STR Investors / Property Mangers--AirDna, Mashvisor...Help!!!

Real Estate Broker · Member since 2021 · 60 posts · 19 votes

Hi!! I would LOVE your input!!

I have spent the last week digging into AirDna, Mashvisor, All The Rooms, Price Labs etc (oh my!) and I would love your input! Which platform do you use to analyze a STR for you or your clients. Typically, I want to start with a high level look at the comps historical 12 months of Occupancy and Rental Rates. All the other fancy data is great but where can I get a comprehensive report showing the comps last years Activity. Right now I am doing it manually on Airbnb. Perhaps that is the best way?

I am a broker in Vail / Beaver Creek Colorado and after many years of my clients asking I've decided to open an arm of my business and manage their short term rentals. Rates and occupancy can change drastically month to month.

The problem that I have with Air Dna & Mashvisor is I can't remove comps that are skewing the data. Just like when analyzing a comp for Purchase, I want to just use comps in that same condo community or neighborhood when possible.

Thank SO much!! I appreciate this community! A drink on me when your in town skiing the answer to my dilemma ;)

Jamie

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Luke CarlPro Member

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

I just use the enemy method. All that third party data makes my brain hurt. I'll sit down with a scratch pad and airbnb/vrbo and spend a few hours taking notes. Eventually it becomes old hat. It's similar to long term really. a 3/2 with granite in any given school district will rent for about the same as any other 3/2 with granite in that same school district.

Be careful with Colorado. Tons of regulations.

Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills

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

I just use the enemy method. All that third party data makes my brain hurt. I'll sit down with a scratch pad and airbnb/vrbo and spend a few hours taking notes. Eventually it becomes old hat. It's similar to long term really. a 3/2 with granite in any given school district will rent for about the same as any other 3/2 with granite in that same school district.

Be careful with Colorado. Tons of regulations.
Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
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Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Thanks @Luke Carl!! 'Ok, that is super helpful and exactly how I do my comps for Sales. I was hoping for an easy button. You are right about the regulations and every town is different and changing. I've been a real estate broker here for 18years so I have my finger on the pulse of that.
0 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
@Luke Carl ha, makes my brain hurt too...by the way.
0 Reply
Collin Chan
Investor · Dublin, CA · Member since 2019 · 167 posts · 134 votes
4y
You can try Rabbu also. They are another site that has free estimation (scroll down further on their page to find the link) and you can manually select which properties you want to comp to. I heard about it on a BP episode.
2 Reply
Dave StokleyBusiness Member
Property Manager · Cleveland, OH · Member since 2015 · 699 posts · 799 votes
4y
I'm actually a big fan of Airdna (and I'm not paid for the endorsement!) with the only caveat being that you need to use the paid subscription, which shows you the actual comps it's using to come up with the projections. I played around with Mashvisor for a while last year and found it to be a total waste of time, but maybe they've improved.
2 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Quote from @Collin Chan:

You can try Rabbu also. They are another site that has free estimation (scroll down further on their page to find the link) and you can manually select which properties you want to comp to. I heard about it on a BP episode.

Thank you!!!
0 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Quote from @Dave Stokley:

I'm actually a big fan of Airdna (and I'm not paid for the endorsement!) with the only caveat being that you need to use the paid subscription, which shows you the actual comps it's using to come up with the projections. I played around with Mashvisor for a while last year and found it to be a total waste of time, but maybe they've improved.

Thank you Dave! I really wanted to like AirDna and don't mind paying. It may just be my resort market where I need more zoomed in comps, as one just across the street is going to skew the data.
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Matthew McKee
Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes
4y
@Matt Osojnicki is the subject matter expert when it comes to underwriting STR's.
3 Reply
Greg R.
Investor · Dallas, TX · Member since 2016 · 887 posts · 1k+ votes
4y
I personally use the free version of Airdna to locate SRTs in the area I'm considering investing in. From that point it's a manual process of looking at each one of them individually, evaluating the calendars to understand occupancy rates & prices and compare those properties to what I'm looking at. As you said, there are so many nuances and if you're considering a 3/2 house that's 2,500 sqft, you need to be comparing that to very similar rentals that are the same class, have similar features, similar build qualities, views, amenities, etc. Even in the same zip code there can be huge differences between locations. Heck, a few blocks away can have a profound impact on an STR.

With that, I don't feel that any of the tools out there are adequate enough to use by themselves.
1 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Thanks Greg!!! I was coming to the conclusion too but wanted to check in here. I appreciate your response! In my market one condo building can be loaded with amenities and feel like the Ritz Carton while the one across the street is a bit dumpy.
I'll stick with doing it manually.
Do you choose comps on AirBnB and scroll through those future prices?
0 Reply
Leslie Anne Morris
Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
4y
I am using actual data from local comps. It is easy to see what others are charging and how valuable their product is compared to yours. I also look at reports that I can google for my area on past performance (pre 2020).
1 Reply
Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
4y
Lots of good info here @Jamie Salyer. I don't trust AirDNA for the exact reason you state. Use it and others, but drill down yourself like @Luke Carl said.
Then you can get the best picture for your investments.
1 Reply
Greg R.
Investor · Dallas, TX · Member since 2016 · 887 posts · 1k+ votes
4y
Quote from @Jamie Salyer:

Thanks Greg!!! I was coming to the conclusion too but wanted to check in here. I appreciate your response! In my market one condo building can be loaded with amenities and feel like the Ritz Carton while the one across the street is a bit dumpy.
I'll stick with doing it manually.
Do you choose comps on AirBnB and scroll through those future prices?
Yes. I look at comps via Airbnb and VRBO and try to find ones as similar as possible. When evaluating the calendar you need to make sure you're looking at properties with "actual" data. When I see several months fully booked I assume that those months are either not opened up yet or that the owner blocked them off for personal use. I disregard those and focus on comps that have a realistic looking calendar where there's a blend of available and booked dates. You can look at available dates to attain rate info from week days and weekends. However, it's not always static pricing (set price on weekdays & weekends.) Some people use dynamic pricing such as price labs and the built in Airbnb tool to set their pricing. Not as easy to analyze pricing in that scenario, but still possible. Just need to put in the time to go through it all and try to connect the dots. It's also worth considering the minimum stay requirements and cleaning fees. All these things need to be taken into account when completing your analysis.
1 Reply
James CarlsonPro Member
Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
4y
@Jamie Salyer

I agree with @Luke Carl. Don't overthink it. For all our Airbnb/STR investor clients in Colorado, we rely on AirDNA, and I've found it to be pretty reliable. A lot of our clients are second-home buyers, so they have to personally like the house first. They'll send a property or two, and I'll plug it into AirDNA's Rentalizer tool. I take at least one more step. Look at the comps AirDNA uses. (You can only do this if you have a subscription.) Click through to their Airbnb and VRBO listing. Are they actually comparable to the subject property your clients want? If the subject property is better (better style, nicer view, great hot tub), then the AirDNA estimate is probably low. If the subject property is not as nice as the comps, then the estimate is likely high.
There's no perfect formula, but I've found the above to be pretty accurate. I would also set expectations that rates have been pulling back as inventory of STRs increase. Now, more than ever, vacation rental owners need to professionalize their setup. Great interior, chic furnishings (please! no black overstuffed leather couches from 1995), great photographs and a hot tub ... just to name a few.
[email protected]720-460-1770
1 Reply
Kevin Escobar
Investor · Member since 2021 · 65 posts · 33 votes
4y
Quote from @Jamie Salyer:

Hi!! I would LOVE your input!!
I have spent the last week digging into AirDna, Mashvisor, All The Rooms, Price Labs etc (oh my!) and I would love your input! Which platform do you use to analyze a STR for you or your clients. Typically, I want to start with a high level look at the comps historical 12 months of Occupancy and Rental Rates. All the other fancy data is great but where can I get a comprehensive report showing the comps last years Activity. Right now I am doing it manually on Airbnb. Perhaps that is the best way?
I am a broker in Vail / Beaver Creek Colorado and after many years of my clients asking I've decided to open an arm of my business and manage their short term rentals. Rates and occupancy can change drastically month to month.
The problem that I have with Air Dna & Mashvisor is I can't remove comps that are skewing the data. Just like when analyzing a comp for Purchase, I want to just use comps in that same condo community or neighborhood when possible.
Thank SO much!! I appreciate this community! A drink on me when your in town skiing the answer to my dilemma ;)
Jamie

I use pricelabs market dashboards. There is a longer explanation involved than a post here. Let's connect if you want some help/my thoughts on it!
1 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Quote from @Greg R.:

Quote from @Jamie Salyer:

Thanks Greg!!! I was coming to the conclusion too but wanted to check in here. I appreciate your response! In my market one condo building can be loaded with amenities and feel like the Ritz Carton while the one across the street is a bit dumpy.
I'll stick with doing it manually.
Do you choose comps on AirBnB and scroll through those future prices?
Yes. I look at comps via Airbnb and VRBO and try to find ones as similar as possible. When evaluating the calendar you need to make sure you're looking at properties with "actual" data. When I see several months fully booked I assume that those months are either not opened up yet or that the owner blocked them off for personal use. I disregard those and focus on comps that have a realistic looking calendar where there's a blend of available and booked dates. You can look at available dates to attain rate info from week days and weekends. However, it's not always static pricing (set price on weekdays & weekends.) Some people use dynamic pricing such as price labs and the built in Airbnb tool to set their pricing. Not as easy to analyze pricing in that scenario, but still possible. Just need to put in the time to go through it all and try to connect the dots. It's also worth considering the minimum stay requirements and cleaning fees. All these things need to be taken into account when completing your analysis.

0 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Quote from @Greg R.:

Quote from @Jamie Salyer:

Thanks Greg!!! I was coming to the conclusion too but wanted to check in here. I appreciate your response! In my market one condo building can be loaded with amenities and feel like the Ritz Carton while the one across the street is a bit dumpy.
I'll stick with doing it manually.
Do you choose comps on AirBnB and scroll through those future prices?
Yes. I look at comps via Airbnb and VRBO and try to find ones as similar as possible. When evaluating the calendar you need to make sure you're looking at properties with "actual" data. When I see several months fully booked I assume that those months are either not opened up yet or that the owner blocked them off for personal use. I disregard those and focus on comps that have a realistic looking calendar where there's a blend of available and booked dates. You can look at available dates to attain rate info from week days and weekends. However, it's not always static pricing (set price on weekdays & weekends.) Some people use dynamic pricing such as price labs and the built in Airbnb tool to set their pricing. Not as easy to analyze pricing in that scenario, but still possible. Just need to put in the time to go through it all and try to connect the dots. It's also worth considering the minimum stay requirements and cleaning fees. All these things need to be taken into account when completing your analysis.

Thanks again @ Greg R!!!! This is exactly what I will do going forward! The missing piece for me is historical data from the previous year(s) but I can work without it.
0 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
@James Carlson Ha, I have totally been overthinking it!! Now that I'm reading all of these comments, its just back to the basics, like when I pull comps for a buy/sell. Thanks so much for your input. You must have the Full State subscription for AirDNA?
0 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Quote from @Kevin Escobar:

Quote from @Jamie Salyer:

Hi!! I would LOVE your input!!
I have spent the last week digging into AirDna, Mashvisor, All The Rooms, Price Labs etc (oh my!) and I would love your input! Which platform do you use to analyze a STR for you or your clients. Typically, I want to start with a high level look at the comps historical 12 months of Occupancy and Rental Rates. All the other fancy data is great but where can I get a comprehensive report showing the comps last years Activity. Right now I am doing it manually on Airbnb. Perhaps that is the best way?
I am a broker in Vail / Beaver Creek Colorado and after many years of my clients asking I've decided to open an arm of my business and manage their short term rentals. Rates and occupancy can change drastically month to month.
The problem that I have with Air Dna & Mashvisor is I can't remove comps that are skewing the data. Just like when analyzing a comp for Purchase, I want to just use comps in that same condo community or neighborhood when possible.
Thank SO much!! I appreciate this community! A drink on me when your in town skiing the answer to my dilemma ;)
Jamie

I use pricelabs market dashboards. There is a longer explanation involved than a post here. Let's connect if you want some help/my thoughts on it!

Thanks @Kevin Escobar!! I actually have a call with them this morning. I would love to connect afterwards and get your take.
0 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
@Jamie Salyer Nope, no easy button, sorry, Lol! There is only one way to get the real numbers - use the VRBO/AIR platforms and see what people are actually charging and how many night they are booked in each season. Do a spreadsheet to compare the numbers....
1 Reply
Kevin Pillow
Realtor · OK · Member since 2020 · 138 posts · 165 votes
4y
@Jamie Salyer I literally just posted this in a different thread asking about the accuracy of AirDNA and then I saw your thread so I copied it over. I'm a huge fan of Avery Carls work, I recommend her book to everyone lol and the Enemy method is great but it is time consuming and we usually don't have the time to spend 2-3 hours analyzing one property for an investor that may or may not pull the trigger on the property. Using Pricelabs market dashboard feature we can build out dashboards for specific areas we work for short term rental clients. We can also filter for very specific areas/neighborhoods/condo buildings by using their draw tools on a map.
This is my process for building a comp analysis using price labs and applying the enemy methodology to see what you can expect for revenue numbers of a potential investment property. You can DM me and I would be more than happy to jump on zoom to go over some other things I do to get the big picture of STR performance in my market.

The Pricelabs market dashboard feature (very affordable) to do a comp analysis similar to the enemy method:
1. Create a dashboard for your area of interest
2. Filter to match the number of bedrooms of the subject property
3. Filter for AirBnBs in the neighborhood of your property by using the box or laso tool
3. Then Pricelabs will generate a list of all the active airbnb listings within that box/laso that can be sorted by different categories and is downloadable
4. The categories will show occupancy rate, listed rate, revenue and some other metrics
5. There is also a link to each property in the list so you can see the actual Airbnb listing for the property. If the property has high occupancy rates, lots of reviews and solid revenue you can go to their airbnb listing and analyze what they did to their property to get those kinds of results. Your job would be figuring out how your property compares and what you need to do to be in the same bracket as those best preforming airbnbs in your target area. You can also get a better idea of what your revenue numbers can be based on comps with other active airbnb listings in your immediate area. Here is a screen shot to see what it looks like when you filter for a specific area. Hope this helps!

2 Reply
Kevin Pillow
Realtor · OK · Member since 2020 · 138 posts · 165 votes
4y
Quote from @Kevin Escobar:

Quote from @Jamie Salyer:

Hi!! I would LOVE your input!!
I have spent the last week digging into AirDna, Mashvisor, All The Rooms, Price Labs etc (oh my!) and I would love your input! Which platform do you use to analyze a STR for you or your clients. Typically, I want to start with a high level look at the comps historical 12 months of Occupancy and Rental Rates. All the other fancy data is great but where can I get a comprehensive report showing the comps last years Activity. Right now I am doing it manually on Airbnb. Perhaps that is the best way?
I am a broker in Vail / Beaver Creek Colorado and after many years of my clients asking I've decided to open an arm of my business and manage their short term rentals. Rates and occupancy can change drastically month to month.
The problem that I have with Air Dna & Mashvisor is I can't remove comps that are skewing the data. Just like when analyzing a comp for Purchase, I want to just use comps in that same condo community or neighborhood when possible.
Thank SO much!! I appreciate this community! A drink on me when your in town skiing the answer to my dilemma ;)
Jamie

I use pricelabs market dashboards. There is a longer explanation involved than a post here. Let's connect if you want some help/my thoughts on it!

Haha I just saw this and I guess I gave the long explanation! Glad I'm not the only one who knows about the market dashboard.
0 Reply
Jamie Salyer
OP
Real Estate Broker · Member since 2021 · 60 posts · 19 votes
4y
Quote from @Kevin Pillow:

@Jamie Salyer I literally just posted this in a different thread asking about the accuracy of AirDNA and then I saw your thread so I copied it over. I'm a huge fan of Avery Carls work, I recommend her book to everyone lol and the Enemy method is great but it is time consuming and we usually don't have the time to spend 2-3 hours analyzing one property for an investor that may or may not pull the trigger on the property. Using Pricelabs market dashboard feature we can build out dashboards for specific areas we work for short term rental clients. We can also filter for very specific areas/neighborhoods/condo buildings by using their draw tools on a map.
This is my process for building a comp analysis using price labs and applying the enemy methodology to see what you can expect for revenue numbers of a potential investment property. You can DM me and I would be more than happy to jump on zoom to go over some other things I do to get the big picture of STR performance in my market.

The Pricelabs market dashboard feature (very affordable) to do a comp analysis similar to the enemy method:
1. Create a dashboard for your area of interest
2. Filter to match the number of bedrooms of the subject property
3. Filter for AirBnBs in the neighborhood of your property by using the box or laso tool
3. Then Pricelabs will generate a list of all the active airbnb listings within that box/laso that can be sorted by different categories and is downloadable
4. The categories will show occupancy rate, listed rate, revenue and some other metrics
5. There is also a link to each property in the list so you can see the actual Airbnb listing for the property. If the property has high occupancy rates, lots of reviews and solid revenue you can go to their airbnb listing and analyze what they did to their property to get those kinds of results. Your job would be figuring out how your property compares and what you need to do to be in the same bracket as those best preforming airbnbs in your target area. You can also get a better idea of what your revenue numbers can be based on comps with other active airbnb listings in your immediate area. Here is a screen shot to see what it looks like when you filter for a specific area. Hope this helps!

Kevin, yes!!! Thank you so much for this amazing and detailed response. I actually just got off the phone with PriceLabs this morning and I'm going to use them. I love that they have historical data, the past 12 months and the reports are professional and comprehensive so I can send them to clients. This is what I was looking for! Like you said, I will still use the Enemy Method.
Do you delete the Dashboard once you have the data that you need for comps so that you don't pay for it every month? Or is there a benefit to keeping it that I'm not seeing?
0 Reply
Kevin Pillow
Realtor · OK · Member since 2020 · 138 posts · 165 votes
4y
@Jamie Salyer We keep the dashboards because the data is constantly updating. It's a standard template that we go into any time an investor reaches out and wants more than just a back of the envelope analysis.
0 Reply
Kevin Escobar
Investor · Member since 2021 · 65 posts · 33 votes
4y
Quote from @Kevin Pillow:

Quote from @Kevin Escobar:

Quote from @Jamie Salyer:

Hi!! I would LOVE your input!!
I have spent the last week digging into AirDna, Mashvisor, All The Rooms, Price Labs etc (oh my!) and I would love your input! Which platform do you use to analyze a STR for you or your clients. Typically, I want to start with a high level look at the comps historical 12 months of Occupancy and Rental Rates. All the other fancy data is great but where can I get a comprehensive report showing the comps last years Activity. Right now I am doing it manually on Airbnb. Perhaps that is the best way?
I am a broker in Vail / Beaver Creek Colorado and after many years of my clients asking I've decided to open an arm of my business and manage their short term rentals. Rates and occupancy can change drastically month to month.
The problem that I have with Air Dna & Mashvisor is I can't remove comps that are skewing the data. Just like when analyzing a comp for Purchase, I want to just use comps in that same condo community or neighborhood when possible.
Thank SO much!! I appreciate this community! A drink on me when your in town skiing the answer to my dilemma ;)
Jamie

I use pricelabs market dashboards. There is a longer explanation involved than a post here. Let's connect if you want some help/my thoughts on it!

Haha I just saw this and I guess I gave the long explanation! Glad I'm not the only one who knows about the market dashboard.

Yup that's the long answer! lol
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