Making a calculated decision about whether or not to grow your portfolio is important.
And the only way to come to a conclusion is to study the numbers.
Without solid research, data, numbers, comparative analysis etc., it’s all just guesswork.
So, let’s discuss what all you need to be assessing.
- When choosing a location type check the:
- Occupancy rates over the last year
- Revenue growth over the last year
- Average daily rates over the last year
- When you choose a market, study the:
- Overall STR growth
- Historical occupancy rates
- Revenue per available room over the last three years
- While deciding a property type, analyze the:
- Average revenue by property type
- Average length of stay by property type
- Average number of guests per stay by property type
- When you make a list of amenities, consider the:
- Most valued amenities in your area
- Most common amenities in your area
- The relationship between reviews, average daily rates, and specific amenities
- Your ROI calculation will depend on:
- Average length of stay
- Target property’s overall revenue
- Revenue potential versus actual revenue
Looks like too much work? Let us take over and just reap the benefits!
