How to find the PERFECT INVESTMENT PROPERTY for AIRBNB

How to pick the perfect location and property to make money on Airbnb.

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Learn how to find the perfect market, location and type of property for your short term rental (Airbnb). This is where I always start - it's the best source of Airbnb data out there that gives you the insights you need to make informed decisions.
Airdna:
https://lddy.no/tld7

This is the software I use to manage our Airbnb/VRBO listings and also communicate with our cleaners. This saves SO much time and enables us to self manage and save thousands of dollars by NOT paying a property management company. It allows us to automate almost everything!
YourPorter:
https://yourporter.com/?r=michaelelef...

Make more money by pricing your Airbnb rentals appropriately. This will intuitively change pricing for you based on demand in the area! This is also a big time saver! Link below will save you $10!
Pricelabs:
https://pricelabs.co/users/sign_up?re...

There are many factors that go into selecting the right spot for a short term vacation rental. Here are my top 8 criteria!

1) Location
This is critical, because if you don't pick a location that has at least decent tourism numbers every year, you may struggle to get bookings. Short term rentals are ALL about your average nightly rate and your occupancy rate. Is the area growing in tourism each year, shrinking or staying the same?

2) Proximity
Proximity to where the main attractions are. For cities, this is going to be business, concert venues, professional/college sports, restaurants, bars, museums, etc. For regional vacation destinations, this could be hiking trails, restaurants, lake/beach access, etc. The closer you are to the action, the more views your listing will get.

3) Seasonality
If you are going to be investing in a location where there is only tourism during the 3-4 months of summer and very minimal the rest of the year, make sure you do your research on your potential revenue for the busy season, so that is carries you for the entire year.

4) The number of people (guests) your property can accommodate
This is one of the MOST important factors I consider while evaluating properties. Why? Because the person who is paying for the vacation (or group that is splitting the cost) will look for a place that is cheaper 'per person' instead of just looking at the nightly rate.

5) X-Factor
You need to STAND OUT amongst the hundreds, if not thousands of other listings in your area. Don't let saturation discourage you from investing in a particular market. There is saturation for a reason - great tourism numbers... You have one photo and the title of your listing to grab someone's attention and get them to click on it. Airbnb is no different than any other internet site - click rate is king. The more clicks you get, the more views your property will have, and more bookings will be the result.

6) Use data and resources at your disposal
Work with a great team of people who can help you narrow down the exact location and property for you, based on your criteria. Use sites such as Airdna for data such as avg nightly rate and occupancy rates by time of year. This data is SO valuable. It should just be used as a baseline to narrow down the perfect property. You can even go on Airbnb or VRBO and see where most of the listings are located and click on the ones with more reviews and see how they furnished the property, what their pricing looks like, etc. This will help you decide what works well in this market and what doesn't.

7) Network with people
Go on Bigger Pockets, Facebook groups, and other forums and do your best to network with people that also invest in the area you are interested in. They are more than likely going to be open to sharing valuable information with you. Additionally, you should go ahead and research the local cleaners in the market and interview them. See how they operate. They will know which areas do the best, because they clean every time a group checks out. They will know which properties are doing better based on the volume of bookings they get.

8) Local laws and regulations
This is something to be aware of and honestly something that you should do before ever searching for individual properties at all.