Under 10% know what a homeowner is worth
Podcast Summary
Acquiring a new homeowner is one of the highest-returning moves a property manager can make, says Brooke Pfautz. He puts the share of managers who track what that homeowner is worth at under 10%, and Simon Lehmann says he put the share who do not at 95% on a panel at VRMA.
Brooke Pfautz leads Vintory, a sales and marketing platform that has helped nearly 1,000 short-term rental property management businesses grow their inventory over the past seven and a half years.
In this episode of STR Global Unlocked, Simon Lehmann sits down with Brooke to talk about how he responded to the threat of AI by building an internal skunkworks team to cannibalize his own software, and to break down his rule-of-thumb math behind homeowner unit economics.
This is not a conversation about finding more leads. It is a practical look at what a homeowner is worth, what that changes about CAC, churn and retention, and what Brooke expects AI to do to the industry over the next 12 to 24 months.
Questions we answer in this episode
- Is the short-term rental industry consolidating?
- Can you build your own property management software with AI?
- How do you calculate the lifetime value of a vacation rental owner, and how does churn change it?
- How much should a property manager pay for a homeowner referral?
- How should a property manager follow up with homeowner leads who are not ready to sign?
- Why do vacation rental owners leave their property manager?
- How can a small vacation rental company get more homeowners?
- Can AI replace human communication with vacation rental owners?
We Say What Others Won’t
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Resources mentioned in the show:
Want to know your own numbers? That is what the Simon Lehmann STR Academy is built for. Nine modules on how to run a property management company, from operator to CEO. Tactical, strategic and heavy on finance, with working documents built on your own numbers. Start here: simonlehmann.net/academy
Guest Appearing in this Episode
Brooke Pfautz
Brooke Pfautz is one of the industry's foremost experts in growing short-term vacation rental inventory. He is the author of two Amazon bestsellers, including his latest work "Vacation Rental Secrets: The Short-Term Rental Industry's Top Experts Disclose Their Biggest Mistakes and Share their Hard-Earned Wisdom." In addition, he literally wrote the book on inventory growth, “From 0 to 500 Properties in 5 Years: A Playbook on How to Grow Your Short-Term Vacation Rental Inventory" which was an three-category Amazon bestseller.
Brooke got his start in the industry in 2007 when he founded Vantage Resort Realty in Ocean City, MD and took an idea on a napkin to more than 500 properties in just five years. After a successful exit, he went on to grow inventory for other major vacation rental brands as Chief Business Development Officer in multiple destinations. Today, Brooke leads Vintory, the first and only Sales and Marketing Platform designed exclusively for Short-Term Vacation Rental Managers to grow their inventory. And, to date, Brooke and his team of over 50 growth experts have helped almost a 1,000 companies grow their inventory and increase their bottom line.
In addition, Brooke recently launched Comparent, a pioneering venture in the vacation rental industry. Comparent is the world's first and only marketplace designed to bridge the gap between vacation rental homeowners and professional managers. At its inception, Comparent listed over 6,000 companies, making it the largest marketplace globally for facilitating these connections.
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