From Engineer to Remote STR Pro: Eric Bell’s Journey to Automating Success

In this episode of the Hospitable Hosts podcast, we're excited to welcome Eric Bell, founder of Milux, a property management company that offers co-hosting services in Michigan. Eric is also a dedicated Hospitable customer on the Mogul plan.

Eric shares his inspiring journey from working as an electrical engineer to launching a thriving short-term rental business while managing properties remotely. From the challenges of arbitrage to the nuances of co-hosting, Eric walks us through his strategy for automating operations, scaling his business, and incorporating smart home technology to enhance guest experiences.

Tune in to the full episode of the Hospitable Hosts podcast to discover how Eric has built a successful short-term rental business and what lessons he learned.

Why Short-Term Rentals?

Eric reveals that he entered the short-term rental industry to bring out his "value and knowledge" and "build financial and retirement security."

"That's why I took the leap to get in. After I did so, those things came to light. Financial literacy, proving to myself that I can do more and push myself to the limit. That is the main reason why I jumped in. I couldn't tell you why I chose real estate and short-term rentals. At the time, I wasn't passionate in one way or the other. I just knew that I wanted to try something, and this was the thing I wanted. I had seen maybe a few articles or friends doing similar, so that's probably why."

Eric admits that, initially, finding the balance between working a full-time job and running short-term rentals was rather challenging. However, he managed to create a well-structured schedule that works for him, helps him stay focused on his tasks, and maintains that balance. Eric underlines that active hosting is fun for him. "It's enjoyable. You're pushing yourself, proving that you can do something."

What Eric's Business Looks Like Today

Eric started hosting three and a half years ago and now operates nine short-term rental properties. "Initially, I chose arbitrage as a method of entering the industry. I didn't have the experience to prove myself as a co-host, so I didn't expect anybody to take me as a co-host," he says.

Eric says he knew nothing about the STR industry when he started with just one little townhouse property in North Carolina, which he managed remotely. He thinks he was lucky that the property worked well. "I did a lot of research and a lot of market analysis. That's very important. And I made about 350 phone calls from my desk in Michigan before I landed my first deal," Eric explains. "We grew to five arbitrage properties in North Carolina. And then I started to learn even more."

Then, the owner of Eric's first arbitrage property, who wanted to become a short-term rental investor, hired him as a consultant. "I helped him look for and purchase a property, analyze that property before the purchase, and then get everything set up—teams, design, pricing, and strategy. And then I let him kind of run with it. That was my first experience transitioning into the co-host space, and I enjoyed it."

Eric decided he would prefer a co-hosting route, at least now. "I want to invest myself, but I'm a little young. I think I can wait and build my co-hosting portfolio," he explains. He also offers services as a consultant, helping STR investors achieve their goals and succeed in the hospitality world.

Advice for New Hosts

Eric has two pieces of advice for anyone who wants to enter the STR industry. The first is to learn market research and analysis "because that's all that matters"—you need to find a property with a high earning potential. The second is to connect with other hosts.

"It's sometimes hard to connect with hosts, but platforms like Hospitable and your guys' Town Halls or some of your open community events where people can join without being a subscriber. Those are great things. Facebook groups and other conventions are all great ways to get a sense of the industry before jumping in."

Eric also points out that hosting has a personal touch, and you must enjoy your property or market to succeed. He points out that it's essential to "not only do your market analysis of the property and its demand but also do your target market research" and know your potential guests' needs and preferences.

Using Smart Home Tech

Regarding security tech, Eric emphasizes the importance of choosing high-quality cameras and smart door locks to enhance guest experience. "They're for the guests. They're not just for you as a host. The guest wants to know that the home they're staying in is protected. So stay away from some of your cheaper branded things."

As the conversation continues, Eric shares his ideas on how smart tech could help hosts manage inventory. He also suggested some advanced functionality related to smart home tech that he would like to see in Hospitable's guest portals. He thinks it could be "fun and interactive and enjoyable for guests" while giving hosts peace of mind.

Listen to the full episode of the Hospitable Hosts podcast to get inspired by Eric's journey in co-hosting and learn about the strategies that help him succeed.