How To Pivot From Masterleasing to Management
Summary
This article discusses transitioning from master leasing to property management in the short-term rental business, using the example of Goat Hote. Hosts can learn from the successes and pitfalls of others, understanding how to manage multiple units, find reliable teams, and grow their businesses even during challenging times. Hosts can gain valuable advice on client acquisition.
Key Insights
- •The founders of Goat Hote pivoted from a master leasing model to a management model in the past two years during COVID-19, successfully growing their business to over 60 units across the U.S.
- •Michael and Peter experienced a significant financial loss from their master leases when COVID hit, losing $90,000 in a 24-hour period.
Action Items
- ✓Reach out to potential management and cleaning teams through platforms like Yelp, Facebook, and turnoverbnb.com to build your team.Effort: lowImpact: medium
- ✓Talk to everyone to find potential clients. Starting with distressed properties can be a good entry point.Effort: lowImpact: medium
Tools & Resources
- →TurnoverBnB: The article mentions TurnoverBnB as a platform to find cleaning teams.(turnoverbnb.com)
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Curated by Learn STR by GoStudioM