Transforming Real Estate with Concierge Services

Nicole Rothstein (00:00)
I bought a home in 2021 that was averaging $800 a night. was a four bedroom with a pool with beautiful marsh views. And it had gray walls, black furniture.

Not even, like no nightstands in the house even matched, meaning on the left-hand side was a turquoise nightstand and on the right-hand side was a black nightstand. Nothing looked the same. And the only reason why it was getting 800 a night or 600 a night was because of the location and the pool and the size of the home. So I spent that fall repainting, doing, you know,

Quentin (00:21)
Yeah, I designed that.

Nicole Rothstein (00:37)
Cosmetic upgrades I wallpapered the bathrooms myself. I ordered vanities and have my plumber install them So I really didn’t spend a ton of money I put about thirty six thousand dollars into the home between all of the furniture new linens painting cosmetic renovations the next summer I went from averaging eighteen thousand a month so six hundred a night to eighteen hundred a night we went from making eighteen thousand

in July of 2021 to 54,000 in July of 2022. I paid myself back in about a month because everyone was booking on Airbnb and now they see the home and it’s white and it’s bright and it’s fresh and all the furniture is beautiful. And the furniture I got from Facebook Marketplace, Home Goods, like nothing crazy. I just know how to put it together.

Quentin (02:59)
Hello everyone. Welcome to the Investor Fuel Podcast. I am your host, Q Edmonds. And y’all know, I say it all the time. And it’s my tagline and I mean it. I’m excited about being here and I’m excited about the guest, the guest to talk to you. This lady is a forward thinker. She’s a forward thinker in her space. And I’m gonna let her tell you about the space that she’s in, right? Because I don’t want to limit this woman like,

Her daddy knew she was gonna be successful. I knew she was gonna be successful now. That’s a little joke between us, but no, but no, seriously. She’s building something very, very meaningful, something substantial, and she’s really serving her clients well. And so I am just so excited to have, I’m gonna call her my friend, y’all. I just will say my friend, Ms. Nicole Rothstein. How you doing, my dear?

Nicole Rothstein (03:54)
Great, thank you so much for having me today. How are you?

Quentin (03:57)
Absolutely. I am great. I am great because we got to talk for a little bit behind, you know, on the backstage. I’m just so excited about what you’re doing. I’m excited about just the strides that you’re making. And I’m going be honest with you. I don’t even want to waste no time. I kind of just want to dive in because I want the people to know who you are. I want the people to know what you’re doing in your space. And so, of course, you know, we got listeners. They’re listening.

And I know that they’re going to benefit from this. So let me just ask you this, Ms. Nicole. Nicole. People, they’re not familiar with you. So I want you to take us into your world, right? I want you to tell me what your main focus is these days and tell me what markets are you operating in.

Nicole Rothstein (05:27)
Sure. So I am Nicole Rothstein. I am originally from New York City. I have an MBA in real estate finance from NYU. And I worked for a real estate developer for 10 years in New York City and then moved to Charleston, South Carolina, where I reside now and where I operate my business. I own a vertically integrated real estate company. We have a brokerage and sales division. We have a property management division.

And we just launched a personal concierge division, which has been a very exciting and successful venture. We offer personalized concierge services to any visitors or tourists in the Charleston region. So anyone that books our Airbnb or any Airbnb, any visitors to the Charleston area, any of our partner hotels, we connect with the guests. And we can do everything from

pre-arrival grocery stocking, booking boating excursions, setting up private chefs, setting up ⁓ fitness classes, dinner reservations, transportation, really anything that a guest would need in visiting the Charleston area, we take care of it. So all they have to do is arrive, unpack, and enjoy their stay.

Quentin (06:41)
I love it. I love it. I told you, I told you she’s forward thinking. She’s building these services that’s really going to really set her apart. And so where did the passion come from? why this? Like where did it come from? Listen Nicole.

Nicole Rothstein (06:45)
Yeah.

I’ve always loved real estate. ⁓ I’ve always really loved the design and aesthetics. So any Airbnb that I’ve purchased or taken under management, the first thing I’ve done is come in and redesign the house. It’s really important to me to create a really beautiful, welcoming, warm space for the guest. And I just love being in the service industry. I love all of my guests. I love hosting. I have such a great time connecting with all of them.

know, enhance their stay with this concierge service has been really fun for me and it’s been a really great addition for my guests as well. And on the brokerage and sales side, I’ve always loved, you know, sales. I have the financial background, so a lot of my clients are investors and I will help them buy a property. I build out financial models for them, make sure that it’s a cashflow positive investment. Then I come in and I take over the management as well and

⁓ It’s just been a really, really great experience. So to just sort of merge all of these passions together into the business has been really exciting and very rewarding.

Quentin (08:01)
love it, I love it. Yeah, I can just tell you’re a connecting people person. So it just makes sense that you just love servicing people. So yeah, I absolutely love that. Yeah. And so of course, you know, it’s not always easy in this climate, you know. So what makes the machine run smoothly for you?

Nicole Rothstein (08:06)
Thank you.

So I have a really wonderful team. I have two business partners that have been really great to work with. We work really, really well together. We’ve been really fortunate to build a very strong team around us. We have a few employees that, you know, it was hard to find good help, but once we did, we have really nurtured them as well. And, you know, they’ve really grown with us, which has been really wonderful to see.

We have a few agents that are licensed with us. We have a few property managers. And we just have a really good dynamic between all of us. We built a really great company. And I think all of us are just really excited to keep growing.

Quentin (08:55)
So we get it definitely sound like you guys have a great ecosystem for sure And so of course, you know in business there are moments when things get real right? A deal go sideways things go sideways. You got a pivot fast So do you mind sharing maybe a story with our our listeners about a time when you had to pivot fast miss nickel?

Nicole Rothstein (08:59)
Yeah.

Yes.

Yes.

So this is a true story. This happened to me last week. I had a client that I was working with for over a year for a very specific criteria for a property they wanted to purchase. We had a really tough negotiation going into the contract. We ended up winning the contract. There were some things that came up during due diligence that were unfavorable. So we had to negotiate for credits or a price reduction.

Quentin (09:20)
No.

Nicole Rothstein (09:45)
Some things that the seller promised that would be taken care of were not taken care of. I was sitting at the closing table negotiating with the other agent who was negotiating with her seller. I had my buyers in front of me. They were on the other side of the table. She kept having to step out to call her seller. After four hours of negotiations, my buyers were ready to get up and walk away from the table and say, that’s it, we’re done, we’re not buying the property.

I had to talk them off the ledge. had to end up, the other agent was so frustrated with her seller, she ended up putting me on the phone with him instead. And so I actually was able to talk to him and really explain, you know, what his responsibilities were, we felt that he fell short. And it was by far the longest closing I’ve ever had. I have had other deals that were difficult, but never one that was so close to falling apart.

the day of closing. And after six and a half hours, I got everyone to come to an agreement and we assigned our documents and we walked out and officially closed. you know, I think just perseverance, persistence, and really just trying to make sure that, you know, maybe everyone won’t walk away happy, but they’ll at least feel like it was fair at the end of the day. So, you know, it happens.

with Airbnb guests who could show up and maybe the HVAC stopped working that day. really any side of the business are always going to be hiccups. But I’ve learned that a lot of it is how you treat people and just how you manage situations, not getting very emotional, and just making sure that, like I said, everyone feels that their solution was fair and that they’re taken care of. And I’ve also learned that.

If you’re willing to work with people, they’re willing to work with you. So it’s not always easy.

Quentin (12:09)
Listen,

I love it. Thank you for sharing. think I love what you said. Everybody might not be happy when they walk away from negotiation, but they’re going to feel like it’s fair. And that’s how you know that’s a really good negotiation. Everybody don’t get what they want necessarily, but when you walk away, it’s fair. It’s not leaning this way. It’s not leaning that way. I think that shows a good negotiation and good faith, Absolutely.

Nicole Rothstein (12:32)
Yes, exactly. Ideally,

they always walk away happy, but you can’t have everything.

Quentin (12:40)
can’t have everything, you know, yeah,

you got the grumungent people that you can’t just please all the time. So, get it, but I love that. And that’s why I know you’re building something that’s sustainable, right? I can tell that you’re going to be in it for the long game. You’re forward thinking, you’re fair, you’re willing to add in services that other people are not thinking about. Like this is how I know you’ll be in it for the long term. No, absolutely.

Nicole Rothstein (12:44)
Exactly.

Thank you.

Quentin (13:05)
Yeah. So let me ask you this. What are you most focused on solving or scaling next? What’s the next real goal for you?

Nicole Rothstein (13:11)
So my role in the company right now, so I have a business partner that sort of guides our real estate agents and really runs the sales division. Technically I’m the broker in charge, but right now I would say that that is her main focus. I have another business partner whose main focus is concierge services and client relations. And my main focus is overseeing all the property managers.

⁓ I go through the houses once a week with them. I make sure that every property is running up to 100%, you know, making sure that all of our systems are in place. And then the other thing I personally have been focusing on is the scalability of the business. So I am calling second homeowners, seeing if they need, you know, short-term property management. I’m talking to investors to see if they need management. You know, I also do a lot of the initial calls with any

any purchaser, so anyone who’s looking to buy a home or an investment property. I would say that my role specifically in the company is sort of on building the company, building the scalability. I’ve been fortunate enough to have some great people around me where my time is focused less and less on the daily operations and now I’m able to focus on the broader outreach and the broader growth of the business.

Quentin (14:30)
Yeah, I love it. I love it. And I love the way you making sure that you’re positioning yourself right. yourself to your strengths, position yourself to where you know, I love it. And you know.

Nicole Rothstein (14:38)
Absolutely. Absolutely. There were,

for many, many years, I was really involved in the day to, well, I should say, it even happened today where one of the ice makers wasn’t working. you know, I was on the phone with seven different appliance repair companies trying to get someone out there. But we have learned over time that, you know, if I can have these assistant property managers come in and they’ve been wonderful,

Quentin (14:56)
Yup.

Nicole Rothstein (15:45)
⁓ You know, it’s probably a better use of their time so that I can spend, you know, more on the growth and the scalability of the business and less on the minutia of the management of the homes. As much as I am involved, you know, I used to spend, I mean, I could spend up to three hours on the phone trying to get an emergency AIDS back repair. So, yeah, so we’re just trying to that a little bit. But ⁓ now I’m really lucky. We’ve built a really wonderful team around us.

Quentin (16:09)
Yeah.

Absolutely.

Nicole Rothstein (16:13)
We’re definitely

in an accelerated growth pattern right

Quentin (16:17)
There you go. Listen, I know it can be hard to let go and to, you know, kind of scale begging. what’s the word I’m looking for? When you delegate, right? Like I know it can be hard to delegate, but to me that again shows, yeah, it shows your growth and leadership because that’s what leaders do. Leaders delegate, right? Like the best thing you can do is to get your time back so that you can work for the strength that you need to, to propel the business forward. And so.

Nicole Rothstein (16:35)
Right, right.

Quentin (16:45)
I get it. get it. I absolutely know. love how you talk about your partners. I love how you talk about connection, connecting with people. And so I love how you talk about your team. And so of course we got people listening that early in their journey. They look in the level up and I think they’ll, they will benefit hearing this from you when it comes to building relationships in your network. What’s made the biggest difference for you.

Nicole Rothstein (17:09)
So I think building a really good solid reputation is something that is hugely important. I have many, many property owners who I would be very comfortable calling for testimonials, who I give out as referrals for anyone I’m speaking to to call and talk to them about their experience working with me. One thing that aside from the Concierge Program, which has been very successful in the short amount of time we’ve launched it,

Another thing that I think has really set me apart specifically is I, like I said, am very passionate about the design and aesthetic of the home, especially if it’s a short or medium term rental, meaning anywhere from one night to 60 night furnished rentals. One thing that I personally have learned, and I piloted this with a property that I own, where I buy properties on a short term rental is a beach town in Charleston called Spalai Beach.

When you buy a property on Folly Beach, you buy everything down to the forks and spoons. So you are buying all of the furniture, all of the linens, all the plates, everything, so that you don’t interrupt the flow of the rental gas. I have found that most people, especially second homeowners who don’t do this for a living, don’t really care about the aesthetic. And so when you look on Airbnb, you know, the furniture doesn’t match. It doesn’t have a cohesive look.

Maybe it’s iPhone photos that they took. And what I have found is the better the design, the better the aesthetic, the more welcoming the home seems and feels to someone who’s booking online, the more money you can make. So for example,

I bought a home in 2021 that was averaging $800 a night. was a four bedroom with a pool with beautiful marsh views. And it had gray walls, black furniture.

Not even, like no nightstands in the house even matched, meaning on the left-hand side was a turquoise nightstand and on the right-hand side was a black nightstand. Nothing looked the same. And the only reason why it was getting 800 a night or 600 a night was because of the location and the pool and the size of the home. So I spent that fall repainting, doing, you know,

Quentin (19:08)
Yeah, I designed that.

Nicole Rothstein (19:25)
Cosmetic upgrades I wallpapered the bathrooms myself. I ordered vanities and have my plumber install them So I really didn’t spend a ton of money I put about thirty six thousand dollars into the home between all of the furniture new linens painting cosmetic renovations the next summer I went from averaging eighteen thousand a month so six hundred a night to eighteen hundred a night we went from making eighteen thousand

in July of 2021 to 54,000 in July of 2022. I paid myself back in about a month because everyone was booking on Airbnb and now they see the home and it’s white and it’s bright and it’s fresh and all the furniture is beautiful. And the furniture I got from Facebook Marketplace, Home Goods, like nothing crazy. I just know how to put it together.

I photographed it and I curated the home in a way that people would look at it and say, you know, this is a really beautiful home. I want to stay here. I want to, I could see myself being here. And so any property that I take under management, I am particular. I won’t take just any property under management. It has to fit my aesthetic and portfolio. But with that, I offer free design services. I fund the design for them and then pay myself back.

I have more than doubled or in some cases tripled income for my owners. They’re thrilled. I have one lady whose home I just finished. She said in the past her husband refused to stay in the house because he thought it was so gross. And now he can’t wait to stay there. And so, you know, they’re happy. They get a more beautiful home. They have better rental income. They have better views. And now with these, you know, more luxury homes, they also have this concierge service that comes into play.

Quentin (20:57)
Sorry.

Nicole Rothstein (21:12)
You know, it’s all encompassing, but my guests have really enjoyed the experience. My owners are thrilled with the extra income, and I’m thrilled to have so many beautiful homes in my portfolio. So, win, win, win all

Quentin (21:14)
Yeah.

I

love it. Great story. I love that. And that’s what making the connection right. Like that’s what the connection is all about. Like when you care about the people, when you care about where people are going to stay, where people are going to lay their head, like the aesthetics, like you care about what people they experience, right? You care about the experience that people want to have. And you care about making your clients some money at the same time too. So it all works, right? No, I absolutely love it.

Nicole Rothstein (21:28)
Yeah.

Exactly. I had one guest

pay me very nice compliment, but I was on the phone with her and she had just booked the house and she said, I don’t think, she said, your home is beautiful. And she said, but I don’t think I’ve ever seen so many great reviews about the hosts themselves. Like you can just tell that you really, really care about the guest experience. And I was very appreciative that she said that, but I do think all of my guests feel that way. I’m extremely hands-on. I think most of these management companies, you know, they don’t,

really care. sleep with my phone on ringer, I’m responding at 10 p.m. It’s not just you can reach me at nine to five and sorry if you don’t like the house or you don’t have an I’ve never had someone not like the house but you know I am I’m very hands-on and I want to make sure that every guest is comfortable and happy when

Quentin (22:31)
Yeah

Absolutely. Mr. Cole, absolutely love it. Thank you so much. Listen, before we wrap, I appreciate you. Listen, before we wrap, if anyone wanted to reach out to you, connect with you, maybe collaborate with you, learn more about what you’re doing, what’s the best way from the reach out team?

Nicole Rothstein (22:38)
Of course, thank you.

So they can reach out to me. My company is called On the Coast Property Group because you can buy, sell, rent or vacation all on the coast. And my email is Nicole at onthecoastpg.com. So onthecoastpropertygroup.com is our website. And if you want to email me, Nicole @ onthecoastpg.com. And follow us on Instagram.

Quentin (23:20)
I love it. love it.

Follow them on Instagram. You heard her. Come on now. Come on now. Absolutely. Well, listen, I appreciate your time. I appreciate your story. I appreciate your lens and your perspective. We need more people doing things the way you’re doing it. Okay? I appreciate it. Look, have a outro question for you. Have you ever met a black man that has dreads? Have you ever met, do you know?

Nicole Rothstein (23:23)
and Facebook.

cool.

Thank you so much.

Quentin (23:48)
Yeah, no, they don’t need to know that. That’s the outro. That’s… That’s that, right? That’s I was teeing it up, but they don’t need to know that.

Nicole Rothstein (23:53)
I have an adopted brother that’s got dreads down here. You can look him up too. He’s

an amazing artist. Look him up, Ron Bach.

Broadcast, follow me too.

Quentin (24:08)
I appreciate you so much, Mr. I had fun. I appreciate you so much. Thank you so much. But listen, absolutely. But listen, I say this, y’all know when we get to this point, I say it very slowly. If you are tuning in and you got value from this, you have to make sure you’re subscribed. We’re actually gonna go and just learn about short-term rentals, concierge service, and have fun. Come on, people.

Nicole Rothstein (24:09)
So, of course, thank you so much. Thank you so much.

Quentin (24:34)
You gotta go ahead and make sure you subscribe because you do not want to miss these amazing conversations with amazing people like Ms. Nicole. Nicole. So listen, I appreciate you, Ms. Nicole. Nicole and everybody else. We will see you next time.