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Business PlansBuilding a Property Management Powerhouse with Joe Riley
In episode 57 of STR Data Lab, Jamie Lane sits down with Joe Riley, Founder and CEO of Patriot Family Homes. Joe's journey in property management began during his military service, leading to the unique approach of Patriot Family Homes in meeting the specific accommodation needs of military personnel and other traveling professionals.
Patriot Family Homes distinguishes itself from other companies with a focus on 'needs-based' short-term rentals, especially catering to military travel which constitutes more than 50% of their bookings. They offer various stay lengths, from more than 30 days for relocations, 1 to 4-week stays for traveling workers, and shorter stays for events like funerals — their most frequent under-one-week booking.
Joe also highlights their short lead booking time and discusses the current health of the market, noting fluctuations in demand and the significant impact of supply. Patriot Family Homes manages 550 units across 15 core markets, and Joe shares insights on their growth strategy, which includes increasing supply through third-party management, owning homes through affiliated property companies, and rental arbitrage, in response to high property prices and interest rates.
The conversation also touches upon the impact of regulation in different markets, the challenges of working with military lodging regulations, and the importance of looking at real-world occupancy rather than forward-looking occupancy for revenue management.
You don’t want to miss this episode!
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Connect with Jamie on LinkedIn and Twitter:
LinkedIn: https://www.linkedin.com/in/jamiehlane/
Twitter: https://twitter.com/Jamie_Lane
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LinkedIn: https://www.linkedin.com/company/airdna/
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Up Next:
The Growth and Future of Cozi Vacation Rentals with CEO Matt Durrett
In Episode 58 of STR Data Lab, Jamie Lane sits down with Matt Durrett, CEO of Cozi Vacation Rentals. They discuss the company's impressive growth, strategies in evolving market conditions, and how they maintain quality amidst rapidly increasing property listings. Starting with just 10 houses in 2020, Cozi has expanded to nearly 350 properties by 2023.
Matt reveals the strategy behind Cozi’s swift expansion: a focused approach on a single market. Concentrating on Fredericksburg, TX, and the Hill Country, Cozi developed a 24/7 customer experience team to provide exceptional service. A significant 97% of their bookings are from neighboring cities, highlighting its appeal as a drive-to destination. Cozi's property selection criteria revolve around three core aspects: exceptional owners, prime locations, and amenities that appeal to guests.
The conversation also explores the influence of interest rates and real estate trends on the vacation rental market. Matt emphasizes the need to prioritize guest needs, ensure quality experiences, and build trust with guests and property owners. He also mentions that Cozi annually curates its portfolio, removing the bottom 10% to maintain only the finest homes.
This episode offers invaluable insights into successful growth strategies in the vacation rental industry – don't miss it!
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Connect with Cozi:
Join.cozivr.com
matt@cozivr.com
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Connect with Jamie on LinkedIn and Twitter:
LinkedIn: https://www.linkedin.com/in/jamiehlane/
Twitter: https://twitter.com/Jamie_Lane
~~~~
Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:
LinkedIn: https://www.linkedin.com/company/airdna/
Twitter: https://twitter.com/airdna
TikTok: https://www.tiktok.com/@airdna.co
Instagram: https://instagram.com/airdna.co
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Find AirDNA at these upcoming events!