Steve Barsh, a seasoned startup investor and venture partner at the nonprofit accelerator Inception Studio, has transformed a side hustle into a highly profitable venture. Alongside advising organizations and CEOs, including SeatGeek and NASA, Barsh delved into the property management sector, generating $1.27 million in revenue last year. His entrepreneurial journey in real estate began when he and his wife, Amber Salzman, acquired a three-bedroom condo in Old Town, Park City, Utah, for $820,000 in 1999. After investing $500,000 in renovations, they sold the property for an impressive $4.3 million 25 years later.
Initially, Barsh relied on a local property manager to handle the condo rentals. However, after two years and realizing that the manager's 40% cut of earnings significantly reduced potential profits, he took matters into his own hands. This decision marked the inception of Parker Chase Properties, his own property management company. The firm thrived by leveraging platforms such as VRBO, Airbnb, and Hospitable, catering to high-end guests accustomed to luxury experiences at establishments like Ritz-Carlton or Four Seasons.
"They're renters." I say, "Because they're not renters. They're guests, and you want to treat them as guests." – Steve Barsh
Barsh uses artificial intelligence tools to enhance guest experience, such as drafting and scheduling messages and programming lock codes to correspond with guests' phone numbers. These innovations ensure seamless interactions and have been integral to the company's success. Remarkably, Barsh manages to pocket 40 to 50% of the company's revenue as profit.
The strategic formula that guides Barsh's property investments is straightforward: aim for rental income that equals 10% of a property's value annually. This principle has proven effective in maximizing returns on their investments. In 2019, Barsh and Salzman expanded their real estate portfolio by purchasing three additional condos, each requiring a $100,000 down payment. The acquisitions were primarily funded through profits from a biotechnology company acquisition Salzman was involved in, totaling approximately $6 million.
Currently, Parker Chase Properties manages five condo rentals, four of which belong to Barsh and Salzman. The company targets affluent guests with upscale amenities and services. According to Parker Chase Properties' website, the median nightly rate for their rentals in March 2025 stands at $3,390, reflecting their commitment to providing premium experiences.