Using Localized Data to Analyze Real Estate Deals in 2024
Today’s expert guest is Kenny Bedwell, in a session recorded at TFVCON2023 in Columbus, Ohio. Kenny founded STR Insights in 2021 as a tool to help investors find the most advantageous STR markets for their unique circumstances using advanced data analytics.
We pulled Kenny aside to have a side chat – between his immensely popular educational sessions at the conference – to dig in a little deeper on what he had been presententing to attendees: How to use data to inform good decision making.
He shares the top mistakes people are making when researching and buying rental property and sheds some light on a few positive trends he’s seeing across the industry. We also touch on the idea of tagging along with the creation of new National Parks and share a few recommended analytics tools.
It’s 2024, people! Data analytics is table stakes to running any optimized business, especially in a space like ours, where so much personalized information is collected on a daily basis.
(00:01:27) #STRShareSunday: @eclipse_poconos
- LED lighting effect creates an “eclipse”
- Brand new listing, show some love to @eclipse_poconos
- Emphasizing full moon views on their calendar
(00:07:29) Most Common Mistakes Made in Real Estate Prospecting
- Chasing dead-end trends
- Not understanding all of the expenses in play
- Misinformed or under informed on regulations
- Not running your numbers on a range of outcomes
- Skipping viable comparison research
(00:12:28) Kenny Bedwell on the Future of the Short-Term Rental Industry
- Many great emerging markets
- Traveling and travel-driven culture is on the rise
- STR Insights: app.STRinsights.co
(00:14:55) Sarah & Annette Comment on Kenny’s Tips
- Prioritizing community sentiment
- Visit rentresponsibly.org for information on what’s going on in your market.
- Value in good/better/best modeling
- Recommended STR analytics tools: PriceLabs, AirDNA, and KeyData
- Keep an eye out for new National Parks
- Visit thanksforvisiting.com/workshop to watch our Hosting Business Mastery Method workshop!
- Airbnb Essentials Checklist: hostchecklist.com
- STR Insights: app.STRinsights.com
Our #STRShareSunday feature this week checks in from Albrightsville, Pennsylvania. Eclipse is a beautiful Scandinavian-inspired A-frame cabin with gorgeous views of the woods. The property is equipped with amenities like a gas fireplace, arcade games, and a popcorn cart – just moments from Poconos.
The thing we love most about this vacation rental is the LED lighting treatment which creates an eclipse-like effect on the outline of the structure. So artistic, so elevated – just, a very cool and unique feature that, obviously, photographs extremely well.
Inside, the modern open living space is flooded with natural light. Outside, enjoy the beautiful views from the hot tub! They just recently opened their doors to guests, so be sure to show some love to this great new listing.
- Instagram: @eclipse_poconos
- Airbnb: Luxury A-Frame w/HotTub | Fireplace | Dog Friendly
We would love to feature YOU, so don’t forget to use #STRShareSunday to get your chance!