STR Data Analytic Sites

7 Replies

Hi everyone -

New to the site/forums. My wife and I are considering purchasing a rental (leaning towards STR). Was just wondering if anyone have any experience with these data analytic websites like AirDNA or Mashvisor

No experience with data analytic websites.  I do my own research.  I drive by the local motels each evening and count the vehicles of potential tenants.  It'll be a jacked up 4x4 with a company name on the side and a genset welder or diesel refilling tank in the back.

Hi @William Shropshire . I agree with @Paul Sandhu on doing your own research. I find AirDNA specifically is a bit skewed depending on the location. The more rentals, the more accurate the rates.

Our area doesn't have a ton of STR's thus the AirDNA results are way out of whack.

So what you need to do is once you figure out where you want to be, start searching AirBNB and VRBO/HomeAway. Look at property's that are similar to yours and get an average nightly rate and check occupancy based on their calendars.

Don't forget to look for a great cleaner and handy person. 

Originally posted by @Michael Baum :

Hi @William Shropshire. I agree with @Paul Sandhu on doing your own research. I find AirDNA specifically is a bit skewed depending on the location. The more rentals, the more accurate the rates.

Our area doesn't have a ton of STR's thus the AirDNA results are way out of whack.

So what you need to do is once you figure out where you want to be, start searching AirBNB and VRBO/HomeAway. Look at property's that are similar to yours and get an average nightly rate and check occupancy based on their calendars.

Don't forget to look for a great cleaner and handy person. 

Thanks, I've been doing it manually like you said. Was just interested if anyone used any of these paid services.

Roger that. I used it at first and it gave me a nightly of $689 a night. I thought to myself, self, that would be awesome! It was waaaaay out of whack. With the fewer listings and some of them being 10 bed/12 bath 10k sqft log homes with 300 feet of private lakefront and 2 docks for over 2k a night, it really skewed the results.

You can't go by airDNA or any other site. When you are new, you can make far less than the predicted amount. Especially until you get on all the booking sites with great pictures and a lot of reviews and great service and working through how to price things at different points  of the year  and other things. You might be shocked how much less you make as a brand new person except in a few markets

Originally posted by @William Shropshire :
Originally posted by @Michael Baum:

Hi @William Shropshire. I agree with @Paul Sandhu on doing your own research. I find AirDNA specifically is a bit skewed depending on the location. The more rentals, the more accurate the rates.

Our area doesn't have a ton of STR's thus the AirDNA results are way out of whack.

So what you need to do is once you figure out where you want to be, start searching AirBNB and VRBO/HomeAway. Look at property's that are similar to yours and get an average nightly rate and check occupancy based on their calendars.

Don't forget to look for a great cleaner and handy person. 

Thanks, I've been doing it manually like you said. Was just interested if anyone used any of these paid services.

 

Originally posted by @Ken Latchers :
You can't go by airDNA or any other site. When you are new, you can make far less than the predicted amount. Especially until you get on all the booking sites with great pictures and a lot of reviews and great service and working through how to price things at different points  of the year  and other things. You might be shocked how much less you make as a brand new person except in a few markets

Originally posted by @William Shropshire:
Originally posted by @Michael Baum:

Hi @William Shropshire. I agree with @Paul Sandhu on doing your own research. I find AirDNA specifically is a bit skewed depending on the location. The more rentals, the more accurate the rates.

Our area doesn't have a ton of STR's thus the AirDNA results are way out of whack.

So what you need to do is once you figure out where you want to be, start searching AirBNB and VRBO/HomeAway. Look at property's that are similar to yours and get an average nightly rate and check occupancy based on their calendars.

Don't forget to look for a great cleaner and handy person. 

Thanks, I've been doing it manually like you said. Was just interested if anyone used any of these paid services.


 

Oh, I get it. I don't plan to jump into a property and necessarily hitting my occupancy goals right off bat. We already have about 8 months in reserves to pay for monthly expenses. Not including our monthly salaries during those months.