All Forum Posts by: Sarah Kensinger

Quote from @Account Closed:

Quote from @Sarah Kensinger:

You are comparing 3 totally different data platforms! It would be fairer to compare Airdna to STRinsights, and I won't even ask why AllTheRooms was even tried after the data/tweet that one of their consultants put out a couple weeks ago. Lastly why not go off AirBNB when they are a booking site, and their smart pricing thought a popular lake area was worth $50 a night over the biggest lake holiday of the year! Yes, this really happened to someone over 4th of July....beautiful lake view 3/2 property booked at $50 a night!!!  

Sorry for the sarcasm, but not using or underwriting with data off reputable companies and then wondering why properties are not doing well is getting to be very old news!

 So, tell us, who are the reputable companies in this business? ;-)

I have listened to a number of webinars from Airdna and STRinsights and feel like they take the time and effort to give us good numbers, that reflect as close as possible to what is going on in the STR market. I use Rabbu but haven't been to kicked with them, I feel like it's because they are looking forward 3 months when the others look back. This is not a by guess and by golly in the least and I'm surprised no one before Ryan know how the companies collect data! It's all over how Airdna, STRinsights, and Rabbu get their numbers, if a company doesn't make that known it would raise some red flags for me. If we are going to be advising people on these forums, we need to stay up to date on matters within the STR world! This is not a popularity contest or trying to gather as many votes as possible, this is passing on knowledge to a new person or a seasoned person that hasn't had a certain situation raise yet. We NEED to be knowledgeable about STR today, right now, or we need to quietly learn in the background if it's a topic we don't know or ask questions and learn! It's not that hard to stay up to date through webinars, podcasts, blogs, social media, etc. I listen to webinars...sometimes the reruns...and podcasts at least 2-3 times a week and anyone else can do that too as we go about our day. So, for those that don't know much about Airdna here is an excellent webinar that I joined yesterday that they now have on YouTube. It's just a half hour filled with all the data points they have collect this year, it's far more than just occupancy, ADR, and annual revenue! STR Market Trends with Airdna

We have dabbled in the Pittsburg market, and we're located not too far from there, so I know a bit about the area. Right now, there are no regulations but, in a few months, once an ordnance goes into effect you'll need to pay for a yearly permit. 

There is a draw of people throughout most the year. Here in eastern Ohio, Pittsburgh is the place to go for all the bachelor and bachelorette parties. Not to mention the football games, other sports, conferences, etc. If you can find a 5/4 in a good area of South Side flats...within the city of Pittsburg....and have an eye-catching design with plenty of amenities, you could bring in a decent profit. I don't know about north of Pittsburgh since that is outside city proper....although a quick search on Airdna showed that Wexford is better than Cranberry!

If I can help you further, please feel free to reach out!

You are comparing 3 totally different data platforms! It would be fairer to compare Airdna to STRinsights, and I won't even ask why AllTheRooms was even tried after the data/tweet that one of their consultants put out a couple weeks ago. Lastly why not go off AirBNB when they are a booking site, and their smart pricing thought a popular lake area was worth $50 a night over the biggest lake holiday of the year! Yes, this really happened to someone over 4th of July....beautiful lake view 3/2 property booked at $50 a night!!!  

Sorry for the sarcasm, but not using or underwriting with data off reputable companies and then wondering why properties are not doing well is getting to be very old news!

If this keeps happening, you need to give your property an overhaul and charge more each night. The avatar guest that your property is drawing in most be changed! 

Quote from @Craig Jones:

Quote from @Sarah Kensinger:

I would not be selling the property at this time; for two reasons. The first would be your revenue on the property, from what I understand your doing great! The second reason is right now it's hard for buyers to get their numbers to work on STR projected revenue with how high interest rates are. So, there's a good chance you'll have a hard time selling or end up/need to lower your price. Might as well keep it and let the property be your piggy bank.

A worthy consideration, though I think a large part of the buyer pool are wealthy cash buyers (who don't care about interest rates) looking for a part-time or full-time residence.  There is still a lot of SF Bay Area tech money moving in.  The Nevada location is especially attractive because there's no state income tax.

I'm aware that your property would be located where wealthy people would look to buy, and that can tend to change some decisions. Maybe you should run some numbers and see what the property could bring you as a STR in the next couple years. And then what could you possibly make selling the property and reinvesting somewhere else. If I had a commercial property like apartments or a hotel in mind, then I would probably sell. But I would want whatever cash flowed the best long term.

This tweet has been debunked so many times it's slightly embarrassing that some still believe it. As already said the host/operator has a lot to do with how successful a STR is. This would also include whoever underwrote the property and if they ran numbers correctly.

Airdna just did a webinar talking about the current STR market in the United States and where it's possibly heading. If you have 30 minutes the replay is a must watch after the misinformed tweet! STR Market Trends with Airdna

Another prime example of a lie/misinformation making it around the world twice before the truth/facts even got its pants on. Maybe we should figure out why that is? 

Seems like this has been a bit of a frustrating thread! DM me when you get the chance, I might be able to help you find someone.

I would not be selling the property at this time; for two reasons. The first would be your revenue on the property, from what I understand your doing great! The second reason is right now it's hard for buyers to get their numbers to work on STR projected revenue with how high interest rates are. So, there's a good chance you'll have a hard time selling or end up/need to lower your price. Might as well keep it and let the property be your piggy bank.

I would highly encourage you to run your numbers good! I keep hearing hosts talk about how bookings in that area have dropped a good bit.

I'm all for taking a course and joining a group of STR hosts that have similar business goals! There are many many courses to choose from, IMO to many, but that does give people plenty of options to choose from.

We followed a number of people on Instagram for many months to see if their course would be a good fit for us; we wanted a group that our personalities could mesh with and share the same goals. We decided on STR Secrets Mastermind with Micheal Sjogren and have not regretted that choice or the steep price tag that came with it! This forum and other places mentioned does have value, but there is a lot of back and forth with differencing opinions that can make it hard for a new STR host to make decisions. When your part of a group that's headed the same direction as you, it makes getting advice and help a WHOLE lot easier. Your never on your own trying to wade through things, since you have a number of people to reach out to for advice. It's also a way to fast track your real estate journey or STR business, depending on what you're looking for, since you can save yourself so much time learning from those that have gone before you. Lastly the right group pushes you to do your best and gives that accountability we can all use! Our group has pushed us and helped us see things we never dreamed we could chase after so soon into our STR co-hosting business. We'll always be part of a mastermind or two, not only from our good experience but also a major difference has been proven when your part of a group that drives you to think and go deep.

Definitely the old adage of surround yourself with the right people you'll go far, stay alone/independent and you'll stay average. I firmly believe this is could not be truer!