Steve Barsh, a seasoned entrepreneur, has turned his penchant for hospitality and investment into a thriving side hustle that generates substantial passive income. Barsh operates Parker Chase Properties, a property management company overseeing short-term rentals across five luxury condo units in Park City, Utah, and Deer Valley, Utah. His company reportedly garnered $1.27 million in revenue last year, with Barsh pocketing between 40% and 50% of the bookings as profit. This lucrative venture not only reinforces his financial acumen but also serves as an educational tool for his children about investing in appreciating assets.
Barsh's journey into the property rental business began 26 years ago after selling SECA, a software startup he co-founded. He and his wife, Amber Salzman, purchased their first vacation condo in Park City for $820,000, initially renting it out through a property manager when not in use. Dissatisfied with the management fees, Barsh decided to take control of the bookings himself. This decision marked the beginning of a flourishing side hustle that has evolved significantly over the years.
The couple reinvested proceeds from a $4.3 million sale of their initial condo along with funds from Salzman’s corporate acquisition to acquire four additional condos at a total cost of $10 million. These properties are now part of the Parker Chase portfolio, with four owned by Barsh himself. His properties command premium rates, with a median nightly price of $3,390—substantially higher than Park City's average of $761 per night for Airbnb or VRBO listings as estimated by AirDNA.com.
Barsh's success in the luxury rental market underscores his strategic approach to real estate and his ability to cultivate a refined guest experience. He invests one to two hours daily managing this business, which he contrasts to the average property manager and real estate investor's combined income he surpasses. His expertise is further highlighted by his commitment to providing guests with unparalleled hospitality.
"Four Seasons, when they hire people, know that they can teach people how to work a front desk, open a front door or clean a room, but they look for people with that hospitality instinct,"
- Steve Barsh
Parker Chase Properties is not just a source of income for Barsh; it is a platform for him to instill financial literacy and investment acumen in his children. By involving them in the business operations, he teaches them the value of investing in tangible assets that appreciate over time.
"It just makes me feel good."
- Steve Barsh
His passion for hospitality and attention to detail have been pivotal to his success. The business provides him personal satisfaction beyond financial rewards—a testament to his belief in creating memorable guest experiences. Despite his commitments as a full-time startup investor, Barsh continues to dedicate time to his property management business, ensuring it remains a staple of luxury hospitality.