Steve Barsh is a man of many talents and interests. Throughout his workweeks, he can be found mentoring startup founders, consulting with artificial intelligence experts, and advising organizations like SeatGeek and NASA. However, what sets him apart is his dedication to his side hustle – a property management company called Parker Chase Properties.
Barsh’s journey into the world of property management began 26 years ago when he sold a software startup he co-founded called SECA. With the proceeds, he and his wife, Amber Salzman, purchased a three-bedroom condo in Park City, Utah. Initially using the condo for vacations and renting it out through a property manager, Barsh eventually took matters into his own hands due to dissatisfaction with the fees he was paying.
Today, Parker Chase Properties manages five luxury condo units in Park City and Deer Valley, Utah, bringing in an impressive $1.27 million in revenue last year. Barsh estimates that he pockets 40% to 50% of those bookings as profit, running the side hustle mostly solo with the help of a housekeeping company and occasional backup property management assistance.
Barsh’s approach to property management is focused on providing a luxury experience for his guests. He invests in amenities like leather chairs, mini fridges stocked with cold beers, and wall-to-wall flat-screen TVs to ensure a comfortable stay. Constantly seeking feedback from guests, he pays attention to even the smallest details, such as providing lint rollers in the laundry room or fulfilling specific requests like purchasing a high-end rice cooker for a guest.
The upscale nature of Parker Chase Properties is reflected in its pricing, with a median nightly rate of $3,390 compared to the average daily rate of $761 for vacation rentals in Park City. Despite the higher costs, Barsh’s side hustle proves to be lucrative, surpassing the combined salaries of the average property manager and real estate investor in the U.S.
Beyond financial success, Barsh uses his side hustle as a teaching tool for his children, imparting lessons on investing in appreciating assets. He also finds genuine enjoyment in the hospitality aspect of running the business, relishing in the positive feedback from guests and the satisfaction of providing exceptional experiences.
In a world where hospitality is key, Steve Barsh stands out as a shining example of how passion, dedication, and attention to detail can elevate a side hustle into a thriving business. His story serves as inspiration for aspiring entrepreneurs looking to make their mark in the world of property management and hospitality.
