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With the digital age’s continued rise, more information has been made readily accessible at our fingertips, and in just a few clicks and several seconds to load, we can have access to the information we’re looking for.
But we don’t all learn the same way and so we need to weave through the resources that fit our learning style best. Some learn visually, some learn better by listening, while others through reading. But with almost everything being digitized, more and more people tend to become visual learners—especially the younger generations. A recent survey found that the majority of the Gen Z population (aged 14-23) preferred to learn visually, and have picked YouTube as their most preferred learning tool.
But this isn’t uncommon with the rest of the population, some of us just grew up with the technology so we are more used to it. Like the majority of us, I am also a visual learner because I’m able to absorb the information easier. It combines multiple senses; we’re seeing it, listening to it, and sometimes even reading it as well (with subtitles and captions). However, with so much content being produced we’re not always sure that we’re absorbing the right content so I wanted to share my top go-to resources with you. These are the best resources I currently use when it comes to learning more about and growing my short-term rental business. Let’s get to it!
As I said, I like watching videos on YouTube. It’s a great platform for learning, not just about real estate and short-term rentals but really, anything. My top pick YouTube channel recommendation is STR University. It’s a channel that focuses mainly on short-term rentals and is led by a host named Richard. He’s an investor at heart, so he gives great and helpful tips for current and aspiring investors and steers away from the lease arbitrage model (which I agree with). The channel also offers fresh and relevant content since he comes out with new content all the time.
Another channel I like is Airbnb Automated, run by Sean Rakidzich. His channel focuses on lease arbitrage and is best for operations. The channel has over a hundred videos, so you’ll probably be able to find a bit about everything. Remember though, he is focused on rental arbitrage and while I think you can learn the business easily this way and grow quickly, you will not build true wealth quicker. I’m talking about the kind of wealth that builds as you sleep. Yeah, the best kind 🙂
As you know if you have been listening to the Short-term Rental Riches podcast, I always teach to look for the investment first, then convert to a short-term rental.
Aside from YouTube, podcasts are also gaining more popularity and for good reason. If you’re more into listening or have lots of downtimes, perhaps on a work commute, podcasts are an excellent resource. One of the podcasts I like and began listening to even before I had my own short term rental (thousands and thousands of reservations ago) is Get Paid For Your Pad. It has a specific focus on Airbnb, but over the years has expanded to include a ton of other useful content relating to all hosting platforms and the industry in general.
I also recommend Vacation Rental Success podcast by Heather Bayer who runs her own vacation rental management company in Canada and has been doing so for years. If your short-term rentals are geared towards vacation renters, this podcast will have great content for you. But despite specializing in vacation rentals, she also has lots of good knowledge for anyone in the industry. Her podcasts also offer tips on hospitality and she has lots of great interviews.
For me, in-person conferences are the most impactful way to learn and build my social network and consequently my business. “We are an average of the 5 people we spend the most time with!” I’m sure you’ve heard that great quote before. I love going to conferences because not only do you learn a ton, but you also get to meet many amazing people that can help you build your community.
VRM Intel Magazine is an online magazine that provides a calendar of upcoming short-term rental-related and short-term rental specific conferences. They feature the most popular conferences but also have some less publicized events. I have been to many conferences over the years and across the world from Israel to the US. My favorites have been the Vacation Rental Management Association (VRMA) and the Vacation Rental Success Summit by Heather Bayer (VRSS). Some large software providers also conduct conferences for their own users or prospective users, so be sure to check those out as well because they can be packed with good info even if you do not use their software.
If you are looking to follow my path step-by-step, I have also put on my own events in Memphis, TN. We have people fly in from across the country (and out of the country) and we go through my business operations step-by-step. Everything from finding the right properties, setting them up, building your team, and creating passive operations so you can live wherever you want without the hassle of the day-to-day. I essentially share and discuss everything I’ve learned from managing setting up operations to managing over 10,000 guests with properties in multiple cities and earning seven figures + a year. I have to say it’s a blast too! You can check out more at our website and see some footage of past events if you’re interested. Hopefully, the current COVID-19 pandemic resides and we can continue with another event later this year. I hope to see you there! For more info check out Rest Methods.
With the health crisis affecting most, if not all of the live events around the world, online courses have been growing quicker than ever. But be careful! Excellent marketing can sell a worthless online course, so just make sure that you are buying a course from someone who actually has experience in the industry. Online courses have the benefit of allowing you to learn at your own pace without the pressure of a classroom. You can rewind and replay at the click of a button. They also make it increasingly easy for the instructor to provide the very latest content, making sure you are learning what you need to. With the continued changes in the educational landscape, I believe online courses are the future of learning.
If you’re an avid reader and prefer reading, there are of course a lot of good books available for you. However, keep in mind that when reading books about short-term rentals, make sure that they are the latest version. The STR industry is fast-changing and can change overnight (as we’ve just seen with COVID 19). There are new trends emerging constantly so I recommend maybe just sticking to ebooks that don’t have to go through the long process like printed books. However, if you’re planning to read about good ol’ real estate or hospitality in general, then printed books will be a good resource. For the most part, real estate is a timeless industry where you can use the same principles to grow and improve your business. At the end of the day, if your rental income is higher than your expenses then you have a good investment. Don’t you just love real estate! It doesn’t get much simpler than that.
After all of the learning resources I’ve listed, I still believe that the best way to learn is to learn from others. If you can find an opportunity to have mentorship or learn one-on-one with someone who is already doing what you want to do or an expert in the field, then that’s going to be the golden ticket. There’s nothing better than learning directly from someone who has already made all of the mistakes.
I hope these recommendations can help you expand your knowledge of the short-term rental industry and real estate in general. Information is all around us; we just have to make sure it is credible then we can take action with confidence.
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