Scribbler Logo

    You have 4 summaries left

    Slick Talk: The Hospitality Podcast

    Real Estate, Hospitality, & Being an Entrepreneur with Rena Pacheco-Theard

    Wed Jul 12 2023
    EntrepreneurshipShort-term rentalsPrivacyHospitalityScaling

    Description

    The episode covers the journey of Minute Company and Boutique in the short-term rental industry. It explores the challenges faced, the importance of privacy, and the founders' unique approach to starting their businesses. The episode also delves into the activation of entrepreneurship, overcoming stereotypes, and the future plans for Boutique. Insights on scaling, partnerships, and setting industry standards are discussed, along with personal experiences and growth. The episode concludes with final thoughts and a call to connect outside of the podcast.

    Insights

    Creating something new is challenging but satisfying

    Starting a business, regardless of the industry, requires hard work but can be rewarding.

    Privacy is a top concern for Minute Company

    Minute ensures privacy by never recording conversations and processing data on the device itself.

    Short-term rentals were relatively unknown in 2015

    The industry was like the Wild West, with Airbnb and Homeaway being the main players.

    Boutique focused on providing a unique experience for guests

    They used a test and learn mentality, making changes based on real-time feedback from guests.

    Founders took calculated risks and had previous entrepreneurial experiences

    They started small and worked out kinks before seeking investors or scaling up.

    Entrepreneurship can be activated through various influences

    Inspiration, support, failure, or motivation from contrasting experiences can activate entrepreneurship.

    Challenges in persuading owners and focusing on guest experience

    Boutique aims to move up the real estate funnel and attract passive income from larger investors.

    Short-term rentals should focus on long-term value

    Determining alignment in the industry requires vetting people well and implementing technology for verification.

    Partnerships are important for scaling and distribution

    Boutique has partnered with Brex and the CEO has spoken on industry panels.

    Final thoughts and call to connect outside of the podcast

    The host suggests asking the next guest about their most satisfying accomplishment and invites listeners to connect on LinkedIn.

    Chapters

    1. Creating something new and the importance of privacy
    2. Early days of Boutique and the short-term rental industry
    3. Founders' backgrounds and approach to starting Boutique
    4. Activation of entrepreneurship and overcoming stereotypes
    5. Challenges and growth of Boutique
    6. Future plans for Boutique and insights on entrepreneurship
    7. Final thoughts and conclusion
    Summary
    Transcript

    Creating something new and the importance of privacy

    00:00 - 07:24

    • Creating something new is hard, but satisfying.
    • You can create different types of businesses, not just tech-related ones.
    • Privacy is a top concern for Minute Company.
    • Minute ensures privacy by never recording conversations and processing data on the device itself.

    Early days of Boutique and the short-term rental industry

    07:02 - 13:37

    • Rina's company, Boutique, started as a side hustle in the short-term rental industry.
    • They focused on providing a great experience for guests and received positive feedback.
    • Short-term rentals were still relatively unknown in 2015, with concerns about safety and care of properties.
    • The industry was like the Wild West, with Airbnb and Homeaway being the main players.
    • There is still room for growth and evolution in the industry.
    • Lack of standardization caused a failed attempt by apartment buildings to lease units to tenants for Airbnb listings.
    • The host focused on creating a unique experience for guests, such as providing vinyl records and waffle makers.
    • They used a test and learn mentality, making changes based on real-time feedback from guests.
    • Having a technology and data background helped them approach the business strategically.

    Founders' backgrounds and approach to starting Boutique

    13:20 - 19:49

    • The founders have technology and data backgrounds, with MBAs and a master's in public policy.
    • They took a different approach to pricing their rental units, using their own data analysis instead of off-the-shelf tools.
    • They made calculated risks when investing in properties, focusing on higher-tier inventory for better returns.
    • They started the business by using their own capital and doing everything themselves before seeking investors or scaling up.
    • They believe in nailing it before scaling it, starting small and working out kinks before expanding.
    • They had previous entrepreneurial experiences that shaped their approach to this venture.

    Activation of entrepreneurship and overcoming stereotypes

    19:44 - 26:06

    • Everyone possesses entrepreneurship, the question is whether it has been activated.
    • Activation can come from different influences such as inspiration, support, failure, or motivation from contrasting experiences.
    • The speaker's perspective on entrepreneurship was activated early by seeing hardworking parents and realizing the importance of taking control over what one can.
    • The speaker engaged in entrepreneurial activities at a young age without formalizing it as such until later in life.
    • Both the speaker and the interviewer had similar experiences of engaging in entrepreneurial activities without being exposed to the term entrepreneur.
    • The speaker got exposed to entrepreneurship through the Austin startup community and felt invited and welcomed into that world.
    • Initially, the speaker felt that entrepreneurship was not for them due to a lack of representation and not fitting into the tech bro stereotype.
    • It took getting to know people and working on startups for the speaker to realize that anyone willing to put in hard work can be an entrepreneur.

    Challenges and growth of Boutique

    31:55 - 44:18

    • The name 'boutique' was inspired by boutique hotels and the idea of a high-quality, custom experience.
    • Two pivotal moments in the formation of Boutique were being invited to join Techstars and bringing on key team members like CTO Tim Renner and CFO Eric Frodenk's.
    • Taking calculated risks and being aligned with Dan on pursuing opportunities were important factors in deciding to join Techstars.
    • Bringing in tech expertise from Tim Renner and industry experience from Eric Frodenk's added legitimacy to the company.
    • Being data-driven and having hands-on experience as hosts helped shape Boutique's approach to hospitality.
    • Living the guest experience firsthand allowed for a better understanding of guest concerns and needs.
    • The founders of the company believe that their personal experience and unique approach give them authenticity and a deeper understanding of what needs to be done.
    • They have encountered challenges in persuading owners to make the right decisions, even when it is objectively beneficial for them.
    • The company aims to move up the real estate funnel, working with larger pools of passive real estate capital rather than getting involved in property management.
    • Investing in guest experience and providing essential amenities can greatly enhance the overall stay for travelers.
    • Some people who haven't experienced hosting or property management may overlook the importance of these small details.
    • The founders want to focus on delivering the best guest experience and attracting passive income dollars from larger real estate investors.

    Future plans for Boutique and insights on entrepreneurship

    44:00 - 50:39

    • Short-term rentals should focus on long-term value rather than short-sighted moves.
    • Determining alignment in the industry requires vetting people well, having scalable processes, and implementing technology for verification.
    • Even with all these measures, issues can still arise, so it's important to have a system for dealing with them and communicating effectively with guests, owners, and investors.
    • For Boutique in 2023, the focus is on scaling the team, acquiring more properties, and defining brand and guest experience components.
    • The goal is to scale the successful model they have built and explore partnerships for distribution.
    • Partnerships are about scale, distribution, and growing the team.
    • The company has a billboard in Times Square through a partnership with Brex.
    • The CEO spoke on a South by Southwest panel about the future of travel and short-term rentals.
    • She is passionate about the industry and frustrated by bad regulation and policies.
    • The goal is to set the standard for the industry as they scale.
    • Having a seat at the table means bringing your own chair and showing up to important conversations.
    • A question from Allison Bailey was about what moments or memories help shift mindset when feeling down.
    • The CEO looks back at a family vacation rental experience in Hawaii as a touchstone moment.
    • She also looks forward to building something meaningful for her own family.

    Final thoughts and conclusion

    56:29 - 59:14

    • The host suggests asking the next guest about their most satisfying accomplishment and what made it so satisfying.
    • The host enjoys asking this question because it elicits interesting responses.
    • The conversation went down unexpected rabbit holes, making it a pleasant episode.
    • The final question asks listeners to connect outside of the podcast, with the host suggesting his LinkedIn profile as a way to reach out.
    • The host thanks the guest for the conversation and looks forward to seeing their growth.
    1