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 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at http://www.trustgreene.com/podcast/zen/124 to download it. Supporting Resources: Build STR Wealth website - buildstrwealth.com Build STR Wealth Facebook group - www.facebook.com/groups/284886002732508 Bill Faeth on Instagram - www.instagram.com/BillFaeth73 Connect with Bill on LinkedIn - www.linkedin.com/in/billfaeth Listen to the STRonomics podcast - stronomics.com Bill and Kenny's Hot Picks - bkhotpicks.com Bill Faeth on TikTok - www.tiktok.com/@bfaeth Website - www.streamlined.properties YouTube - www.youtube.com/c/JonathanGreeneRE/videos Instagram - www.instagram.com/trustgreene Instagram - www.instagram.com/streamlinedproperties TikTok - www.tiktok.com/@trustgreene Zillow - https://www.zillow.com/profile/StreamlinedReal Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/streamlinedproperties Email - info@streamlined.properties Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.