Aside from knowing your property’s potential revenue and profit, it’s also important for property investors to create an analysis of their specific market. Each town and neighborhood may perform differently in a certain period of time, which is why STR analytics tools will be helpful for investors like you! In this article, we’ll show you how to create a custom market using Airbtics’ Insights tab. Here are the 3 easy steps that you need to follow:
1. Input your Town / Neighborhood’s Specific Name
If you can’t find your target area’s name on the search bar, no worries! From the insights tab, you can indicate your town or neighborhood’s specific name and select an area from the map. The best thing about this feature is that it can instantly give you accurate findings based on your search query.
2. Draw your Area
After inputting your town or neighborhood’s name, you can be more specific by moving around the map and selecting the polygon button to draw your target area.
3. Ready: Set Your Own Market!
Once you have finalized your target area on the mao, you can easily see how many listings your selected region has. You can even customize its region name before setting the market and instantly access the data that you need!
Using Airbitcs’ tool, here are the following data points that you’ll be able to access:
- Occupancy Rate
- Average Daily Rate
- Annual Revenue
- Average Length of Stay
- Top-performing listings
- Revenue Heatmap
In the digital era where everything is rapidly changing, relying on inaccurate research and manual calculations is no longer applicable! Watch how I applied this step-by-step guide on Youtube.