Mike: A typical day for me varies quite a bit between which location I am going to that day. I handle the maintenance, onboarding projects, market research and anything owner-related (Onboarding, retention and relation.) I try to schedule my days in a fashion of either being maintenance/onboarding focused for the day or more computer focused getting projects done. Everyday is also focused on the owners, as I am in constant communication through phone and email with them 24/7.
Tom: Prior to moving to Tampa in May 2022 to oversee this market, I was the Director of Ops in Key West, so some of my work responsibilities still include things that encompass all the units that Brightwild manages; for example, revenue management, OTA (Online Travel Agency) management and other various company-wide projects. I typically start out my day looking over the previous day's reservation report to ensure that we are continuing on a solid booking pace and that nothing looks out of sorts. After that I'll touch base with my team to see if there are any issues or items they need help with. The team here - Mike, Kimmy and Chase - are amazing to work with and are always ready to step up and tackle whatever is needed at any given moment. They're also very eager to learn which I love and I do my best to train them whenever there's an issue that they are not familiar with so they know how to handle similar issues in the future. One challenge is that since we only have four active properties, there is a lot more down time for our Tampa Bay GEMs compared to the Key West market. Since one of our main goals is growth I have the team help out with marketing efforts such as logging prospective owner mailing addresses to mail out marketing flyers to. That work can be monotonous but they are troopers and do a great job with those tasks regardless. Another challenge is that since we just opened this market earlier this year (2022,) Brightwild has very little name recognition in the area. There is quite a bit of competition, so growing our portfolio will require patience and continued hard work.
Mike: Our market is definitely unique in many ways and is one of the reasons I am so excited to be working out here! We are definitely one of the bigger markets as far as distance from property to property we have. Which of course can make it challenging with having multiple different markets, but also has so much potential at the same time. We are definitely a mix between vacationing in St. Pete Beach to events and business trips in Tampa, giving us a wide range of guests and owners we get to interact with. I will say the most challenging thing about our market though is that with it being so spread out it is hard to get the word out that we are here and we are working diligently to find new ways to attack the market and make our presence known.
Tom: The Tampa Bay market is unique due to the fact that it's so much larger compared to the other markets in Brightwild's portfolio - both geographically and population-wise. I think that gives more of a diverse group of travelers. You have the beautiful beaches along the Pinellas coast that guests flock to, but at the same time you have big city events such as concerts, pro sports games and amusement park attractions. We also get a hefty business crowd with many of our active properties being close to downtown Tampa. So, it's a healthy mix traveler's who are looking to experience a wide variety of activities.
Mike: December - January
Holidays and Gasparilla
March - July
Spring Break, Summer and Events
Tom: Similar to Key West, the busiest time of year is late December through March, AKA "Snowbird Season."
Mike: Each relationship varies based on each owner. I always start by setting the line of communication as some prefer to work through text and phone calls as others like to strictly communicate through email. I prefer the phone as I can always respond and get notified quicker. To keep my relationships strong with each owner, I work to stick to my word from my initial meetings with them with constant communication and quick responsiveness. I never leave my owners unanswered for longer than 24 hours, but I typically respond within an hour of them reaching out. I have created trust and a connection that helps the owners feel comfortable and confident in our work.
When it comes to managing the assets, they are managed very similarly. After we have our initial onboarding presentation, I will continue to do market research and change our projections and rates online to maximize profit. I am also always considering upgrades for units and presenting plans to owners to consider for additions in the future.I review the owner statements monthly with each owner to go over expenses, profit and future plans. I have recently assisted in looking up future opportunities for owners as we find profitable homes on the market they may purchase.
Tom: I always remind myself our owners are placing a huge amount of trust in us to take care of their high-priced assets. This motivates me to ensure we're doing everything we can to maximize profit for them - whether that be optimizing the marketing aspects of a listing, ensuring maintenance issues are resolved in a timely manner or providing suggestions to an owner on how to make his or her property more appealing. In my opinion, the best way to maintain a positive relationship with an owner is to keep an open line of communication with them and prioritize responsiveness if they ever reach out with questions or concerns. Pushing owner issues to the side or waiting too long to address their concerns is a terrible look. Even if you don't have an answer to a question immediately, you should let them know you've received their message and that you'll get back to them when you have an answer.
Mike: I feel I am best at being personable and creating strong trusting relationships with my owners, but overall with being a start up and having a small team my best quality to help with my success has been my willingness to get any job done whether it is owner, maintenance, or company focused. I work late nights and some weekends, but I know it will be worth it in the long run for our team's success.
Tom: I'm best at my job when surrounded by great people and a positive atmosphere. Teamwork makes the dream work and we have amazing teams throughout each market. Brightwild has done a tremendous job of hiring exceptional, hard-working and talented people. In the Tampa market - our goal is to add 2-3 properties per month and I feel like we're starting to hit our stride as we've added 4 and have 3 more under contract that are currently being onboarded. I'm very excited about the future of the company as a whole - we are growing fast and will be up there with the biggest and best of them before long.