![]() If they choose to not buy, after two years, they get their initial payment back. Summer manages the property - including booking rental guests - and puts both the initial payment and monthly membership payments toward the owner’s eventual purchase of said property.Īt any point over two years, if a member decides to buy their Summer-managed property, 100% of the initial payment and the monthly membership fee is credited toward their purchase. But Summer argues that the perks make up for it. Having to book a stay at one’s own home might sound like an odd concept. Summer members get credits that can be put toward stays at their own vacation home or any home within the Summer network. In exchange, Summer collects an initial payment as low as 15% of the home price and charges a monthly membership fee. Summer takes care of submitting offers, handling the closing paperwork, and performing home inspections and due diligence in addition to interior designing and furnishing the property. Members who opt for the gradual ownership path choose a property from Summer’s portfolio, send a listing to Summer to see if it’s a fit or work with Summer’s acquisition team to find a property on the market that meets their criteria (and aligns with Summer’s business model). Summer offers three routes to membership: “gradual” or “immediate” ownership or bringing an existing, owned property to the Summer platform. “There are various risks and barriers that surround buying and renting out short term rentals, and Summer is aiming to alleviate this challenge,” Kromidas continued. Prior to founding Summer, Kromidas was a product and strategy lead at Airbnb, where he helped create Airbnb’s Luxe product. ![]() “Summer’s platform layers in AI and analytics to build our short-term rental revenue estimate, which is the Zestimate equivalent for short-term rental revenue,” Paul Kromidas, Summer’s CEO and founder, told TechCrunch via email. ![]() Summer claims to use “data and analytics” to help customers, which it refers to as “members,” predict short-term rental revenue and find a rental property that fits their needs and goals. Yet a relatively new startup, Summer, thinks it can convince this cohort to snatch up a second property to rent out on marketplaces such as Airbnb. Multiple studies show that younger generations aren’t buying homes as quickly as their generational predecessors.
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