AI and STRs | Short Term Rental Management

AI and STRs | Short Term Rental Management - YouTube Transcripts: (00:02) this is short-term Rental Management the show that is all about short-term rental property management with your host Yours Truly Luke Carl welcome to short-term Rental Management and today we are talking about AI we've got a gentleman by the name of Shahar who has a company called boom to be honest with all my gray hair some of this stuff is a little over my head but uh very interesting stuff and if you're looking for a better way to communicate with guests and and run your business then this might uh be for you (00:40) and we will talk about the future of artificial intelligence in short-term rentals today on short-term Rental Management did you know there's actually a company that will help you find and purchase your first or next short-term rental the short-term shop is the Premier short-term rental acquisition company they have a team of Realtors with tons of experience and most of them actually own their own properties as well they are the best in the business and would be happy to help you with your next purchase you can find them at the (01:17) shortterm shop.com brokered by exp the shortterm shop.com all right we got Shahar on the show today he's an AI expert and has a background in vacation Reynolds and uh quite the story so shakar tell us uh you know how you got started in this whole thing and and he's got a wonderful company called boom that we want to learn about today hey Luke pleasure of being over here today hey everyone so how did I get into the space so I'm in real estate from 2008 as an investor as a broker 2016 H did a startup for Real Estate H (01:58) when I did the startup to real estate St actually I I A friend of mine came to me and told me hey you know what the house that we got from my parents I would like to change it to be an Airbnb it was a $1.5 million transaction in Eastern Shore in Miami and at the beginning I told him leave me alone I'm doing a startup I want I want to deal with my own stuff but at the time I was learning about thein theory meaning how can I get the most knowledge with the minimum efforts that I can do so I told him you know what let me give me the night to (02:33) sleep on it and uh the day after I came to him and I told him you know what I found a comp company and I'm talking about beginning of 2017 I found a company in Australia that can actually Implement interior design of top of empty pictures so I told him let's take the picture of the house advertise like gets the picture done by this company and then create a fake listing which is not really fake it's just the furniture fake on Airbnb see the reaction take it from there uh so we we did that and all of a sudden we (03:08) started getting a lot of reservation in my wife she was a designer I asked her you want to design a home she said yeah yeah and this is how it started uh and then I had like a flip that I had did that we changed to Airbnb a multi family and long story short H we became managing like $150 million of properties as of today and this is how I got into the space now when I got into the space I found a lot of lack of Technology meaning we use the PMs and all of that but we found a lot of like uh stuff that I didn't find Solutions so we started (03:50) building our own technology on top of guesty uh uh in order to give solution we basically build the tech in enable company up until a year ago that I decided to split the company into two one that is the technology Wing which is boom and one's a management company which is design VR which all of my time now I'm putting in in basically in boom okay so 150 million in uh properties these were all in Miami H Southeast Florida and west side of Florida so difficult to the regulations there are really bad are they not as far as getting permits and (04:30) things it depends how you're looking at it right so it is hard it's harder than what it used to be but but that's the job yeah like regulation and all of that so we do what need to be done so you had something like a 100 units under management a little bit more yeah oh wow okay and you still do with the management company again I'm the chairman of the board I'm not involved in the day-to-day operation over there but uh but yeah we definitely run design VR okay and that's a just a regular old vacation rental property management (05:05) company we are not regular nothing my friend but uh so we use a lot of Technology uh we introduce new product to the market also we have a fund syndication that we deployed around $40 million on that matter in southeast Florida and West Side Florida as well and we did a new product called the destination home where you have your volleyball soccer basketball and when a family is coming in like I'm talking about 2 acre lots of like a house with all kind of amenities that we create like a special vacation for people that (05:44) are coming okay so uh these homes in in South Florida where who owns the home and what what did they buy it for cash flow specifically or are they using it uh when they're not there or uh what wasthe purpose of the purchase and in most cases investment to everything that we are doing we are looking at the returns that we will do to the investor meaning we're looking at the C rate we looking at the cash on cash that this property will generate and by that we take decision and by the way boom really helps with it with the owner portal (06:16) understanding all of the task management how they are connecting to your financial and understanding your your your p&l and your return on your investment you're s indicating single family homes basically yes it's part of the thing yeah all right cool um and and so boom uh is a software that sits on top of a property management software is that right can you explain to me um what that does yeah so so every every PMS have his own classes and minuses right one won't have like a good owner portal one won't have like really and also the (06:49) the functionality of PMS it's really broad meaning nobody tell me okay I have a PMS what is actually giving me yeah in a way you have the channel manager uh you have like your pricing your API connection to all of the system but each PMS bring like different solution to the market what we build is a modular solution that sit on top of your PMS so we can basically make any PMS like a superstar as long as we have the API connection to it because we have modular solution from owner portal to task management to guas portal to (07:26) accounting to and basically all of the stuff and on top of that we're giving basically a AI like artificial intelligence abilities to your customer support to your sales and we developing more and more like Workforce and giving you business analysis in order to understand your kpi in your organization so let's say I want to see who is my best cleaner is taking him the longer H analysis on review how much time it's taking to answer a chat who is my best sales per so we basically showing you all of that information and easy uh way (08:04) to look oh this so this was would be more geared towards somebody who's managing a lot of units right like maybe not just is necessarily like a owner operator so we're looking at in two levels right like one level is yeah bigger company that wanted to create a kpi to their organization and all of that but we're trying to touch everybody so when you're thinking about it let's say you're in owner of One Properties or two properties and you sit to a dinner with your wife and all of a sudden like you start getting like hey where is the (08:39) toilet paper hey how can I turn on the TV and all of that aspect so we take also the artificial intelligence and we are creating a customer support to take the load away from you so basically it will answer back to customers that are asking and so in other in other words I could hire a VA to do this for me or my cousin to do this for me or I can have boom do it for me 100% but like the only problem is when you have somebody's doing it for you you need to pay not only that that you need to pay much more money you need to take care of him you (09:15) need to explain him you all of a sudden he's sick it doesn't work 247 so there is a lot of other elements into it he doesn't speak a lot of languages that we can speak in any language you want there is a lot of other factors in right in order to fill up like 247 position so um I can this is fascinating stuff uh I can I can basically instead of hiring somebody to handle the guest communication I can put this software uh API it with my management software and it becomes basically a human is what you're saying yep exactly better (09:54) actually um and so uh how does it how is it better than a human I guess is you know I'm a little old so explain it to me like uh you know I I guess maybe if if never even heard of AI before how does it how does it all work basically it's it's a language model right so we understand from your answer in the last few years what are your policies what is the vibe of the companies and all of that elements are you saying it it scrapes all the messages I've had in in my management it's API so there is no scraping over (10:27) there but but basically it will understand how you approach what are your policies and based upon that will answer back to a guess that is asking a question in a much faster speed in any language like that the customer will talk with him so if he's spoken with him Chinese we can answer in Chinese H it will also see like where is the guy is coming from so somebody from Portugal will have different habits from somebody from United States so also modified on that uh it will so yeah this episode of the short-term (11:06) management show is brought to you by short-term rental long-term wealth this is the book in the Str Str space written by my lovely wife Avery Carl it has hundreds of reviews on Amazon and it will teach you literally everything you need to know about Str Str short-term rental long-term weal the book wherever books are sold interesting okay so uh rather than having paying somebody to go readthrough all my messages for the past three years I can just uh use boom and it will do all that for me are we very confident obviously you're the owner of (11:44) the company you're not going to say no but then it's going to do you know make sure I it says the right thing to get me good reviews 100% and not only that we are using business intelligence in order to show you the difference meaning you have like your own sales person compared to the AI person and by that we can measure like how quick basically the the actual human compared to the AI and what's the ratio of closing let's say a sales between them so we give you a full view of the differences in order to build (12:17) confidence you know when you drive with your car on the highway and all of a sudden you like a police car what's the first thing that you do yeah slam on a brakes and after it what do you do I don't know look at the dashboard to see the speed that you at right so it's the same thing is how can I create visualization of data and that's what we're doing with bi in order to create a confidence in what you're doing okay great so um now a lot of these management softwares have ai built into them I would assume yours is a lot more (12:53) heavy duty than than what you know like built into like a hospitable already has there for me um what's the benefit of Boom versus you know the the native integrated AI I didn't understand completely the question if you can ask again sorry yeah so like if I'm using hospitable or guesty or ownes they already have ai Auto messages built into the property management software so I would assume yours is like you know a more heavy duty version of that like a a better version of that what's what's the difference exactly is that when you (13:26) touch one element you don't touch everything meaning let's take let's take you if I want to answer a a question instead of you I I need to know where did you grow at like who are your parents what is your relationship like uh I'm not sure if you married or not how is your relationship with your with your wife with your kids with your outside environment in order to give an answer meaning if I want to answer really like you meaning if I want to answer to a guest that want to do an early checkin I need to go to the task (14:02) management see that they don't have any mission that needs to be done as for fixing a stove fixing like the shower right and then I need to to go and see if I have allow a late checkout or if they finish the cleaning and then I will be able to allow it meaning I need to move in between different system in order to get you the answer and nobody right now is doing it in the industry except of Boom wonderful that's great yeah so I like the fact that it's great scrape you didn't like that word I don't know I don't know anything about tech um (14:37) but uh you know goes back through all my messages because when you hire a VA or hire somebody to do your messages for you uh that's the first thing you do is say hey go back read all my messages from the past three years and learn how we like to do things around here what does it cost it depends it depends on the on the solution that you pay because it's a modular solution so it can go from $15 to $40 per property okay so pretty inexpensive a lot cheaper than a human yeah much much cheaper than a human and then we are creating the AI (15:07) that sit on top so for the customer support it will be $10 per property let's say customer support agent what's the website again boom dot boom now.com boom now.com okay cool um where where do you see the future of vacation rentals in general I think we'll have an awesome future I think that what Boom coming to offer to the market is to take the cost down of actually managing a management company of all of the online aspect of it uh meaning our point is to change the workforce in Customer Support sales uh bookkeeping (15:47) dispatching and so on and so on like in the online operation and by that even ability to touch the customer more meaning My Philosophy is that I'm not there up until you want me there and when you want me there I want to be a second after you want me over there in order to help you as a tourist or to touch point with you so I think a really good technology allowing us to give more care to the tourist actually coming to our properties um I noticed you have Integrations with a minute and slack and how does it work with with like a minute (16:23) in your element of like noise sensors and so so let's say you have like a noise in the house you want like the guest to be notified you want to open a task to your mission to your people in order to monitor the property to look at the cameras and to contact the guest you want your security to be alarmed so so so look at it as as ability to to control your company right and to understand what's going on in the house so once something is happened then team is being notified missions are being created and me it also check humidity in (17:03) the house a lot of time when peopleliving like the door open it will create that and also element of controlling you like the spend of electricity by tracking all of that and um boom will automatically respond to guests based on what minute is telling it yeah fascinating so then let's say I got my my whole team's on slack then it can also communicate with my team and say hey the guests are being really loud we're going to send a not only that like we have slack automation but we have also task management automation so if (17:37) you're working on fully on Boom it will open already a service call to your team uh to take action and if not answering on time they will will send a reminder after a certain period of time to make sure that their own to of their stuff fascinating this is all way above my head man I'm too old for this to be honest I just don't quite understand it all uh but it's uh it makes a lot of sense is this is this uh I have to assume that this is happening in all aspects of life right are we doing a a heavyduty AI in car sales and and every (18:11) other part of the world that I don't I'm not aware of so listen it's a new technology it's the biggest disruption that the humankind have ever seen so if if you will take a look people used to be Farmers then you had the Industrial Revolution which in the industrial revolution we change a lot of aspect people moved into offices and you had Computing that make us much faster than you had internets that help us learn much faster and to be much glob like much more globalized and now we are in the biggest disruption ever because the day-to-day (18:52) work is not not going to be done by us [Music] so you will see it in any aspect of life fascinating yeah I don't know I I definitely have a little bit of that element like you can't replace a human but I'm probably wrong I don't know because a lot of the humans I know are fairly uh you know they they could could try a little harder U but the whole thing is uh is is is absolutely fascinating so in other words if I have let's say I've got 10 properties and I own them and I'm sick and tired of dealing with toilets and sinks and (19:29) toilet paper and soap um I can just uh sign up for boom connect it to my property management software and it will respond to these guests for me okay so when we're looking at the at at vacation at Vacation Rental Management you manage like 10 homes so let's split it into two you have the online meaning everything that you are communicating bookkeeping sales all of that elements and you have the legs on ground legs on ground meaning you need to maintain your property you need to clean your property you need to to make sure that the (20:07) landscaper was doing a good job that the pool guy was doing a good job so so the element of legs on ground boom doesn't touch you will still have to do it what we are touching is all of the online aspect of it and with a connection to the ground through task management okay great wonderful anything else I need to know not sure looks like we are covering a lot of stuff yeah yeah wonderful it's great stuff I I get it man um you know everybody wants to know you know when is it time most of people that come through (20:39) my podcast are doing it themselves you know so they get to a point where they want to hire somebody to help them with this stuff and and instead they can just hire boom that sounds pretty cool yeah definitely they can use boom in order to create a lot of like the hustle away from them right like if you have like customer support that answering instead of you then you don't need to you you know how annoying it is when you have a dinner with your wife and all of a sudden somebody's starting to ask you all of that question so it's it's really (21:10) like it sets up and you never know when it will come so our point is is to give freedom to this kind of uh people uh that doing that y wonderful okay man well listen I appreciate you coming in and how do we find you you can find me on LinkedIn shakar gold boy and you can find us on Boom now. (21:33) com in Wonder wonderful well thank you so much for your time brother and uh and we'll see you soon thank you it was a pleasure my pleasure bye now [Music]