Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management 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 Covered
The three basic short-term rental business models
- Ownership
- Management
- Master leasing
How Logan built his property management business
- Rented apartment on Airbnb when hours cut at work
- Started cohosting for friends and other hosts in area
- Grew portfolio from 3 to 42 properties in 2019
- Set up full-service management company in 2020
- Dropped to 25 properties (focus on A + B players)
What Logan wishes he had done from the start
- Develop business plan and strategy
- Set clear expectations and policy
- Systematize how to handle recurring situations
- Chase after income-producing properties
The obstacle Logan faced in complying with state law
- Had to find business partner with brokerage license
- Learn brokerage files and real estate contracts
- Now able to legally collect rents, fees from owners
- Allows to list on multiple channels and own site
How Logan identified his brand and who he wants to serve
- Name came to him in dream, bought domain
- Property must meet minimum revenue potential
- Only work with owners who allow price freedom
The driving factors behind Tim’s success
- Seek out mentors, mastermind group
- Comfortable with being told NO
- Ability to step back and work on self
Connect with Logan
The Arkansas Short Term Rental Alliance
Resources
Tribe of Mentors: Short Life Advice from the Best in the World by Timothy Ferriss
Email jasper@getpaidforyourpad.com
Sponsor
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