ConversionIQ: Build for the Business | The CoLivingiQ Framework Part 2

Send us Fan Mail “How many bedrooms can we fit in here?” That’s one of the first questions many co-living investors ask their general contractor. I think it’s the wrong first question. Your contractor operates a construction business. You have to operate the co-living business after they leave. In Part 2 of the CoLivingiQ Framework, we move from HostIQ: Learn the Business to ConversionIQ: Build for the Business. Once you understand who your customer is, you can reverse engineer what the physical property actually needs to become. How many bedrooms make sense? How large should they be? Private or shared bathrooms? What amenities matter? How much parking do you need? Where should you spend money — and where shouldn’t you? I also break down a real property from my portfolio that went from 5 bedrooms and 2 bathrooms to 9 bedrooms and 6 bathrooms, including four intentionally designed private bathrooms. Those bathrooms weren’t simply construction decisions. They were product decisions. And they were revenue decisions. Because more bedrooms do not automatically mean more profit. And a more expensive renovation does not automatically produce higher room rates. Every dollar invested into a conversion should have a reason for being there. HostIQ → Learn the Business ConversionIQ → Build for the Business AcquisitionIQ → Buy for the Business Before you renovate a house, understand the business that house needs to support. Start with a Co-Living Business Assessment at CoLivingiQ.com. Rent Smarter.