Can an AI PMS Run Your Short-Term Rental Portfolio?, with Boom Co-founder & CEO Shahar Goldboim

(0:00) Welcome to Tangent Proptek, where real estate meets innovation and goes a bit off script. I'm Edward Cohen, propic (0:08) entrepreneur and your host, alongside my co-host and prop venture capitalists Jeffrey Berman and Zach Arens. On this (0:16) show, we bring on a guest who's shaping the future of real estate. We dive into housing, innovation, climate tech, the (0:23) future of work, and everything transforming our buildings and cities. If you work in real estate, prop tech, (0:29) development, or if you're just obsessed with making buildings and cities better, (0:34) this show is for you. Sometimes the best real estate ideas start with a tangent. I'm Edward Cohen. Welcome to Tangent. (0:42) Hello there. This is Jeffrey Berman and we're about to get tangential. (0:48) Today on Tangent, we have Shahar Goldboing, co-founder and CEO of Boom. (0:54) Hi Shahar. Where does this podcast find you? (0:57) Hey, Edward. Hey, Jeffrey. Great being over here in cold Miami in the last week. It's been freezing over here. (1:05) Let me tell you something. You have nothing to complain about because I'm what, like 50 miles north of you and I would take this weather over what (1:13) they've got in the frozen communist tundra of New York. So, it's like the Soviet Union up there. Manny's bringing the hammer and sickle. (1:23) Bar furry. just have been I think the coldest over here since 1989. So was a strange weather this week. (1:31) It's fine. Couple of spoiled little brats here. (1:34) Please don't like South Florida only has the weather and the low taxes going currently. So if you ruin the weather (1:43) and any spike in taxes, it's going to spook everyone away. So please stop. And by the way, the free groceries in New (1:50) York City are actually happening just not from the actual Mamban administration, but from Poly Market and (1:57) Kalshi, the prediction markets of the people. So we have free supermarkets at least for the next five days. Thank you, (2:04) Poly Market and Khi. Jeffrey, thank you so much for taking a break from owning Sir Hunt to be with us today. (2:13) You are welcome (2:15) So you grew up in what according to you is the hardest asset class in real estate which is hospitality or hotels or single family vacation rentals. (2:22) You grew up managing $150 million in vacation rentals. So why do you say that short-term rentals are the hardest asset class? (2:36) Because it's really fragmented. Imagine that you have hotels that have 400 rooms. It's located in one place, (2:43) concentrated place. Now, think about 400 units that are all over town that are different single family house. (2:50) is 4,000 square foot, the other one is 5,000 square foot. Each one of them located 5 miles from each other. (2:57) All of them have pools, landscaping, different furniture, different materials in it. (3:03) Really hard to control all of that. (3:06) Now, when the guest is coming, he wants five-star accommodation. So you need to have consistency in the products (3:14) that you have and you have a lot of control that you need to have in really fragmented product (3:22) and you have a lot of transition that is happening right like you have five transition a month let's say 60 transition of customer going in and out (3:32) in a year and just the hardest asset class because in the end of the day the revenue that you will make will depends on the review that the guest is actually leaving. (3:43) If you get a one-star review, it will take your ADR totally down and the occupancy level. (3:52) It's different than hotel and different from long-term rentals in the real estate market.