In this episode of the STR Data Lab, Jamie Lane sits down with vacation rental investor Rohin Dhar to discuss his experience and strategies in the short-term rental market. Rohin discusses his approach to property management, highlighting the importance of creating unique experiences for guests, such as adding hot tubs to his properties to maintain high occupancy rates. He mentions using social media, particularly Twitter, to post interesting houses and connect potential buyers with real estate agents, aiming to move towards facilitating transactions. Rohin is preparing to get licensed in California to legally assist with real estate transactions and is inspired by similar models like Expedia's curated travel experiences by influencers.
Rohin reflects on the challenges of short-term rentals, noting the media's tendency to focus on negative stories and the complex impact of banning Airbnb on local affordability. He argues that banning short-term rentals often leads to properties being bought by second-home buyers, not significantly improving local affordability. Rohin emphasizes the potential for local regulations to better support affordability by restricting purchases to local workers. He shares examples of regulations in places like South Lake Tahoe and Banff, which aim to balance tourism and local affordability.
Rohin also discusses the economics of direct bookings versus using platforms like Airbnb and Vrbo, suggesting that direct booking might make sense for property managers with multiple properties but is often not worth the effort for individual owners. He highlights the benefits of leveraging established platforms for ease and efficiency. Rohin mentions the potential for monetizing his social media presence by helping people buy houses and earn commissions. He prefers focusing on one platform, Twitter, due to its low effort and effectiveness for his needs.
Rohin advises against building large distribution channels without having a product or service to sell, emphasizing the importance of validating business models first. He shares insights on revenue management, stressing the need to stay on top of market changes to adjust pricing strategies effectively. Lastly, Rohin discusses the impact of regulatory changes on short-term rental markets and the importance of community-focused solutions.
You don’t want to miss this episode!
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Rohin’s Twitter:
https://x.com/rohindhar
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Episode 83
