We say it often: short-term rentals are a great way to stick your toe in the water in exploring investment properties. But there are still a lot of unknowns as you start out. Like the basics – how much should I charge? What is your competition? Does this place even need short-term rentals?
First, the opportunities are greater than you might think. Second – the data is there to answer many of your questions. Our podcast guest has answers, and he is working hard to mine the data for even more detailed answers.
On our most recent podcast episode, we talk to Scott Shatford who started renting his home on AirBnB when he went away on extended travel. He immediately saw the potential. His background in data analytics gave him an idea: why not create a repository for data that can help short-term renters understand their market?
AirDNA.co was born. AirDNA is an aggregator of short-term rental data & insights to help owners succeed in the sharing economy.
What You’ll Learn in this Episode:
- Why good data about short-term rentals in your area can help you make smarter business decisions
- How and when to scale and automate your short-term rental business
- Revenue and channel management strategies for short-term rentals
- What people are looking for in a short-term rental
- Hotel industry efforts to regulate or outright squash short-term rental businesses and what to do about it
- What you can learn about a potential rental property from “The Rentalizer” beta testing on airdna.co
- Growing business opportunities that complement the short-term rental industry.
- How to locate the best places to invest in short-term rental properties
- How to create a unique guest experience for your ideal guest
The Golden Nuggets“There is this new way to think about investing in monetizing real estate, and what is really the best use case for space. The grey area between a commercial property and residential property is becoming more nebulous.” – @scottshatford Click To Tweet “When I decided to try AirBnB, I took pictures with my iPhone and spent maybe 20 minutes on the write-up, and within 24 hours I had a couple of bookings.” – @scottshatford Click To Tweet “This isn’t stranger danger. These are just fellow world travelers or people that are coming back to their hometowns, people you're going to want to meet and sometimes they're going to be friends for years to come.” – @scottshatford Click To Tweet “Finding the right support to help you with guest-to-guest turnovers is crucial to scaling up your short-term rental business.” – @scottshatford Click To Tweet “At around 10 properties, you really want to figure out how to scale and automate, so communication with guests, check-in, and check-out, cleaning and maintenance run smoothly without driving you crazy.” – @scottshatford Click To Tweet “You can't really build out any good AI unless you have a really solid flow of data that's accurate and updated every single day. That’s the first step to uncovering the power of that data.” – @scottshatford Click To Tweet “I think the next big challenge is pricing revenue management. Figure out what your property is worth every single day of the year and how it changes day to day based on new information about supply and demand.” – @scottshatford Click To Tweet “Either you're going to go out there and start mining for the gold, or you're going to start selling the shovels to everybody else.” – @scottshatford Click To Tweet “If there are 5,000 other 1 and 2 bedrooms around you, you have to figure out how you stand out. They are looking at photos of the interior. The design and features pay dividends, so pay attention to those details.” – @scottshatford Click To Tweet “How do I balance it all? I don't know what the answer is. I lost all my hobbies. I work and I hang out with my family. That's how I balance it. I got rid of anything that was extra.” – @scottshatford Click To Tweet