All Forum Posts by: Alice Horn

As others have said, AirDNA includes cleaning fees and other fees in their revenue numbers, so it's misleading. We use Key Data Dashboard, a superior analytics tool used by property managers, DMO's and similar organizations. It pulls booking revenue only from same-sized homes in the surrounding community. From there, you can make adjustments based on decor, view, pool....etc. If we manage a similar home in the same community, we use actual booking data. The best approach when researching homes is to have a great team already in place with your realtor as well as a trusted local property manager who can provide real numbers and insights based on management experience. 

I recently participated in a Florida Vacation Rental Allance (FAVR) panel and the topic was knowing the difference between the customer journey and the customer experience for STR's. It's important to understand the customer journey if you want to know why guests are booking your property (or not).

1. The search - by location. Here in Orlando, some guests will simply search "orlando" or "Disney". Others will search by resort, i.e. "Windsor Island". Or they will go on the Airbnb map and look for properties closest to DIsney. 

2. Either way, the properties that will float to the top are those with the most clicks and booking activity, (or the brand new listings). That's where pricing comes in, if the property isn't priced properly, it won't get booked - and it will disappear in the rankings.

3. Photography and staging - does the home have great photos and decor? People click instinctively when they see vivid colors, great decor and great staging, highlighting the experience they will have in the home. This is true in any market.

4, Reviews - reviews are extremely important, but a few negative reviews are not the end of the world if the host has responded and explained the situation - if you have the right property, right location and it's priced right.

5. Communication - now, if the guest is ready to book but has a question or two about the home, swift, friendly and informative communication is essential. That sets the tone for the stay and reassures the guest that the host is on top of things. Ideally, a response should happen in 10 minutes or less.

Hope this helps! There are som many things that lead up to bookings and repeat bookings, but these are some of the top.

Alice

Thanks for the shout out, @Chris Grenzig ! 

@Angela Marquez, I would be delighted to help with feedback and analytics on the Orlando market and the specific home you have purchased, from the property management perspective. We can discuss contractors, decor and the best/most important amenities for your home. I am also happy to help with revenue/occupancy reports based on experience, so you'll have that perspective. 

Feel free to reach out anytime!

Quote from @Adrian Lammersdorf-Scioll:

Looking to connect with some property management companies in the Orlando area.  Please send me a message and let’s connect, and see how we can benefit one another.  I am well aware there is a property management finder and have spoken with several on there.

@Adrian Lammersdorf-Scioll are you looking to connect with short term or long term PMs? If short term, feel free to reach out!

@Matthew Rolf welcome! If not already on your radar, consider attending the FAVR Extravaganza Sept 9-11. I’ll be speaking on a panel and you’ll meet a lot of folks in your industry locally. Pm me if you’re interested and I’ll send you the registration link.

Obviously, in Orlando deep theming is the norm. Our tourists go to Disney and Universal because they WANT an over the top experience. They want that same vibe in the home they choose. I tell our homeowners, throw your good taste out the window. Our guests are booking an experience, not real estate.

Also I have to believe even in other markets, (if you're not in the position to rent a treehouse or a giant potato as an STR) one way to set your place apart is by having at least one highly themed room. It's all about the experience and what looks good on social media.

Quote from @Jon Greves:

I'm looking for my first STR to purchase in Florida. I live in WI. I've discovered Windsor Hills near Disney World as a good starting point for myself.

I have 25% to put down on $600-$700K home (4-6 Bedroom).  I'd like to be able to handle the bookings, pricing and pre-booking questions myself.   I would need cleaning, pool maintenance, general maintenance services as they arise.

Can STRs in this area still cash flow under these general scenario with these prices, interest rates, saturated market? What could be a general cash on cash return for someone that was heavily involved in the success of the STR?

Thank you for any info you can provide

 Hi @Jon Greves - We're boutique property managers with about 50 STR's scattered throughout the Disney market, including Windsor Hills. Windsor Hills is an excellent starting point, as it has great name recognition with tourists and is one of the closest communities to Disney. The community also has great amenities (free waterpark, etc) which sets it apart from the other communities near Disney. I am happy to pull a report on revenue and occupancy for a typical WH home, and help you analyze the investment potential. You may also want to compare the numbers with other nearby properties, i.e. Emerald Island; or newer communities further West (Solara, Windsor at Westside, Windsor Island, etc.)

By the way, Windsor Hills does not require you to use onsite management - they are flexible regarding the management structure for the property.

Just let me know how I can help!

Thanks for this, @Jeff Roth! We see many doctors (and groups of doctors) investing in STRs here in Orlando. Aside from the tax benefits listed above, they get to enjoy the properties with their families during their down time.

@Mohammad Khudirat, congrats and best of luck both on your medical AND your RE investment journey!

Quote from @Jim Bayne:

wondering if as prices fall if this makes more sense?  I've looked around and trying to find an investment property for the next 10 years, but more or less where my wife and I will retire.  A place that my boys will want to come and visit many times.

This place seems great, and in a great location but also based on everything I've researched and read on the interwebs a bad investment property :-( 

At what pricing does it start to make sense do you all think?

I owned a place in Daytona Beach prior and that did well for 2 years and then the bottom totally fell out of the (global) market.  I was fine but folks basically wanted to rent for less than my cost of electricity... haha so that one was a failure but the 2007-11 years which were pretty apocalyptic :-) 

I agree that Margaritaville will never make sense, for all the reasons described above. But there are many communities nearby which will allow you and your boys to make memories, and eventually you can retire here. A lot will depend on your personal preference - if you are looking for a very tourist-friendly community with top amenities I would suggest a pool townhome in Solara, Windsor at Westside, Windsor Hills or Windsor Island (all the Windsors). On the other hand, if you are looking for a more peaceful community there are other spots close to Disney you can find a great townhouse or even a smaller S/f home. I am happy to jump on a call and brainstorm the possibilities, and also give you an idea on realistic revenue potential so you can compare. Shoot me a DM if I can help!

Here are my 3 cents:

1. Spend some time researching nearby top-booking homes with good reviews. Chances are, you’ll notice theming, bright professional photos and expertly written descriptions. 

2. Invest in the theming and photos once you have a deeper understanding of what’s needed. Highlight the best aspects of the home in the first few photos (not the dead grass).

3. Start fresh with a new listing. If you decide to keep the existing listing, respond to all reviews especially the bad ones. Show empathy that your guest didn’t have the experience they hoped for, and explain what happened or what you plan to do in the future.

best of luck!