Will this be a vacation home, single family? Bay Equity has agents down in St George that could provide some insights. Very nice to work with!
Hi @Phil Baker ! Happy New Year!
I know nothing about Washington County, UT but according to Everbooked and for Hurricane specifically you are looking at Occupancy Rates of about 78% and ADR's of $151 at a very high level scope. Avg residential price is $227k so you are at a revenue/price ratio of 18.9%! That's pretty awesome if those numbers are even somewhat accurate.
Like any data resource though, trust but verify and make sure those numbers are accurate via a property management company and local realtor and especially be cognizant of any short term regulations and/or pending legislation that might be going on in the area as well.
I've always wanted to go to Zion so if you pull the trigger be sure to share your new place!
Cheers and best of luck to you!
I'm curious about this too- I've been looking in Grand county but the numbers don't make as much sense. Thanks @Jon Crosby coming in strong with the Everbooked info!
Hurricane might be better than St. George- my neighbors have a place in St. George and they break even on it (though it is really nice and one of the larger properties on Airbnb, so they might have better luck with a smaller place)
@Phil Baker I own and operate an AirBNB in Salt Lake City right now and have also looked into it in Washington County area. Like others have said, you will want to make sure short term rentals are ok where you buy. That is key. If you get something and then it turns out to not be STR friendly that can be an expensive mistake.
There is a lot of great stuff there now. I am also a real estate agent and just heard of a new development that is going in that is short term rental approved.
I think vacancy rates often have to do with what kind of price floor you may be imposing.
I plan to get something in that area soon so I have been looking a lot lately. I just got back from a week there.
Wow! This is a ton of good info. @Jason Johnson yes this will be a single family home and I will use it on occasion it. I'll check out Bay Equity.
Everbooked is pretty cool @Jon Crosby. Thanks for showing me that. I'll definitely post when I get the place!
@Christine Z. Hurricane is actually specifically where I'm looking. Crossing my fingers.
@Eric Gardiner I'll verify STR zoning. Thank you. What's the best way to familiarize/understand Airbnb? Do you run cleaning through them or separate? Is there a special kind of property management or not?
@Phil Baker the best way to get familiar is to buy a property and put it on there and make adjustments as you go. This is a loaded statement though because there's a big difference between listing a cabin you personally own in the mountains and listing an apartment you rent in new york city.
Also... don't forget there are other platforms. VRBO/Homeaway have gained some serious momentum in my market in the past 3 weeks alone. They're doing heavy facebook advertising and really kicking a ton of butt.
Again, as I always say, there IS a difference between an "airbnb" and a "vacation rental" and the main difference is that a vacation rental will continue to get booked for decades after airbnb, twitter, facebook are long gone.
Hi Phil! I am unfamiliar with property managers in your area or what they would charge, but definitely take a look at Airbnb's co-hosting platform. It's cheaper usually than a "real" PM, and there are varying degrees of hosting that you can choose from.
Hey @Phil Baker your place might be close enough to Salt Lake to use a local management company there. I did a quick google search and didn't find anything... As a backup you can always try Evolve vacation rental network (they manage anywhere in the country) for 10% but you might have to compromise on service. I'd also be happy to help you get set up and can manage remotely if you're interested.
Thanks @Tyler Work. Sorry I disappeared there. I appreciate the information.
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