Leveraging Investment Banking Expertise for STR Growth with Michael Chang

In this episode, Jamie Lane, Chief Economist at AirDNA, is joined by Michael Chang, the podcast host of 'STR Like the Best' and co-founder of Trust B&B Vacation Rentals. They delve into Michael’s journey from being an investment banker to establishing a durable business model in the short-term rental industry.

Starting with a single unit in New York, Michael's shift to short-term rentals was driven by his desire to balance building a family with his career. Michael and his wife embarked on their STR management journey by utilizing his background in investment banking and leveraging data from AirDNA, steadily scaling their business. Michael stresses the importance of fostering strong relationships with operational partners. He encourages hosts to view them as vital allies in achieving excellence across various markets. Empowering local cleaning and customer service teams has been crucial in sustaining high operational standards.

The conversation highlights the importance of data-driven decision-making in selecting markets and optimizing property performance. Michael emphasizes the need to comprehend key metrics such as revenue, average daily rate (ADR), and occupancy, focusing on profitability and operational efficiency. His strategy, which prioritizes sustainable growth over rapid expansion, centers around market-oriented operations and informed decision-making.

Michael highlights the importance of closely following regulations, building strong teams, and valuing operational efficiency. He emphasizes a focus on downside risk and capitalizing on opportunities like rental arbitrage in urban markets. The conversation also touches upon the role of technology and predictive analysis in maximizing potential earnings.

You don’t want to miss this episode!

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Signup for AirDNA for FREE👇

https://app.airdna.co/data

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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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Connect with Michael Chang:

Linkedin: https://www.linkedin.com/in/michaelhchang/

https://www.trustbnbcapital.com/

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