By The Hospitable Team
From professional golf player to CEO of logistics and marketing companies and now, a guiding light for short-term rental (STR) hosts… intrigued? That’s because Bill Faeth, the brilliant mind behind Build STR Wealth, is the most recent expert guest on the Hospitable Hosts podcast.
This time we sit down to outline why and how to make marketing your hosting superpower. Discover Bill’s “golden rules” for vacation rentals and the pivotal role marketing plays among them. It’s a conversation filled with insights, advice and a dash of humor you don’t want to miss.
Hit play now and uncover the superpower within – the host’s marketing prowess!
Prefer to read the highlights? We’ve got a summary of the key takeaways below.
The Crushing Trio
The magic trinity, according to Bill, consists of mastering property management, marketing and revenue management. He candidly puts it this way:
“If you know how to build a super property, if you know how to do marketing, and if you know how to do revenue management… if you can do those three things [at the top level], you can still crush it. If you can’t, if you’re average at those three things, you’re gonna struggle.”
But fear not — as you don’t have to search for top-notch solutions and strategies all alone. Bill emphasizes the importance of recognizing your own “genius zone” and delegating tasks that don’t fall into it. While you might not find Bill balancing the books, you’ll discover him diving deep into revenue management and marketing.
The latter is exactly what we are zooming in on during our lively conversation.
Delegate your routine hosting duties to Hospitable’s smart tools today!
You Gotta Stand Out. Here’s How
Bill agreed with the importance of off-platform marketing, but he insists that your journey starts on-platform and that’s where you have to stand out.
Value stacking 📚
Bill makes it clear — you should target your ideal audience via something he calls the “value stacking” principle, which extends beyond the fancy property aesthetics.
The primary focus should be on making your property unique or as Bill puts it, “It’s about adding something that ties to the occupancy. Everything from tampons to toothpaste for guests when they check-in and from adding a coffee bar to things like a mural, just as an example…”
P.S. Bill also warns against overspending — keep the return on investment (ROI) in mind.
Buyer persona and target markets 🤑
Bill believes that understanding where your ideal guests live and their interests is key. He personally rotates between different towns, tapping into relevant forums and social media groups while doing his “research homework.”
Bill advises, “You got to know where to be able to target. Because you can go in and do that organically — for free — through the buy-sell-trade groups or on Facebook. You just gotta read the rules. Some allow you to post, some don’t.”
Tailored communication 📬
Bill also strongly advises you to tailor communication. Given that 73% of his bookings come from females, Bill adapts his communication and listing copy. The tone, he explains, varies to make every part of the property attractive to this audience. Further, he shares a little trick:
“So I’m writing my copy to females, right? So I’ll use ChatGPT, but then I’ll also put it into Jasper.ai, and then I polish it as I want the tone to be soft and to be written towards females. A lot of that attention to detail is what separates the average or the good from the great.”
No Space for Rookie Mistakes
One of the biggest rookie mistakes Bill notes is the belief that Instagram or TikTok alone will secure bookings. Bill underlines that captivating content begins with your property’s design — if it’s average, your chances of grabbing attention are slim. There’s simply too much noise.
For Bill, the real secret sauce is Facebook ads. He recommends using Facebook ads strategically and ensuring the content is exceptional. Cutting to the chase, “If you don’t have the car crash, nobody’s gonna care.”
Want to hear the exceptional marketing stories that Bill shares? Grasp the true power of creative and attention-grabbing content in the full episode of our Hospitable Hosts podcast!
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We’ve been inviting the best industry experts to our Hospitable Hosts podcast. Our guests shared their valuable insights and expertise on how to navigate the short-term rental industry and gave valuable tips that can make your life as a host just that little bit easier.
20 Top-Rated STR Podcasts for Vacation Rental Hosts
To help you take stock, get inspired, and improve day-to-day operations at your short-term rental (STR) business, we’ve put together a list of the best podcasts to check out in 2023. Hosted by industry veterans and packed with actionable insights, these entertaining shows will help you work more effectively, increase occupancy, and improve your guest experience.
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