From 0 To 165 Units in Two Years
Summary
This article discusses how a property management company, Hostly, navigated the COVID-19 pandemic. The CEO shares how they adapted by de-commissioning units, negotiating with landlords, and focusing on long-term relationships. Hosts can learn from their experiences with seasonality and cash flow management to prepare for market fluctuations.
Key Insights
- •STR seasonality in Chicago shows a bell curve, with the peak season (when you make your money) from Summer to October.
- •The company de-commissioned approximately 60 units during the pandemic.
Action Items
- ✓Leverage success with one landlord to bring another on board.Effort: mediumImpact: medium
- ✓Manage cash flow and reserves throughout the year to prepare for slower seasons.Effort: mediumImpact: high
Tools & Resources
- →TaskRabbit: Syed used TaskRabbit for handyman services.
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Curated by Learn STR by GoStudioM