AirBNB - Manual Market Research for STRs

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AirBNB - Manual Market Research for STRs

Damian P.
Bellevue, WA · Member since 2019 · 15 posts · 11 votes

Hello,

I'm looking at the potential to AirBNB my home, and am doing the manual method of researching my target market. I choose my town, and then am looking at rates/availability of similar sized AirBNBs in my area.

In searching the calendars of competing homes, and I'm wondering if the Host is able to put a limit on how far out people can book in the future? Homes seem to reach a certain date where they are not available for like last half of 2023, all of 2024, etc. For example this home I'm looking at now is booked most of 2022 summer, couple months are slow, Xmas week is booked, Jan-April 2023 is wide open, 11 days in May 2023, but then after an opening from May 31st - June 5th, the ENTIRE rest of 2023 is "unavailable" or booked. 

Is this host only allowing bookings a certain date into the future, and I'm assuming you can adjust this around a bit? I've seen certain comps become completely "unavailable" like 4-5 months out and it becomes a little tricky gauging future bookings.

Any advice on this topic would be greatly appreciated!! If it helps, my market is not super busy with STRs, but there is definitely a need as the closest hotel is 30-45 minutes away.


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Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
4y

The enemy method. Give it a google. 

Podcast Guest on Show #30
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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    4y

    The enemy method. Give it a google. 

    Podcast Guest on Show #30
    2Reply
  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    4y

    Yes they have it blocked.

    Enemy method all day. 

    Podcast Guest on Show #30
    1Reply
  • Damian P.
    OP
    Bellevue, WA · Member since 2019 · 15 posts · 11 votes
    4y
    Quote from @Luke Carl:

    Yes they have it blocked.

    Enemy method all day. 


    Thank you...have gotten through most all comparable STRs in my area (there aren't that many) and it has me bullish. :-)

    Another question: Is the weekly discount pretty common everywhere? I see most everybody in my area gives a 5-25% discount for booking for 7 nights or more.

    0Reply
  • Damian P.
    OP
    Bellevue, WA · Member since 2019 · 15 posts · 11 votes
    4y
    Quote from @Luke Carl:

    Yes they have it blocked.

    Enemy method all day. 


    Also, just read your wife's book on STRs. Well done!
    0Reply
  • Joshua MessingerBusiness Member
    Property Manager · Poconos, PA · Member since 2020 · 443 posts · 264 votes
    4y

    @Luke Carl the enemy method is awesome!! 

    [email protected]484-986-5012
    1Reply
  • Joshua MessingerBusiness Member
    Property Manager · Poconos, PA · Member since 2020 · 443 posts · 264 votes
    4y

    The enemy method will give you all the information that you need to know including if the discounts are a normal thing. I'd say if 5 or more of the properties have discounts for 7-day or longer booking periods then this is definitely a common thing for your area. 

    If I can ever help with anything don't hesitate to reach out! 

    Live Free,

    Josh

    [email protected]484-986-5012
    1Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    Hosts can limit how far out a place is available to be booked. Like 3 mos, 6 mos, 12 mos out. And hosts can be sneaky too.

    Note - They are not called AirBnBs, that is just a company name...... they are STRs or vacation rentals. VRBO is another company that does this business and have been increasing their market share as of late....

    1Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    PS - I won't discount my places for longer stays, I don't want longer stays.....14 day max stay, no discount....

    1Reply
  • Damian P.
    OP
    Bellevue, WA · Member since 2019 · 15 posts · 11 votes
    4y
    Quote from @Bruce Woodruff:

    PS - I won't discount my places for longer stays, I don't want longer stays.....14 day max stay, no discount....

    Nice. I've seen mostly starting discounts at 1 week+. One I noticed pushed a monthly discount, and yet had rates for 3-4 bedroom which seem to be on the higher end of the market, although they seem reasonable given to cost of homes. My numbers work out really well if I can get occupancy to 80% for $350/night. Won't get there by discounting unless I can raise occupancy.

    How many STRs do you own?
    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    Why does everyone keep calling their STR's AirBNB's. The are short term rentals. Don't forget that VRBO has been around for years and does a huge number of rentals. AirBNB is a company/platform. Make sure you pull data from both platforms.

    1Reply
  • Jon Martin
    Member since 2022 · 1k+ posts · 1k+ votes
    4y
    Quote from @Michael Baum:

    Why does everyone keep calling their STR's AirBNB's. The are short term rentals. Don't forget that VRBO has been around for years and does a huge number of rentals.

     Same reason why people call tissues “Kleenex” or inline skates “rollerblades”. Good branding and right place/time. 

    1Reply
  • Rhonda Cohen
    Realtor · Northampton, MA · Member since 2022 · 48 posts · 33 votes
    4y

    Hosts determine when they block their calendar.  We do not offer discounted rates for extended stays.  We adjust our rates on a nightly basis to hit our targets.  Depending on market and season, we use min night stays.   

    1Reply
  • Damian P.
    OP
    Bellevue, WA · Member since 2019 · 15 posts · 11 votes
    4y
    Quote from @Jon Martin:
    Quote from @Michael Baum:

    Why does everyone keep calling their STR's AirBNB's. The are short term rentals. Don't forget that VRBO has been around for years and does a huge number of rentals.

     Same reason why people call tissues “Kleenex” or inline skates “rollerblades”. Good branding and right place/time. 


    This
    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    Yeah, well, too many people come in here thinking that AirBNB is the only viable platform for vacation/short term rentals. I get about 70% of my bookings through VRBO and they have the best guests IMHO. People are often leaving out another (and the first I might add) STR platform and that is a mistake.

    2Reply
  • Brad S.
    Investor · Pasadena, CA · Member since 2017 · 612 posts · 523 votes
    4y

    @Jonathan W.

    Same reason they say…. “Google it”

    2Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    That's all fine but people new to STR better wrap their heads around the other platforms, especially VRBO. I used to get more bookings through AIR, now it's the majority VRBO.......

    1Reply
  • Damian P.
    OP
    Bellevue, WA · Member since 2019 · 15 posts · 11 votes
    4y
    Quote from @Michael Baum:

    Yeah, well, too many people come in here thinking that AirBNB is the only viable platform for vacation/short term rentals. I get about 70% of my bookings through VRBO and they have the best guests IMHO. People are often leaving out another (and the first I might add) STR platform and that is a mistake.

     
    I wouldn't get too caught up with the fact that a lot of folks use the noun "AirBNB" to refer to their STRs.

    It's similar to somebody asking you to "Xerox" them a copy of something way back when, although tons of companies could sell you a copier. It's simply a branding/vernacular sort of thing with a lot of folks in the STR game right now. We are all aware that VRBO also exists. The value in using one over the other, or both, is valuable.

    So thanks for your feedback, it's very valuable. As I look to put my first STR on the market, I've wondered the benefits of listing on both AirBNB and VRBO, as opposed to just 1. It seems it's best to list on both?

    1Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y
    Quote from @Damian P.:
    Quote from @Michael Baum:

    Yeah, well, too many people come in here thinking that AirBNB is the only viable platform for vacation/short term rentals. I get about 70% of my bookings through VRBO and they have the best guests IMHO. People are often leaving out another (and the first I might add) STR platform and that is a mistake.

     
    I wouldn't get too caught up with the fact that a lot of folks use the noun "AirBNB" to refer to their STRs.

    It's similar to somebody asking you to "Xerox" them a copy of something way back when, although tons of companies could sell you a copier. It's simply a branding/vernacular sort of thing with a lot of folks in the STR game right now. We are all aware that VRBO also exists. The value in using one over the other, or both, is valuable.

    So thanks for your feedback, it's very valuable. As I look to put my first STR on the market, I've wondered the benefits of listing on both AirBNB and VRBO, as opposed to just 1. It seems it's best to list on both?


     Absolutely list on both! You might be in an area that VRBO has big inroads in, and you'll only get a few listings when you could get hundreds.....

    1Reply
  • Jason Regan
    Investor · Leominster Ma · Member since 2019 · 305 posts · 162 votes
    4y

    I like combining Price labs with Enemy method. the price labs helps me get a high level overview and it also gives links to the properties.  I then enemy method these and see what's comparable to mine .  What they do in a year will be a good idea what mine will when established.  

    1Reply
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