Secrets to Property Management with Chad Wise
On this episode of the Showplace Podcast hosted by Justin Miller, co-founder and CEO of Showplace, this podcast explores strategies for success in the short-term rental and real estate investment industry. In this episode, we’re joined by Chad Wise, the founder of HostWise, a property management company with over 110 properties and a stellar 4.95-star review average on Airbnb. Chad shares his journey from private equity consulting to building a multi-million dollar property management business. Meanwhile, if you want to save $10,000+ off retail prices when getting your property ready for listing and boost revenue by 22%, check out Showplace for expert Airbnb design services. We create beautiful, guest-ready spaces tailored to each market and property, helping investors enjoy more bookings and better reviews.
Building a Property Management Business: Chad’s Journey
Chad Wise transitioned from private equity consulting to entrepreneurship during the pandemic. What started as a side project turned into Host Wise, a property management company managing over 110 properties with a stellar 4.95-star average rating on Airbnb.
Key Lessons from Chad’s Journey:
Scalable Systems: Building processes and leveraging technology to handle growth without compromising quality.
Strategic Focus: Concentrating on one market (Pittsburgh) to refine operations before expanding.
Rapid Prototyping: Testing ideas quickly and iterating based on results.
Why Guest Experience Drives Growth
Chad emphasizes the importance of prioritizing guest satisfaction. His approach focuses on consistency, technology integration, and high standards when it comes to how properties feel and look.
Results: HostWise achieved a 4.95 rating in 2023 with over 12,000 reviews, proving that guest-first strategies lead to profitability and growth.
Technology and AI: The Future of STR Management
Justin and Chad also highlight the role of AI and automation in property management:
AI-Powered Communication: Automating guest interactions while keeping human oversight for quality.
Software Stacks: Integrating multiple tools for pricing, communication, and maintenance but aiming to simplify and consolidate.
Scalability: Planning systems that can support hundreds of properties without sacrificing service.
Challenges and Trends in the Short Term Rental Market
Chad shares insights on navigating today’s short term rental landscape such as the rising competition in the market pushes for the need to offer unique amenities and exceptional service to stand out. There are also market pressures where higher interest rates and property prices make it harder for new investors, emphasizing the importance of operational efficiency. Leveraging data to maximize occupancy and pricing also is becoming increasingly important in revenue optimization for your short term rental.
Key Strategies for Investors
When it comes to maximizing returns in the short-term rental market, a strategic approach is essential. Justin and Chad advise investors to:
Focus on guest experience to drive reviews and revenue.
Invest in systems and automation to handle growth without losing quality.
Partner with experienced property managers to avoid costly mistakes.
Balance midterm and short-term rentals to adapt to market shifts.
What’s Next for Host Wise?
Chad and his team are expanding into Austin, Texas, and Colorado’s mountain regions. Their goal is to maintain a 4.9+ rating while scaling to 500+ properties, proving that high standards and growth can coexist.
A Word to Aspiring Entrepreneurs
Chad’s expertise in property management has shown him the importance of balancing efficiency with great customer service. His knack for streamlining operations and building strong tenant relationships reflects his strategic approach. He highlights the importance of:
Taking calculated risks and learning by doing.
Staying adaptable and improving processes continually.
Building strong teams that share the company’s vision.
Want to Learn More?
The short term rental market offers great opportunities, but success requires preparation, tools, and expertise. HostWise and Showplace provide valuable resources for investors looking to thrive in this competitive industry.
Stay tuned for more expert insights on scaling property management businesses and navigating the short term rental market!