Short Term Rental Case Study with Steve Fierros and Matt Callihan

Join Steve and Matt as they talk about a short-term rental deal they closed last July, which just went live this month. The listing is a cabin located in the Coosawattee River Resort, a gated neighborhood with multiple pools, a game room, and other amenities. So far, the multi-floor cabin has been booked well. Hence, they will take us through what the place looks like, and the work put into it. Not only that but Steve and Matt will also explain the other facets of real estate that they dove into to feed their multifamily projects. As always, there’s plenty to take away from today’s episode, so make sure to stay tuned and enjoy!

 

Providing Value to Gain Value

At first, Steve and Matt go over some exciting features of their multi-floor cabin listing, from the indoor slide to the game room, the fire pit in the back, the neighborhood amenities, so on and so forth. Most hosts, often new to real estate, would dismiss these features, focusing on the basic amenities of a short-term rental. However, these two saw these features as an opportunity to add value to the listing. As with most short-term rentals, people often book them to take a break from their usual routine. But with the rise of online listings for vacation rentals, standing out among people’s searches becomes more challenging.

Steve said it best with “we only get compensated for anything when we are providing value.” In other words, to stay on top of searches and possibly increase bookings, it is essential for you as the host to provide an experience rather than just another room to spend a few nights in. In Steve and Matt’s case, providing an experience is what they aimed for. Hence, they added an arcade machine to the game room, featured the indoor slide in the listing’s gallery, and emphasized its location’s outdoor amenities. Steve also explained how, with short-term rentals, you could afford to be more active in providing these unique features, unlike with long-term ones, where providing basic amenities is more than enough value-added. In the end, when hosting vacation rentals, providing value through short-term quality experiences yields long-term quality results.

 Outline of the episode: 

●       [01:30] How there are countless different ways to earn in real estate.

●       [03:11] The general area of the listing’s location and why it is on top of searches.

●       [05:54] Using professional photography and points of differentiation in the listing.

●       [08:05] What the game room looks like and why they chose to provide it.

●       [09:57] Attracting the widest audience with key features anyone can enjoy.

●       [12:01] What the neighborhood is like and why it is essential to include it in the listing.

●       [13:49] Finding properties like the multi-floor cabin and the different markets to consider.

●       [16:34] The costs that went into closing the deal and rehabilitating the property.

●       [18:29] How real estate is not a purely passive way to generate cash flow.

●       [21:06] Why you should avoid investing and running a property in your local area.

●       [25:10] Partnering up when you lack the money to invest but want to get started.

●       [26:49] How you can get involved in Steve and Matt’s multifamily deals.

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Resources:

●    Multi-floor Cabin Listing

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