I recently reviewed a panel discussion from Phocuswright featuring senior leaders from Airbnb, Marriott, and Casago, and it offered a clear look into where short-term rentals are heading.A few themes stood out:• Airbnb is building a broader hospitality ecosystem through services, experiences, and hotels• Marriott is expanding deeper into professionally managed homes with strict operating and brand standards• Arbitrage-heavy models like Sonder were called out as fragile in changing market conditions• The industry is moving away from “any door will rent” toward fewer, higher-quality, better-operated propertiesMy takeaway from this conversation:Short-term rentals are moving away from being just alternative lodging and toward full-scale hospitality.Operators who focus on quality, systems, local expertise, and guest experience will win.Those relying on thin margins, arbitrage, or volume without standards will struggle.How we’re implementing this in our property management businessInstead of chasing door count or volume, we’re doubling down on:• Property selection over scale, only onboarding homes that can meet hospitality-level standards• Operational systems, including standardized inspections, preventive maintenance, and guest communication workflows• Local expertise, with boots-on-the-ground teams who can make real-time decisions and recommendations• Experience-driven stays, layering in services, amenities, and curated local recommendations beyond just the stay• Owner alignment, working only with owners who understand that quality and consistency drive long-term performanceThe goal isn’t to manage more properties.It’s to operate better properties.Curious how others here are approaching this shift:• Are you adjusting your model in response to where the industry is heading?

In simple terms, a 721 allows a property owner to contribute real estate into a REIT or operating partnership in exchange for partnership units instead of cash—deferring capital gains while shifting into a more passive, diversified position.

Inventory is creeping up, days-on-market are stretching, and buyers are behaving differently than they did during the peak frenzy.For investors and move-up buyers, this shift opens the door to opportunities that didn’t exist even a year ago.More Inventory = More Rational OffersEven in a still-healthy market, more inventory instantly changes buyer psychology.

It would be helpful to hear from LPs on what they view as an ideal level of communication and reporting from a sponsor.Another common takeaway is that many LPs are unclear on how investments are structured from a distribution perspective, including how and why distributions are made over the life of a deal.

Have you shifted more toward buy-and-hold, or are flips still working in your market?

When school governance or funding models shift, you often see hesitation first, followed by repricing once clarity settles in.

Appreciate any perspectives. 

What actually changed everything was a mindset shift: we stopped operating like deal chasers and started operating like business owners.Here’s what that shift looked like in practice:1.

Thanks for adding this perspective to the discussion.

Do you run worst-case scenarios like missed payments, tax issues, or market shifts?