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Airbnb receipt generator for R&D

I'm going to give you the number one reason why airbnbs fail it's not the airbn bust it's not Market oversaturation it's the fact that people just don't know how to analyze airbnbs correctly simple as that and in today's episode I'm going to teach you how to analyze an Airbnb correctly so that you have the confidence that it's going to be profitable before you ever buy it okay let's get into the actual like platform or the data that you have available to you a lot of different platforms out there there's price Labs there's Mash visor there's data rabu there's St Str insights uh and of course there's airdna I've used airdna for a very long time they did not pay me to make this video the devil you know versus the devil you don't right I've used airdna for many years and I've gone in and I've actually checked my properties and it's correct if you use the process that I teach you today now a lot of people say well what pricing tier do I need of airdna what specific subscription the process I'm going to teach you today you only need the pro level it comes out to about 300 bucks a year and if you promo code raw buillt 20 you'll get 20% off you're welcome it's a lot of people really like don't like to pay for data I don't really know why 300 bucks a year is a pretty small price to pay that can save you thousands of dollars or make you thousands of dollars so cough up the money like you don't really want to get into a purchase 100 multiple six figure purchase without having very simple data to help guide you okay so the other thing I want to say about airdna is as someone who's used it and as someone who has seen a lot of people use it the problem that comes up is people tend to use the revenue calculator this is also known as the rentalizer and basically what this does is it allows you to put in an address in the bed bath count and it basically tells you how much that property is projected to make in the way the rentalizer works or the rental the revenue calculator on the website is it takes all the good data and it takes all the bad data of a revenue and all the mediocre data and all the okay data and it slaps it together and it says here you go this three-bedroom two bath property is estimated to make $60,000 but the way it comes up to that number is it basically uses bad data some good data it's just not really reliable so I'm going to quickly show you sort of how to like actually use the tool and how to weed out good data from data from Bad data and I'll explain to you what that actually means so let's hop into this uh hit record and um I'm going to put in an address I'm logged in you're going to go scroll down here and you'll see that it says market research revenue calculator you'll go to market research and I will put in the zip code it's already up here but I'll just show you how it works so you'll see it says submarket in Austin Texas click on that and now we've got 16 properties 16 Str listings now the important thing to do is because in this example I'm going to be showing you a 32 we want to look at data that is specifically three-bedroom two baths because it's a bit Apples to Apples right we want to compare 32s to 32s we don't want to compare a 32 to a 54 because they're two very different properties so you'll hit listing right here and you'll just make sure entire Place house if it's an apartment put apartment if it's Unique put unique in whatever right so bedrooms bathrooms I've got this all dialed into a three-bedroom three bedroom two baths two baths now you could make it a one bath if you want to because a one bath is theoretically worse than a two bath in this scenario and I wouldn't mind looking at 3 ones when examining the data but truly I want to look as closely to 32 as possible so I'm just going to keep that there um now you're going to go over to Performance and you're going to keep this on view all professionally manage both is fine host unit count doesn't really matter to me you can leave it all there days available uh I want to check these two boxes on the right here 181 days to 365 days and then rating this looks good to me a four to five now when I'm looking at the days available I am specifically wanting 250 days available and more so when we scroll through the data here you can kind of see we have a ton of properties here it's sorted by review count but what I want to do is I want to sort it by Revenue there's a few things that we're looking for here okay first and foremost uh I feel like I've said that a ton it's what happens whenever I'm doing one takes we want more than 20 reviews on a property that's very important to me why because it shows me that it's an active listing it shows me that it's been up for a while it takes someone a little bit of time to get 20 reviews the more reviews the better but 20 is the minimum that I'll take second thing I also want to look and make sure that this property is hosted on Airbnb now you'll see over here on the right that it's hosted on both Airbnb and verbo that's okay with me too but what I don't want is a property let's see if there's any examples here well some there's not actually but sometimes you'll see a property that is only hosted on verbo we throw that out so if this property right here had just the verbo uh logo on it I wouldn't even look at it reason being is the data is just a little bit finicky we have found and it's just not really uh it's not the most reliable so I just specifically look at Airbnb or Airbnb and verbo now I also want to make sure that uh I mentioned that I want 20 reviews uhoh it's getting pretty dark in here not ideal hopefully Caleb can make me look beautiful um now not only do I want a minimum a minimum of 20 reviews but I also want what's called a review population I also want it to be up to-date so so how can you actually what what does that mean so the review population is basically how populated the reviews are and how recent they are so in this instance this property has 30 reviews click open okay you'll see that the review population here seems to be pretty recent one week ago but then let's see we're in April right now one week ago was the last review and the review before that was July 2023 so right there there's a big gap in stays I'm going to throw this comp out not a recent review for me that review population is NL and void so now let's go to the second one hop tub and pool great let's take a look here let's open the Airbnb listing oh doesn't even exist anymore great bad data so now our top two comps here don't aren't even reliable data so now we know that the highest 32 in the 78723 zip code at a minimum is going to make bucks but now I still have to corroborate and make sure that even this data is good so let's take a look here let's open it up on Airbnb doesn't exist not reliable data so as you can see I now know that these top three uh comps are basically garbage I'm tossing them out so the next highest review or the next highest revenue is $57,000 let's open that up really fast okay let's actually open up the Airbnb okay 465 reviews 4.8 let's look at the review population one week ago 2 weeks ago 3 weeks ago March March March remember we're in April February February February January January and you can kind of follow the story here and see that this is actually a full-time Airbnb great we have finally found a very reliable piece of data here and based on that just based on our quick sniff test here we can see that the highest three bedroom two bath in the 78723 zip code makes $57,000 it doesn't mean that it's not possible to make more than that but it just means that I don't know the data doesn't actually exist so what have we learned we 20 more 20 uh 20 or more reviews truthfully I've had a couple of doakes don't judge me uh more than 20 reviews we want an updated review population we want Airbnb to be the main host there again Airbnb and verbo is okay and last thing the days of available I want to quickly explain this because a lot of people don't really know what this means so I'm going to try to explain this to you as concisely as possible and then I'm going to head to this wedding and I'll make it a part two next week so days available basically means how many days air DNA tracked this specific property it has tracked this property for 365 days so you can kind of see here the revenue potential is pretty similar 57,000 56,800 that basically means that over the last year um this property has made 57,000 bucks this is kind of a weird example so I'm going to go down to the second one and show you um this one has been available for 364 days meaning this property the revenue that it has actually made in the last 364 days is when you extrapolate that data out it will make 55,800 bucks so another $200 basically again that one's a bit of a weird example so I'm going to show you one more this one right here okay so this one so far in the last 345 days this property has grossed 53,3 bucks and you can see the revenue potential is $55,200 so what airdna is saying is that over the last 345 53,3 bucks but in the next 20 days it expects that this property will make another $2,000 or so so you're always looking at kind of both of these numbers you're looking at the revenue that it's made the revenue that it can make but the best comp that you can find in airdna is something where the days available are really high 365 days is ideal with hundreds of reviews and it's hosted on Airbnb the reason we want the the days available to be over 250 is because it starts to get a little wonky under 250 cuz basically what it's doing is it's extrapolating its rate out and that's how it's getting to its Revenue potential so I'll show you here the stylish and comfy one it's basically taking the data that it's collected over the 269 days in the past right and it's saying okay if we take that data and we extrapolate it over the course of 365 days we predict it'll make this 55,000 number right in 269 days or 250 plus that's my my threshold it's a really important number because it takes into account most of the year so when you extrapolate it out it's relatively accurate but once you go under 250 it's kind of extrapolating it could be extrapolating the peak season and making it seem like your property is going to make a ton of money or it's extrapolating the Dead season and making it seem like it's going to make no money so 250 is really like what 2/3 of the year it's pretty accurate but it's still not going to be as accurate as it could be if it was like tracked for the last 365 days so now that we've kind of understand what's good data or what's bad data we can just start kind of looking through all the comps and taking all the good comps and taking all the bad comps and saying hey this isn't good data so right out the gate these three not good so what I would do for the next like I don't know like hour or two is I would go into every single property and I would start taking all the good comps and I would start laying them out and I would try to find Which comp is making the most and we try to find What's called the base comp Which comp is a comp that is pretty solid that we know we can beat and then we try to find the property that we want to buy and place ourselves in between that top comp and the base comp right this is a process that was taught to me by my good friend John bian he's he's on YouTube as well his channel is called the Airbnb data guy and uh he really had an influence in how I looked at the data because I always looked at data as sort of like the art of things but you know there's really a science here and science and art they do kind of come together but whenever ever you're analyzing an Airbnb you just want to make sure that the comps that you're looking at are actually accurate comps oh wedding time there will be a part two to this next week or maybe tomorrow if I decide to finish it okay I'm back the the reception was be or the ceremony was beautiful and I I should I'm everyone's drinking cocktails right now so I don't have to drink right now I want to finish this or else I'm really not going to be able to relax for the entire wedding what I was trying to say before I got interrupted was that there is an art and there's a science to all of this but really the science should lead the science the data is number one first whenever you're analyzing any property you have to look at the numbers and that is non-negotiable the art comes in when you can really start looking at amenities and looking at the design of things in pairing that with the data for example funket Interiors my company my interior design company that that really designs I think the most unique properties in the world the pink pickle for example there wasn't really any data we we looked at the data to see what the number one comp was making and our art you know and our design and everything comes on the back end of that and we say well hey we know we can at least beat that top comp but by how much and that's where we start really kind of looking at amenities can we add things like pickle ball courts can we add things like above ground pools design themes all that good stuff to really make the data start to shine and start to outperform the data but that's really an advanced conversation for another time the purpose of this video was to show you how to look at comps on airdna and just say hey these comps are reliably telling me right now that the the 3 twos in this area are making anywhere from $48,000 to $55,000 and then I'm trying to find out where I place within that there's a whole process to this and I will teach you that in another video hopefully next week if everyone here's like hey I like this tell me more I wish I had a little bit more Rob let me know in the comments down below and I'll make it next week's video but the purpose for today was just to show you hey if you're going to go to air into airdna understand how to even use the tool and if you can at least use the the quick little simple process that I showed you here to really determine what's the good and what's the bad it will save you a lot of time and it will at least show you kind of where you stack up from a monetary standpoint from a revenue standpoint against your competition like I said John bian good friend of mine he taught me a lot of this I have my own kind of spin on some of these things but go check out his YouTube uh videos and his YouTube Channel's got a lot of good informational uh videos out there totally free amazing dude and if you want my Airbnb analysis calculator that you can actually punch in numbers and see how much of a return you're going to make how much of a cash on cash return all that good stuff it is completely free I'll leave it in the description down below I'll also leave my promo code down below again it is rawu 20 it'll get you 20% off of the pro subscription on airdna but get that analysis spreadsheet because you're going to need that to take the data from airdna and input it in there and see how much money your property is going to actually make I've got a video on that too I'm going to leave that link right here it's a video that will show you how to determine how much money it even takes to operate your Airbnb and how to determine profitability how hopefully this helps I know it was a bit kind of Rush and all that good stuff but I'm at a wedding I'm thinking about love okay I love you guys thank you don't forget to like And subscribe if this was helpful really it does help me get served up to other people and hopefully I can help some of those people avoid buying a bad Airbnb catch you on the next episode of raild see you