From having no real estate background, to scaling up and managing 22 properties in just two years. In this episode, we dive into the incredible and inspiring journey of Victor Solano, a short-term rental expert who built a thriving business from scratch. Summary & Highlights Victor Solano’s Journey to Success in Short-Term Rental Management Victor shares how he took calculated risks, invested in the right education, and learned to build powerful, trust-based partnerships with property owners. From overcoming financial pressures to leveraging upgrades that boosted revenues by thousands of dollars, he reveals the strategies that took his business to the next level Path to Success: Victor Solano’s journey into the short-term rental industry began in January 2022 with no real estate background. Determined to succeed, he invested in education through The Real System mentorship program, even maxing out a credit card to make it happen. Starting with co-hosting properties allowed him to gain experience without the upfront costs of ownership. Within two years, Victor had grown his portfolio from managing just two properties to 22, proving that with the right mindset and dedication, rapid growth is possible in the short-term rental business. Challenges & Mindset: The first year of Victor’s business was filled with challenges, including financial pressures and self-doubt. However, he leaned on the support of his family, especially his wife, and maintained a positive mindset to overcome these obstacles. Despite the uncertainty, Victor took calculated risks that ultimately helped push the business forward. His perseverance, paired with a strong belief in his abilities, helped him stay focused even when the future felt uncertain. Growth Strategies: Victor’s approach to growing his business revolves around building trust with property owners, whom he views as partners. This collaborative mindset has been key to his success. He also made strategic investments in property upgrades, like adding a jacuzzi and games, which significantly boosted his monthly revenue by $3,000. For his best-performing property, these upgrades helped increase its annual revenue from $80,000 to $125,000. His focus on quality over quantity in property selection and a strong emphasis on guest experience have helped fuel the growth of his business. Additionally, he built a team of experts to handle key areas such as pricing and listing optimization, further enhancing the performance of his portfolio. Direct Booking Strategy: One of Victor’s primary goals is to reduce reliance on online travel agencies (OTAs), and he’s making significant strides in that direction. Currently, around 20% of his bookings are direct, but he’s aiming to increase that to 50%. He plans to invest in a professional direct booking website to help achieve this. Direct bookings not only offer more control over pricing and customer relationships but also contribute to building his brand and reducing the business’s dependency on third-party platforms. Advice for Newcomers: Victor advises newcomers to the short-term rental industry to prioritize education and networking. He believes that ongoing learning and connecting with others in the field are essential for success. Additionally, taking calculated risks and investing in self-confidence are key components of building a strong foundation. Victor emphasizes that passion for the process and maintaining a positive mindset are vital in overcoming the inevitable challenges of growing a business. Future Plans: Looking ahead, Victor plans to explore opportunities in subleasing and property purchasing as he continues to scale his business. He’s focused on acquiring properties that are not just high in quantity, but are profit-generating, to ensure long-term growth. Another area of focus is further enhancing his direct booking strategy and continuing to build his brand, as these efforts are essential to achieving his broader business goals. Key Takeaways: Victor’s success can be attributed to a combination of education, calculated risks, and a strong support system. His focus on quality property management, trust-building with owners, and strategic investments in upgrades has fueled his growth. Above all, his story highlights the importance of adaptability, perseverance, and a growth mindset in achieving success in the competitive short-term rental market. Follow Victor on Instagram Transcription Gil: Hey folks, welcome back to direct booking simplified. We break down the strategies and tactics to win in direct bookings. On today’s show, I have Victor Solano. Victor, welcome to the show. Victor: so much for having me. Appreciate it. Gil: Yeah, it’s, it’s really good to have you on, uh, and kind of have you talk about your hosting journey and dig a little bit deeper into, uh, direct bookings, um, to kind of kick us off folks. Uh, do you mind giving folks a introduction on who you are? Victor: Yeah, of course. So my name is Victor Solano. I’m a local here in Southern California by the Los Angeles area. And we have a STR management business that has rentals, mostly in the Southern California area, also in a couple of other states. So we 100 percent focus on management of Airbnbs, church room rentals in this area. Uh, we have created a, significant portfolio in the past 2 years and have generated almost over a 1, 000, 000 in revenue for our partners. So, uh. It’s been a, it’s been a long and a hard journey that we have to kind of really work hard to get to this point. But, um, yeah, it’s we started about April of 2022 and then slowly started, uh. Networking and getting more partners up to over 22 properties that we have now that we’re managing and, you know, we offer full management service services to our partners. So excited to be on. Gil: Yeah. Talk to me about kind of the journey there. You mentioned like there was a long kind of hard road there. What was like some of the most challenging parts? I guess like what was it? I was the most challenging part of growing your coasting service. Victor: Just because there’s so much competition in the beginning, you know, I, I kind of started with no funding available to, moving to a purchase or like a sub strategy. So,