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STR Secrets Review (Michael Sjogren)

Mike Waves

Michael Sjogren, whose last name I won’t even try and pronounce… or I might, I dunno, tear my achilles or something… is the founder of Short-Term Rental Secrets.   

Michael retired himself, his wife, and his mom – all from the corporate grind – with a co-hosting business that spans five states.

I mean, I bought my mom Panera last week, so me and Mike are practically twins. Right?

But anyways.

You’re here for my STR Secrets review, so let’s get into it.  

Michael’s portfolio is flush with 101 units, including three boutique hotels.

He hosts podcasts and speaks at conferences and does all the things a good guru should do.

He came up with something called The Freedom Code, to help you ascend through the five phases of entrepreneurship:

  1. Hustler: someone who dabbles and just wants to make some extra income.
  2. Solopreneur: focuses more on tech and automation and wants to quit their W2.
  3. Manager: develops employees to boost profitability and time freedom.
  4. CEO: doubles down on leadership and biz development to remove themselves from operations completely.
  5. Shareholder: invests and advises, spending no more than a couple hours a month to generate additional passive income.

Or you could always just date an NBA player.

Which, by the way, we need to stop portraying our professional athletes as cheaters, deadbeat dads, and women beaters. Either that, or they need to stop doing those things, especially in front of security cameras.

Sorry, where was I?

Oh yeah: elevating to CEO (at the very least).

It begins with defining your week, Michael says.

What will you work on, and when? Will you block off Wednesdays and Fridays for golf? That’s what Michael does.

Next, know thyself.

What are you good at, and what do you suck at? What do you enjoy, and what drives you insane?

If responding to negative Airbnb reviews feels like someone taking a weed whacker to your retina, you probably shouldn’t be doing customer service.

Michael recommends taking the 5 Voices Assessment just to be sure.

Mike Phone

Okay, what else?

Identify what you need, Michael says.

Do a two-week time study where you log what you did every 15 minutes.

Identify where you’re falling short. Is it family time? Fun? Self-care? All the above?

Next, create a 4R Doc for everyone on your team, by answering the following:

  • What Requirements must they meet to work for you?
  • What is their Role?
  • What are their Responsibilities?
  • What specific Results should they produce?

Anyone else feel like they’re back in social studies, counting ceiling tiles, waitin’ for the bell to ring?

Now document your systems, Michael says.

Make lists, take screenshots, film videos, and create standard operating procedures (SOPs). This is where your time freedom comes from, so don’t skip it, he stresses.

From there, it’s about hiring and onboarding an operations manager along with three virtual assistants underneath them.

According to Michael, that oughta be enough to give you 24/7 coverage.

I’m over here making little “I’m dying” coughs as he rambles on about checklists for new hires.

Finally, he gets to the last piece, which is to manage and lead.

Some tips:

  • Set monthly, quarterly, and annual targets for your STR business.
  • Design your schedule, including weekly staff and manager meetings.
  • Use a project management system like Monday.com.
  • Review your P&Ls every month.
  • Track KPIs and go over them with your team.

And yeah, there you have it – how to climb the entrepreneurial ladder, per Michael.

He’s coached over 500 people on this since 2019; wants you to book a call to apply for his STR Secrets Mastermind.

You can count me out.

I practically need a personal day just to recover from the effort of changing the paper towel roll. No way I’m doing all that.

Katie Smith: Slip into your give-up pants, crack open a White Claw, and plop yourself down on the couch. We need to talk about the absolute dumpster fire that is the online course and coaching industry.