All Forum Posts by: Jamie Salyer

@Jamie Salyer Can probably get you the answer you need!

@Jamie Salyer I literally just posted this in a different thread asking about the accuracy of AirDNA and then I saw your thread so I copied it over. I'm a huge fan of Avery Carls work, I recommend her book to everyone lol and the Enemy method is great but it is time consuming and we usually don't have the time to spend 2-3 hours analyzing one property for an investor that may or may not pull the trigger on the property. Using Pricelabs market dashboard feature we can build out dashboards for specific areas we work for short term rental clients. We can also filter for very specific areas/neighborhoods/condo buildings by using their draw tools on a map. 

This is my process for building a comp analysis using price labs and applying the enemy methodology to see what you can expect for revenue numbers of a potential investment property. You can DM me and I would be more than happy to jump on zoom to go over some other things I do to get the big picture of STR performance in my market.

The Pricelabs market dashboard feature (very affordable) to do a comp analysis similar to the enemy method:
1. Create a dashboard for your area of interest
2. Filter to match the number of bedrooms of the subject property
3. Filter for AirBnBs in the neighborhood of your property by using the box or laso tool
3. Then Pricelabs will generate a list of all the active airbnb listings within that box/laso that can be sorted by different categories and is downloadable
4. The categories will show occupancy rate, listed rate, revenue and some other metrics
5. There is also a link to each property in the list so you can see the actual Airbnb listing for the property. If the property has high occupancy rates, lots of reviews and solid revenue you can go to their airbnb listing and analyze what they did to their property to get those kinds of results. Your job would be figuring out how your property compares and what you need to do to be in the same bracket as those best preforming airbnbs in your target area. You can also get a better idea of what your revenue numbers can be based on comps with other active airbnb listings in your immediate area. Here is a screen shot to see what it looks like when you filter for a specific area. Hope this helps!

Quote from @Jamie Salyer:

Hi!! I would LOVE your input!!

I have spent the last week digging into AirDna, Mashvisor, All The Rooms, Price Labs etc (oh my!) and I would love your input! Which platform do you use to analyze a STR for you or your clients. Typically, I want to start with a high level look at the comps historical 12 months of Occupancy and Rental Rates. All the other fancy data is great but where can I get a comprehensive report showing the comps  last years Activity. Right now I am doing it manually on Airbnb. Perhaps that is the best way?

I am a broker in Vail / Beaver Creek Colorado and after many years of my clients asking I've decided to open an arm of my business and manage their short term rentals. Rates and occupancy can change drastically month to month. 

The problem that I have with Air Dna & Mashvisor is I can't remove comps that are skewing the data. Just like when analyzing a comp for Purchase, I want to just use comps in that same condo community or neighborhood when possible. 

Thank SO much!! I appreciate this community! A drink on me when your in town skiing the answer to my dilemma ;)

Jamie

 I use pricelabs market dashboards.  There is a longer explanation involved than a post here. Let's connect if you want some help/my thoughts on it!

Quote from @Jamie Salyer:

Thanks Greg!!! I was coming to the conclusion too but wanted to check in here. I appreciate your response! In my market one condo building can be loaded with amenities and feel like the Ritz Carton while the one across the street is a bit dumpy. 

I'll stick with doing it manually. 
Do you choose comps on AirBnB and scroll through those future prices?

Yes. I look at comps via Airbnb and VRBO and try to find ones as similar as possible. When evaluating the calendar you need to make sure you're looking at properties with "actual" data. When I see several months fully booked I assume that those months are either not opened up yet or that the owner blocked them off for personal use. I disregard those and focus on comps that have a realistic looking calendar where there's a blend of available and booked dates. You can look at available dates to attain rate info from week days and weekends. However, it's not always static pricing (set price on weekdays & weekends.) Some people use dynamic pricing such as price labs and the built in Airbnb tool to set their pricing. Not as easy to analyze pricing in that scenario, but still possible. Just need to put in the time to go through it all and try to connect the dots. It's also worth considering the minimum stay requirements and cleaning fees. All these things need to be taken into account when completing your analysis. 

Quote from @Jamie Salyer:

Thanks Greg!!! I was coming to the conclusion too but wanted to check in here. I appreciate your response! In my market one condo building can be loaded with amenities and feel like the Ritz Carton while the one across the street is a bit dumpy. 

I'll stick with doing it manually. 
Do you choose comps on AirBnB and scroll through those future prices?

Yes. I look at comps via Airbnb and VRBO and try to find ones as similar as possible. When evaluating the calendar you need to make sure you're looking at properties with "actual" data. When I see several months fully booked I assume that those months are either not opened up yet or that the owner blocked them off for personal use. I disregard those and focus on comps that have a realistic looking calendar where there's a blend of available and booked dates. You can look at available dates to attain rate info from week days and weekends. However, it's not always static pricing (set price on weekdays & weekends.) Some people use dynamic pricing such as price labs and the built in Airbnb tool to set their pricing. Not as easy to analyze pricing in that scenario, but still possible. Just need to put in the time to go through it all and try to connect the dots. It's also worth considering the minimum stay requirements and cleaning fees. All these things need to be taken into account when completing your analysis. 

I'll stick with doing it manually. 
Do you choose comps on AirBnB and scroll through those future prices?

I'm actually a big fan of Airdna (and I'm not paid for the endorsement!) with the only caveat being that you need to use the paid subscription, which shows you the actual comps it's using to come up with the projections. I played around with Mashvisor for a while last year and found it to be a total waste of time, but maybe they've improved.

You can try Rabbu also.  They are another site that has free estimation (scroll down further on their page to find the link) and you can manually select which properties you want to comp to.  I heard about it on a BP episode.