CLIENT

Who is Property Management Inc?

Property Management Inc., a franchise established in 2008, offers professional property management services and solutions for four properties: homes, businesses, associations, and short-term rentals. The company entered the STR game only four years ago, and they have experienced massive growth. In just a few short years, they have amassed a portfolio of over 1,600 STR units and have become an authority in the VRM world.

Goals

PMI's primary goal immediately after entering the STR market was to acquire more owners. The key to doing so was providing homeowners with reliable rental market analyses. This allows homeowners to make data-driven decisions that will increase their chances of success. 

PMI helps homeowners by giving them the information they need to make informed decisions about their rental property. However, until recently, different stakeholders were responsible for tracking and optimizing properties without a unified data management system. This was inefficient and often led to property owners making sub-optimal decisions based on incorrect or outdated information.

PROBLEM

What issues did PMI face pre-AirDNA?

Before using AirDNA, PMI’s rental data was fragmented, as everyone used their own systems. The lack of uniformity made it difficult to report on trends and monitor performance across properties. This led to inconsistencies in the data, which made it difficult for property managers, agents, and owners to use. 

Inaccurate data for prospecting

The property managers were using an older platform that didn’t provide accurate or timely information to homeowners. This made the customers feel like they weren’t getting accurate answers from the property management team, which created distrust between both parties.

Relationships with homeowners

In order to create a better relationship with homeowners, Property Management Inc. needed to provide accurate information and insights on their property. They were also missing out on potential income because they couldn’t prove their occupancy rates to homeowners. This resulted in fewer bookings and less revenue over time.

The logistics

The company was getting by with spreadsheets, but as PMI's revenue grew and the number of units increased, so did the difficulty of keeping up with all this information manually. A lot of time was spent just trying to find spreadsheets and ensure they were accurate. So they started looking for something that could help them automate some of these processes.

SOLUTION

The #1 Tool for Projections + Prospecting

AirDNA’s Rentalizer solution was a perfect fit for PMI as they were looking for a way to scale efficiently. The rental market is very competitive, and PMI wanted to find ways to remain competitive while also growing its portfolio.

What is Rentalizer? 

The Airbnb estimator is able to produce accurate predictions on the earning potential for any address, anywhere in the world. Users can easily estimate how much money their properties might generate.

Rentalizer gathers a comprehensive list of properties in the area when entering an address and builds an index based on relevance. It also considers market-wide variables such as seasonality, rental demand, and revenue growth.

The data helped PMI identify trends in the market, such as rent reductions and vacancy rates. In some cases, PMI was able to quickly act on these insights and take advantage of opportunities before other landlords, giving them an edge over competitors. PMI was able to tap into something that nobody else had access to. It gave them an advantage over other property managers who were using traditional means like questionnaires and surveys.

RESULTS

What were the results?

PMI was able to grow better by exploring different areas and looking for the best ROI on their vacation rental units. This meant they could see which places were more profitable and which were not. They were then able to decide which areas they wanted to focus on and work with.

The property management software has allowed PMI to grow even faster than it already was, but it has also allowed them to ensure that they get the most out of every property. As long as people want to stay in these properties, PMI will be there for them!

One of PMI's biggest challenges is finding suitable locations for new properties in order to maximize ROI on each investment. Using AirDNA allows them to evaluate factors such as foot traffic and demographics before deciding where they want to invest next.

By integrating AirDNA's data with PMI's own management software, they could provide homeowners with accurate data about their vacation rental properties and increase trust in them as a company.