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Bill sits down with Tony Stancato, a successful entrepreneur in the property management space known for his effective use of LinkedIn. Tony reveals that Justin Welch's course motivated him to post consistently on LinkedIn for 90 days, which resulted in surprising traction and client engagements. Building on his social media success, Tony quit his W2 job the day before attending the STR Wealth Conference and transitioned full-time into short-term property management, quickly growing his company. The conversation then shifts to Tony's latest business move: purchasing and revitalizing a multi-unit boutique motel in Northern Michigan. Despite initial delays in the renovation due to contractor availability, Tony remains optimistic. He emphasizes the importance of adapting operations, including experimenting with cloud-based management software like Cloudbeds while considering alternatives like Muse. Tony discusses the motel's strategic location, competitive pricing, and future plans. Bill and Tony dive into advanced revenue management strategies, highlighting the benefits of one-night minimum stays. Tony also shares insights on structuring property deals to maximize NOI and using versatile tech stacks for motel management. Overall, Tony's journey showcases the rewards and challenges of moving from traditional short-term rentals to the complexities of running a boutique motel.
00:00 Introduction and Guest Welcome
00:14 The Power of LinkedIn for Business
01:22 Consistency and Engagement on LinkedIn
05:20 Exploring the Motel Acquisition
07:31 Challenges in Renovation and Management
16:50 Property Management and Tech Stack
27:17 Future Plans and Closing Remarks
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On Bill Faeth Unfiltered, Bill Faeth breaks down the ins and outs of short-term rental hosting, giving listeners actionable advice that they can use to take their businesses to the next level.
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