Biggest Mistakes in 2023 Not To Repeat in 2024

This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries. Bill Faeth from Build STR Wealth and Kenny Bedwell from STR Insights discuss the prevalent mistakes in the short term rental industry, specifically overspending on design and poor time management. They also discuss problems from underestimating launching and operational costs, hesitations due to market saturation, and the effects of rising interest rates. The hosts emphasize the importance of meticulous underwriting and property identification processes. They also share information about their paid and free options to help individuals avoid and mitigate these common mistakes. 00:00 Introduction and Welcome 00:54 Discussing the Biggest Mistakes of 2023 01:06 Overspending on Design and Decor 01:54 Maximizing Return on Investment 04:36 The Importance of Timing 09:08 The Role of the Banker in the Process 10:21 Avoiding Saturation and Finding Opportunities 17:08 Understanding the True Costs of Running a Short Term Rental 22:06 The Importance of Due Diligence and Research 22:28 Conclusion and Final Thoughts 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