[00:00:05] Speaker A: Welcome to the Short Term Show.
[00:00:08] Speaker B: The show about short term rentals and long term wealth with real property owners hosting real properties who are crushing it in the vacation and short term rental space.
[00:00:19] Speaker A: And here's your host, Avery Carle.
[00:00:29] Speaker C: Hey guys, welcome back. We have Wade hall from the Short Term Shop here again. He was on Tuesday's episode explaining why he loves Price Labs as an analysis tool, not just a pricing tool. So he's going to give us a quick walkthrough of how he uses the Price Labs Market dashboards to analyze properties.
[00:00:47] Speaker B: Yeah. So I am going to be sharing my screen here for anyone who's watching.
I will go ahead and say that this is going to be a very nitty gritty call for anyone who is into that kind of stuff, which I know I am.
Now I'm going to start by doing this at a little bit more of a lower level, easier level. And then on the later second half we're probably going to start getting into the more niche details for those who really like going deep into the weeds and checking out this kind of stuff.
[00:01:27] Speaker C: In the weeds with Wade hall new podcast.
[00:01:29] Speaker B: Yes, yes, I am the one for that.
[00:01:33] Speaker C: Just a quick reminder before you get started, just kind of verbally explain everything that we're seeing for those who are listening in podcast form and I'll turn you loose floors yours.
[00:01:43] Speaker B: Yep. So for anyone who is unfamiliar or didn't catch the last episode, Price Labs is both a dynamic pricing tool which when you have a home, you can use it to help price your home through the week or weekdays and maybe you need to bump your prices up, bump your prices down, that kind of stuff. But another tool that you can use on it is the Market Dashboard or it's going to be the Revenue Estimator.
These are kind of two sides of the same tool. The Market Dashboard in particular is fantastic for giving you everything in a market where if you want to see ones, threes, fives, you want to compare every single home type to one another to see which one has the best revenue for the best price.
The Market Dashboard is fantastic for that.
Now on an easier level though, the Revenue Estimator Pro say you just know you're looking at one beds or you're just looking at two beds. The Revenue Estimator Pro just gives you one one bed data. It just gives you two bed data and you can sort it with all the phenomenal features and filters and things like that that Price Ops has to offer. Still too, in this video, we are just doing the Market Dashboard actually because it has so much available to us.
So me, if, if you're watching on screen, I am already logged into a selected area of Gatlinburg. So on my screen you're kind of seeing me zoomed in on the town of Gatlinburg.
And right now it's showing me around 4,000 listings in the entire region.
I don't know another platform that will give you 4,000 homes to comb through. If you want to compare every single listing in the region, it is absolutely fantastic.
So if you want, you can zoom in. You can actually go and try and see homes individually, what their revenue is in these areas by zooming in on the map. Now that's really great to start, but I would probably filter it just slightly for anyone who's looking to start establishing, oh, am I looking for two beds, am I looking for four beds, five beds, that kind of stuff. So we're going to scroll down on the market dashboard.
This is where you start to see all of your comps and comp sets in a market.
Now you'll see a couple of things on the screen. Here is it is all over the place. I've got a ton of homes with, you know, zero reviews. Homes that have 400 reviews. These are all showing me studio homes as well right now. But if I go back, you can see I've got 5,000 listing here of 500 pages.
That's way too much to comb through. So we're going to make this a little bit easier. We're just going to be looking, I would say, Avery, give me, give me a size. What do you think we should look at?
[00:04:49] Speaker C: Let's look at one bedrooms or studios. I love studios.
[00:04:53] Speaker B: Okay. We can actually do both if you want.
[00:04:56] Speaker C: Let's do whatever is going to be easiest for people to follow. Let's pick one. Let's do studios.
[00:05:01] Speaker B: Okay, so we're going to do studio.
So.
Oh, it's just letting me.
I'm going to filter. Excuse me. So if we're going to be doing studios, then first thing is we're going to filter the listings. All right, so on the top right corner of this little analysis tool, whether we're identifying our comps that we're going to filter listing, we're going to do studios and one bedroom. So studio is a one bedroom. So we're going to go ahead and apply that.
So applying this filter, I have already cut this huge Data set from 500 pages down to 120 pages, which is still way.
So it's a lot of homes. There's a Lot of one beds in this area.
So let's cut this down even more.
Now. I just want to see. All right, if it's, if it's going to be a one bed in this area, what do I want to see? Well, I want to see higher producing homes that, you know, I think I can emulate. I would recommend seeing homes only north of 4.8.
Really 4.7, but 4.8 stars. The reason for that is because there is actually a relatively sharp dip on revenue once you get under 4.8 and 4.7. That's when you're kind of starting to lose traction. You need to shoot and claw your way back to get north of 4.8.
And Avery, I think Luke even says 4.9. You should always strive for perfection.
And this is going to be what better homes are producing at.
The next thing I also like to do is going to be, you know, reviews.
So the second filter is going to be all right. I want to probably see homes that have 20 or so reviews.
Why is that?
Well, if a home only has five reviews, it's a brand new listing. You don't know, you know, how long that home's been live. You don't have a real track record of that home. It hasn't been on market for a year, six months, nine months to even tell you if it's a good listing or a bad listing. So I do a 20 review limiter to make sure that I'm actually seeing good homes that have been around for a little bit.
Now, if you're watching on screen, there's a ton of other filters in here. So say you only want to see homes that have been, you know, a minimum stay of two or three or four nights and so on. You can actually change all of that stuff in these filters. Now, you don't have to and I'm not going to, but you can.
Another great thing that it'll let you do is you only want to see homes that have a high occupancy rate. You can filter. I just want to see the highest occupancy homes to see how it is those are performing and why, where I can go click on their listings. I'm not going to do any of that right now, but it is something that you can do.
The last thing I'm going to click under amenities because we are a market here that happens to require this. I am going to check the hot tub amenity. In other markets, you probably don't need to do this, but I am going to simply because if you don't have a hot tub in our market. You are shooting yourself in the foot. It's not a good thing to have.
But that's going to be the start of our filters and we're going to start seeing a lot of shifts in this data now.
So on screen you'll see that cut down from, you know, four or 500 pages down to around 120 pages to now we have 36 pages.
It's pretty dang nice to have cut it down so much. So we're only looking at around 350 homes, which is still a ton of homes, but I want to see the highest producing ones.
[00:08:59] Speaker A: This program is brought to you by Smarter Short Term Rentals, the Facebook group.
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[00:09:32] Speaker B: If you're looking on screen, I'm going to go ahead and add column visibility.
This is going to give me some options that I want to see available to me on these listings. So I want to know what their occupancy rate is. So I'm going to check that box and I want to see what their estimated revenue is. So I'm going to check that box as well.
If you really wanted to, you could also track their cleaning fees. So I'll go ahead and check the third box.
Now in all the other stuff, if you wanted to get in the real nitty gritty of this tool, you can actually select is it beachfront? Is it lakefront waterfront? Does it have a hot tub? Only in certain areas does it have a balcony or EV chargers. So if you're getting in the real nitty gritty of this tool, you can see if those things add revenue to your listings that are comparable homes for what it is you're searching for. So fantastic.
I would say filter that you can add for these.
So right off the bat, I don't know if you can tell on my side, but we've got all the homes with high reviews right up front and then we're going to see rental revenue. If you're looking at this on screen, it is all over the place. I see 11,000, 29,000, 65,000. It is all over the place. So what I probably want to do is filter this.
You know, I want to see highest to lowest. So I want to see the highest performing Homes first and the lowest performing homes last. Now that's not just because I only want to see high performing homes. It just keeps it so I can see the good ones all in one place and the bad ones all in another.
So from here. All right, well, these are the top performing homes in the market. Let's click on a few. The Airbnb links are present so I can actually click on their Airbnb and.
[00:11:25] Speaker C: This one said it made 130 something.
[00:11:27] Speaker B: Yeah. So if on here, let me double check. So the romantic spa escape.
Yeah. So all of these made north of 100, anywhere from 100 to 130 on a one bedroom studio in Gatlinburg. That's actually not uncommon. I have seen ones even do more than that. I have a one bed under contract myself actually right now that did 105. So these are not, you know, shy numbers. I've seen them get this high before. So this is kind of just reinforcing that mentality.
Now in clicking on the Airbnb link though, what is it? This is going to tell you. All right. Well, the first thing is this home has one heck of a view and it's got fantastic photos. Actually, I would say even so much as, you know, maybe a couple of these might not even be the best photos. There's a spa photo here that isn't really all that great, but it's got an outdoor balcony and you can see the view from the inside of the home with these real high, tall windows and it's got a very beautiful and elegant design.
But let's click on, you know, a couple others here. I'm going to click on the highest performing home in the market.
Well, it's a rooftop heated pool home, one bed that seems to have an outdoor golf area that seems like it'd be a pretty high performing home in Gatlinburg.
[00:12:48] Speaker C: Yeah.
[00:12:49] Speaker B: So maybe this is what I'm looking to buy. All right. I'm buying mountaintop one bedrooms in Gatlinburg. I can have some sort of expectation by clicking around on 7, 8, 9, 10 of these, finding mountaintop view homes that have extra amenities inside of them.
What if you're not looking for that though? Right. I have a feeling that's where you're going, right, Avery?
[00:13:10] Speaker C: Right.
[00:13:10] Speaker B: Yeah.
[00:13:11] Speaker C: Because I happen to know. So this is just from being in this market for forever. I've actually been in that first one that you showed us when it was being built. This second one, there's a lady in Gatlinburg named Ms. Gwen and I Can't remember her husband's name. I think he was an anesthesiologist.
Anyway, she owned, she had a bunch of little one bedroom properties. He owned like the whole mountain right there. They own that broomship car is their last name. The car family. They were one of the families moved out of the park back in the day. Anyway, she, he owned like a whole mountaintop and subdivided it and she just built a bunch of little one and two bedrooms. And I almost bought. We were under contract back when we were brand new to buy one of her one bedrooms for 150,000. We thought it was too much, it was too much of a stretch. It was right next door to this, this lot that this guy built this. And we were like. And we didn't do it because 150 was a little too much. We were looking for more like in the 110 range back then for a studio which we ended up getting. But this crazy one with the hot. I mean with the rooftop and the golf course or the putt putt course and all that in the pool. She also owned that lot and she was trying to have us buy that too. But we were just too new and green and like we couldn't fathom trying to build something. Anyway, the guy that did buy that studio from her also bought this lot and built this really cool house, custom. So a story that nobody needed to hear. But the house that I ended up buying, which is also a studio, it does like in the 70s and it's just pretty basic. It doesn't have a view.
You're probably not going to see a house like this rooftop deck one with a pool being sold. You're probably going to be looking for something or you're probably going to be analyzing something that's on the market that's a little more similar to mine, which is, you know, cute, clean, comfortable, nice, updated, but nothing crazy. So if that's what we're looking at, how do we filter? You know, how do we find something like that to analyze?
[00:15:16] Speaker B: Yeah. So if we're looking for homes that are a little more. More normal, I would go ahead and say that we have to go back a few pages. So the first page is always going to have the very, very best homes. And on the first page, for anyone who is watching this or is listening to it, these one beds and studios are reporting just nightly rate revenue. This isn't gross revenue, by the way. This is nightly rate revenue. So it doesn't include the cleaning fees, it doesn't include taxes and other fees that they're paying. This is just how much the owners are making on their nightly rate. And it's telling me 90 to 130 on this first page. So crazy, crazy revenue on these.
I'm just going to go back, you know, eight or 10 pages.
Let's see what a couple of these more average style homes. Average starts at around page 15 or so. That's kind of in the bottom 50th percent. I think I'm going to go in the 60 or 70th percentile just to start, you know, really, because I don't want to see really, really average bad homes. So now on this page 10, I'm going to be looking at their act of nights.
Now, active nights tells you how many, how many days it's been on market live as a rental. Why is that important? Well, if a home's only had 4, 40 active nights, it's only been live for a month and a half. It's not a very great comp, in my opinion. You want something that's been on live for north of, you know, 200, 270 days, really. So that's around three quarters of the year. All of these ones on page 10 seem to be really great comps because they have been on market for about an entire year.
Let's start clicking around. So on these page, page 10, a little small one bed. I got to say, Avery, this is a pretty traditional looking cabin, don't you think?
[00:17:10] Speaker C: Yep.
[00:17:12] Speaker B: Wood, no view. It's got a little fireplace. It's cute, clean, comfortable.
And this guy, I think was reporting revenue at, what was it, right around 55 to 60k for a one bedroom with no view without cleaning fees. Keep in mind, this is without cleaning fees. 55 to 60k gross would be around 65, maybe 70k.
That's around on par for a one bed. No views, no crazy extra amenities, in my opinion.
So next thing we're going to do is just go on to the next cabin. We're going to see Tina Marie's free ticket cabin. Now this is actually a view cabin. Avery, I don't know if you can see this. This home actually has a view.
But what are these photos?
[00:18:05] Speaker C: Yeah, those are not good.
[00:18:07] Speaker B: So this home has only 40 reviews. It's got a little bit of a dated interior.
Very traditional for a cabin here.
It's got white appliances. So there's a few things here that can kind of be picked apart.
And I would go as far to say as, you know, maybe it's not being managed to its best ability. They might Be leaving money on the table. This one was reporting revenue at 57,000 bucks. Just a nightly rate revenue. So gross revenue is probably going to be again, around 65, maybe 70.
And let's see.
All right, so one fun thing that you can actually look at. What's their nightly price?
I'm going to compare this home to the homes around it. There are a ton of average nightly prices on this one. It's only got an average price of around 205, or, excuse me, 236. 236.
Right above it is a home has an average price for 296 a night. That's $60 a night that they are possibly leaving on the table.
So I would say that they're probably not doing their best in terms of pricing on this one because they're. They're leaving some of that, you know, ADR on the table. And then from here, we just keep on going up and down, up and down. We've got another property for around 57k, nice modern wood interior. And you're just clicking around over and over and over again to see what patterns you can establish on a one bed in the Gatlinburg market without a view.
Now, these are all still very average homes. Let's say we move up to like, page six, page seven.
They're all one beds. They all have high reviews on them. They're all north of a hundred reviews for the most part. Some of these are around 40 to 70, but you'll notice that, you know, there's a few on here with 100, 200, 300 reviews, and they are very high on their active nights, meaning they have been rentals for the entire year. For almost the entire year.
And they are, I would say, probably still view homes. So this is a nice, modern.
Probably isn't actually a very cabiny style home. It's more of a modern home.
And so. All right, well, why is this one with its phenomenal view only performing in, you know, the 60s, 70 range in terms of nightly rate? Again, gross revenue, including cleaning fees, including. Including taxes. This guy's probably performing around like 80k or so.
Why is it not performing that high?
The photos, in my opinion. Yeah, I. I don't know about you, Avery, but these should be twilight photos, in my opinion.
[00:20:46] Speaker C: Yeah, well, the fall photos, pretty good. But yeah, Twilight would be better.
[00:20:50] Speaker B: Yeah, so some twilight photos should be great.
I also think the home might not be as it kind of has some cavity appeal to it without being a cabin.
So maybe that could be something too for a couple of guests.
But here we're just going to keep on, you know, clicking around. There's a home right off Mount Leconte and again, you know, this is a one bed studio reporting revenue at around, you know, the 60, 70s, 80 range. And the photos when you reopen right up to it are not the best. They look like cell phone photos that have been edited a little bit, but they are not fantastic. So. Oh, it's got a heart.
It's got.
[00:21:35] Speaker C: Oh man, I love those. I miss when all the rentals in the smokies had the heart shaped tub. I really do.
[00:21:41] Speaker B: Those are fun.
[00:21:45] Speaker A: Are you worried about your market being saturated?
Too much competition.
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[00:23:02] Speaker B: So all I'm doing now is I'm establishing a baseline. All right, well all these homes have used. All these homes don't. I would. If I was doing a full analysis here, I would probably go as far to click on 10, 15, 20 homes to see how it is. They're different. To see their reviews, check out their photos and start establishing an opinion on. All right, well, this is why this home is performing this way. This is why that home is performing another way.
So this has been my very surface level style of getting information on a home. Just, you know, establishing a kind of gut check, simple. How, how are homes performing in this area?
Now, Avery, I don't know if you want me to go as nitty gritty as maybe some people might want to, but I can go even more nitty gritty.
[00:23:50] Speaker C: Go ahead.
[00:23:51] Speaker B: Okay. All right.
So way over on the right side here you can actually see individual cleaning fees. This is fantastic for if you want to see. All right, well how is a cleaning fee going to affect me?
I would say cleaning fees on a one bed should be around, you know, 100, 125 bucks. That's actually pretty consistent for what I'm seeing here.
What if I wanted to see something that's, you know, a little more detailed? Well, if you scroll down on this data comp set, you'll actually get to an area called the Market Summary.
This will tell you all of the information around the homes that you're looking at via a graph.
And I love graphs. A lot of people hate graphs, so.
But from what I'm looking at, I can actually see monthly trends and monthly swings in rental revenue. I know when the high months are, I know when the low months are.
[00:24:53] Speaker C: That's really important to see because I feel like a lot of people, even though they know that vacation rentals are seasonal, especially down here at the beach, will say, hey, you are not going to be booked in January and February at the beach. You're not going to be booked in November and December. And every December, all of the homes in Panama City beach that have been bought that year start flooding Facebook saying, my bookings are down, what do I do? And then Panama City starts to get this reputation. Panama City beach, excuse me, starts to get this reputation for, oh, bookings are down. No, they're not. A bunch of people who haven't owned stuff in the wintertime yet went on Facebook and hollered about it. So this is a great way to avoid being one of those people is really paying attention to the seasonality on these tools because it's right there in front of you.
[00:25:33] Speaker B: And you can actually just from you guys listening, revenue in December for the average home here is around 6.6.6. From what this is showing me, it dumps down to less than 3,000 to even in February, down to 2,200 bucks for the entire month. It more than halves for the average market or for the average home here, that's a one bed or a studio. So it's kind of a good gut check for you. Just like, oh, you know what, if I'm buying a home in the off season, maybe I might need a budget, some extra cash to carry the home through that.
It is phenomenal to see these trends.
Another great thing that I also love to see is you can kind of see average occupancies for the entire year.
Now this is including all the high end properties and all the low end properties. Again, if you guys recall, this is everything in the market per se.
But if you want to see by month, January, February for a perfect example, you know, you're sitting at 40, ish percent occupancy for the months of January, February, whereas in the high months, you know, on a more average home you're going to be between 60 and 70 ish for the summer months. I actually still think that's a little bit low. If you're a top performer, you should really be in the 80s. But this is again giving us average homes for the market here even more. So I will continue to scroll down on all of this data. If you can actually see the little cursor here, this is how many pages worth of data it will give you.
And if you wanted to go as so far as to seeing how far in advance homes are booking, it will actually tell you a little bit lower how far in advance homes are booking.
So occupancy rates that are already booking for. Well, it looks like November is now starting to come in. So if you already own a home or if you're analyzing like, oh, I'm buying it in August or September, what's my November December going to look like? You can already see the average calendars are starting to fill in for what look like November and December now. So that's a great tool to use if you kind of want to see, you know, how are things looking?
And one of my favorite graphs, this is my, my absolute favorite grab for anyone who's all right, well, what about a high performing home versus something that's a low performing. I want to know what future prices are going to be and what that means for oh, you know, what if I'm only in the 75th percentile versus the 90th percentile?
Well, they give you a breakdown of if you're, you're an A plus property versus a C property. It will tell you what your average daily rate is by month or where you compare to everyone else. It's one of the greatest tools that you can use. Why is it this is important?
Well, if you are purchasing a home and you don't know where your pricing should be, when you start doing your dynamic pricing, I know that my pricing is probably going to be if I'm in a 70th percentile. I know that when I go live or if I'm doing my gut check of where should my pricing be, I should probably price between 240 and 260 or so, which is right in that 50th to 75th percentile.
If I want, I can undercut that. If I want, I can also try and overcut it if I want to try and push the hedge. If I, for example, have a One bedroom with a great outdoor view, a nice fire pit, and all these other check boxes that are very unique to my property, then I know I can push that and it tells you where it is you should be pricing your home.
Now, lastly, the second half of all of this data here, it does get a little bit redundant where it kind of repeats some of the same stuff. But I do like, when you get down to the bottom here, it tells you the amenities of a home that are also desirable.
Something that a lot of people don't know is in a beach market versus, you know, maybe the mountain market or if you're going to Disney or if you're going to Broken Bow, Oklahoma. What amenities should I have in my home that maybe not everyone has?
Well, you can see the most desirable ones that Airbnb is reporting for the market there. So I, I know, for example, I should have wi fi, fire extinguishers, all this other stuff.
But on top of that, hangers is a fantastic thing to have in your homes that people request a lot. Self check in is obviously going to be a big thing. But a hair dryer, having an iron toaster or these other things, you can kind of see the priority list for what people might be looking for in local amenities in that market.
Everyone expects, you know, a dishwasher, microwave, that kind of stuff. But having cooking basics such as, you know, if you want seasonings, that kind of stuff, which I actually don't supply in my homes, just for me, that's my kind of preference. But you can see if those are desirable traits in the market that you're actually hunting for.
On top of that, right below amenities, you can even get into your discounts. What of your competitors are actually doing discounts on your market? Wow. Yeah, it's really great. So if, if someone, for example, rents a home out for 30 plus days, you might do, you know, 10 off, 20 off, 15 off for the entire month.
Well, this will tell you how many people in your local market will even do a discount for the weekly or monthly or what have you.
So for a perfect example for anyone who's booking this month right now, there are people offering is this shows percentage of the current.
So this is actually telling you the number of homes that are offering a weekly discount. This is not telling you what that discount is, but it is telling you the number of homes that are offering a weekly discount.
So that's going to be more of a preference on you.
I have some people that are also, you know, they're curious about their cancellation policies.
What is It I should do with my cancellation policy. What are all the others in the area doing for their cancellation policy?
Well, I have everyone on here. You'll see that 60 plus percent of the entire market has between firm and strict. I'm probably going to want to be in that crowd. It's not going to be something that's uncommon here.
Avery, I don't know what you have in yours, but between firm and strict is going to be the norm for the market. And if I were to go super strict, I know that I'm probably going to see a decline in bookings because you're going to be on the outside where all the other homes are in the area.
And that is, for the most part, as nitty gritty as we can probably get. If getting into ratios of homes that perform, you know, an extra three to four thousand bucks by allowing dogs and pets, you can do that kind of stuff, too, in these filter settings.
You can get into that real crazy nitty gritty, if you want. For the purposes of this call. I think that's about as crazy as we're gonna get, though.
[00:33:10] Speaker C: I think this is plenty. If. If the people are, you know, just clamoring all over themselves for more, then we can do part two. But I think this is super helpful way. I think that a lot of people are going to get a lot of value out of this walkthrough. So thanks so much for coming on and showing this to us. Thank you, guys. If you want to get in touch with Wade, you want to buy something in the Smokies, he's
[email protected] that's W A Y D E. Fancy Wade. And Wade, do you want to tell everyone goodbye?
[00:33:41] Speaker B: Well, thank you so much for watching, guys. I know this was a crazy one, but hopefully everyone has a fantastic success using Bryce Labs. I really think it's an amazing tool.
[00:33:51] Speaker C: All right, thanks, y'.
[00:33:52] Speaker B: All.
Ram.
