New to Short Term Rentals

[Brian McMullen]

I am looking to purchase my first short term rental home.  I have accessed Airdna, but the property address is not coming up.  How would I start the process of evaluating a luxury property without the help of Airdna?  Help!

[Ruben Kanya]

Brian,

You're most certainly going to want all of the below and/or atleast one. Short term rentals are case by case and one luxury property can sit empty while the exact same property down the street can be constantly booked based on 4 key pillars

Technology | Furnishing & Design | Analysis (before buying) | Management

I would start working with a realtor who specializes in short term rentals, the more information you have the better, then when you set your eyes on making an offer based on an area that allows for STRs, run the numbers. You mentioned not using airdna.co but I would definitely keep tools like airdna.co, STR insights, rankbreeze, give you some insights on occupancy and average daily rate.

I personally like to be in market that supports the demand then I know what I need to do to stand apart. So to recap:

1. Identify your goal in wanting an STRs (numbers wise)

2. Get a realtor who can understand those goals and point you towards the most desirable zip codes

3. Understand who you're serving in that marketplace (i.e. families, business travel, ..)

4. Use as many data points as possible to verify (airdna.co, rankbreeeze, str insights, look up airbnbs in your area) the reason I like the tools mentioned in brackets is some people have cool listings that are priced high but have zero occupancy because they don't cater a true avatar and/or aren't priced correctly.