Adam H.

Your monthly TLDR for all things STR (source links in the comments): 💰 2024 might not be forsaken after all: Vacation rental occupancy rates are up for summer 2024 across the U.S., but is that leading to more profits for hosts and property managers? (source: Beyond)   💎 This is going right on my to-do list: Airbnb released a new category yesterday, Icons. These unique rentals feature unusual and ambitious partnerships with brands and celebrities. (Source: Airbnb) 🏃‍♀️ STR Operators, be aware: booking lead times are down 23% for vacation rentals across the U.S. Make sure your strategies align to make the most of this trend. (source: Beyond)  💤 My tween will be happy to hear this: Sleep Tourism is emerging as the newest trend captivating the travel industry, fueled by Gen Z's growing emphasis on achieving 8-10 hours of quality sleep. (source: Skift) 🏆 The Shortyz Awards took place at end of April, awarding outstanding organizations and individuals in the short-term rental industry - and I'm so proud of Beyond for taking home the win for Best Ancillary Services Provider! (source: Short Term Rentalz) 🧘‍♀️ Pinterest released their 2024 summer travel trends and highlighted the popularity of travel focused on wellness, adventure, and self-discovery through solo-travel. (source: Pinterest) Back to work for me but if you dig these updates, give me and Beyond a follow and we will keep you in the know! #shorttermrentals #vacationrentals #news

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Analyzing Short-Term Rental Market Trends for 2024 As we move into 2024, the short-term rental market is changing fast. More people are looking for unique places to stay that offer special experiences. One exciting trend is Airbnb's "Iconic Stays." Unique rentals are becoming very popular. These places are not just for sleeping; they are destinations themselves. For example, you can stay in a real-life version of Shrek's home, which is a big hit on Airbnb. People love these kinds of stays because they are fun, memorable, and perfect for sharing on social media. "Iconic Stays" by Airbnb includes properties hosted by famous people from different fields. These hosts make the stays more interesting and special. Whether it's staying in a house that looks like a fairy tale or a home owned by a celebrity, these rentals offer something extra that regular hotels can't match. Travelers today want more than just a place to sleep. They want unique experiences that they can remember forever. For property owners, this is a great chance to attract more guests by offering something different and exciting. In short, the short-term rental market in 2024 is all about unique and special experiences. With trends like "Iconic Stays," the industry is ready to welcome travelers who want something truly unforgettable. #ShortTermRentals #MarketTrends2024 #UniqueStays #Airbnb #IconicStays #TravelInnovation #HospitalityIndustry

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I left the firm three years ago already, committing the next phase of my career to building HostWise.co. What started with 22 properties and <$1M revenue has grown to over 100, with ~$5M projected FY24 revenue. Growth is continuing to accelerate, rather than slowing down (further proof that #airbnbust is a myth spread by bad operations). Reflecting on this journey, if current me could talk to old me before taking the leap, here are a few things I'd say: -On Hard Work: You know that starting & running a business is hard work, but you really have no idea. Weekends off? Nope. Love skiing? Too bad. Tired of 10 hour days? Get ready for 15 hour days as your new normal. Your phone will become an extension of your hand (I have a "pinky rest" callus now). Friends & relationships? You're lucky they're patient with you, because they won't be seeing you much. - On Managing People: Leading a team is challenging, especially with highly variable experience, knowledge, & skillsets. At the firm, there were two defining characteristics - everyone was incredibly smart and highly motivated. Finding those traits in a small business setting takes significant time & effort. Letting people go is tough, but not as tough as working with people that don't share your passion. - On Ragrets: You won't have many regrets (not even one letter)! Are there parts of consulting you'll miss? Absolutely. Working with the C-level of $500M companies, helping them thrive, and working across a multitude of industries was interesting work. Dinner every night with intelligent people and discussing (sometimes debating) what's going on in the world was always fun, and let's not forget those airline miles! That said, building a business from the ground up has taught you more than you could imagine about marketing, finance, sales, management, HR... and loads more. Every day will bring a new challenge, but you (rarely) get tired of them. - On Networking: Building relationships in industry is much more important than you realize. Turns out conferences aren't just for drinking - you'll build friendships, learn a lot from those late night conversations, build partnerships, and more. There's value in just talking to someone that has, or is, walking in your shoes. When I started building this business, I was told not to be so committed to guest satisfaction & ratings, because "it's impossible to maintain quality at scale." Well, we now have over 11,000 reviews, STILL a 4.93 / 5 rating, 12 full time employees, over 30 cleaners, and we're still just in the early innings. We also have an exclusive registered trademark for Chore-Free Checkouts® , furthering our commitment to an incredible, easy guest experience. With properties now in Pittsburgh, Winter Park, Silverthorne, Austin, and Siesta Key, we're starting to move towards a national presence - stay tuned for more updates!

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Last week, Culr had its first ever investor meeting and it was a nice chat overall. Yesterday, I woke up to a mail from the VC firm, the response was… “We can’t invest right now, let’s talk again in another 3-6months” This is one of the parts of entrepreneurship that doesn’t get talked about much in real time. The Nos, the Try-agains, and the failures. PS: that wasn’t the only “No” I got yesterday morning… Early Monday morning, two hot breakfast already 😂 Surprisingly, I wasn’t down about the News, I just went back to work. I think somewhere in my subconscious, it has registered that there’s more than one way to skin a… I mean to get things done 🤭😄 So if one way does not work (yet), roll up your sleeves, try again or try another way. Entrepreneurship will not only teach you patience and resilience, it will also teach you perspective. Something I’ve learnt overtime is, It is as much about the journey as it is about the destination. Your best bet is to enjoy the journey as much as you intend to bask in the euphoria of the destination… Truth is, on most days, the journey is the destination. You arrive daily. As for what next for Culr, we are rolling up our sleeves, we are getting ready to roll out an MVP and I honestly can't wait to share with y’all. The next few weeks will be intense, you will not only get to learn a lot more about what we are building, You’ll be able to experience it, use it, book leisure experiences with it. Well, now that you know that we are fundraising, feel free to tell your angel investor contacts, and VCs about it. Thanks in advance…Toodles✌🏽😅

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It was an awesome time in Portland representing MintPass with Melissa Leventhal at TravelCon! 🙌 Here are a few takeaways after 3 days of chatting with travel creators of all kinds ⬇ ⬇ ⬇ 1️⃣ Making it as a startup travel creator is TOUGH 😓 And why wouldn’t it be? Getting paid to travel the world is the dream. The reality is that platforms are now saturated with this content vertical, and it’s becoming more and more difficult to separate oneself such to break through the noise and grow a following. 2️⃣ The game is skewed toward those who have already made it 🏆 The travel creator landscape is quite top-heavy heavy where those who were there early to build an audience continue to do well with guaranteed brand deals. Smaller creators long for unique, alternative tools to even the playing field and aid in community growth outside of the usual social platform algo hacking. 3️⃣ The new way to get attention is to niche down 🔎 Less is more in community growth when your community is hyper-focused on a particular niche. As the landscape becomes more and more competitive, travel creators are focusing more on finding their unique content vertical to differentiate themselves. We talked some cool ones across areas of geography, wellness, budget, luxury, family, solo, and so many others. 4️⃣ Web3 doesn't matter 🤷‍♂️ This one was obvious, but I’m reminded again that our means for delivering value is arbitrary and rather the value itself is what matters. Most of those with whom we chatted were not web3 users, but they were intrigued by the value that our web3 platform can deliver. Value = Adoption. Go figure.‍ As we aim to build MintPass into a tool for travel tastemakers, it was awesome to chat with and get direct feedback from the creator persona who often has the best recs to share, but lacks the proper tools for sharing and building a brand off of that credibility. 🤝 Thank you to all who provided insights for us. ❤️ Back to work. 👷‍♂️ #traveltech #startups #creatortools‍‍‍

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Here's how Airbnb hosts can save a 💩 ton of 💰 This applies when you are using closed to check in /check out restrictions along with minimum stay restrictions. It's a feature that you can activate in Pricelabs but only works with compatible PMS's. Taking this step is critical in preserving revenue opportunities.

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These are really great tips and simple frameworks that I wish I knew when I held a platform role in VC.

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I believe two of the big winners over the next 10 years in the SMB category will be PE who are rolling up the businesses and GenAI powered software that makes running these businesses significantly more turnkey and/or profitable. Thanks for having me on Jay Kapoor. If you want spicy takes fast forward to 25 min mark. If you want to get deep in market analysis buckle in for the whole thing. https://lnkd.in/d8M7Jyrx

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I'm excited to reshare this timeless episode of #Supermanagers featuring David O. Sacks, a member of the PayPal Mafia, founder of Yammer, Inc., and General Partner at Craft Ventures. David offers invaluable advice for CEOs, managers, founders, and anyone looking to elevate their organization. In this episode, David dives into:  - Introverted leadership - Managing hyper-growth - Knowing when to throw out processes  - And so much more. Don't miss out on his unique perspective and leadership journey. Tune in to learn from one of the best in the business! 🎧 Link in comments 👇

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I did not see this coming... Yardi is set to purchase majority stake in WeWork. This is a strategic and bold move by the property management software company. Venturing into coworking spaces, a business model vastly different from their core operations raises intriguing questions about the potential synergies between the two organizations. This could be a push to diversify revenue at Yardi and pair a money-losing business with a cash-cow SaaS product (similar to Amazon retail + Amazon Web Services). There could be some really interesting growth opportunities for WeWork if that is the case. #propertymanagementsoftware #proptech

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#Restaurant prices are rising due to rising food and labor costs, and a whopping 80% of consumers say they're eating out less due to rising prices. 📈 𝐒𝐨 𝐰𝐡𝐚𝐭 𝐜𝐚𝐧 𝐲𝐨𝐮 𝐝𝐨 𝐚𝐛𝐨𝐮𝐭 𝐢𝐭? These apps and websites will save you money every time you eat out... 1. Groupon: Discounts and BOGO's at select restaurants. 2. Too Good To Go: App gives discounts on surplus food at reduced prices. 3. Feedplan: Discounts at restaurants you already love. 4. Honey: Discounts via app and browser extension. 5. Dining Advantage: Discounts and BOGO's at local restaurants. 6. Restaurant.com: Deals at local restaurants 7. LivingSocial: Discounts at local restaurants 8. Entertainment Coupon Book: More discounts at local restaurants Dušan Šenkypl Brice Gumpel Mette Lykke Win Feigle Alex Chriss Ketan Thakker

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Machine Learning is revolutionizing Venture Capital in ways that may not be widely recognized yet. In the past, building billion-dollar companies required hefty investments upwards of $200M, typically at a late-stage growth round. However, today, small teams of 4-6 individuals with a few contractors are achieving multi-billion dollar valuations right now. Today. The ability to leverage Machine Learning for tasks such as source code development, architecture building, lead generation, marketing content creation, and customer support is enabling these lean teams to operate capitaly efficient. This trend is expected to keep company sizes small throughout their growth trajectory. As AI and ML technologies continue to empower entrepreneurs, the barriers to entry in the startup space are significantly decreasing. This shift is likely to drive a surge in the number of startups, with projections indicating that 90% of companies in the near future will emerge from the startup ecosystem. Exciting times lie ahead for the startup landscape as technology reshapes the entrepreneurial journey.

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I recently faced one of the biggest challenges in my entrepreneurial career. My most recent venture, WingMates, didn't work out (I won't get into that in this post), from which we pivoted from our original idea, which didn't work out either. I had to make a tough decision: Shut down and return the rest of our pre-seed round to our investors (we still had half of it in the bank) or pivot one more time to a different industry. We built great tech at WingMates, so why don't we use it to create value elsewhere? First, I spoke to my team, and they were still up for the challenge. Then, I talked to each investor individually. Twenty-one out of 24 investors said they invested in the team, not in the idea. Most of them preferred the new project over WingMates. I could have given up. I could have taken some time off, which I didn't do after Papa, and reflected on my failures before jumping into a new project. However, something was keeping me up at night and giving me heartburn throughout the day. I was going to lose half of my investor's money. I understand most startups fail, but these were not my first failures. This time, it felt different. After co-founding Papa, many people, including most of our current investors, started looking up to me. These people trusted me with their money because of our success (and luck) with Papa. Therefore, I decided not to let them down. And I won't let them down. So, what's this third project? After recruiting and hiring hundreds of team members at Papa, I realized how important it is to align talent with the company's mission and values. For that reason, we started building MissionHires, a recruiting platform to help companies hire passionate talent who aligns with their mission and values. We're repurposing all the technology we built for WingMates to help companies source and pre-screen candidates with artificial intelligence. We'll also help passionate professionals discover their ideal employers—a company whose mission and values align with theirs. If you’re a company or recruiter in need of sourcing or screening passionate talent, we have a waitlist for our beta. If you're none of those, give us a hand and share with your network 😀 Join the waitlist to get notified when we launch and to receive a unique promo code to post your first job search for FREE! Lastly, please let me know your thoughts in the comments.

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🌟 Reflection on the Short-Term Rental Industry 🌟 Hey folks, breaking my silence to share some MASSIVE VALUE on the short-term rental industry. 🏡 This article hit me right in the insights, and I'd love to hear your thoughts! As a leader in short-term rentals, I often get asked about the industry's status. Clients, friends, potential investors – you name it. So, here's the scoop: Despite whispers of saturation, national stats from 2023 show a stabilizing supply and demand trend. According to Airdna’s 2024 Rental Outlook Report, demand growth slowed in 2023 but is expected to bounce back to 10.7% in 2024...to pre-pandemic levels! But with competition comes opportunity, especially in a FRAGMENTED industry like short-term rentals. Basically, in order to create wealth in any business market, the opportunity lies in fragmented industries. The opposite of a fragmented industry would be a consolidated industry. In a consolidated industry, a few large companies or players dominate the market, resulting in fewer competitors and potentially higher barriers to entry for new businesses. This can lead to less competition, more standardized products or services, and potentially higher prices for consumers. By leveraging the following strategies, business owners in fragmented industries like short-term rentals can capitalize on the inherent opportunities and gain a competitive advantage despite the challenges posed by market fragmentation. Here's where we shine: 🎯 Niche Focus: We can tailor our offerings to specific market segments, attracting customers with unique needs. 🚀 Agility and Innovation: We're nimble, adapting swiftly to market trends, tech advancements, and creative marketing strategies. 🤝 Collaboration Opportunities: Teaming up with other businesses expands our reach and boosts brand exposure. 👫 Customer-Centric Approach: Exceptional service and personalized experiences win hearts and bookings. 💻 Technology Adoption: Embracing tech streamlines operations and enhances guest experiences. And now, let's delve deeper into the business markets: In the short-term rental arena, there are three main types of business markets: Commodity, Middle Mass, and Premium. We're proud to say we're in the top 3% of the entire industry (The Top 10% of the Premium Markets), representing the cream of the crop. How do we achieve this? By strategically investing in median-priced real estate and leveraging creative finance strategies, we're able to elevate our properties to premium status and generate INSANE returns while mitigating the risks. Our approach is inspired by the top 5% comparable properties in each market we invest in, ensuring that we stand out and deliver exceptional value. I hope this deep dive resonated with you as much as it did with me. Let's keep the STR magic alive! ✨ #ShortTermRentals #IndustryInsights #WinningStrategy #Raisemasters30

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As someone who currently manages 10 short-term rental listings across 4 amazing US cities, I wanted to share some tips on how you can leverage this incredible opportunity to boost your income. Diversify Your Locations: Spread your listings across different cities. This not only reduces risk but also capitalizes on various tourist seasons and events. Each city has its unique draw, so do your research and choose locations wisely! Offer Unique Experiences: Stand out from the competition by offering unique and memorable experiences. Whether it's a cozy cabin in the woods, a chic downtown apartment, or a beachfront bungalow, make your space special and inviting. Optimize Pricing: Use dynamic pricing tools to adjust your rates based on demand, season, and local events. This ensures you're maximizing your earnings while staying competitive. Invest in Professional Photography: First impressions matter! High-quality photos can significantly increase your booking rates. Highlight the best features of your property to attract more guests. Provide Exceptional Customer Service: Go above and beyond for your guests. Prompt responses, personalized touches, and a warm welcome can lead to great reviews and repeat bookings. Automate Processes: Use management software to automate bookings, guest communications, and check-ins. This saves you time and helps maintain a seamless operation. Regular Maintenance and Updates: Keep your properties in top-notch condition. Regular maintenance and occasional updates keep your listings fresh and appealing to guests. Leverage social media and Marketing: Promote your listings on social media platforms, local tourism websites, and travel blogs. The more visibility, the more bookings! Short-term rentals have been a game-changer for me, allowing me to create a substantial income stream while meeting wonderful people from all over the world. If you're considering diving into this market, now is a great time to start! Schedule a consult to discuss how we can help you create a plan! https://lnkd.in/ew2sR8eR Happy hosting! #ShortTermRentals #IncomeBoost #RealEstateInvesting #AirbnbHost #TravelAndStay

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Founders, you're losing deals by not having a clear discovery call plan. I've seen this a lot where founders looking to scale up their early sales efforts are going into it thinking the product will get them through the sale In most cases, this isn't the truth You need to have some sort of framework to make the selling motion more repeatable Instead of demo'ing the product, try learning more about them and their challenges first. Your goal should be to know enough to build a customized demo for them. This will help in building solid relationships, build value throughout the process and likely speed up deals on the back end of it. If you don't know where to start, hit me up and I'm happy to lay out some early sales structure for founders! Go crush it out there 🤙

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The Doubletree hotel chain gives away 75,000 free cookies every day. But what is the ROI on that free cookie? I’ll tell you. Then I’ll tell you what you can learn from this to make your business more profitable. Some rough numbers: - There are ~135,000 Doubletree rooms across ~600 Doubletrees worldwide - At $175/night average and 72% average occupancy, that equals about $7b in revenue to Hilton and their franchisees. This doesn’t include additional revenue like food. - The cookie was introduced in the ‘80s and soon became a hit. They outsource production to a company in Nashville. They also sell cookies on their website - If Hilton pays $.75 per cookie then then are spending $20m/year on “free” cookies. - That is about .3% of total revenue. Keep in mind, 80% of Doubletrees are franchises, so Hilton doesn’t capture most of that revenue. - What if 5% of surveyed customers say “we wouldn’t keep coming back if it weren’t for the free cookies. Our kids love them!” That would turn a 70% occupancy % into a 73.5% occupancy % (ignoring other variables here). What if it were 20%? And what if Hilton simply *bakes* the cookie cost into the room cost? A 5% bump would represent an extra $300m/year in top line. Furthermore, Hilton likely marks up the cookies and sells them to franchisees at a profit. More occupancy to franchisees and more franchise fees to Hilton. Win win. Every business has a potential cookie. A cookie = a small value add that is worth 10 - 1,000X the cost to the customer. It could be a: - Handwritten note that increases retention - A flower bouquet every year to your top customers - Dusting the cobwebs at the doorstep after performing pest control service. Find your cookie and lean into it! And follow me Chris Koerner if you like cookies.

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CFOs when you bring forward a business case that says that we can save ______ hours with a new tool. Time savings only matters if: 1. More can be produced with the same resources - with a clear plan articulated on HOW this happens 2. Less people are required Otherwise? Not in my house!

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