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US: Venture-backed real estate proptech startup Summer has pivoted its business model to software-as-a-service [SaaS] by launching SummerOS, which it describes as the first asset management software built for STR operators.
SummerOS has been created to empower STR owners and managers of all sizes to make quicker data-driven decisions and boost property performance, eliminating the need for costly homegrown solutions or manual processes. The software draws inspiration from enterprise-grade analytics that have been available to professional operators in the hotel and single-family residential [SFR] industries.
Founded in 2021 by Airbnb alumni, Summer was built with a purchase-option model that enabled anyone, anywhere to create a “high performance” short-term rental portfolio more easily. After the number of properties it managed under the model grew quickly, and it tested available tools to optimise the performance of said properties, the company saw that the industry was relying heavily on human insights and intuition to solve a problem “better suited for data science and machine learning”.
In response, the startup has pivoted its business model by investing in its SummerOS solution, a streamlined platform that crunches data points across major US markets and submarkets, before comparing them to a property’s actual performance to determine the best course of action for a property manager.
SummerOS is designed to deliver fresh insights that transform decision-making and profitability.
Paul Kromidas, founder and CEO of Summer, said: “The short-term rental industry has grown into a $125 billion industry, yet operators still lack the professional-grade tools that have been standard in other segments of real estate for years. We built SummerOS for our own operations, then our partners tested it, saw instant results, and asked to use it.
“That’s when we knew this platform was too powerful to keep to ourselves. It gave us the confidence to pivot our business exclusively to SaaS,” he added.
As a result of the pivot, Charleston-based luxury property management company Portoro has acquired Summer’s existing property management assets.
Portoro CEO Dustin Abney said: “SummerOS has completely redefined how we approach data and revenue projections at Portoro. Its advanced analytics and forecasting tools allow us to make confident, data-driven decisions across our portfolio of premium vacation rentals.
“With SummerOS, we’re not just estimating future short-term rental performance—we’re predicting it with clarity and accuracy,” he added.
Summer completed a $68 million fundraise last November, including an $18 million Series A funding round and a secured debt facility of up to $50 million. At the time, the company said that it wanted to fill a gap in the market by “changing the way people buy and use second homes”, enabling prospective homeowners to try out homes before they buy and guaranteeing income after purchasing to reduce the costs of ownership and earn equity faster.
