STR WORKSHOP GUIDE

SHORT-TERM RENTAL

Workshop HOSTED BY:

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STRMASTERMINDS.COM

Welcome to the Workshop This is going to be AH-MAZING! We will be creating magic together in this workshop as we walk through all the aspects of Short-Term Rental looking at what it is and what it isn't, steps to serving others, steps to setting up our own book of business, and the pros and cons of being in the driver seat of management vs hiring someone to manage for you.

We are so glad you have chosen to invest in your education on this incredible Real Estate opportunity. The possibilities for revenue truly are limitless, and this is a perfect opportunity for us to partner together and with others to be more and do more.

We truly are greater together, and can't wait to grow with you!!

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"The secret of getting ahead is getting started."

Mark Twain

Table of Contents 01 Why Short Term Rental?

What is Short Term Rental (STR) and Where to Start?

02 The 4 "P"'s Of Short Term Rental Plan, Prepare, Present and Preserve

08 Showcase for Success

How to Showcase Properties for Best Success

09 Level Up

How to Offer "Next Level" Service with Add-On's, Services, Etc

03 What Is An Avatar Anyhow?

10 Team with Experts

04 Properties for Profit

11 Speed and Ease

Who Is Your Ideal Client, and How Do You Find the Right Space for Them?

How to Assess Properties for Highest Profit

05 Style Matters How to Style Properties for Success

06 Inventory and Sourcing How to price, source, and procure Inventory

07 Installation Best Practices How to Install Using Best Practices

How To Build Your List of Experts to Team Up for Maximum Profitability

How to Automate for Speed and Ease, and Best Guest Experience

12 Scale Smart

How to Scale, When to Scale, Who to Scale With

13 25 Tips of the Trade

25 Quick Tips for Highest ROI, with the Least Amount of Stress

Interactive Short Term Rental Master Training Workshop 06

Why Short Term Rental?

What is it and How to get started?

Why not? Short-Term Rental has a low barrier to entry as an investment depending on how you set it up. Although it may come with a relatively high price tag on the front side - the ROI is typically seen within 4-6 months of units being on market, while income is being produced.

It is also an easily scaled model - once you create systems and processes, you can easily add additional units - either managing them yourself or hiring a hospitality management company to take care of that and you have truly passive income.

Identifying Your Today and Tomorrow with Short Term Rental

Current Investor or Future Investor Current Service Provider or Future Service Provider Your Goals Defined: Timeline: Needs:

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What Keeps Us From Moving Forward?

1. Information 2. Equity 3. Finding properties 4. Finding clients 5. Time 6. Partners 7. Uncertainty

How Do Short Term Rentals Build Financial Freedom?

1. Provides cash flow 2. Builds your assets 3. Has tax write off and benefits 4. It’s proven and tested overtime 5. Ability to scale 6. Opportunity to build Partners nationally and internationally

Types of Real Estate Ideal for Short Term Rental?

1. Apartments 2. Townhomes 3. Condominiums 4. Single-family residence 5. camper/RV 6. Tiny home/ Accessory dwelling unit (ADU) 7. Land

Understanding the Risks for Investors 1. Location 2. Affordability 3. Safety 4. Liability 5. Ease of access 6. Ease of management 7. Replacement value 8. Ongoing expenses 9. Bookkeeping and reporting

5 Critical Keys to STR Success Deal Debt Equity Guest Profile Management

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PLAN

PREPARE

PRESENT

PRESERVE

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The Four P's Of Short-Term Rental Plan, Prepare, Present, Preserve

P’s of Short-Term Rental PLAN

PREPARE

PRESENT

PRESERVE

PLAN - Determine your avatar and what they would want in a unit, what type of business do you want (Owner, Owner/Operator), how many units are you looking to have, PREPARE - Do the work to find the best unit and complete due diligence to ensure that your business is protected (lease addendums, etc), what do you need to do to get your unit set up and ready to list PRESENT - Have your property styled by a professional, create consistency in your brand, get properties listed on multiple platforms PRESERVE - Make sure your management is solid, the correct insurance is essential, continue building the brand of your company, and be prepared to scale as you desire

P’s of Short-Term Rental How Should You...

PLAN

PRESENT

PREPARE

PRESERVE

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Don't wait for opportunity.

Create it

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What is an Avatar Anyway?

Who Is Your Ideal Client, and How Do You Find (and create) the Right Space for Them?

Who is Your Avatar (Your Ideal Client)

What is an Avatar? This is the ideal client you want to serve in your business. Is this a single male or female, traveling for business? Is it a group of women traveling together for a retreat or hobby?

Is it a family getting away for vacation?

What is the annual income of your avatar? What design style and colors/patterns do they gravitate towards? Do they like “theme” stays, or are they just looking for a relaxing home away from home?

All of these questions (and more) are so important as you are preparing your property.

Without answering them in great detail, you may set up your property all wrong for the audience you are attempting to reach. Don’t skip this step of creating the avatar you are looking to reach. _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________

EXERCISE - Identify Your Avatar WHO is your ideal client?

To do this, take 5-10 minutes to sit down, brainstorm, and visualize this person.

ANSWER THE FOLLOWING QUESTIONS ABOUT YOUR IDEAL CLIENT (BEING AS SPECIFIC AS POSSIBLE): 1. What is his/her name? _____________________________________________ 2. How old is he/she? _____________________________________________ 3. What is his/her relationship status (married/single/divorced)? _____________________________________________ 4. Does he/she have any kids? If so, how many? _____________________________________________ 5. Where does he/she live? _____________________________________________ 6. What was his/her education like (private/public/homeschooled)? _____________________________________________ 7. What is his/her highest level of education? _____________________________________________ 8. What does he/she do for a living? _____________________________________________ 9. Does he/she have any role models? If so, who? _____________________________________________

10. What are some of his/her hopes in life? _____________________________________________ 11. What is he/she afraid of? _____________________________________________ 12. What things does he/she value most in life? _____________________________________________ 13. What are his/her greatest strengths? _____________________________________________ 14. What are his/her greatest weaknesses? _____________________________________________ 15. What is his/her favorite beverage? _____________________________________________ 16. What is his/her favorite meal or snack? _____________________________________________ 17. What hobbies does he/she have? _____________________________________________ 18. What does he/ she like to do on the weekends? _____________________________________________ 19. What are his/her favorite places to shop? _____________________________________________ 20. What TV shows and/or movies does he/she enjoy watching? _____________________________________________ 21. What music and/or podcasts does he/she enjoy listening to? _____________________________________________ 22. What is his/her favorite social media platform? _____________________________________________ 23. When is he/she most likely to check this platform? _____________________________________________

24. How long does he/she spend on social media each day? _____________________________________________ 25. What type of content does he/she enjoy seeing? _____________________________________________ 26. What are some of his/her favorite accounts to follow on social media? _____________________________________________ Now it's time to write out your Ideal Client Story. We firmly believe that creating a story about your ideal avatar is the easiest way to bring them to life in your mind, which will improve how to create the perfect place for them.

Start by thinking about where your ideal client is in his/her life right now that makes them the perfect candidate for your shortterm rental. Based on the questions that you just answered about your ideal client, begin free-writing their story below.

MY IDEAL CLIENT'S STORY: _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________

Ideal Client Profile Musts Wants Desires

DREAM Exercise Design the perfect STR for YOUR stay

DREAM Exercise Design the perfect STR for IDEAL GUEST stay

“The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.”

Mark Twain

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Properties for Profit How to Assess Properties for Highest Profit

How to - assess properties for the highest profit Assessing Location Area, Attractions, and Safety

Assessing Amenities Check Platforms for similar styled units to see what they are listing for in the area

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Ideal Property Profile Attractions Attractive A Class Property Attract A class guests

Ideal Types of Properties You know the “who”, now you can tackle the “what” and “where”.

If you are looking to reach a single male or female business traveler, you are likely looking for a class A apartment or condo, in short, walking distance to food and entertainment, with a nice gym/workout facility, and also a place to relax after a stressful meeting/day at the office.

Business Traveler If your avatar is a family traveling with young children, you will want to ensure that your furniture, art, and accessories are extra durable, that you offer some type of furniture and accessories for small children, perhaps some games or activities, and a list of nearby attractions families would enjoy together.

Family with young children

You can see how that first step of creating the avatar will have a large bearing on where you look to set up your unit, and what the actual “ideal” property is.

Remember - you are NOT setting this property up for yourself!! Take out the emotion - take out your personal design style - take out what YOU think would be great to have in a unit. You are not designing and setting this up for yourself you are creating a space to entice your avatar.

Don’t worry if it does not feel “ideal” to you.

This begs the question - do you create an avatar that is a polar opposite to yourself. Perhaps, but you would definitely want to leave the design and set it up to the professionals in that case, as they are trained to act on science and repeatability, rather than emotion and personal attachment. Staging is a “strategic design” according to Jana Uselton, and much of the setup for Short-Term Rentals is very similar to staging a home for sale. _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________

Important Short Term Rental Terminology Short-Term Rental (STR) Long-Term Rental (LTR) STR Model Stylists STR Property Design Hosting Platform Property Management System (PMS) Vacancy Rate Occupancy Rate Average Daily Rate Property Management Expenses Exit Strategy Gross Operating Income (GOI) Net Operating Income (NOI) Total Square Footage Price Per Square Foor Replacement Cost Growth Potential Rent Common Spaces Amenities Walk Score Direct Booking Site

Proper STR Business Sequence 1.Find the Property 2.Negotiate the Property 3.Set Timeline 4.Fund the Property 5.Close the Property 6.Insurance Secured 7.Updates & Enhancements 8.Set up Smart Technology 9.Professionally Style the Property 10.Professional Photography 11.Setup up Platforms 12.Management -Cleaning, Communication, Maintenance, Refresh

STR Investment Formula Doing the Math for STR Investing 1 Bedroom Apartment Example Down Payment = Rent = Bills = STR Styling = Supplies = TOTAL = AVERAGE DAILY RATE= 90% OCCUPANCY (25 DAYS)= MONTHLY INCOME= NET PROFIT=

STR Investment Formula Doing the Math for STR Investing Doing the Math for STR Investing 3 Bedroom Siingle Family Residence Example Down Payment = Monthly Mortgage= Bills = STR Styling = Supplies = TOTAL = AVERAGE DAILY RATE= 90% OCCUPANCY (25 DAYS)= MONTHLY INCOME= NET PROFIT=

Non-Negotiables when STR Investing 1. Location 2. Agreements/ Addendums 3. Low Barriers to Entry 4. Business Setup 5. Property Protection 6. Know the Numbers 7. Updates & Specialties 8. Professional STR Styling 9. Reorder System 10. STR Hospitality Cleaners/Resetters 11. Proven Repeatable Maintenance

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Style Matters How to Style Properties for Success

How to - property style for success Do you know the importance of using experts for this step? Would you perform your own surgery, replace your own engine, or build your own house? Perhaps…if you were the expert in these tasks.

Potentially 95+ hours from start to finish for setup of a 1 bedroom unit with kitchen and bathrooms Do you know the best elements of design and color, use of space, texture, inspiration walls, etc?

Good, Better, Best styling levels

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Apartment Floor Plan Exercise 1 Bedroom/1 Bath

Single Family Floor Plan Exercise 4 Bedroom/2 Bath

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Inventory and Sourcing How to price, source, and procure Inventory

How to - price & procurement of inventory Shopping List - Essential items vs “Extras” What type of inventory do you need?

Durability, Stability, Cleanability Where do you shop? Amazon, Walmart, Etc How much do you need? How many cups, towels, sheets, etc.

What type of supplies are typically left in the unit - cleaning, personal items, etc.

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Proper STR Styling Sequence 1.Fill out Questionnaire 2.Conversation on Needed Service 3.Agreement, Timeline & Payment Secured 4.Walk-through Assessment 5.Design Inspiration Boards 6.Orders/Procurement 7.Assembly & Organization 8.Delivery 9.Installation 10.Professional Photography

Flowchart Process - Setup For Client Ideally this is seamless and creates lasting relationship with client so they are continuously requesting quotes for new properties and referring you to all their network!

Quote Requested

Proposal Sent Out

Delivery and Installation

Agreement Signed and Paid

Sourcing and Sorting - Prep for Install

Design and Planning

Essential Items Kitchen

Essential Items Bathroom

Essential Items General

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Installation Best Practices How to Install Using Best Practices

Understanding the Risks for Setting Up Properties 1. Understanding the ideal client 2. Client budget constraints 3. Working with uninformed clients 4. Supply chain issues 5. Durable and stylish inventory 6. Timelines 7. All included services 8. Ongoing hospitality management 9. Vetted and reliable vendors 10. Regulations

How to - install using the best practices Have a system - you cannot “wing it” with STR! Vendor List - who is hanging your TV’s, installing your curtains, painting your accent walls, etc.

Who needs to show up first - internet, security, etc.

How do you access the unit? Parking, fobs, etc Do you need help - additional movers, stagers, etc.

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Vendor Checklist Who Do You Know? Painters, Landscapers, Moving Companies, Photographers, etc.

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Showcase for Success How to Showcase Properties for Best Success

How to - showcase for success Photos - Don’t just take them with your phone - you are “selling” your space so don’t go cheap!

Your listing description is everything - you need to be strategic.

Think of your Avatar again - your avatar should be first in your mind at every step, but especially in your listing - remember we shop with our eyes first.

Where are you listing, what are cancellation policies, house rules, etc…

your

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Photography Shot List If the Guest Can't See it - It Does Not Exist

01. Primary Living Space Multiple shots from various angles that capture the unique qualities about the living space, and showcases seating sufficient for the amount of guests your unit will sleep.

02. Dining/Eating Areas Multiple shots from various angles that capture the unique qualities about the living space, and showcases seating sufficient for the amount of guests your unit will sleep.

03. Bedrooms Several photos from various angles of the bedrooms, specifically straight on shots of the bed, and any seating areas, etc. Be sure to photo any items/areas you want to highlight - TV, Luggage Rack, Etc

04. Closets Do you provide ironing boards, hangers, baskets, etc? Make sure these get photographed as well so guests can see where they can store items during their stay.

05. Bathrooms Be sure to capture bathrooms, including any amenities you may provide (soaps, lotions, etc) Whatever towels you will offer (black makeup towels, specialty towels, etc) need to be photographed.

06. Kitchen Capture the full kitchen from several angles - and be sure to include close up shots of counters and any appliances you provide (coffee maker, toaster, etc) Also, be sure to open cabinets and drawers so guests can see utensils, dinnerware, etc.

07. Outdoor Areas/Game/Lounge Don't forget to showcase the outside as well as the in - but be sure these are all items that will be maintained and kept onsite for every guest.

08. Highlights/Specialty items Is there something about your unit that sets it apart? Make sure it is included in photos. A special reading nook? Some extra lavious bedding or towels? Special robes and slippers? Whatever it is, but sure it makes the final photo cuts for platforms!

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Level Up How to Offer "Next Level" Service with Add-On's, Services, Etc

How to - next-level luxury properties What additional services can you offer? Turo, Grocery Service, Etc Besides the way, you have set up the unit, what makes your unit stand out?

Guides, Coupons for local activities, food, etc

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Team With Experts How To Build Your List of Experts to Team Up for Maximum Profitability

How to - team with the top experts What rooms are you in? Whom are you networking with?

What companies are you partnering with?

Are you partnering with others to build something bigger, or are you good with running your business solo?

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Speed and Ease How to Automate for Speed and Ease, and Best Guest Experience

How to - automate for speed and ease Hospitable, Lodgify, etc - platforms that take care of the automation for you Cleaners - need to be training in “hospitality cleaning” Now is the time to ask yourself again, do I want to hire a “hospitality management company”

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Pros & Cons - Owner Operator What Do You Believe Are the Pro's vs. Con's of Being the Owner Operator of Your Units?

Pros

Cons

Key Hosting Platforms VRBO Booking.Com AirBnB

Key Property Management System Lodgify Hospitable

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Scale Smart How to Scale, When to Scale, Who to Scale With

How to - Scale - Owner Not Operator If you want to scale your business - you do not want to do it alone. Most people can handle approximately 3-4 units before it becomes a full time job and you really need to offload.

If you are looking to have more than a few units, you are definitely going to want to utilize the services of a hospitality management company.

What does this look like? What is the typical percentage kept by a management company?

Typical expectations from you as the owner and from the management company

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Exercise - Who Will Do...?

Find the PropertyNegotiate the PropertySet TimelineFund the PropertyClose the PropertyInsurance SecuredUpdates & EnhancementsSet up Smart TechnologyProfessionally Style the PropertyProfessional PhotographySetup up PlatformsManagementCleaningCommunicationMaintenanceRefresh-

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