A property can make a whack load of revenue for two months of the year, but what about the other 10 months? How can you keep things profitable during the off-season?
Wouldn’t it be great to have a property that brings in steady profits all year round? Of course! But how do you figure out if a property has that kind of potential? Let’s dig into some expert advice from Sean Landreth, a property management pro who’s nailed this for his own business.
This month on Rental Scale-Up, we’re excited to launch our new Founder Interview Series featuring property managers and founders who are shaping the short-term rental industry. In this series, we dig into the on-ground reality of property management, gaining insights from seasoned professionals who live and breathe this business.
We know that being a vacation rental property manager isn’t exactly a walk in the park, whether you’re juggling demanding guests, keeping up with ever-changing regulations, fending off fierce competition, tackling OTA updates, or trying to grow your portfolio without feeling overwhelmed.
That’s where this series steps in:
- Steer through the twists and turns of the short-term rental space.
- Learn how to handle it all like a true expert.
- We’re delivering the inside scoop straight from the pros.
- These are people who are actually in the market, doing exactly what you do.
- They have successfully navigated the same challenges you face every day.
To kick off the series, we had the pleasure of interviewing Sean Landreth, Chairman and Founder of Property Valet CEO of Seasonal Properties. With a portfolio of 150+ properties spanning Ontario, Quebec, British Columbia, and even Florida, Sean has been knee-deep in the world of property management, thriving in some of the most cutthroat markets across North America.
Meet Sean Landreth: Building a Property Management Empire
Sean Landreth is not only a seasoned property manager but also a dynamic entrepreneur. He began his journey in the Cayman Islands, where he started experimenting with short-term rentals for his own property. This venture laid the foundation for his future in property management. After moving back to Ontario in 2015, Sean identified a gap in the market for short-term rental management, particularly in tourist-heavy areas like the Blue Mountains. This led to the birth of Property Valet, which has grown exponentially, managing properties across Canada and the U.S.
Sean’s diverse background, which includes time spent in Dubai, working in sales and mortgages, and a deep connection with the real estate market, gave him the unique ability to scale his business rapidly.
If you’d rather watch and listen to Sean in action, we’ve got the video right here for you!
Key Takeaways from the Interview
1. The Importance of Local Knowledge and Compliance
One of the strongest points Sean made during the interview is the critical need for understanding and complying with local laws and regulations. In markets like The Blue Mountains, where short-term rental rules are well-established, operating without proper knowledge can be risky. Sean emphasized that regulations are not just obstacles but essential frameworks that keep the market sustainable.
- Lesson for Property Managers: Knowing and adhering to local regulations will not only keep your business compliant but can also serve as a competitive advantage, allowing you to build long-term, sustainable operations.
Sean suggests the best way to stay on top of this information is by getting involved with your local short-term rental (STR) operators association. These organizations provide valuable updates, resources, and advocacy that can help you navigate regulatory changes and ensure you remain compliant.
2. Leverage Data to Identify Profitable Markets
Sean emphasized the challenges of scaling a property management business, especially when properties are spread too far apart, creating logistical inefficiencies. To overcome this, Sean focused on property density, the more short-term rental (STR) properties he can manage within close proximity, the lower his operational costs become.
He uses platforms like PriceLabs and AirDNA not only to make data-driven decisions but also to check the density of STR properties in a given area, ensuring he enters markets where his operations can be streamlined and profitable year-round, rather than limited to seasonal demand.
- Lesson for Property Managers: Combining operational efficiency with data-driven insights is key to scaling effectively. By focusing on property density and using analytics tools to assess market potential, you can reduce costs, improve service, and make smarter investment decisions in profitable markets.
3. Build a High-Performing Team
Scaling up from managing a handful of properties to overseeing nearly 200 units across multiple regions isn’t easy. Sean credits much of his success to surrounding himself with the right team. From marketing to operations, every team member plays a crucial role in ensuring the business runs smoothly.
- Lesson for Property Managers: As you grow, having the right team in place is essential. Make sure you are hiring people who not only have the necessary skills but also share your vision and commitment to delivering a top-notch guest experience.
Additional read: If you’re curious about how to build a scalable team that grows alongside your business; this article is a must-read: Why Should Property Managers Care About Creating a ‘Scalable’ Team Culture?
4. Understand Your Guests to Deliver Memorable Experiences
Sean highlighted the importance of truly knowing your guests in order to deliver a top-notch experience. By gathering data and tailoring marketing efforts, his team has been able to enhance guest satisfaction and build repeat business. Whether it’s providing specific activities for international travelers or catering to local guests, understanding what each group values is essential.
“You can’t really serve your guests if you don’t know who they are,” Sean shared. “We want to make sure that when they arrive, they have the right things to do and the right experiences based on their profile.”
- Lesson for Property Managers: A deep understanding of your guest profile enables you to curate personalized experiences, making their stay memorable and ensuring they come back for more.
Sean’s Favorite Part About Property Management
When asked about his favorite part of property management, Sean shared that nothing beats delivering great results to both guests and property owners. Seeing positive reviews from guests who had memorable stays and knowing that property owners are satisfied with their investments is what drives him.
Sean Landreth’s Final Advice: Build Partnerships Thoughtfully
Sean’s advice to property managers is to take their time when selecting partners and teammates. Rushing into partnerships without careful consideration can lead to long-term problems. His other piece of advice? Never underestimate the power of helping your community. Whether through local partnerships or advocacy, giving back not only strengthens your business but also the ecosystem around it.
Join Our Upcoming Event: From Invisible to Irresistible Listings
Sean Landreth will be joining us at our free online event From Invisible to Irresistible Listings: Strategies for Airbnb Success in 2025! on Tuesday, September 24th, 2024 at 03:00 PM GMT / 10:00 AM EST, where he will participate in a panel discussion with Thibault Masson (Founder of Rental Scale-Up and expert from PriceLabs) and Adam Nedved (Founder of Prague Days & Blahobyty).
Together, they’ll be sharing their top strategies for optimizing Airbnb listings in 2025, covering everything from platform updates to best practices for maximizing visibility.
Don’t miss this opportunity to gain valuable insights from leading experts in the short-term rental industry.
