We recently connected with Nina Taylor and have shared our conversation below.
Nina, thanks for taking the time to share your stories with us today We’d love to have you retell us the story behind how you came up with the idea for your business, I think our audience would really enjoy hearing the backstory.
The idea of The Suite Faith initially started when I decided I was not working for someone else by the time I turned 40. The concept really was about taking my knowledge of over 20 years experience in the short term housing Industry and assisting faith-based organizations with their temporary housing throughout the US. Once the business got going I stayed focused because I realized the potential it had with the market that I was targeting along with the connections that I still maintained in New York so I knew it would grow into something really special and I’m so happy to say that I was right! The first year of course I made no money but then the second year after lots of work, education and listening to successful people in the business along with my mentors I created a company that allowed me to produce a six figure business within six months while only spending an additional $600. I was so determined to bet on myself and make this business grow that I was able to pivot each year into doing more with this company than I ever thought I could.
During the middle of my second year in business real estate developers getting into the short term housing market reached out to me for help in branding a new sector of their multifamily properties that would allow them to create temporary housing within their real estate portfolios to establish additional ongoing revenue. This was an idea that I had done before while working in corporate America but never on my own and it challenged me in a way that I still get excited to wake up every morning because I get to employ myself each and every day through relationships, partnerships, training, hospitality and business management experience that has produced an extremely successful product for real estate owners getting into the short term housing market.
The program that I offer is completely different from anything in the temporary housing industry. They are serviced apartments that are designed using local, small businesses with their own design team that transform an empty apartment into a home that fits directly within the scope of needs the target audience desires. Every aspect of the process is set up electronically to provide ease and comfortable understanding. I personally speak with each and every guest before they arrive so they understand how the process works, what to expect and all the things they need to know so there’s no gray areas. It truly is a labor of love that I enjoy doing every single day.
Nina, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
Back in 2001 I started my career in property management. I was a leasing consultant for a couple of years when one of my colleagues told me about corporate housing. Once I got to know more about what it really was I became very excited and immediately decided to transfer into the temporary housing industry. Transforming vacant apartments into furnished units for stays of less than 12 months was still a very new idea in the apartment management industry but I knew that it would take off and become a global empire for the travel and hospitality industry. There will always be a market for individuals that need a home whether personal or professional reasons for short periods of time and staying in a hotel is typically not ideal after 30 days so temporary housing is the buffer between hotel stays and long term stays. The main caveat around why temporary housing is so successful is that not only can you get a contract for less than 12 months but in most cases the minimum is 30 days and you receive a fully furnished apartment that will include utilities, building amenities, housekeeping and a 24/7 staff for all other essential needs.
What I am most proud of in my career today is that my business that I started such a short time ago has allowed me to add another resource within my industry that wasn’t available to real estate developers a few years ago. My company creates another ongoing revenue platform for real estate developers to add to their portfolio that exceeds their monthly profit by a minimum of 50% per apartment each month and I set up furnished units up to 20% at each property. However, I don’t stop there. My services include training the on-site team, creating short-term housing forms, partnering with local small businesses to assist with the furnishings and design, adding specific services to each selected property, managing incoming and current guess and creating reports to review with the C-suite teams for investor evaluations.
On a personal note, I love how I get to connect with each guest. During the pandemic most of my clients have been traveling/registered nurses or in the medical field. Helping this particular industry has been such a great reward each day because of what they have done for our country these past two years and continue to do each and every day. It has been a pleasure for me to keep my company at a boutique level so that I never lose the personal connection that I have with each and every person. I truly believe that is what sets me apart in a major way from a big national or global temporary housing company.
Learning and unlearning are both critical parts of growth – can you share a story of a time when you had to unlearn a lesson?
The biggest lesson I had to learn when transitioning into an entrepreneur was my mindset around money. I grew up always thinking that the American dream was to graduate from high school, go off to college, get a good job and work till retirement at around 65 years old. Well I now understand that may work for some but for me that life would have never made me happy. I had to realize how important changing my mindset around money could essentially make me not only happy but wealthy. Over the past three years I have read and studied from some of the best in the business regarding how to take control of my destiny and how to create my business in the best financial way possible. I no longer think that things make the person but I’m more interested in the experience of the journey I get to call my life and that is being of service every single day in an industry that I absolutely love. And you can’t put a price on that!
How about pivoting – can you share the story of a time you’ve had to pivot?
My business was named around the clients I wanted to serve within my industry and the first year I did do that. However, the second year my old clients started reaching back out to me and they helped in a big way financially to keep my business going since I was still trying to gain new clients and workout all the back-office details. Within that same year real estate developers reached out to me to help them create what I am doing now and have been for the last two years.
If I had been stubborn and chose to stay the course of how I wanted to create my business based on how it first started I know for a fact I would have missed out on some of the biggest opportunities for my business and I’m happy to say that I listened to my clients and not what I wanted. I’ve learned overtime that pivoting is essential to growing your business and making it successful. Once you understand that reshaping your brand will always be a part of what is necessary, it won’t be as difficult as it typically feels in the beginning.
Contact Info:
- Website: www.thesuitefaith.com
- Instagram: @suitefaithhousing
- Linkedin: https://www.linkedin.com/company/the-suite-faith/