Vacation Rental Revolution Podcast

Today Shelly joined our podcast and we had a great chat about Baseball, Basketball & how it all relates to Lifestyle Asset Acquisitions.

Purchasing the right property in the right area is a critical step in building a profitable portfolio.  However, too many people start the acquisition process and assume that the perfect property is going to just magically fall into their lap.  

You have to put your self in the game and understand that it take a few at bats before you will see the perfect pitch. 

The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

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Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

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For more content and expert advise, visit www.Vodyssey.com

Today I share with you the biggest and only competition you have to worry about. 

I have been getting trolled by a guy on social media and I share some of my thoughts about his comments.  

Simon Sinek has a valuable lesson in his book, Start With Why that I felt necessary to share this week.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

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Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

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For more content and expert advise, visit www.LifestyleAssetU.com

LAU's Director of Client Success flips the script and interview's Shawn on this weeks podcast.   

Shelly surprised Shawn this week with a few questions of her own.  This was a fun episode that took a number of different turns that should be helpful as you navigate tackling any new challenges. 

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

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Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

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For more content and expert advise, visit www.LifestyleAssetU.com

Meet Troy & Misti Petrie – They are from Denver, CO and they were looking for a plan to purchase their first vacation rental property back in August when I met them.  They loved hiking and skiing in the Colorado mountains and always thought of ways to purchase a property they could use that also gave them a great return.

Troy and Misti have always been system and process oriented and they were looking for a system that they could follow to help them bridge the gap between having an idea of owning a profitable vacation rental to the reality of actually purchasing the property.

Let’s break it down:

Who? Troy & Misti Petrie

Problem:  Unable to figure out all of the moving parts of purchasing, managing & marketing a profitable vacation rental.  

Solution: Join the LAU Masterclass & Empire Club Coaching (my training program that shows you how to build a profitable portfolio of Lifestyle Assets.)

Did It Work? Yep, Troy & Misti had their first Lifestyle Asset under contract within 14 days of joining LAU.  They closed 30 days later.

Listen to this week's podcast of Misti sharing their journey.

Here’s what I can tell you about Troy & Misti 

They are hungry, driven, up for the work, and THEY LISTEN. 

I’ve worked with thousands of people who say they want to build a portfolio of Lifestyle Assets, and I can tell you that the people who get results are always the best listeners and they take massive action.

Most people listen with the intent to reply, Troy & Misti listen with the intent to understand. That understanding then turns into action, that action into results.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

.

Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

.

For more content and expert advise, visit www.LifestyleAssetUniversity.com

As you guys know, I am a HUGE fan of taking massive action. You’ve heard me say over and over that Action leads to Results and results lead to Momentum.

However, massive action without a plan can lead to disaster.

Action always leads to results. However, it doesn’t always lead to your desired result.

I learned an embarrassing lesson in 7th grade about taking action without a plan, listen to the podcast to hear my story.

I love action takers. I’ve always considered myself an action taker and sometimes it has gotten me in trouble.

Many people in the VR world take action and purchase a property without a real plan for what to do after they own it. They know that there are platforms like Airbnb to help them and they figure that is all they need. Their investment is very market dependent. Sometimes it works out and sometimes it doesn’t.

Compare that with the people who purchase a property with an acquisition plan to help analyze the location and property type.  Identify the profit potential and invest ability of the area they are looking for. They then have a specific management structure that fits their property and location as well as their needs. They know the details of who their target guest is and where they are coming from. They follow a plan to deliver a unique experience to that target guest. And finally they know every detail about how to market to that target guest and get them to book their home without the help of the OTA’s like Airbnb. They have a platform to follow up with all of their happy guests to generate repeat bookings and the list can go on and on.  Who do you think has a better chance to succeed and really maximize their investment?

Obviously, the person that has a plan and pays attention to the details.

My lesson for today is to have a plan, pay attention to the details of that plan and THEN take massive action following your plan.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

.

Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

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For more content and expert advise, visit www.LifestyleAssetUniversity.com

I was listening to one of my favorite podcasts recently that pissed me off so much I almost turned it off.  You'll have to listen to hear the whole story. 

Lets apply it to the VR world

There is an evolution that takes place in any new adventure. 

Mike Dillard has said that there are really only two ways to change your circumstances.

1. Acquiring new information and expanding your knowledge

2. Meeting new people and expanding your network

Many people get into the VR game with one idea in mind and then end up evolving as their knowledge base expands as well as their network.

We focus on three main areas inside of LAU, the Acquisition Phase, Set Up and Management Phase & the Marketing Phase.

One phase is not more or less important that the other. We tend to begin and end with the acquisition phase in most real estate investing.

However, VR are much closer related to a business than a real estate investment.

If you only focus on the acquisition phase, your property will be very market dependent and you will continue to compete for customer acquisition in more and more saturated markets. This can feel like you are swimming upstream and depending on many outside influences that you have no control over.

However, if you take it a few steps further, your business can evolve to be very self sustaining by focusing on the customer experience and customer retention which is way more enjoyable and where you have complete influence and control.

Conceptually, many business owners and professionals understand this. They just haven’t applied it to their vacation rental business.

This happen when you expand your knowledge base and your network to change your circumstances.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

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Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

.

For more content and expert advise, visit www.LifestyleAssetUniversity.com

ARE YOU READY FOR MARKETING???

Identify 3 Major Outcomes – 1. Acquiring a property in the right location & property type.  2. Set up & management of your property to deliver a unique experience. 3. Maximizing your asset with turbocharged marketing.

Rewind and Make Sure You Have Built A Solid Foundation

WHY WE MARKET OUR PROPERTY OUTSIDE OF THE OTA’s…

To Build A Business With Our Own Customer Base. Don’t complain about the OTA’s if you are not willing to do anything about it.  Your job is to build a customer base outside of the OTA’s if you really want long term success.

PAID ADVERTISING VS ORGANIC

Paid is predictable and scalable.

COMMIT TO THE PROCESS

Your marketing, even with a proven process, is making constant iterations. You need to commit to the entire process.

DELIVER ON YOUR PROMISES

Marketing is essentially making promises. You are making an offer to get a response. When you get a response, make sure you deliver.

You should have a thoughtfully crafted customer journey that over delivers on all of the promises that you have made to your prospects.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

.

Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

.

For more content and expert advise, visit www.LifestyleAssetUniversity.com

Specialized Knowledge Builds Wealth.

“Successful People in all callings never stop acquiring specialized knowledge related to their major purpose, business or profession.” – Napoleon Hill

Real Estate is a Huge ocean. There are lots of different ways people make money in real estate.

However, when you look at the most successful people, they have chosen to focus their attention to acquire specialized knowledge in a very specific area.

STR are one specific vehicle in real estate. However, even though STR are a small niche in real estate, there are experts who make money in different ways within STR.

In any game you play, if you want an unfair advantage, you need to specialize.

So many people are looking for the magic pill or secret to success. There is no magic pill but there is most definitely a secret to success it’s just not what most people want to hear.

The Secret to success is mastering a specific skill. Sound easy but mastery takes time and most people are not willing to put in that time.

However, those that are willing will see success

Knowledge leads to Action. Action leads to Results. Results lead to Momentum and that ultimately snowballs into massive success.

Does it happen overnight – absolutely not. Most people over estimate what they can accomplish in 30 days but grossly under estimate what they can accomplish in a year.

The time is going by one way or the other. Spend the time to master a specific skill and you will set yourself up for massive success.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

.

Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

.

For more content and expert advise, visit www.LifestyleAssetUniversity.com

Still the number one question that I get is: Where are the most profitable locations?

I want to challenge you today to ask a different question.

When you ask better questions you get better answers.

Your short term rental is a long term investment and markets change over time.

Publications love to promote the Top Location Lists because they know that's what people want to see.  However, those lists are like musical chairs.

How do you identify the most profitable locations???

Most look at the ratio between Acquisition Price and Revenue generated by the property and that is a calculation of ANR and Occupancy.

The problems is that those things changes all the time.

I challenge you to ask different questions like:

What makes a location or specific property type profitable?

What are the major profit drivers in an area?

What can I do to add profitability to the property?

What can I do to market and stand out in a crowded marketplace?

All of these questions will help you better determine the most profitable market for YOU.

The best part is, there is not 1 or 10 or 100 great markets to own Vacation Rentals. There are thousands.

There are pros and cons in every market but if you start to peel back the layers of the onion and really understand the profit drivers in a particular area you will not be dependent on what the market is doing to dictate your profitability.

One of the best parts about VR as an investment is that we have the ability to maximize the profitability.

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

.

Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

.

For more content and expert advise, visit www.LifestyleAssetUniversity.com

Meet one of our LAU Charter Members, KimBerly Keyton.  KimBerly is a full time real estate investor who focuses on multi-family properties.  KimBerly lives in Placerville, CA, she has an amazing story and a unique perspective on the short term rental industry.  KimBerly shares some of her insights and lessons learned from her years of experience in the real estate investing game.  

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The Lifestyle Asset University and the Empire Club was formed to introduce you to the proven processes in Acquisition, Management & Marketing of your Lifestyle Assets.

.

Lifestyle Assets are more than just short-term vacation rentals.  Learn how you can build a portfolio of Lifestyle Assets that provide Lifestyle & Financial Freedom for you and your family.

.

For more content and expert advise, visit www.LifestyleAssetUniversity.com