Awning

Market position

Awning markets itself on price and scale in short-term rental management, citing fees starting at 10% — described as half the industry average — more than 20,000 properties managed, an average 4.8-star guest rating and roughly 20% higher returns than other Airbnb management companies. Press coverage of its seed round compared it to Mynd, noting that Awning focused on individual rather than institutional investors and, at that time, did not manage properties itself.

The company combines data tools (an Airbnb income calculator, rent estimator and market rankings built on machine-learning models that estimate rent, expenses, appreciation and ROI from MLS listings) with human licensed advisors and local agents who review properties, and bundles buying, furnishing and management under one provider. Investors cited its focus on individual buyers and its willingness to work with human real estate agents.

Technology

Awning uses machine learning and data analytics to ingest listings from multiple MLSes and automatically analyze each for returns and risks, producing estimates of rent, expenses, appreciation and potential ROI. Its consumer-facing calculator applies an algorithm incorporating location, property size, local market trends, comparable properties and seasonal demand to estimate short-term rental earnings; the platform also supports communication with advisors and placing offers.

Go-to-market

The company acquires customers through its website's free tools — the Airbnb earnings calculator, rent estimator and market explorer — and editorial content and blog, converting visitors via consultations with advisors by phone, text or scheduled calls. It also uses affiliate marketing programs and pairs prospective investors with advisors who are licensed real estate agents.

Individual real estate investors and property owners, including first-time and remote buyers of single-family and short-term rental homes, new Airbnb hosts, and more experienced investors managing nationwide portfolios.

Geography

Management services are offered across all 50 U.S. states; contact information lists Petaluma, and the company was described as San Francisco-based at its 2021 seed round. The investing platform opened to investors across the U.S. and Canada in 2021, initially with listings in California, Texas and Florida.

History

Awning was founded in December 2019 and launched its platform in closed access in early 2021. It came out of stealth in September 2021 with a $9.3 million seed round, at which point it was a San Francisco-based brokerage serving individual single-family rental investors with listings in California, Texas and Florida and plans to add Florida and Alabama and further markets. The company subsequently expanded into full-service short-term rental management, furnishing and long-term rental management referrals, and its site now describes management operations powered by RedAwning covering all 50 states, with contact details listing Petaluma.

Risks & controversies

Expansion is constrained by the need to establish a licensed brokerage in each state the company enters. Its editorial recommendations are monetized in part through affiliate commissions, a potential conflict the company addresses with a stated editorial independence policy.