Boom Launches the World’s 1st AiPMS, with CEO Shahar Goldboim

0:00 [Music] welcome to Alex NY the real woman of vacation RNs I'm Alex and I'm Annie and 0:08 we are joined today by Shahar goldb who is the CEO and founder of Boom Shahar 0:13 welcome to the show thank you thank you great being over here so excited to have you I met you a few times over some 0:20 calls your personality is very warm and infectious so I can't wait to meet you in person but before we get started I 0:27 would love to learn more about boom I love saying that tell us about your story and your journey in vacation 0:33 Reynolds and how you got to boom actually it's interesting so in 2016 I was doing a startup for Real Shahars Story 0:40 Estate to find return in the industry in the real estate market and I was also a broker an investor in in the real estate 0:48 segment and a friend came to me we bought for him like for his parents actually a house in a fancy neighborhood 0:55 in Eastern Shore in Miami and it was tell me in the end my parents are not moving and I want to do it in Airbnb and 1:02 I told him okay and what's a connection to me and he told me everything that you 1:08 do you're really good at and I would love you to do it so I told him you know what let's let me think about it and the 1:13 time I was learning about the Lim Theory how can I get to maximum result with minimum efforts so I told him you know 1:20 what I found a company in Australia that can Implement interior design on top of 1:26 empty picture so let's do that meaning we'll take take the the address of the 1:31 house the house itself just with fake Furniture we list it on Airbnb and let's see what happened so we list it on 1:38 Airbnb and all of a sudden we started receiving reservation after reservation so I asked my wife she was 1:45 like a original manager of a furniture store and she's really talented so I asked her do you want to design a home 1:51 and she's like hell yeah we did the first house so we got a 1:56 lot of success with it and then I had the um a flip that I've done and we Chang it 2:03 to an Airbnb and I bought a multif family building to a friend of mine and 2:10 long story short all of a sudden we have a management company as well when we ran into the management company I I saw a 2:17 lot of inefficiencies in the market in matter of like a lot of stuff and with 2:24 the startups that we've done we build an amazing product but I didn't find the business concept of it so I moved the 2:30 team to basically now to design VR to the management company and I said you know what startup I don't know how to do 2:37 but I I know how to do businesses I've done many businesses in my life so we are going to build a tech enabled 2:44 company and that what we've done we grew design VR to be a company that manage around $150 million of properties and 2:52 around the year and a half ago I decided you know what we have the best technology in the world and and kind of 3:01 like I would like to separate the companies because in the end of the day I wanted to give the freedom to the to 3:08 the technology company to really grow because the the operation can grow as much as a technology so we did a 3:15 separation and we moved the boom to be basically a SAS Model H when we've done 3:21 that I forgot to mention that I build design VR with my young brother alone 3:27 that he bring all of the tech element basically into the company and I brought the business 3:33 element and when we decided to do that we asked also my older brother to join 3:39 as well so we are three brother all into this Venture and my older brother used to be really high level in technology 3:46 had 500 employees underneath him and he bring all of the AI component into the 3:51 mix of the most robust system there is and we build a boom uh which is the 3:58 world first aipm meth that currently we have it's a great story and I think you we talk about this often on the show What is Boom 4:04 that a lot of the tech in our space that works really well was built by property managers and you know people that really 4:10 understand the needs of what needs to be built and they've worked with you know technologists bring that concept to life 4:16 but I think that is you know certainly one of the magic points behind boom is the understanding of the industry and 4:22 where you saw those different needs so that makes a lot of sense and actually you just announced last week that boom 4:29 is the world's first AI PMS which is super incredible to be starting a whole 4:35 new category of pms's I mean the first and only at this point so tell us a little bit about the AI functionality 4:41 behind what boom offers so let's just look at all of the concepts so we have a 4:47 PMS that you can work on it by yourself and we have a lot of Technology 4:53 combining inside meaning task management owner portal guest portal 5:00 ER project management uh and so on and so on and 5:05 how now you take everything and you can Infuse AI into it meaning now let's 5:12 think about the simple question that you will ask me can I do an early checking so if I have like an AI chatbot it 5:19 cannot really give me an answer because I need to understand do I have a a work 5:24 order that need to be fixed or and then I need to go to my task management and then I need to go and see if I have a 5:32 late checkout on my reservation center right and then I need to go see if cleaning was done H in order to give you 5:39 the access to get in meaning that I need to go through different system in order to give you an answer and that's that's 5:46 what kind of Boom is doing so we are not just doing customer support our point is 5:52 to go to all of the office work that you have meaning customer support sales uh 6:01 dispatching bookkeeping uh review management and 6:06 take all of the segment and allowing you as a company to do so much more with uh 6:13 the same amount of people that you have you can have much more skillability so in the scenario that you were just Early Check In 6:19 talking about customer wants an early check-in it'll go through everything to 6:24 make sure that there's no maintenance orders there's no late checkout all of that is place and then it'll 6:30 automatically respond to him and say absolutely and then can you do it as an upsell we'll give it to you for $25 or 6:38 or something like that 100% not only that you won't wait for him to tell you you will offer right so if I know that 6:46 all of these capabilities are there then I will get a notification do you want to do an early 6:52 checking so so it's all of the element also in 6:58 the guest portal you can we can ask like what is your flight number and then it will connect it to your flight so there 7:05 is so much elements that you can do uh in order to to optimize stuff and so Boom as a Property Management System 7:12 you're you're doing it as a PMS now because I believe when I first met you it was more of like the back of the 7:17 house kind of operational aspects and you've moved it into a property management system is that correct did I 7:24 understand that right it's like you know you are growing right so when we first 7:29 came with with boom we said oh you know what we have so many stuff but how can we present all of this stuff so we 7:37 started just with the owner portal when we uh started not because we didn't add it's how do I create the right message 7:45 how do I let people know because it's it's it's a different animal what we 7:50 have in boom it's a different product so so how how we set it how we we touch 7:56 into it and and in the beginning to be honest we we wanted to be an overlay on 8:03 top of BMS but we found it really hard with a push uh meaning of being on on a 8:09 few verticals uh on on that element and uh 8:14 on the element where we uh didn't control stuff so not everybody working 8:19 the way we would like it to be mean which data sources we get in order to 8:25 give like the best experience that we can to Property Management company in 8:30 order to solve the problem that we want to solve if it makes sense yeah and I think when it comes down to the question Task Management 8:36 of should you have an all-in-one system or you know should managers be trying to find the best product that does you know 8:43 one part of the system and then others that have advantages to them and what I like about boom from what I've seen now 8:49 in many different demos is that you know that's the whole Crux and this actually is the answer for everything to be 8:55 allinone system because the way that it works the best is when when it is because the AI will have access to so 9:02 much more information that you know you're going to get the full benefit when everything is you know combined 9:07 into one place and one thing that I think is just genius that you guys have built is on the task management so from 9:14 a guest perspective if I'm staying in a home in Miami or a condo in Miami and I 9:19 arrive and I have an issue and I text in that the pool water is green and now that goes back to boom and does an AI 9:25 response that you can have on co-pilot which is also really cool so managers can you know test to make sure that they 9:31 like how things are answered but from that and how you set it up it can automatically set a work order to have 9:37 somebody go out there and look at the pool so you're not having to wait on calling into an office or emailing into 9:43 an office and then somebody being able to respond and do the work order find somebody it's all automated from what I 9:49 can tell it allows property managers to stay focused more on the important things that they need to be focused on 9:56 versus the crazy amount of manual office type tasks that are necessary in the business but to this point there's not 10:03 been a way to add any automation to them 100% And it's also how everything is connected so let's say the work order 10:10 went out and your a contractor the pool guy arrived to the place he cleaned the 10:15 pool as soon as the pressing done a notification will come to the guest 10:20 saying hey we cleaned your pool are you happy if he's not happy the guy is still 10:25 over there so it's like the connection of the system system the AI but how 10:31 everything is talking with everything which is a big thing another thing for companies it's like the lay so we have 10:38 level one we have level two we have level three of complexity and you as a company can say in this complexity 10:45 meaning I want you to stop and transfer it to a manager and you can direct the AI how you want to solve the stuff so 10:53 think about a company that moving layer one moving Layer Two so just in difficult cases have like now a manager 11:00 that needs to go in and actually give the service and you can actually do that Reservation Management 11:05 are you able to use it in the reservation realm so helping people book 11:11 their reservation confirm their reservation doing upsells on reservations and then post stay reaching 11:16 out to them to try to get them to rebook as well yeah yeah 100% so so we have the 11:22 data so if they came in May so for whatever for visit their parents for 11:29 like a birthday or something so in March or in February they will get the message 11:34 hey are you coming again so all of this automation all of the understanding of 11:40 the guest that will be more in the sales marketing kind of tools of AI yeah yeah Review Management 11:47 and I like how you have that flexibility to set up those automations based on what makes sense for the business and 11:53 you know from the review standpoint I know that's a big component and just from my experience I remember the world 11:59 we had like three or four people that worked on review responses and that's pretty common with companies with a lot 12:05 of inventory and that process typically is you know a review comes in and it might go to maybe the social media 12:10 manager they figure out what property they stayed at it was an issue have to bring that issue to somebody in property 12:17 management and then they have to check well who was the cleaner and what was going on when you got a lot of reservations coming in like it just 12:22 becomes a Complete Staffing nightmare to keep up with that and it hurts your review scores I mean because it's just 12:28 not efficient but the way that that boom works when the reviews come in it's 12:33 automatically tagging certain things and it knows who the cleaner is right and then it's actually scoring those 12:38 cleaners in a dashboard where the manager can come in and see where there are issues either with the home or with 12:46 the cleaners is that correct yeah so so in other words I'll translate this way 12:51 so we we use analytics to understand operations so we can tell you who is the 12:56 best company that's serving serving your properties we can tell you what the review score that the cleaner is getting 13:03 for the cleanings that he have done so we have average of every cleaner we 13:08 understand the duration of every cleaner meaning cleaner that cleaning faster than others so first of all it's 13:16 creating alignment between the management to the worker so you can do compensation for people that work in 13:23 really good or you can get rid of people that are not good you can also transfer 13:28 a business business knowledge right so let's say somebody is really quick you need to ask yourself why so quick and is 13:35 getting such an amazing review how can I transfer his knowledge base to other 13:40 people that are working and put himself as example in the matter of review what we are doing we're analyzing all of the 13:47 reviews by Ai and then we can create visualization to what the issues are so 13:53 from the review how much percentage I had issue with a property maintenance how many I had with a a cleaning with 14:00 communication within that so let's say I pick I want to understand the issue that 14:05 I had with property management then how many appes issue did I had how many internet issues did I had and then I can 14:13 tackle down to which properties I had the issues in and understand how we can fix it so we use data in a lot of ways 14:20 and everything is connected so we can create this visualization and all of Cost Savings 14:25 that so obviously the use of all these tools and having the AI cut down on Staffing levels so that's a big cost 14:32 savings for the customer that's using it do you have any studies that say like for an average s manager what kind of 14:39 cost savings they're going to have in a payroll Sense on maybe a monthly basis I have because I can tell you how much we 14:45 have saving in design P rooll we definitely have a it depend on the 14:50 company we're working with company every company it's not like Hilton or Marriott that every sure sure I guess I I was 14:57 just saying like on average would you say that that somebody could save you know a 100 hours of Labor a month or you 15:03 know say an average size manager that's got 25 units or something I'm just like Bal I'll explain it this way when you 15:09 have a company it depends if you give 247 service or not so if we're looking at customer support do I do I give sub 15:16 customer support at night do I have a salesperson that all of his job is to do 15:22 sales or do have people that doing customer support and sales so it's all 15:28 it's all of that element but we we definitely reducing big amount yeah I Benefits of Using Boom 15:34 think for companies that I've spoken to that use Boom the the number one thing that they say is that it's it's allowed 15:41 their core staff to just work more effectively and more strategically but companies have a lot a lot of vas now 15:48 and I think that's just been something that's on the rise in recent years because of you know so much goes back 15:53 and forth between you know Airbnb and vbo messages and then reviews as we just spoke about that that seems to be like 16:01 that's where companies are able to to cut down and I mean that vas are still certainly an expense and especially when 16:06 you have a lot of them so and I I think you were using a lot of vas at design VR 16:12 did it make a difference for your company we we left with third of them so and think about it in that level so so 16:19 let's say I need to extend sales or customer support as for a property so 16:24 first of all I need three uh shifts right morning and then evening and then 16:30 night so it's like three people if you adding if you're adding the uh vacation 16:36 time and off time then you need more you need four to five people then thinking 16:43 about the hiring processing so when I'm going to hire I need a manager to do it 16:49 I need to do the hiring process that HR then I need a management layer on top of 16:56 these people it's a lot of add-ons right and also when they are coming in I need 17:01 to if they coming from the vacation rental industry which a lot of times that's not the issue then I need to 17:08 basically let them know about all of the policies the mentality of the companies 17:13 the vibe of the company up until they up and running you're talking about a month and a half to two months if they are not 17:20 from the industry we're looking at three to four months till they really uh good 17:25 customer support so so think about all of them that element in your ability to grow as a company and the scalability of 17:33 it and that's it's it's not just the employee itself it's the pressure that you have 17:39 on the other layer of the company right makes sense yeah well and I mean we're Owners Transparency 17:46 in a low margin business so you know you know you have to have people this is a 17:51 Hospitality business people will never be eliminated but I think you know just it's exciting to see a product like this 17:57 that just you know allows companies to operate more profitably and their people just to focus on being able to provide 18:04 that hospitality and to take care of their owners and focus on growing their portfolio how does boom help on that 18:10 side I mean as far as owners and transparency and the owner portal I know that's that's a big thing that um is 18:17 part of one of the the selling features but tell us a little bit more about that so the owner portal actually was the 18:22 first thing that we created on design VR because I I found it really hard to do 18:29 all of the uh reporting in the end of the month it took me like a lot of time 18:34 a lot of pressure and I and I believe in transparency because transparency really 18:40 help in alignment of thoughts and also in accountability uh so on our owner 18:47 portal on the p&l you can see all of your income and you can see all of your 18:52 expenses as an owner and not only that that you can see all of the expenses it's not just a number oh you know what 18:58 the wall cost you to fix like it's $1,000 you will have pictures you will 19:04 have videos that's connected basically to the task management so you will 19:09 understand all of the story a lot of time what happening because we don't know the owner doesn't know the story 19:15 they feel basically that the management company steal money from them so 19:20 somebody will see the chart and they say I can't believe it's $1,000 they stealing from me and then the uh 19:26 management company feels everybody else will do it for $2,000 we're doing it for 19:32 $1,000 and it's not fair that it's treating us this way and a lot of time because he doesn't know what actually 19:40 happened and when he look at the video and he look at the picture you understand wow they they did like a 19:46 really good work and and that's create like really uh a trust in between and as 19:52 a result you can grow right so if I have an investor that really believe in us he would love to buy another property 20:00 another thing that I believe in is create a kpi so when we have a property 20:05 you can see what's the return that you're making on this property because I started my mind going always like 20:12 investment wise so the way we build it is what's the return I'm making on this 20:18 property because it's a big thing for investor he understand he wants to know how much money I'm making on the money 20:24 so if you want it it's an option to you as a property manager obviously to pick that you want to have this feature on 20:31 your portal but when your investor owner is coming in you can see what's the return is making what is Cash on cash 20:38 return what is C rate and so on and so on on the property it's interesting I I Communication Tools 20:45 was prepping recently for a panel discussion with property managers about owner relations and the discussion was 20:52 you know how to keep owners in tune with what's going on and the biggest problem that people have is that owners do feel left in the dark and you're either 20:58 giving them too much information or you're not giving them enough it's like trying to find that balance of when to speak to them and when not so it sounds 21:04 like you can set up some really great communication tools and I kind of Alex I think about like how do we Implement any 21:09 of gram into this because AI would make it a game and make it fun but I think um one of the things up and I think you 21:16 just touched on it Shar as as a tool is is um you know one of the property managers mentioned that they always do 21:22 work orders attached to the owner's log so they can see when stuff's done so that way the owner understands the 21:28 amount of time and attention that's spent in the unit even if it's just to go replace a coffee pot or to have 21:35 carpet clean something like this so they're not just getting bills they're actually seeing the amount of time that they're putting in the unit and I think 21:41 that that's where managers get uh get lost in the sauce so to speak they're they're doing so many tasks that at some 21:48 point it just becomes too laborious to put in a work order for everything and follow it through the process but by 21:54 this it just seems like you can get all of these touch points to an owner to a guest to the staff and and make people 22:01 more efficient with their time but being transparent at the same time 100% And 22:06 that's also create accountability also the owner have an access to see all of 22:12 the reviews coming in into his property can also see where his property is advertised at and I believe as much as 22:20 you have more clear on that then it's creating like the interface to create 22:25 this trust yeah and trust is trust is important not just with owners but it's trust with guests so I think that's one Guest Experience 22:31 of the themes that has come out of management in the last couple of years that it we all have to be building trust with all touch points within the 22:38 industry I love what you're doing there there's a lot of Focus right now on on guest experience and the guest journey 22:44 and from my perspective I've been talking about this for years when I first started going on podcasts about 22:50 how we looked at that and how we mapped things out and how important that is that it's part of the marketing I mean 22:55 their experience from not necessarily in the property but how you're communicating with them and when you're communicating with them is so important 23:02 and I think what the cool thing about this is as as the AI you know builds this really comprehensive customer data 23:10 profile you know that you're able to do some more things on an automated level but it's like you know the I think the 23:16 balance there is making it feel like it's it's a real authentic communication but maybe tell us a little bit more 23:21 about that of like how you guys developed the AI so that it has a personality it's not it doesn't sound 23:27 canned like it actually makes feel like they're you know chatting with someone on the other end it's understanding the 23:32 data right so if I know all of the communication that you had in the last five years and everything I take into a 23:39 data source I understand your policy better than you do because it's really 23:45 also hard to understand let's say now I have 30 agent in the Philippine 23:50 answering somebody going all to all of their inbook in order to understand if they understand the policy or not it's 23:56 really hard right to into each conversation and to go so you randomly do it when we take the data and we 24:04 understand all the data and then we can understand the policy and we understand the DNA of the company and we understand 24:11 all of that then they can also answer in the same way that the company does so it 24:18 doesn't lose the identity the opposite it's 24:23 optimiz understand all of the DNA we understand the company and you can modify you can say oh you know what 24:30 that's that's not my policy actually although in reality it is because this 24:35 is how your agent are acting so tell me about the interfaces that you have at this point are you directly connected Interfaces 24:41 with any channels do you work with any channel managers like where are you at obviously I'm asking from a next pack 24:48 standpoint um you know we want to con have a conversation but um what are you guys doing for distribution for the 24:53 property managers so distribution we actually uh touching like white label 24:59 channel manager where everything is done on Boom so in reality you can connect to 25:06 any otaa that you want and we also having our booking site so you can also 25:13 create yourself a a booking site on Boom we we touch all of that element to give 25:20 the answer and if a company was using a website that they did not want to get rid of can boom still work with them yes 25:27 so we're working on all of that solution for the company so in a week we should be on and it shouldn't be a problem very Value Proposition 25:34 cool I I think you guys are certainly on to something and you know there's so many pms's that are in the industry 25:41 right now I just heard of two more this morning that I've never even heard of before but I feel like you know a lot of 25:47 them the value proposition is is kind of the same I mean if they've been around for a long time that's kind of the value 25:52 proposition is they've been around for a long time but in today's day and age it's like that's not really what's going to get you ahead into that next level in 26:00 business so I mean it it seems like from the managers I've spoken to that use boom they are all you know very forward 26:05 thinking company leaders that they want something that's going to last for a long time but that also is going to keep 26:11 them you know ahead of the curve and to be more profitable and you know make it a better environment for their people to 26:17 work at because they've got this tool that's you know really enabling them yeah I think it's really important when 26:23 you pick the partner that you want to be in is understand where they are today 26:28 and where their vision is because I would like to stay with a company for a long time so so what what is your vision 26:36 and what you focus in uh that's a big part uh of picking and I think in the 26:43 industry you have two kinds you have basically companies that is tech people 26:50 that's saying hey this guy is will need that and without understanding the whole 26:56 ecosystem and how stuff in reality because it's really different when you look from up to down but from down to up 27:04 it's a different view right so so how you medigate this so this is one kind 27:09 another kind is people that had five to 10 properties and then they saying hey 27:15 you know what this will be a great solution and and they do have a great 27:21 solution but not for company in scale and this is why we have so many solution 27:26 in the industry and Company needs to work on seven eight different platform 27:31 that create a lot of frustration from the team because they need to move from 27:37 one thing to another thing different app you have a loss of data and also with 27:42 the API integration yeah I have an API integration but it's not really a system 27:48 so they are connecting they take few data and few data but it's not creating 27:53 like the holistic system that we wanted to create yeah now I saw on website that Board Chairman 27:59 you've got I Carter who is the the former CEO of Hilton worldwide on your board of directors as the chairman 28:05 that's that's a pretty impressive person to have as part of this thank you thank you yeah yeah I I'm still like I was 28:13 honored byan joining us and he he really love what we are doing and I couldn't 28:19 get a better guy to to support us and being the chairman on the board so I'm 28:26 really really honored that he believe in that idea and and I love talking with him and he opened my mind and talking 28:34 with him a lot that's great to have somebody from that level of hospitality who's kind of seen the business now not 28:40 necessarily the vacation rental side of the business but Hospitality in general like he gets it so that's that's 28:46 certainly a big boom for you but not not only that with it's 28:52 ridiculous he was Ed of G he was head of filon he's a chairman of of a 28:58 Switzerland watch company which is a nasda company Italy uh Service Pro 29:05 formula one he was director in Burber and he he basically touched the uh 29:11 manufacturer uh service and fashion industry and everything from top level 29:18 so to talk with somebody like that is really open the mind in so many level 29:24 that I love the interaction with him and he's a cool guy that's all well that's that's a nice bonus too Future of Boom 29:30 what's next for boom I mean you've been around for a little bit so you've been testing the waters and and talking to customers and working through it and 29:36 obviously this big announcement being the first AI PMS where do you go from here where don't they go yeah exactly 29:44 all the way up we call boom boom realistic but in reality for me is how 29:51 can I create value to the people that we're working with h we're looking at 29:56 longterm I want want to be focused on the vacation rental market and create 30:02 the best system for property managers to use in order to create a win-win 30:08 situation the guest will get a better experience and as a result the ADR and 30:14 occupany will be higher for property manager companies uh to be more 30:20 profitable and to create more scalability because for property manager companies the margins are low on what 30:28 they are making and how can we take a payroll that is $100,000 making it 30:35 $40,000 so they will have more money to invest in the guest experience if it 30:41 makes sense creating more skillability for them and on the other hand like on 30:47 the investor side owner side create a better return for their investment and 30:53 uh win win win for everybody to all of the ecosystem I was talking to a manager 30:58 in Florida earlier this week in 30A which is you know super highend luxury Market but on Saturday turn days when an 31:05 arrival comes in they meet them at the house and they either have keyme pie or they do like a fruit salad and lemonade 31:12 they're always dropping off something that's just like a really nice welcome gift and I think in my mind where I see 31:18 boom being able to help is you know those people that if they had to be at the office answering these emails and 31:24 these inquiries and the phone and all these different things that they've got going on you know they don't have time to be able to go out and provide that 31:30 level of you know unreasonable Hospitality as we all talk about but that's possible you know I mean take 31:36 your good people don't they can you don't got to let them go but let them work on things that are going to really 31:41 Define the company and you know solidify you as a leader in the market and and let the other stuff become automated to 31:48 a certain extent th% that's what you want to do is to create an amazing 31:54 experience and it's really hard when you have so many tasks and you need to be master of so many stuff like you need to 32:01 do Construction and design and maintenance and cleaning and and to do 32:06 marketing and to do sale and to do owner acquisition and and and to to to touch 32:12 the guest in a certain thing and to be with the owner and how do you master all of that it's really hard in the end of 32:19 the day what we want to create is relations and we want to create the human touch and we want to be able to 32:26 create this amazing experience to the tourists that are coming and while we 32:31 take the workload down then we can really focus on the important stuff yeah 32:37 I I talk about all the time people in this industry that are really passionate and love it they have a Hospitality Gene 32:43 and you either have it or you don't but I think the thing that that gets lost in it is people that have the gene get 32:49 burnt out on all of these tasks and all of these things the minutia of running the business and so now this allows them 32:55 to do like exactly what they want to do to be hospitable to be out there to be with the guests to be interacting with 33:01 the owners those type of things that really make the whole experience of being in this industry what it's all 33:07 about being fun creating memories lasting memories and being part of things so this is this is tremendous I 33:13 think what you're doing is just got so much runway to grow um I know of a lot 33:19 of people that are looking for pms's right now they're entertaining trying to find lighter Tech Stacks things that 33:26 don't have so things and also maybe some things that don't have so many rules and restrictions about how they operated and 33:32 I think with an AI component it allows them to customize it the way their business needs to operate not the way 33:39 the PMS company says they should operate so this is great and I can't wait to see all of it in action and kind of see 33:46 where you guys go by the time we're next year celebrating your one-year anniversary of this announcement I I 33:53 would love to I think that we'll keep everybody in shock with the stuff that we are planning very now this is this is Regulation 33:58 a question as our last one that that Annie typically asks but I'm going to go ahead and ask it today but what's one 34:04 thing that's not being talked about enough in the industry in your mind I think that everybody talk about 34:10 regulations but not in a way to how we can solve stuff like we see what happening in New York we see what 34:15 happening in Barcelona and how do we as an industry create the amazing story 34:21 that we have how do we pull out all of the tourists and how we push everything into social media because when we think 34:28 about our industry and about the impact that we have so let's say I have an hotel in um in Barcelona and I went with 34:36 my family to to Barcelona and it's really hard to find like an hotel that have a place for four or like five 34:44 people and and this accommodation allowing it additional to it the spread 34:50 of the money let's say like if you have Hotel you have a zone for hotel meaning 34:56 that all of the city doesn't enjoy for tourism just a specific part when we're looking at 35:02 vacation rental the spread of the money is around all of the city and we are 35:08 doing so many good stuff and we are we have like let's say we have around eight 35:14 million listings around the world probably five and a half million is like for nonprofessional two 2.2 is around 35:23 professional what I'm trying to say is that we have around 4 million host and that we we have around 50 million that's 35:32 supporting the the industry and then we have all of the workers that are working if it's cleaning repair people that the 35:40 blue color people that enjoying from that industry so we have around probably 35:46 150 million to 200 million that specifically working in that industry 35:52 now everybody have like 10 to 20 friends so we're talking about people that can can touch around two billion people and 36:01 how we take the beautiful thing that we're doing from an industry and putting it out to social media where everybody 36:07 can touch because regulation is great meaning regulation is needed because 36:12 vacation rental creating more noise and creating more trash and it stuff that 36:18 needs to be touched for example Ken monkey did an amazing uh uh business 36:24 touching on the on on the trash issue uh but in reality for example in design 36:30 VR we did during Corona time I had to do it we we need to add a guard 247 so I I 36:37 created a security team that actually we maintain after it because we we don't 36:42 want to create noise a noise and all of that stuff when we have issues so we have like the C security going into 36:49 places what I'm trying to say when you have a weakness you can create solution 36:55 so if I had a company for example in Miami that I can pay them $100 per 37:00 property and they will do a security as a result we have a problem with solving it and we don't put it on the police in 37:07 order to to go in so in few levels we need to be able to tell the story out of 37:14 the Amazing Story we're creating and we need to create through a conversation 37:19 stuff that will solve problems that we are creating and a lot of time what 37:24 happening is that we are not talking as a whole ecosystem meaning the otaa are 37:30 the OTA the tech people are the tech people and the property management are the property management but in the end 37:36 of the day it's one ecosystem that everybody enjoying from it and how we can create a board that is from an otaa 37:45 technology company property maintenance company cleaning company and and understand all of the suffering and how 37:51 we can answer stuff I love that yeah and think even from that perspective of like Think Tank 37:56 you know creating a board around this I mean not vrma but I mean like a a true organization that is just focus on this 38:03 but that has those people seated at the table to bring what they're hearing and you know what their ideas are and just 38:09 have that kind of like Think Tank kind of mentality around it um because really at the end of the day I mean you think 38:14 about it you go stay in a hotel and I mean you normally you do have to show your ID when you check in but they're 38:20 not doing background checks on you or anything I mean like vacation rentals are going significantly further in that 38:25 direction to do background checks in a lot of cases the noise aware typee devices I mean all the different things that can monkey the 38:32 different services that already have come out in our industry I think we're all trying to solve the problem and 38:37 there are solutions but it's like it still bubbles back to an awareness issue 38:42 of like do legislators do they really know that we are using these types of 38:47 tools and that things aren't that bad or like where are they getting their main information from to to make these 38:53 decisions that they need to be banned or you know strictly regulated and un fortunately at the end of the day too I 38:58 think a lot of that is you know a lot of pressure from the hotel regulations that they of course would rather see this happen but it's tough and I think you 39:05 know some sort of a conglomerate there to help with this would probably be a great thing I mean there's rent 39:10 responsibility of course they do an amazing job and you know a couple others but maybe there needs to be like a fresh take on it a lot of time when you have 39:18 like policy makers is not about real data it's how they using the data so for 39:25 example Barcelona have 10,000 licenses for vacation 39:30 rental and they doing a push on that but they have 60,000 Apartments sitting 39:35 empty and they push on on the vacation rental for no reason 39:41 whatsoever uh it just like in order to get more votes and stuff like that so 39:47 it's not necessarily that and we need to touch on on the people when you look at Barcelona number one economy growth like 39:55 number one business is tourism so let's say if you don't have tourism and the 40:03 apartment cost less but you're doing less money how does it help so I really 40:08 don't understand it so it's it's how you using all of that uh so well I think Communication to Owners 40:14 also too and and this is probably where your system could help out is that communication to the owner because the 40:20 vast majority of owners don't have a vote in their the community where their rental is they don't live there and so a 40:26 lot of times times it's the people that live there that get annoyed by one 40:32 rental and all of a sudden it becomes the most pervasive problem in the community so the municipality leaders 40:38 are listening to that person who's been screaming at them every single day whereas if you know this is going on and 40:43 you can communicate this out to your owners quickly succinctly and clearly 40:49 then they can also voice their you know be be active and I think that's where everybody's been challenged is how do we 40:55 get everybody active and have the right information to to react to instead of 41:00 things being visceral and emotional and overreacting 100% 100% And also how do 41:07 you create the beautiful story and not just the horrible story and we have much 41:14 more beautiful story than horrible story and how do you use social media in order 41:19 to push it out and that's why I mention that we have two billion people that we can touch from the industry if we can 41:26 create the this material because in the end of the day in New York they cancel 41:31 vacation rental everybody's suffering from this everyb doesn't make money the 41:36 PMs and the pricing algorithm whoever doesn't make money the property manager 41:43 not doing it so it's hurting all of the ecosystem and now as an ecosystem we can 41:49 create this beautiful story out that will show what a beautiful thing 41:54 vacation rental is I love that I don't think ever ever heard anybody say that we have a beautiful story to tell but we 42:00 do yeah so I like you put I like you putting it that way and I think it goes back to something that Alex and I talk 42:06 with a lot of people about is that that abundance mindset if you realize that we can all coexist instead of saying it's 42:13 got to be mine or it's got to be yours and and fighting for it things will be much more harmonious and we do have a 42:20 beautiful story we are all together in it and that's why I don't like organizations saying hey you know just 42:27 corpor manager or jce like we are all one ecosystem and everybody's supporting 42:33 everybody so and everybody coexist right everybody coexist together yeah because 42:40 at the end of the day I mean even if it's the hotels that are behind trying to be in short-term rentals in areas it's like you know we're already seeing 42:45 this in New York that we just had the ladies from Roar on if you've gotten used to staying in short-term rentals 42:51 over the last few years since the co boom of them you're not just going to say okay well I'm just going to stay in 42:56 a hotel I mean in some cases maybe you do but you're going to look at another destination and the destination is the 43:02 one that hurts from that the most so it's like you can't just pretend like short-term rals aren't there and just 43:08 force them out it's not the answer and I think most destinations understand that but there's 43:13 just so much pressure that's coming down on them that they're having to make decisions that don't really make sense 43:19 in a lot of cases true true it's not elimination you can create regulation 43:24 and regulation is a good thing meaning like we want to be more professional 43:30 industry we want to do that absolutely well Shahar thank you so very much for all this information and I can't wait to 43:37 see it in person again I've done the little demo but I'm going to get to see it all really soon so I'm really excited about that if anybody wants to get in 43:43 touch with you what's the best way for them to reach you honestly LinkedIn LinkedIn is the best platform they can 43:50 write me a message I'm really responsive over there Al get million message but 43:55 they always answer day and the website is Boom now.com so 44:01 people can go there and schedule a demo if they want to see more and of course to see you this fall at pretty much all 44:07 the shows I really enjoy actually meeting everybody and really enjoy talking with everybody yeah I love this 44:14 show it's gonna be good well if anybody wants to get in touch with Annie and I you can go to Alex and Annie podcast.com 44:21 and until next time thanks for tuning in everybody 44:28 a [Music]