How to Pivot to a New STR Business Model

Did COVID-19 put a halt to your short-term rental (STR) business? If so, you may need to restructure your Airbnb portfolio and pivot to a new business model. A business model that will stand the test of time.Ryan Anderson is the Founder and CEO at Sojourn, an upscale STR venture that had grown to 200 active units in the US, Puerto Rico, Mexico and Colombia—until the Coronavirus pandemic devastated his business. A serial entrepreneur with a background in finance, Ryan has founded companies in the technology, craft beer and hospitality space, and today, he is downsizing his portfolio and developing a new approach to the STR business.On this episode of Get Paid for Your Pad, Ryan joins me explain why he is shifting away from the master lease Airbnb model and pivoting to an owner-operator paradigm. He shares the most important lessons he has learned through the Coronavirus crisis, describing how he plans to grow slower and wiser in the future. Listen in for Ryan’s insight on building a brand that reflects who you are as a person and get ideas for developing a STR business model that is sustainable for the long term.Topics CoveredAn overview of Ryan’s business pre-COVIDMaster lease Airbnb model in urban markets200 active units across four countriesWhat Ryan’s STR business looks like nowGave back nearly all master lease unitsLooking to invest in multifamily properties (flexible living model)Test market for camper van rentalsRyan’s predictions around the future of the master lease modelSupply has gone away in reaction to COVID shutdownThose who hang onto supply will see big returns againThe most important lessons Ryan has learned from the crisisMust own asset to acquire wealth over timeStay disciplined and focus on fundamentalsWhy Ryan had expanded to so many different marketsConcerned about regulations in USAcquired HostTonight (already operating south of border)What Ryan would do differently if he could go backGrow slower and wiser (can’t blitzscale hospitality)Enjoy journey, not so hyper-focused on destinationThe challenge of negotiating with landlords in a global pandemicDifficult to convince that business would grind to haltTense circumstances, not easy to persuade via ZoomRyan’s best advice for aspiring STR entrepreneursBuild brand that reflects who you are, what you enjoyMoney can’t be only motivator in tough timesConnect with RyanRyan on LinkedInResourcesSonderOutdoorsyOutdoorsy on GPFYP EP266Stay AlfredLyricDomioHostTonightSTR LegendsSTR Profit AcademyWanderJauntEmail [email protected] Hosted on Acast. See acast.com/privacy for more information.