Cash Flow Positive Part 2: Cody Wood - Technology that increases your cash flow
How do you build systems that actually help your short-term rental business grow—and not just add more chaos? In this episode of Cashflow Positive, Kenny welcomes Cody Wood, a seasoned operations expert who has managed over 187 short-term rental properties and specializes in creating streamlined systems.
Cody shares his journey of scaling up to nearly 200 properties and realizing the critical importance of trimming inefficiencies, building SOPs, and using the right technology to drive sustainable growth. Listeners will learn about the pitfalls of "shiny object syndrome" when it comes to adopting new tech and why it’s crucial to understand what really fits your business.
Cody also explains the transformative effect of focusing on fewer but more profitable properties and offers insights into what systems are truly necessary for operators just starting out. Whether you’re managing one property or twenty, Cody’s insights on optimizing processes and scaling effectively will help take your rental business to the next level.
Curious about what property management software is right for you, or whether you really need all those subscriptions? Cody provides practical tips on how to determine what’s essential and how to avoid adding unnecessary complexity to your operations.
In This Episode You’ll Learn:
- Scaling up doesn’t mean adding more properties
- The 80/20 rule can help cut out unprofitable properties and focus on maximizing returns
- The dangers of adopting technology without knowing if it fits your business.
- How SOPs (Standard Operating Procedures) can help you manage your operations effectively
- How to audit your technology stack to keep costs low and improve operational efficiency
- Why adding technology should enhance your business instead of complicating it
- And much more…
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