History of Casago Part I: Where it All Began
Overcoming Storms
The Global Financial Crisis and a Hailstorm!
During the period between 2006 and 2012, the world experienced the worst financial crisis since the Great Depression. Now labeled the Great Recession, it is estimated that 8.7 million jobs were lost, unemployment peaked at approximately 10%, and the value of homes plummeted with a loss of 30%. This caused foreclosures beginning in 2006 and lasting through 2012. The decline in home values and the collapse of many financial institutions contributed to a loss of wealth for many homeowners.
The vacation rental industry likewise experienced a severe downturn. With financial decline and job loss for so many people, the vacation rental industry in Puerto Peñasco also stumbled. Seaside Reservations (predecessor to Casago) own revenue dropped a staggering 87%! At that time Seaside had 200 employees on the payroll.
If you dare to call a disaster lucky, besides the ongoing financial crisis, there was a hailstorm. Steve had been trying to sell his airplane to funnel the funds from the sale back into the company. If people are losing jobs and houses and are in dire financial straits, how many people are lining up to purchase an airplane? The silver lining of the hailstorm disaster is the airplane was irreparably damaged and no longer airworthy. The airplane was insured. Steve took the money from the insurance claim and used the funds for Seaside.
Even with the funds from the loss of the airplane, Seaside was still in a severe financial situation. The team rallied, and all the employees gave up a day’s worth of pay each week in hopes the company would survive.
Steve worked tirelessly to save Seaside and avoid closing down the company. He had two properties he listed to sell, but only one property sold. It simply wasn’t enough. His accountant told him Seaside would not survive past the end of the month, which was crushing to Steve’s spirit. When all hope seemed lost, he received a last-minute call from his realtor with an offer on the second property.
The offer was exactly what Steve needed. He pushed the realtor for a quick close and it was agreed. The deal closed just in time and the money from the sale was enough to get Seaside through the tough times. Steve’s selflessness and the cooperation of the Seaside Reservations staff working together, they were able to make it through the Great Recession, a hailstorm, and survive as a company.
Welcome – Signature Vacation Rentals
With the Great Recession winding down, Steve wanted to build a more stable financial situation for Seaside. The Spring and Summer Seasons brought hundreds to thousands of tourists to Rocky Point, but once Fall and Winter came, the reduction in sales would again make finances tough for Seaside.
In late 2009, Steve opened Signature Vacation Rentals in Scottsdale, Arizona, with the goal of expanding to other vacation destinations throughout the United States. Where the spring and summer seasons were great for Rocky Point, the fall and winter seasons were the busiest of times for Scottsdale!
With a desire to expand Seaside Reservations and Signature Vacation Rentals to other destinations, Steve set his sights on San Carlos, Mexico. Almost overnight, Seaside had grown to one of the largest vacation property management companies in Rocky Point and Steve was feeling good about growth.
In a recent interview, Steve commented that what worked in Rocky Point didn’t work in San Carlos. The reason? Onsite leadership. What he learned through the process was the importance of being humble, have a willingness to learn, and having on-the-ground leadership in the destination. He learned to have success the organization needs knowledgeable leadership, a heart to serve, and someone who really knows the area.
The Franchise Model was born!
Interesting fact:
The Casago Franchise Model is built on another form of the ‘Owner-Centric” model! Local / Regional ownership of the Casago brand at the destination proving success lies with the owner who ascribes to the Casago Vision and Mission.
Casago – 2018
The growth of Seaside Reservations across Mexico, and the growth of Signature Vacation Rentals in the US, was the perfect formula for a more stable financial situation for the companies. One thing was missing – how to unify the two companies into an international brand!
In early 2018, Casago was announced – the rebranding of Seaside Reservations and Signature Vacation Rentals into a unified company. It was a drastic change met with mixed reactions from both customers and employees. However, the unification was the right move and has allowed both companies to flourish in their markets under one international brand.
The History of Casago – Continues
The History of Casago is a story continuing to be written: by the international team, onsite managers, owners who entrust Casago with their properties, and the renters who choose to rent from the Casago portfolio of properties. It is being appended by the various franchisee owners who trust the Casago brand and partner to achieve more together than they could on their own. The story is recorded and reported by the StreamlineVRS software platform at work every day at the Casago offices.
The story continues to be written by new and existing employees of Casago who trust their future with an employer who cares enough to provide quality training at a purpose-built Casago University to help them succeed with confidence from Day One. Who wouldn’t want to work for a company that takes risks for others’ failures, sends food, builds a house, pays bills for those struggling in a global pandemic, runs into a burning condo, or gets out in a severe storm to sandbag properties?
The same is true for owners looking for an honest, transparent property management company – a company that builds systems and processes, hires and trains quality people to represent an owner’s interests, maintains no-surprise communications, and goes above the norm. There are no other property management companies in existence that deliver for the owner or the renter what Casago commits to deliver.
Casago is a team of faces and names known to deliver excellence. If you have the privilege to meet any of them, you understand the level of dedication and commitment they have to each and every customer, with the pride to represent the brand CASAGO! And in that face, you will get a glimpse of the heart of the gentleman who continues to build the Casago brand with the values-based systems and processes by which he has proven to deliver Customer Service excellence.
We look forward to writing the next phase of the Casago history with you!
