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Business PlansLeveraging Investment Banking Expertise for STR Growth with Michael Chang
In this episode, Jamie Lane, Chief Economist at AirDNA, is joined by Michael Chang, the podcast host of 'STR Like the Best' and co-founder of Trust B&B Vacation Rentals. They delve into Michael’s journey from being an investment banker to establishing a durable business model in the short-term rental industry.
Starting with a single unit in New York, Michael's shift to short-term rentals was driven by his desire to balance building a family with his career. Michael and his wife embarked on their STR management journey by utilizing his background in investment banking and leveraging data from AirDNA, steadily scaling their business. Michael stresses the importance of fostering strong relationships with operational partners. He encourages hosts to view them as vital allies in achieving excellence across various markets. Empowering local cleaning and customer service teams has been crucial in sustaining high operational standards.
The conversation highlights the importance of data-driven decision-making in selecting markets and optimizing property performance. Michael emphasizes the need to comprehend key metrics such as revenue, average daily rate (ADR), and occupancy, focusing on profitability and operational efficiency. His strategy, which prioritizes sustainable growth over rapid expansion, centers around market-oriented operations and informed decision-making.
Michael highlights the importance of closely following regulations, building strong teams, and valuing operational efficiency. He emphasizes a focus on downside risk and capitalizing on opportunities like rental arbitrage in urban markets. The conversation also touches upon the role of technology and predictive analysis in maximizing potential earnings.
You don’t want to miss this episode!
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Signup for AirDNA for FREE👇
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Connect with Jamie on LinkedIn and Twitter:
LinkedIn: https://www.linkedin.com/in/jamiehlane/
Twitter: https://twitter.com/Jamie_Lane
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Connect with Michael Chang:
Linkedin: https://www.linkedin.com/in/michaelhchang/
https://www.trustbnbcapital.com/
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Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:
LinkedIn: https://www.linkedin.com/company/airdna/
Twitter: https://twitter.com/airdna
TikTok: https://www.tiktok.com/@airdna.co
Instagram: https://instagram.com/airdna.co
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Find AirDNA at these upcoming events!
Up Next:
Airbnb, Expedia, Vrbo Earnings Reports Analysis & January Market Review
In this episode of STR Data Lab, Jamie Lane, Chief Economist at AirDNA, and his co-host Scott Sage, VP Marketing & Customer Experience, analyze the latest earnings reports from Airbnb and Expedia. They offer a detailed analysis of key metrics and trends shaping the short-term rental industry.
They start by dissecting Airbnb's performance, comparing AirDNA's estimates with the reported figures for metrics like total nights booked, gross booking value, revenue, and active listing growth. Remarkably, AirDNA's projections closely match Airbnb's disclosed outcomes, highlighting the accuracy of their data insights.
Moving on to Expedia's earnings, specifically focusing on Vrbo, Jamie and Scott discuss the slower growth in bookings and listings for Vrbo in 2023. They highlight the impact of Expedia's integration efforts and marketing strategy adjustments on Vrbo's performance, along with promising initiatives like the new loyalty program aimed at driving future growth in supply and bookings.
The episode wraps up with a comprehensive review of AirDNA's January market insights for the U.S. short-term rental sector. Despite a slight decline in demand and a slowdown in supply growth, Jamie and Scott identify key market trends, such as the influence of severe weather conditions on travel patterns and the continued popularity of warmer destinations during the winter season. They anticipate a gradual improvement in Average Daily Rates (ADR) as the industry adjusts to seasonal changes, ultimately forecasting a positive outlook for the short-term rental market in 2024.
You don’t want to miss this episode!
~~~~
Signup for AirDNA for FREE👇
~~~~
Connect with Jamie on LinkedIn and Twitter:
LinkedIn: https://www.linkedin.com/in/jamiehlane/
Twitter: https://twitter.com/Jamie_Lane
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Connect with Scott:
Linkedin: https://www.linkedin.com/in/sagescott
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Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:
LinkedIn: https://www.linkedin.com/company/airdna/
Twitter: https://twitter.com/airdna
TikTok: https://www.tiktok.com/@airdna.co
Instagram: https://instagram.com/airdna.co
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Find AirDNA at these upcoming events!