STR Wealth Con Recap - Thank you Nashville, TN!

[Ryan Leake]

Last week's STR Wealth Conference in Nashville was an absolute blast, folks! We had an awesome lineup of industry leaders like Daymond John, Pace Morby, Michael Sjogren, Bill Faeth, Shawn Meaike, and more sharing their top insights. The event was packed with practical tips on branding, marketing, and revenue management that you can apply right away to boost your STR business. Plus, Daymond John's no-nonsense approach to goal setting really hit home: "There's no warm and fuzzy BS in this goal setting stuff. When you visualize it, it happens!" We also dived into some cool design trends for better revenue. It's the little things that can make a big difference in your bottom line! Here's a deeper dive into some of the key takeaways: Branding and Marketing: The importance of branding and marketing in the STR space couldn't be overstated. Presenters like branding expert Hank Norman highlighted strategies to create a strong brand identity that resonates with guests and sets properties apart from the competition. From crafting compelling listing descriptions to leveraging social media platforms effectively, attendees learned how to attract more guests and increase bookings. Revenue Management: Maximizing revenue is crucial for STR success, and attendees gained valuable tips and techniques for optimizing their pricing strategies, such as implementing StayFi to build valuable email lists of potential repeat guests. Presenters shared strategies for setting competitive rates based on market demand, adjusting prices dynamically to capitalize on peak seasons and events, and implementing revenue management tools to automate pricing decisions. Mindset and Goal Setting: A recurring theme throughout the event was the importance of mindset and goal setting in achieving success. Daymond John and other main speakers emphasized the necessity of setting clear goals and maintaining a laser-focused mindset to overcome obstacles and achieve success in the competitive world of STR. They all used one or more mindset methods such as daily visualization, gratitude, and/or meditation to tap into the subconscious mind and drive the necessary behaviors for success. Design Trends: Attendees were also introduced to emerging design trends that can enhance the guest experience and drive revenue. From catering to the preferences of tea drinkers with stocked tea kettles and tea bags, to upgrading to king-sized beds for increased comfort and higher room rates, presenters highlighted the importance of staying ahead of the curve in design trends to attract guests and maximize profitability. Tip: don’t forget the kids! Pack & play’s along with high chairs were major amenities sought out by guests last year! Overall, the vibe was energetic, the advice was solid, and attendees left feeling pumped and ready to use their sharpened tools take their STR businesses to the next level! By focusing on branding and marketing, optimizing revenue management, cultivating a winning mindset, and staying attuned to design trends, we left the conference armed with the knowledge and confidence to thrive in the competitive world of short term rentals. Plus, I got to make some new friends out there!