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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