STRonomics

Increase Revenue Big Time By Niching Down

Apr 4, 2024

Bill Faeth and Kenny Bedwell discuss the success of niche marketing in the short-term rental industry, focusing on pet-friendly and cannabis properties. They highlight the importance of targeting the right audience without being overly niche, cautioning against personal preferences overshadowing market demand. The conversation emphasizes the potential of well-thought-out themed and targeted properties in increasing occupancy and revenue.

19:27

Episode guests

Kenny Bedwell

Bill Faeth

AI Summary

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Targeting an ideal buyer boosts rental property performance by catering to specific demographics like pet owners or cannabis enthusiasts.

Showcasing unique selling points in property listings, such as family-friendly amenities, helps differentiate and attract guests seeking specific experiences.

Deep dives

Importance of Targeting Ideal Buyers

One of the main insights discussed in the podcast was the significance of targeting an ideal buyer in marketing a rental property. By focusing on a specific demographic, such as pet owners or cannabis enthusiasts, hosts can tailor their offerings to meet the unique needs and preferences of their target audience. The example of a host in Blue Ridge who successfully attracted guests by creating a pet-friendly environment highlights the impact of niche marketing in maximizing rental property performance.

Introduction

2min

Niche Marketing Strategies for Property Businesses

13min

Balancing Personal Lifestyle with STR Investment Decisions

2min

Strategies for Targeting Specific Guests Through Property Design

2min

Strategies for Effective Niching in Property Marketing

2min

This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.

In this episode of STRonomics, hosts are joined by Bill Faeth and Kenny Bedwell to explore the importance of niche marketing in the short-term rental (STR) industry. They discuss the success of a Blue Ridge property owner who significantly increased earnings by making her listings the most pet-friendly in the area, showcasing amenities like custom dog biscuits and a pet souvenir station. Another property offers a cannabis-friendly experience, catering to guests interested in a smoke-friendly environment. The conversation also covers themed properties, like Taylor Swift-themed homes and overly themed Harry Potter houses, emphasizing the importance of targeting the right audience without being overly niche. They caution against personal preferences overshadowing market demand and highlight that successful niche marketing aligns with guest demographics and interests, showing the potential of well-thought-out themed and targeted properties in increasing occupancy and revenue.

00:00 Welcome to STRonomics

00:28 Diving into Niche Marketing in Real Estate

00:35 The Power of Targeting Ideal Buyers

01:45 A Deep Dive into Pet-Friendly and Cannabis Properties

05:00 The Importance of Going All In on Your Niche

06:40 Exploring Other Niche Property Themes

07:09 The Pitfalls of Over-Theming and Misalignment with Market

13:22 The Key to Successful Niche Marketing: Understanding Your Audience

18:53 Closing Thoughts and Future Episodes

We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/

Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

STR Data Hosts Facebook Page

Instagram: Kenny_Bedwell

You can find more of Bill online at:

Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1

Build STR Wealth: https://buildstrwealth.com/

Instagram: @BillFaeth73

Tik Tok: @bfaeth

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