Updated about 4 years ago on . Most recent reply
Obtaining Fair Market Rent (FMR)
Hello all, myself and two friends have decided to invest in real estate. We have narrowed our niche to STR'S, but we are still very early in the planning/ learning stages. Having said that, I am currently attempting my first analysis of an str. Having said that, are there any strategies I should be looking at to obtain fair market rent? I've started looking at what comps I could find, but there are not too many in that area. I've also looked at the free data from AirDNA, but again, without many comps in the area I consider this data mostly irrelevant.
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
1st. Do you research and learning with your friends. Then buy properties without any partners. Makes life simpler.
2nd. Look at Vrbo and Airbnb for similar properties as @Bruce Woodruff mentioned above.
3rd. Don't strive for fair market rent. Strive to be the best in your area, demand top dollar and get it by providing an exceptional experience. I am higher than my competitors and I get it. I have tons of 5 star reviews and that helps justify my higher price. Then they still leave me a 5 star review because I exceeded their expectations and they want to come back!