How to Grow an STR Management Company

Last week, we took a closer look at the ownership model for a short-term rental business. But what if you’re not interested in buying real estate and would rather partner with people who already own it? If so, the STR management model is the best fit for you.Logan Humphrey is the Founder and CEO of Cohobnb Properties, a full-service vacation rental property management company in Northwest, Arkansas. Logan also serves as President of The Arkansas Short Term Rental Alliance, an organization advocating for fair short-term rental regulations in Arkansas, and he is an active member of our elite STR Legends Mastermind Community.On this episode of Get Paid for Your Pad, Logan joins me to discuss the management model he chose for his STR business, explaining why it’s important to build systems, set clear policy and focus on income-producing properties. He shares the obstacle he faced in complying with state law and offers advice on determining which owners you want to work with. Listen in for Logan’s insight on learning from people who know more than you and learn how his degree in philosophy is helping him grow a successful STR management company!Topics CoveredThe three basic short-term rental business modelsOwnershipManagementMaster leasingHow Logan built his property management businessRented apartment on Airbnb when hours cut at workStarted cohosting for friends and other hosts in areaGrew portfolio from 3 to 42 properties in 2019Set up full-service management company in 2020Dropped to 25 properties (focus on A + B players)What Logan wishes he had done from the startDevelop business plan and strategySet clear expectations and policySystematize how to handle recurring situationsChase after income-producing propertiesThe obstacle Logan faced in complying with state lawHad to find business partner with brokerage licenseLearn brokerage files and real estate contractsNow able to legally collect rents, fees from ownersAllows to list on multiple channels and own siteHow Logan identified his brand and who he wants to serveName came to him in dream, bought domainProperty must meet minimum revenue potentialOnly work with owners who allow price freedomThe driving factors behind Tim’s successSeek out mentors, mastermind groupComfortable with being told NOAbility to step back and work on selfConnect with LoganCohobnb PropertiesCohobnb on InstagramThe Arkansas Short Term Rental AllianceResourcesSTR LegendsGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaChip ConleyAirDNATony RobbinsTim FerrissTribe of Mentors: Short Life Advice from the Best in the World by Timothy FerrissEmail [email protected] Hosted on Acast. See acast.com/privacy for more information.