Jamie Inlow began with a concept, no previous expertise in business or real estate, and a $2,000 gift from a neighbor.
He offered her the money to furnish the vacant apartment above the Merino sheep barn on her farm in Scottsville, Virginia. In 2019, she shared the earnings with him after listing the apartment on Airbnb.
Inlow had always envisioned turning that one listing into a full-time job and starting a business called Be Still Getaways to look after the single home.
Despite the influx of income, she had difficulty making a sufficient profit to sustain herself. As a result, she relied on her annual income of $50,000 earned in her role as advisor and director of a student program at the University of Virginia.
In 2021, Inlow, along with a full-time staff member, managed a total of 30 listings, resulting in a revenue of $205,000. A significant portion of this revenue was allocated towards property maintenance, repairs and expansion of Be Still Getaways’ property portfolio. Inlow reveals that she paid herself a salary of $10,000 for that year.
The single-family rentals were small and relatively inexpensive, therefore the profit margins were low. By the summer of 2022, Be Still Getaways’ reputation and working relationship with a neighborhood real estate agent were solid enough for Inlow to add larger, more opulent vacation properties to her portfolio.
She was able to hire more staff members and leave her two other jobs as revenue soared.
129 properties are now managed by Be Still Getaways in Virginia. According to documents examined by CNBC Make It. They made $2.28 million in revenue last year through rental site Eviivo and Airbnb. Inlow says the company increased its revenue by another $600,000 through a third platform called Hostify.
Her husband also joined the company after leaving his job as a teacher. According to Inlow, they earn a combined $150,000 a year with Be Still Getaways.
From now on, Inlow talks about what she would have liked to know at the beginning, what the main difference is between a side business and a full-time business, and whether or not other people can match her level of success.
Jamie Inlow claims that her disposition plays an important role in her success. She sees herself as exceptionally strong-willed and ambitious. She may appear hyper-focused, and she follows through with her decisions.
She made numerous contract compromises when she was handling 20 properties alone. Two years ago, if someone had said, “Hey, I live at this local property six months out of the year. Can you manage it the other half?” She would have responded with “Yes, we’ll make it work. Whatever you want, we will do it.”
At the time, it seemed crucial to make these choices in order to find and keep a partner. Today, she believes she did not have to make such sacrifices. She believes that experience is the best teacher and that knowing what you and your team are capable of is the key to success.
Going back, she would tell herself “This is your business. There will always be other contracts. You don’t have to do something if it’s not the right fit.”
What do people need to start managing their own rentals?
Property managers for short-term rentals are in high demand, so if you are interested, go for it. But you need to consider right at the beginning: What is the product? Who are we going to hire? What are your standards?
She started with a barn, but she always knew she wanted to run boutique luxury homes. She understood that we had to hire self-starters and that they could never compromise on their cleaning standards.