AIE 139: The Future of Short-Term Rentals with Paul from Summer
Adulting Is Easy: Making Personal Finance & Real Estate Easy
English - August 15, 2023 11:00 - 35 minutes - 32.9 MB - ★★★★ - 7 ratingsSelf-Improvement Education Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Lauren and Paul talked about what it was like to work at Airbnb when the startup environment had so much money flowing through it. They touched on the short-term effects of Covid, as well as the longer-term ones. It seems like there’s more curiosity from the general public. Of course, they had to touch on the “Airbnbust” idea. Some areas are certainly becoming oversaturated. Paul gives great advice on underwriting your deals: think of the bear case and the bull case. In the last few years, it’s easy to wonder if people underwrote based on bull cases. Lauren and Paul discussed about tiers of homes: large/luxury homes, “comfort plus,” and “economy.” Paul believes that “comfort plus” place is where you want to be. Some economy-type travelers may treat themselves to a nicer stay. The usual luxury travelers may go to “comfort plus” when tightening belts. Overall, Paul recommends diversification to meet the demand where it is. Whether you’re in short- or long-term rentals, look at the annual returns. While none of us can predict the future, Paul believes their will be a culling of short-term rentals over the next few years, but that’s healthy. Paul and his company Summer overall are bullish on this industry and are excited to see what the future holds.
Sponsored by: https://gosummer.com/
If you liked this episode, you may also like episode 98, about a host turning an actual bank into a short-term rental.
About Paul Kromidas:
Paul is Co-Founder & CEO of Summer, pioneering a new approach to unlocking second and vacation home ownership. He is an accomplished operator and leader, with over 10 years of experience growing and scaling teams across technology, real estate, finance, and strategy at Airbnb, Deloitte, Alfred, and Moody’s. Prior to founding Summer, Paul was a Product and Strategy leader at Airbnb, where he led the integration of Luxury Retreats and the creation of the Airbnb Luxe product.
Connect with Summer:
https://twitter.com/startsummering
https://www.instagram.com/startsummering/
https://www.linkedin.com/company/summer-inc/
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/