In Conversation with Christopher Manavi: CEO of VC-Backed Soda Stays on Multi-family Real Estate and Star-studded Clientele

Interviewer:

Christopher Manavi, thanks for joining us today. You’ve become quite the name in multi-family real estate and hospitality as Soda Stays has grown. Moreover, you’ve garnered attention from celebrity clients unlike other real estate professionals from the Midwest. What got you into this niche?

Christopher Manavi:

Thanks for having me. Multi-family complexes have always been intriguing. Their dynamics, the community they foster, and the investment potential are unmatched. My interest began at UC Berkeley and intensified over the years. As for the celebrity clientele, I believe they saw the passion and expertise I bring to the table.

Interviewer:

Speaking of celebrities, we know you recently worked with Tik-Tok superstar Bryce Hall on a project, but without revealing any confidentiality, can you hint at some other A-listers you’ve worked with?

Christopher Manavi:

(Laughs) I respect my clients’ privacy, but let’s just say I’ve had the pleasure of working with some of the top names in the film industry, a couple of pop stars, and even a renowned sports personality. Moreover, Their needs can be unique, and my team is always up for the challenge.

Interviewer:

Multi-family complexes are all the rage now. What, in your opinion, makes them such an appealing investment?

Christopher Manavi:

Firstly, they provide a consistent revenue stream. With multiple units, even if a few are vacant, there’s still income from the occupied ones. Secondly, they offer diversification. Instead of putting all your money into a single property, you’re spreading the risk across several units. Finally, there’s the community aspect. Multi-family complexes often come with amenities and a sense of camaraderie that appeals to many.

Interviewer:

That’s an interesting perspective. With the rise in remote work, have you seen any shifts in what clients look for in multi-family real estate?

Christopher Manavi:

Absolutely. There’s now a huge demand for properties with dedicated workspaces or units that can easily convert a portion into a home office. Further, High-speed internet and tech integration are almost non-negotiable. Amenities like gyms, open spaces, and even coffee shops within the complex are becoming increasingly popular. Moreover, The home is no longer just a living space; it’s a holistic environment.

Interviewer:

Given the current market dynamics and your rich experience, any advice for new investors eyeing the multi-family sector?

Christopher Manavi:

Start with research. Understand the market, the neighborhood, and future development plans. Look for properties that offer something unique, be it location, amenities, or design. And most importantly, ensure that the numbers make sense. Additionally, A beautiful property that doesn’t provide a return on investment is not a sound business decision.

Interviewer:

Christopher, we’ve touched on your accomplishments and celebrity clientele, but there’s another feather in your cap: Soda LLC. The company has been a game-changer in the property management realm. Moreover, Can you explain how Soda LLC uniquely increases Net Operating Income (NOI) for its clients?

Christopher Manavi:

Absolutely. At Soda LLC, we saw a unique opportunity within the multi-family sector. Traditional property management mainly focuses on long-term rentals. However, we identified that short-term rentals, especially in prime locations, can generate significantly higher revenues.

Interviewer:

That sounds intriguing. How exactly does this model work?

Christopher Manavi:

It’s all about flexibility and maximizing occupancy rates. Instead of having a unit vacant for a month or longer between long-term tenants, we utilize that space for short-term rentals. Moreover, It’s especially lucrative in cities or neighborhoods that are tourist hotspots or business hubs. Further, This not only ensures near 100% occupancy rates but also allows us to command premium nightly rates.

Interviewer:

So, in essence, Soda LLC uses these short-term opportunities to plug in the income gaps?

Christopher Manavi:

Precisely. Traditional property management often has gaps between tenancies, which, of course, affects NOI. By integrating short-term rentals within multi-family spaces. Also, we ensure a consistent revenue stream. This approach dramatically enhances the NOI for our clients. It’s not just about filling the gaps, but about consistently maximizing the revenue potential of each unit.

Interviewer:

Given that short-term rentals often require more hands-on management, how do you ensure smooth operations?

Christopher Manavi:

That’s where our proprietary tech platform comes in. We’ve developed a system that streamlines bookings. As well as, maintenance, guest communications, and turnover processes. This tech-forward approach ensures seamless operations, minimal disruptions to long-term tenants, and an enhanced guest experience for short-term renters.

Interviewer:

One last fun question before we let you go. Given your celebrity clientele, have you ever been starstruck?

Christopher Manavi:

(Laughs) A few times, yes. But, at the end of the day, my celebrity clients are people looking for a home or an investment, just like anyone else. Additionally, It’s my job to ensure they get the best, and that always takes precedence over any fan moments I might have.

Interviewer:

Christopher, it’s been a pleasure. Further, Your insights into multi-family real estate and a sneak peek into the world of celebrity real estate have been truly enlightening. We hope to speak with you again soon.