124: How to Build Short-Term Rental Wealth with Bill Faeth

While there’s a lot of buzz about the death of short-term rentals, some landlords are still finding tremendous success with this asset class. Today’s guest explains his methodology, pointing to calculation, hospitality, and the “plus ones” as keys to a thriving business.

On this episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Bill Faeth, a short-term rental master, with unbelievable tips for creating a memorable experience in your properties. Bill is an Airbnb coach and eight-figure business leader who founded the STR Wealth Conference, the Build STR Wealth Mastermind, and a Facebook group. Over the years, Bill has coached 20,000+ students through his program and has two podcasts: STRonomics and STR Unfiltered.

Jonathan and Bill begin the episode by exploring his grandparents’ influence on how he chooses investments, his belief in price elasticity, and creating an exit strategy for every investment. Bill outlines the reasons for focusing on higher amenities in his short-term rentals (STRs), ensuring you’re applying standardized business principles to your strategy, and FOMO’s impact on people’s investing choices. He explains the importance of treating clients as highly qualified leads while building rapport and trust, three things your guests should know about you, and buying STRs in areas you enjoy visiting as much as your clients do.

Short-term rentals are far from dead, and Bill Faeth’s conversation with Jonathan is a mini-masterclass on how to do them right.

In this episode, you will hear:

Bill Faeth’s response to the idea that short-term rentals are dead and why he’s a fan of buying during the slower times
His belief in price elasticity, along with the “Louis Vuitton” model and the importance of an exit strategy
The discipline Bill’s family instilled in him as he began to invest on his own
Bill’s focus on higher amenities to generate more income off one property versus multiple streams that require more management
Focusing on priorities with intentionality
Applying standardized business principles to your investing strategy
How FOMO is impacting people’s investing choices
The minimal impact Bill’s investments have experienced versus investments in the typical areas and the need for deeper research
The mindset it takes to ascend, where it originates from, and why you can’t take shortcuts to success
Treating clients as a highly qualified lead while building rapport and trust, which earns you the right to fail and recover
Setting the tone for the post-checkout communication and the 200-day funnel
Three things your guests should know about you
Enjoying your short-term rentals, buying in locations you love, and clustering
Why it isn’t realistic to get five-star reviews from every renter and how to handle bad reviews
How a lack of consistency could lead to the demise of the short-term rental industry
The misinformation surrounding creating LLCs
Creating repeat customers with small touches and the plus ones
Implementing ideas from other people into your business to add to your success

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