Short Term Rental Riches 48. How to Determine if You Will Do Well in a NEW Market
It can be nerve wracking investing in a new market. Will a short-term rental do well there? What happens if it doesn’t stay booked? Is there too much competition? These are often questions that race through our minds and keep a lot of people from investing in the first place. Luckily information is readily available to help us determine the potential occupancy, potential average daily rate to charge, seasonality and potential revenue of a market among other things BEFORE we invest there. Tune in this week as Tim discusses:
- Software tools to forecast demand
- The metrics; potential occupancy, average daily rate to charge, seasonality, regulations
- Going directly to the sources (Airbnb)
- Staying in the new market!
- Your ultimate back up plan
To get a report on your potential market and 30% OFF check out Airdna (please note I am an affiliate but this is the same company I use to research markets)
For European listeners Transparent will have more data
Mashvisor will give you info on short and long term rentals
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
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