosting direct bookings. He discusses his '550 250 Plan,' which aims to generate $250,000 in income over five years with five properties, each netting over $50,000. Bill details his latest $3 million property purchase in Montana, funded through strategic sales and creative financing. He breaks down essential components of sound investing: cash flow, appreciation, tax benefits, and debt paydown, and provides ac...
Jul 02, 2024•22 min•Ep. 145
Bill Faeth draws on his personal experiences to offer insights on maximizing revenue from short-term rentals. Recording from his cabin in Olney, Montana, Bill shares the story of his own property investment, discussing the importance of marketing skills, the underwriting process, and the need to balance lifestyle desires with financial decisions. He categorizes property purchases into three buckets: 100% financial-driven, a mix of lifestyle and financial, and primarily lifestyle-focused. Bill em...
Jun 25, 2024•12 min•Ep. 144
Bill Faeth and tax strategy expert David Perez dive into the world of short-term rentals (STR) and real estate investing. They discuss the crucial distinction between tax strategy and tax preparation, the benefits of STR for generating cash flow, and overcoming the challenges of high interest rates. The episode covers David’s WISC formula—Wealth, Income, Savings, and Control—and advice on navigating the real estate market for maximum tax and investment benefits. They also introduce the concept o...
Jun 18, 2024•59 min•Ep. 143
Bill focuses on the rampant issue of buyer's remorse in the short-term rental and real estate industry. Bill shares insights from his 32 coaching calls, highlighting the importance of the entry point in real estate investments. He outlines the four critical components of underwriting a property: cash flow, appreciation, tax benefits, and debt paydown. Bill emphasizes the importance of due diligence and running multiple proformas to mitigate risks. He also discusses the significance of accelerate...
Jun 11, 2024•20 min•Ep. 142
Bill delves into the importance of obtaining five-star reviews for short-term rentals. He shares a comprehensive strategy for ensuring great reviews through proactive communication, exemplary hospitality, and timely follow-up. He emphasizes the critical role of initial interactions, response speed, and personalized touchpoints like charcuterie boards and discounts. Bill also highlights the nuanced differences between platforms like Airbnb and VRBO in soliciting reviews and underlines the signifi...
Jun 04, 2024•11 min•Ep. 141
Bill emphasizes treating short-term rentals as a business rather than a casual endeavor for it to be successful. He recounts his initial struggles with property management companies and how taking a self-managed, business-focused approach drastically improved his operations. Bill discusses the importance of self-management, mastering revenue management and off-platform marketing, and the critical role of automation in managing properties efficiently. He highlights his journey from purchasing his...
May 28, 2024•14 min•Ep. 140
The Property Stacking Masterclass. https://buildstrwealth.com/550250masterclass In this episode of STR unfiltered, host Bill Faeth and guest Ryan Bakke, a CPA and real estate investor, share insights into the complexities of real estate investments, taxes, and maximizing returns. Ryan, renowned for saving Bill nearly $2 million in taxes, discusses the strategic tax benefits of investing in real estate, the impact of legislation like the cost segregation bill, and tactics to leverage tax refunds ...
May 21, 2024•24 min•Ep. 139
The Property Stacking Masterclass. https://buildstrwealth.com/550250masterclass In this episode of STR Unfiltered, host Bill Faeth introduces viewers to the concept of co-hosting on Airbnb as a lucrative way to engage in the short-term rental market without the need to own property. Focusing on actionable strategies, the guide covers key aspects such as revenue management, marketing, listing optimization, guest communication, and how to charge for services. Bill argues against the popular practi...
May 14, 2024•14 min•Ep. 138
In this episode of STR Unfiltered, Bill Faeth and his guest, Wil Slickers , dive into the controversial Airbnb icons update, discussing its implications and the future trajectory of Airbnb. Wil, with his deep industry insights, suggests that the update marks the beginning of Airbnb transitioning into a social media platform, focusing on connecting people and enhancing user experience through unique, personalized content. The discussion touches on Brian Chesky's long-term vision for Airbnb, exami...
May 09, 2024•39 min•Ep. 145
⏺️ Join Our Masterclass to Unlock STR Wealth: https://buildstrwealth.com/550250masterclass It’s no secret. Amenities can make or break the success of your short-term rental. But not all amenities are equal. Some will make you money, some will do nothing worth mentioning, and some will only cost you your time and money. So, before you go and spend your hard-earned money on terrible amenities, watch this research-backed guide on the best and worst amenities for your Airbnb! This video will save yo...
May 02, 2024•17 min•Ep. 144
