Skip to main content

Ep 176 – Building Wealth with Boutique Hotels

www.STRwealthconference.com

In this episode, Mike Sjogren discusses the importance of scaling businesses, the benefits of standard operating procedures (SOPs), and letting go of control. He shares his journey as a specialized real estate investor who has leveraged short-term rentals to fund their freedoms without relying on traditional real estate investing. In addition, Mike offers insights into the significance of recruiting and training virtual assistants for business efficiency. The episode digs deep into Mike Sjogren’s keynote from the STR wealth conference about his success in the boutique hotel space and how he has expanded using commercial real estate. The conversation also discusses the value of building relationships with brokers, the need for commercial laundry in hotels, and using virtual assistants for property management.

00:00 Introduction and Importance of SOPs

00:16 Introduction to Short Term Rental Nation

00:47 Announcement: Virtual Assistant Service for Short-Term Rental Business

01:38 Welcome to the Short Term Rental Secrets Podcast

01:49 Scaling in the Boutique Hotel Space

02:39 Invitation to STR Wealth Conference 2024

03:12 Keynote on Building Wealth with Boutique Hotels

03:44 Mike Sjogren’s Journey into Boutique Hotels

05:23 The Impact of Short Term Rentals on Financial Independence

05:49 The Advantages of Boutique Hotels

10:20 Case Studies: Building Wealth with Boutique Hotels

14:04 What to Look for in Boutique Hotels

28:55 Differences between Hotels and STRs

32:02 Acquiring a Liquor License and Setting Up a Seasonal Bar

32:51 The Challenges of Expanding Hotel Operations

33:42 The Controversy of Cleaning Fees

34:16 Different Types of Hotels and Their Management

35:34 The Importance of Staffing and Communication in Hotel Management

36:08 The Journey of Scaling a Hotel Business

37:57 The Importance of Time Management in Business

39:08 The Transition from Solopreneur to Manager

39:41 The Role of Standard Operating Procedures in Business

43:14 The Importance of Employee Development

44:23 The Challenges of Scaling a Business

45:11 The Role of Key Performance Indicators in Business

47:59 The Importance of Regular Team Meetings

53:44 The Challenges of Managing a Hotel

55:52 The Keys to Freedom in Business

56:17 The Importance of Good People in Business

57:10 The Role of Cleaners in Hotel Management

01:00:47 The Importance of Partnerships in Business

01:01:19 Conclusion and Final Thoughts

Connect with the Hosts

Michael Sjogren: Short Term Rental Secrets Facebook Group | Clubhouse | Instagram | Youtube | Facebook Page | Linkedin

https://linktr.ee/mikesjogren

Emanuele Pani: Clubhouse | Instagram | Facebook | Linkedin

Watch Mike’s free masterclass training on www.strsecrets.com/masterclass

Learn more about your ad choices. Visit megaphone.fm/adchoices