Paul Kromidas
@PaulKromidas
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Founder & CEO @startsummering
New York, NY
Joined April 2018
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When we’re children, most of us want to be seen as normal as possible. To fit in, and not stand out. The lesson I teach my school-age children: don’t expect anything extraordinary by being ordinary.
As I get older I’ve realized that being normal is severely overrated.
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Today, I’m thrilled to share that Summer is coming out of stealth and officially launching our product to create more accessible second home ownership.
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I’m very excited to announce our Series A fundraise co-led by
@QEDInvestors
and
@ViolaGroup
with participation from
@lightspeedvp
,
@1SharpeVentures
and many others.
So proud of all that we’ve accomplished, and excited for what lies ahead. Whether you just enjoy staying in…
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@girdley
So many of our customers do this after they first find us on Airbnb or VRBO. Once you build enough of a following, they seek you out and refer friends too.
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The biggest success factor in a founder/CEO. Determination won’t get you a good product, idea, or market, but it will push you to find ways when others stop looking. Sometimes the path isn’t obvious - keep pushing.
Want to win at entrepreneurship?
Brains and connections aren't enough.
The most important trait is often overlooked.
Take it from Sam Altman:
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Check out our newest addition to the Summer portfolio! Really impressed with the touches the team put into this one. Perfect for a winter getaway. Book now below - this one will fill up quickly!
Welcome home to Stony Clove, the latest Catskills home to join the Summer network, now open for bookings. Close to skiing, hiking, dining, shopping, and more.
#StartSummering
Book now:
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@__apf__
That sounds brutal @
@__apf__
, hosts aren’t really “hosting” anything if they’re charging you to do the work. We’d be happy to host you over at
@startsummering
- plenty of beautiful homes and more locations coming!
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To help us do that, we’ve raised a $13.4 million Seed round of financing, led by
@QEDInvestors
and
@lightspeedvp
, with participation from
@1SharpeVentures
,
@firstminutecap
, and a roster of industry angel investors.
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Couldn’t be more excited to partner with
@AnsafK
and
@lightspeedvp
- thank you for your support of our vision!
Excited to announce that
@_gosummer
is coming out of stealth today and to be partnering with
@PaulKromidas
and
@woods_buckley
as they look to reimagine and democratize the process of owning a second home.
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Great thread from
@packyM
and
@notboringco
on Summer!
@_gosummer
@PaulKromidas
& Woods Buckley are the founders of Summer.
And theyre the exact right people to start this company.
Paul: While at
@airbnb
, led integration of Luxury Retreats into what became Airbnb Lux.
Woods: Also x-Airbnb, and recently VP, Ops
@HelloLanding
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Great breakdown of the changes we’re seeing in the venture space.
🚨It's finally here🚨
Curious how VC Funds are evolving to reflect the recent changes in the LP and Startup ecosystems?
"The Three-Body Problem: Finding the New Stable Points in Venture Capital" is finally here.
Read on for links: 👇
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Another great 🧵from
@fintechjunkie
Founders, this is very apt advice for today’s market.
Founders are busy re-structuring their operating plans to reduce burn.
A reduction in burn almost always slows growth which
#VCs
will interpret as a negative signal.
The result is confusion and loads of bad advice.
Is this a solvable problem? 🧵👇
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Special thanks go out to our team, who have been working tirelessly to build a world-class product and experience, and my co-founder and partner
@woods_buckley
!
Welcome to Summer! ☀️
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@fahdananta
@packyM
@fahdananta
let’s connect! As
@packyM
said, check us out, this is what we do! We’d love to make this happen.
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@agazdecki
@BrainHarrington
You will run through walls to solve problems you’re passionate about
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Thanks
@max_gagliardi
for having me on the pod to talk about trends in short-term rentals, the broader housing market, and how
@startsummering
can help remove the risks of owning a vacation home while preserving the upside. Check it out 👇
Max has been standing up some…
Episode 191: "Go Summer" is live with guest .
@PaulKromidas
We talk:
-Summer's unique vacation rental model
-How clients can "try before they buy" a new property
-The current trends in STR rentals
-Property management
-Hospitality first business model
Episode links in replies:
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@NWischoff
I always have the impression that it will take more time to give guidance to the EA around my schedule, and that I’ll end up just doing it myself. Have you actually felt the force multiplier of your time?
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Stories like Adrian’s are why we created Summer. We’re making home ownership accessible and enjoyable for more people - people like Adrian and his family. Check out his story below:
“By lessening the upfront commitment and supporting their members with their extensive expertise— and, in many cases, a revenue guarantee—, Summer lowers the hurdle for families to say yes to a second home.”
#StartSummering
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Building wealth for your family that you can pass down one day. Stories like
@BrainHarrington
’s are why I started
@startsummering
. Excited to see you in Joshua Tree for many years!
“We want to physically build our own real estate portfolio, not own shares of someone else's."
Read more from our Q&A with Summer member
@BrainHarrington
in the latest
#Summertime
piece:
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@NateSmoyer
@startsummering
Thanks for having me
@NateSmoyer
, next time we’re doing it live from South Dakota!
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@packyM
let’s get you and the family a Summer home!
Not Boring Capital portco Summer launches today to make it easier for people to buy a second home.
It’s a brilliant model: To make it more affordable, they manage your property as a short-term rental when you’re not using it.
Hear the story from
@PaulKromidas
&
@woods_buckley
:
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@rrhoover
@rrhoover
check us out
@startsummering
. We help you find the right vacation/second home that will yield, finance the purchase, and rent it out for you when you’re not there. You get to spend time at your home or any home in the Summer Network. It’s the best of both worlds - you…
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Great discussion with
@NateSmoyer
on
@TechNestPodcast
on the future of short-term rentals and how
@startsummering
is redefining the space. Give a listen! 🎙️
★ Just published a new episode of Tech Nest: The Proptech Podcast: Second Homes & Vacation Rentals Converge with Paul Kromidas, Founder and CEO of Summer. Listen:
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Had a great time discussing vacation home ownership and short-term rentals with
@Zboozee
. More to come soon, but in the meantime check it out below 👇
So, you wanna Airbnb...
But you wish you could try before you buy"...
Now, you can.
Stream my chat with
@PaulKromidas
, founder of Summer, to find out how:
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Just a few of the excellent reviews Summer homes have been given by customers. Don’t believe it? Check one out for yourself! DM me if interested.
We optimize your home for short-term rental performance by providing a best-in-class experience for each and every guest— but don’t just take it from us.
#StartSummering
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@business
is right - you can’t just buy a place, add some furniture, and expect to make money. It’s a bit harder than that.
Is this the right location? How do you design and furnish the home to appeal to renters? How do you finance the purchase? How do you price and manage the…
Making good money from a short-term rental isn’t so easy anymore.
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Another great thread from
@fintechjunkie
. Agree that markets hate uncertainty. The sooner we have a playing field everyone understands, the quicker markets will move again.
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@thesamparr
Tesla Model X - plenty of front and back trunk space, third row seating that an adult can fit into, and if you get a 6 seater the third row is easily accessible between the two bucket seats.
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Some really good points in here by
@SteveMiran
on the role construction labor is playing in potentially keeping a recession at bay. There is still an expectation from construction labor for near-ish to medium term new-build demand in the housing market.
Some notes on the missing recession 🧵
I, like others, expected a recession for most of 2022, to occur around the turn of the year. I was pretty consistent with this call, having first made it in March/April
Hasn't happened yet, at least in the data currently available. Why?
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@gokulr
Couldn’t agree more. Cool heads and clear minds are needed to solve any challenge. That’s what a Board should be to a CEO.
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We keep growing! Very excited to launch in 4 new markets. More to come in Q1…
🚨 New destinations incoming 🚨
The Summer network is expanding! We’re dropping four new markets very soon…
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@fintechjunkie
@HarryStebbings
@jasonlk
@lessin
Very well put
@fintechjunkie
. Those who don’t know this yet will soon find out.
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Thrilled to announce
@JedKleckner
’s appointment to
@startsummering
’s Board of Directors. Jed brings a wealth of experience and insights, and will be key to helping us achieve our goals moving forward. Welcome!
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Demand for short term and vacation rentals is more consistent than the home price volatility we’re faced with. Now is the time to invest!
Despite the rise in interest rates this year, there's strong demand for vacation rentals. Plus, slightly dipping real estate prices and slowing sales are making it easier for prospective second home owners to buy rentals.
@kathleendoler
@IBDinvestors
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@SahilBloom
So true. Personally, the days where you actually have heads down time with a call or two sprinkled in are even worse - highlights how unnecessary some calls are.
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@Jamie_Lane
Interesting - ideas on what’s driving that? Waiting and hoping for a last minute deal?
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We’re building something special for current and future homeowners at
@startsummering
ICYMI: QED's Nigel Morris hosted a discussion about the future of proptech and short-term rentals.
@startsummering
CEO Paul Kromidas (
@PaulKromidas
) shares what the Summer brand means to him and why customer satisfaction is always the top priority.
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Inflation is likely here to stay for a while.
@fintechjunkie
with some excellent thoughts on what to expect moving ahead.
The current spike in
#inflation
has lasted longer and is more challenging to manage than expected.
The Fed is combatting inflation with increases in interest rates and the equity markets aren’t happy.
Why have equities sold off and when does the recovery begin? 🧵👇
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Thrilled to partner with
@fintechjunkie
and
@QEDInvestors
to creating access to second home ownership with
@_gosummer
Excited for Paul and Woods at
@_gosummer
! The innovation they're bringing to the "second homes" space is incredible: Access, affordability, convenience, service. Check it out if you've EVER thought of owning a second home!
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@BrainHarrington
@max_gagliardi
@startsummering
We absolutely could
@BrainHarrington
-
@max_gagliardi
let’s connect!
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@damccormick13
@packyM
@packyM
happy birthday! Mine’s this week. Presents are on the way from AZ. Should be here Sunday.
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@max_gagliardi
Agreed. What was good enough to hit one milestone isn’t good enough to meet the next one. The mountain gets steeper as you climb.
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Thank you
@GoodMorningHos1
for having me on the pod! Our owners and renters love us - glad to be able to share a bit about Summer’s excellent hospitality with your audience.
Revolutionizing Vacation Home Ownership: Paul Kromidas, CEO/Founder of Summer
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Stars, a fire pit, a pool, and capping it off with some time in the sauna. Can’t think of a better evening. Book this gem on our site!
When you wish upon a star, you end up on your dream vacay at Hover Ave 🤷
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Another Catskills gem in the Summer Network! Book your stay below:
🚨 New Summer house just dropped 🚨
Say hello to Hubbell Hill. This Catskills chalet has countless amenities for you & your group to enjoy like…
🔥 A hot tub & fire pit
🛋️ Thoughtful interior design
⛰️ Mountain views
👥 Room for up to 8 guests
Head to…
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One of my favorites upstate. Book a stay or buy it today!
When life gives you lemons, trade them for coffee and a view ☕️
Whether you're on the hunt for adventure or some time to kick back and relax, we've got you.
Head to the link in bio to
#StartSummering
and make this home yours.
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Great to come back to my old campus
@Columbia
and speak to today’s students about startups, the economy, and getting a business like Summer off the ground. Startups are so much more in focus for today’s students than when I was there - excited to see it.
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@SureAsMel
@Airbnb
Where are you looking for a place
@SureAsMel
? We have a lot of great, quality properties we’d love to host you and your pet at!
@startsummering
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@packyM
As much as I want this to happen, it would truly be a sign of the apocalypse if Philly teams have that much go right.
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This would be good news, and a signal that the Fed’s policy actions are working.
Goldman Sachs forecasts that core PCE will fall from 5.1% now to 2.9% by Dec 2023, as supply chain clearing lowers good prices, wage growth starts to slow and rents moderate.
Fun fact: "1 million apartments are under construction or permitted, the largest pipeline since 1974."
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@andrewkitchell
@jaentwistle
@MrJonesSTRs
@melefante6
@imrichardfertig
From a consumer angle, I think most folks look at this category as “short-term rentals” or “vacation rentals”. From an investor angle though, I agree with
@jaentwistle
that this is broadly “proptech” with downstream segmentation from there to pure tech, hospitality, etc.
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Excited to see Airbnb, and more importantly travel as a whole, continuing to grow.
There has never been more of a demand for high-quality supply, and that’s reflected by consumer trends in the space.
Our Q1 results are in:
102M nights booked
$1.5B revenue (70% Y/Y)
$(19)M net loss
$229M Adjusted EBITDA
$1.2B free cash flow
2 years ago, our business dropped 80%, our IPO was put on hold, and some didn’t think we’d make it at all.
Here’s how we turned Airbnb around:
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@Mehdiyac
It’s the most underrated hotel amenity. When I travel for work I literally book based off the quality of the gym.
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@startsummering
One of my upstate favorites. Great for couples and families. And the fishing in the creek is fantastic.
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@mananmodi_
@startsummering
@QEDInvestors
Owning a vacation home can make sense for many people. It’s a real estate investment that can yield you income, and somewhere people can create valuable memories.
@startsummering
is the smartest way to do this out there.
Thanks for the support
@mananmodi_
!
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@jaentwistle
@Zboozee
@kwong47
@rohindhar
@ItsBenJones
@Official_Burton
That’s right
@Zboozee
, we’re all about giving folks the chance to try the vacation home before you buy it. The respect is certainly mutual
@jaentwistle
. Wander and Summer both have great things to offer consumers in the STR/vacation rental space.
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This is spot on. Most folks underestimate the power of brand. It’s something I learned firsthand during my time at
@Airbnb
seeing
@bchesky
. The power behind the brand and its meaning for customers builds an incredibly strong moat. Look no further than the direction VRBO has gone…
Some thoughts on brand:
Nearly every startup consistently undervalues brand—and this includes B2B startups.
What is a brand? A brand is a crystal clear definition of why your business matters. Why should people choose you?
This question becomes more pressing in a world of…
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Great piece from
@jordanrcrook
on Summer’s launch.
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@packyM
It’s gotten so bad. I’ve been digging around trying to find an angle in airlines for years. Problems are the high barriers to entry and slim margins. So much room to innovate with a better user experience.
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This is so important. Great teams make great products - and capital alone does not build a great team.
ppl are more valuable than capital. easier to raise $ these days than hire the best. harder to keep great ppl for 10 years than have 10 years of runway. so treat your team well 😇
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@Zboozee
@jaentwistle
@kwong47
@rohindhar
@ItsBenJones
@Official_Burton
Thanks
@Zboozee
- would love to come on. Let’s get something on the books.
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There’s a lot of opportunity in the short-term rental space for consumers and investors alike. But diligence and research is needed more than ever before. That’s where
@startsummering
can help.
Enjoyed talking with
@srvdyak
at
@skift
on the latest.
“In the last couple of years you do see an over saturation in some markets and one needs to do more research because there is so much variance in the market” - our CEO
@PaulKromidas
speaks to
@skift
about the STR market. See the full article below!
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The level of substance in debates around how to improve the banking system would be meaningfully higher if more folks understood why the system is structured as it is.
@fintechjunkie
’s thread is a great place to start 👇
Every business has a core function. Some businesses make athletic shoes while others make wide screen televisions.
What’s become clear over the past week is that many people don’t understand what Banks actually do.
A simplified explanation if you're interested:🧵👇
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@brettcalhounn
@QEDInvestors
@ViolaGroup
@lightspeedvp
@1SharpeVentures
Thanks
@brettcalhounn
- check us out at the link!
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I’m actually thankful to be building in an economic downturn. It forces rigor that wasn’t present for every founder recently. If your business was built to succeed with yesterday’s economics, it won’t be ready to cope with today’s reality. Great reminder from
@fintechjunkie
!
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@damccormick13
@packyM
@woods_buckley
@damccormick13
you’ll have to tell us if you’re ok owning on Packy’s compound that he wants to buy.
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@ArjunMahadevan
@ycombinator
@jesslivingston
These are all very true. Some are more obvious, others realized along the way
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Just because we’re in an inflationary environment doesn’t mean people should stop investing in real estate. Summer takes care of the diligence and for you - so you know what you’re buying will yield.
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@Rick_Zullo
It’s the epicenter for sure. As someone who started my career here, moved to CA to get into tech, and came back to NYC worried about setting my tech career back - I couldn’t be happier.
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Great opportunity with one of the best in the business. I’ve been fortunate enough to work with
@fintechjunkie
for almost 2 years, and I couldn’t give a stronger endorsement. Measured, intelligent, and experienced - excellent to learn from.
In case anyone is interested in making a change in 2023, a Principal role has opened up at
@QEDInvestors
working directly for me. I'm not sure whether working for me is a feature or a flaw....you can judge for yourself!
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@Jason
@startsummering
exists to do both. We help people make memories when they’re at their vacation home, and money when they’re not. Check us out
@Jason
!
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