All Forum Posts by: Sarah Kensinger

Quote from @Craig Jones:

Quote from @Sarah Kensinger:

@Andrew Steffens Is right on with how to use Airdna! Most people don't take the time to learn how to use the data correctly or they've only used it a handful of times and not hundreds/thousands of times. I don't know where the thought that Airdna isn't accurate came from, but they have a system and process for pulling the numbers they do. I just underwrote a house this week using Airdna, I also had the numbers from the owner that the property made last year. And wouldn't you know Airdna was spot on! Lenders use them to decide if a property is worth lending on, and so do many of the major STR PM. If it was that off those companies/banks would consider it a data point to avoid. Airdna is about to add a bunch of neat features soon, and they'll pretty much trump every STR data source. Can't wait to see and use what coming!

AirDNA can scrape the occupancy and ADR for that exact property directly from AirBnB. So it's always going to be spot-on for a property that's already in use as an STR.

It's actually not always spot on for a property listed on Airbnb and tends to run low. Many hosts have found the numbers to be off due to resolutions and bookings off other sites that Airdna wouldn't have access to the data.

Quote from @Steven Le:

Quote from @Sarah Kensinger:

@Andrew Steffens Is right on with how to use Airdna! Most people don't take the time to learn how to use the data correctly or they've only used it a handful of times and not hundreds/thousands of times. I don't know where the thought that Airdna isn't accurate came from, but they have a system and process for pulling the numbers they do. I just underwrote a house this week using Airdna, I also had the numbers from the owner that the property made last year. And wouldn't you know Airdna was spot on! Lenders use them to decide if a property is worth lending on, and so do many of the major STR PM. If it was that off those companies/banks would consider it a data point to avoid. Airdna is about to add a bunch of neat features soon, and they'll pretty much trump every STR data source. Can't wait to see and use what coming!

 I initially heard a bunch of recommendation to use Airdna and then I heard the opposite. Appreciate the insight

Sure! It's a site that even lenders use to project numbers for a STR property and is the leading site to gather numbers to analyze potential STR properties. Definitely need the proper understanding of the site, but it's much better than taking a stab in the dark looking on Airbnb/VRBO sites, that we have no idea why dates are available or not. 

All depends on the market or if you want to be one of the only properties to offer a hot tub in your market, which could potentially tip your property to a top line in revenue and occupancy. 

As for brand...highly recommend the Hydropool Serenity Collection! They are worth the money for a good hot tub that is mentioned all the time in reviews and doesn't have a ton of issues. You can purchase them through a local dealer that has a good track record in the community.

At this time our cleaners take care of the hot tub, but I will say if you have a certified hot tub company that can come weekly, I would definitely go that route! If not make sure your cleaners have some education in maintaining hot tubs. 

The best price for TP is through Minoan! They have everything you could need for an STR at a wholesale price. But I still get dish soap, shampoo, conditioner, body wash, paper towels, and a few other items off Amazon since they have a better price.

Quote from @Dina Schmid:

@Sarah Kensinger might be one to talk to.

Thanks for the shout-out! I've been buried with tax preparation and a couple projects, so BP moved from the back burner to completely off the stove! :D

Hocking Hills is wonderful market to invest in due to its location and the fact it's a sub vacation market. It's becoming nationally known, so hosts who manage their properties correctly are still seeing wonderful revenue numbers! Feel free to reach out if you would like to connect, we have several STR in the area.

Easiest answer, which is mentioned above and exactly what we would do, is just put a small sentence in your description and house rules. Something simple along the lines of, no pets due to small shells and turf located at property that may hurt pets, would dissuade even service animal owners.  

Quote from @Kate Stoermer:

Hopped in to say Avalara as well.  I do it manually (and keep in mind, it also depends on the state and location - VRBO does for some and not for others, Airbnb does for some and not for others) I know many folks happy with Avalara though. 

Kate

I also know many operators that have saved a ton of time using Avalara to pay taxes on multiple properties. We don't use the platform but from what I've heard, it's a great option!

This is only happening in areas that have a strong hotel presence, rural areas that rely on cabins or other STR do not have this problem. Like mentioned it's also beneficial to keep up to date with what's happening in the area your STR is located, and make sure the decision makers are aware of hosts and what they bring to the community. If we let the hotel corporations do all the talking while we remain in the shadows, it does nothing to help the STR world!

I'll answer your questions in the order you gave them...

1. Skills or qualities in no particular order: Communication, patience, empathy, listening ear, backbone, resilience, determination, organization, work ethic, lead a team, thick skin, time management, trusts their instinct, and all-around good ethics! 

2. The biggest challenge is time to manage a property. With a STR you have to drop everything to deal with anything that may arise. A host can't put a guest on the back burner until you have time. For many STR investors they have another job or business that it's not feasible to always be available at a drop of a hat. Many investors just don't want to mess with it or take the time to learn how to make their property a top competitor.

3. We manage remotely as well, so this question may not be a good one for me to answer. All you need is a good team found through other hosts or even trial and error.

4. Get in front of hosts. Local meet ups, facebook groups, anywhere hosts are hanging out join them. Listen to them share their problems, wins, headaches, milestones, etc. Build relationships and you'll find offering services well come. 

Hope that helps!