CLIENT

Who is Venture Real Estate & Investment?

Venture Real Estate & Investment (Venture REI) is a full-service real estate brokerage and property management firm based in Arizona. While they specialize in the purchase, sale, rental, and marketing of residential properties, they also offer premier property management services for vacation rentals.

As of today, Venture REI manages 75 active vacation rentals with a healthy mix of short-term and mid-term stay units. 

They offer guaranteed rent programs, end-to-end property management services, and underwriting and projections.

PROBLEM

What Issues Did Venture REI Face Pre-AirDNA?

Problem #1: Low Owner Lead Conversion Rate

Before signing on with AirDNA, Venture REI was only converting 20% of their inbound property management leads. In other words, of everyone who knocked on their door, only one in five ended up converting. 

The main reason? Sales calls were generic and void of data. Like most vacation rental managers, they found themselves saying things like, “We’re going to make you a lot of money,” rather than using concrete numbers. 

Problem #2: Too Much Competition

Phoenix—like many markets in the short-term rental industry—has become extremely saturated. Supply has skyrocketed in recent years, which made it hard for Venture REI to stand out as the premier choice for vacation rentals. 

Problem #3: Pricing Blindfolds

Before AirDNA, Venture REI didn’t have an easy and accurate way to set a baseline price for their rentals. Beyond that, they also had little revenue management insights for big-ticket events. Balancing demand with lead times and available supply was very much a gray area.

SOLUTION

What Did AirDNA Provide for Venture REI?

In 2022, Venture REI signed onto AirDNA’s data products for vacation rental managers. They unlocked projection tools, seasonality data, benchmarking metrics, comps, and property-level insights.

RESULTS

What were the results?

Better Revenue Management for Big-Ticket Events

Leading up to the 2023 Super Bowl, there were 22,000 listings available, and only 48% of them actually got booked. (Imagine being a property manager and having to explain to your owner that their house was empty on the most in-demand day of the year?)

Venture REI noticed this trend and decided to make a major pricing adjustment before everyone else in the market. 

“I started to read the tea leaves using AirDNA and decided to cut our rates a week before everyone else did. We ended up having a 92% occupancy rate.” - Kyle Crespino, Venture REI

“We’ve now parlayed that win into an aggressive marketing strategy boasting our stats to vacation rental owners throughout Scottsdale.” - Kyle Crespino, Venture REI

Lead Conversion Up 3.5x

For Kyle and his team, the 20% conversion rate was unacceptable. Once signed on with AirDNA, they used the insights to power every conversation they had with prospective homeowners. 

“We needed to get the data so our sales agents could intelligently talk about how much revenue these properties were going to make, and then we saw our conversion rate start to go up.” - Kyle Crespino, Venture REI 

In just a matter of 8 months, Venture REI’s conversion rate on inbound owner leads is now up to 75%—3.5x higher than what it was pre-AirDNA. 

Because Venture REI’s outbound sales motion improved so much, they’ve almost doubled their portfolio size in a matter of 8 months.

Increased Property Selectivity 

Pre-AirDNA, Venture REI was more lax with their buy box requirements—they were happy to onboard properties as long as they seemed like generally a good fit. 

Now, AirDNA allows them to be much more selective about which properties they actually decide to manage. They now conduct granular analysis to find out whether that house in that specific area with those amenities and attributes will generate enough revenue to confidently add it to their portfolio. 

“There have definitely been some units that we’ve had to turn down that might have been great assets, but they’re too far out from the city. We show the owners with AirDNA how they’re not going to break 30% occupancy and likely won’t make much money. AirDNA has definitely been helpful to know which assets to take on and which to turn down.”

Improved Owner Relations

Lastly, AirDNA has empowered Venture REI to improve its conversations with worried homeowners. 

“If we have an owner that’s concerned about occupancy or rates, we pull up their property on AirDNA and show them how their comps are performing. We’re going to start doing quarterly business check-ins using this data.” 

“We’ve now parlayed that win into an aggressive marketing strategy boasting our stats to vacation rental owners throughout Scottsdale.” - Kyle Crespino, Venture REI

Lead Conversion Up 3.5x

For Kyle and his team, the 20% conversion rate was unacceptable. Once signed on with AirDNA, they used the insights to power every conversation they had with prospective homeowners. 

In just a matter of 8 months, Venture REI’s conversion rate on inbound owner leads is now up to 75%—3.5x higher than what it was pre-AirDNA. 

Because Venture REI’s outbound sales motion improved so much, they’ve almost doubled their portfolio size in a matter of 8 months.

Increased Property Selectivity 

Pre-AirDNA, Venture REI was more lax with their buy box requirements—they were happy to onboard properties as long as they seemed like generally a good fit. 

Now, AirDNA allows them to be much more selective about which properties they actually decide to manage. They now conduct granular analysis to find out whether that house in that specific area with those amenities and attributes will generate enough revenue to confidently add it to their portfolio. 

“There have definitely been some units that we’ve had to turn down that might have been great assets, but they’re too far out from the city. We show the owners with AirDNA how they’re not going to break 30% occupancy and likely won’t make much money. AirDNA has definitely been helpful to know which assets to take on and which to turn down.”

Improved Owner Relations

Lastly, AirDNA has empowered Venture REI to improve its conversations with worried homeowners. 

“If we have an owner that’s concerned about occupancy or rates, we pull up their property on AirDNA and show them how their comps are performing. We’re going to start doing quarterly business check-ins using this data.”