Short Term Rental Riches 207. Unlocking the Art of Super Properties with Bill Faeth
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Oct 31, 2023 Real estate veteran Bill Faeth shares strategies for creating unforgettable experiences in short-term rental properties. Topics covered include understanding super properties, achieving consistency in property management, assembling the ideal team, the significance of first impressions, attention to detail, and the importance of marketing. The episode also explores the role of marketing, creating a standardized experience for guests, and aligning with your spouse in the short-term rental industry.
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From PGA Tour To Property Owner
- Bill Faeth bought a duplex at 19 after a CPA advised investing instead of gambling his winnings.
- He converted multiple properties to short-term rentals after poor management forced him to take control and improve revenue.
Buy Proximity, Not Stuff
- A super property maximizes marketability by buying proximity and views first and spending conservatively.
- Spend only what creates clear marketing value for your ideal guest and avoid unnecessary high-cost amenities.
Design For One Clear Buyer
- Identify a clear guest avatar (e.g., Wealthy Wendy) and design the property to match her standards and expectations.
- Tailor renovations and amenities to reflect what your target booker expects at home to justify a higher ADR.