Walk Before You Run Into A New Market
This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform. Kenny and Bill discuss the importance of taking measured steps when investing in short-term rentals (STRs). They share their recent experiences with a new market and offer valuable insights for aspiring STR investors. Here are the key takeaways: Market Research Is Crucial: Before diving into any new market or neighborhood, conduct thorough research. Evaluate the market's potential for short-term rentals, its regulations, and trends. Don't Blindly Follow Influencers: Be cautious when following the advice of influencers, including Kenny and Bill. Rather than copying their choices, understand their decision-making process and adapt it to your unique situation. Align Your Goals: Ensure that you and your partner (if applicable) are aligned in terms of your financial goals and investment strategies. Misalignment can lead to poor decision-making. Develop a Customer Acquisition Strategy: Focus on your ideal buyer persona. Understand what they want, need, and are willing to pay for. Tailor your property and marketing to attract this specific audience. Brand and Culture Matter: Building a brand and a unique culture around your STR can set you apart from the competition. Create an experience that resonates with your target audience. Product vs. Customer Focus: Don't solely focus on the quality of your property (product). Concentrate on acquiring the right customers who appreciate what you offer. Prepare a Pre-Offer Checklist: Develop a checklist that guides your decision-making process before making an offer on a property. Consider factors like the ideal buyer persona, amenities, and post-close budget. Confidence and Expertise: If you lack confidence or expertise in certain areas, consider seeking help from professionals like Kenny and Bill to navigate the complex world of STR investing. Remember, successful STR investing involves more than just buying a property; it requires a well-thought-out strategy and understanding your target market and audience. Stay tuned for the next episode of STRonomics as Kenny and Bill delve deeper into the steps and processes of successful STR investing. 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<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1 Build STR Wealth: https://buildstrwealth.com/ Instagram: @BillFaeth73 Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices