Explore our Vacation Rental Daily Pacing BI

Compare the booking evolution of your properties, achieve a smart and dynamic pricing strategy, and reassure your property owners with our data-driven BI resource focused on vacation rental daily pacing– the Daily Pacing dashboard. 

With our Daily Pacing tool, track how bookings for a certain date are evolving against a benchmark year, and make proactive, informed decisions to optimise revenue. In this article, we help you to understand how our solution allows you to identify your properties’ key booking characteristics. How? By taking a look at the past so that you can better shape the future. 

• Compare, measure, & strategize a properties bookings performance
• How to use the Daily Pacing dashboard
• What is BI and why property managers should use it 
• How Transparent BI works
• Get started now

Let’s review some cases to illustrate how our solution equips you with a bird’s eye view of the performance of market listings.

Compare, measure, & strategize a properties bookings performance 

In sum, the daily pacing tool functions primarily to give you a year-over-year comparison of market occupancy for a given date. It analyses the performance of a listing or a set of listings by measuring the acceleration of bookings as a check-in date approaches. Start by picking your date and the year you would like to compare it with. Then, add any filters you’d like to narrow down your search and make it more relevant. Add this arsenal to your tool kit and… 

Compare booking evolution

For an individually selected date, compare booked occupancy every day leading up to that selected date against previous years. This year-by-year comparison allows you to be aware of specific periods where bookings for your date have significant spikes or lulls. 

Compare market occupancy year over year for a given date– monitoring different dates gives an early indication of events. Additionally, it allows you to track booking windows across seasonality. For example, surveilling a market against previous years is helpful for benchmarking. Comparing a property against the market is the clearest tool for highlighting under or “over” performing listings. You can project demand trends across segments and inform investment by comparing different zip codes through the years.

An example comparing booking evolution

Let’s say you are a property manager with beach market listings. You find that, aside from during the summer months, you are not entirely sure what dates your property will be in high demand this year. With the Daily Pacing solution, you can take a look at the booking trends for your properties– and those of your competitive set in the past year. This retrospective study can help identify important dates that you can capitalise on when pairing this information with each of your properties’ unique booking characteristics. 

Achieve a smart & dynamic pricing strategy

Demand in the short-term rental market is not always consistent, so why should pricing be? Using what you know about pacing trends, combined with the knowledge of where occupancy rates sit for a given date, you can assess whether your pricing strategy is in line with the market expectations. In addition, filter down your selection to look at specific listings or segments and identify opportunities for optimisation based on fact and contextual performance.

For properties in your portfolio that are pacing ahead this year in comparison to last and hitting the target, you may want to pump your prices to increase your profit per night sold. Contrastingly, for those underperforming at a point in time compared to the year prior, then it may be time to temporarily discount your rates to combat the booking slump and strike that perfect balance.

Overall, being in tune with booking trends ensures that property and revenue managers can set the perfect prices and ensure that not a single dollar gets left on the table.  

Reassure your property owners

A pain point that many property managers experience is managing their property owners’ concerns regarding performance goals. When an owner sees that their property is not getting booked, they will likely look to their PM for explanation.

Owner:  “Why is my  quaint Parisian flat with an idyllic view of the Eiffel Tower not booked for February 14th yet?”

Property manager who uses our Daily Pacing tool: “We are seeing through the Transparent Daily Pacing BI tool that historically guests are booking this type of property around 44 days out. Booking windows are tracking stable this year so let’s give it a few weeks holding out for that premium price and check back at the start of the New Year.”

A power of the Daily Pacing pricing tool lies in its ability to provide property managers with visuals of historical booking trends, which they can utilise to reassure their property owners. 

Measure your success against your competitive set

When you plug in the characteristics of your identified competitive sets using the extensive filters, the daily pacing tool allows you to make important performance comparisons. Subsequently, you can define any adjustments that need to be made to specific listings/segments and pivot your strategy to better position yourself in relation to your competition.

You can even search for a specific PM Domain Name you consider to be your main competitor in an area. Perhaps they are achieving a higher rate of last-minute bookings for a specific date in time. Armed with this information, you can conduct an analysis to determine what their exact strategy is to achieve this. Ultimately, using this solution to benchmark your rates against those of your competitors can make way for increased sales and help you to attain market leader status.

How to use the Daily Pacing dashboard

Viewing pacing for a property, competitive set or market is as simple as selecting your filters. The dashboard display then allows you to analyse pacing by both bookings and occupancy.

Filters:

What is BI and why property managers should use it

BI structures your own PMS data and contextualises it with market data from our 45M scanned OTA listings. Furthermore, templates (and bespoke, analyst queries) ask questions of this data lake to answer the main business questions and growth blockers experienced by PMs. In other words, today’s PMs have the answers to manage their revenue more effectively. Not only this but improve inventory acquisition and retention and make their operations more efficient through data insight. All through one actionable platform.

Why is our BI for property and revenue managers

Property and revenue managers plus anyone responsible for your portfolio set-up and revenue management will specifically benefit from this tool for its valuable metrics which support business decisions based on real-time data. 

Our dashboards provide valuable estimation metrics that can be harnessed to strategize investment opportunities, as well as impress prospective clients. Overall, anyone from the vacation rental industry in sales, client relations, investing, revenue management, or setting new listings up can use the Daily Pacing dashboard as a blueprint for higher yields.

How Transparent BI works 

In sum, we connect directly with your PMS via API to retrieve and structure the data into an actionable dashboard. Our own data is pulled from major OTAs (Airbnb, Booking.com, Vrbo & TripAdvisor). These are large PM sites and are enriched with anonymised partner data. In particular, we use this to build a data lake and competitive set comparisons for any market worldwide. 

Users are then able to plug-and-play any of our templates to find answers to their most pressing strategic questions. Which are my underperforming properties? How do I communicate effectively with my owners? Our data analysts are on hand to assist you in building custom queries on the data lake to answer further questions you might have.

Get started now

PMs can recognize the external factors affecting the supply and demand of bookings by collecting and monitoring marketplace data. Performance can be measured and maximized through optimal pricing structures designed to boost your revenue. 

So you’ve heard what this template offers. Note that there are 12 others to plug and play on our BI dashboard. Finally, explore them all below or book a free trial for one that suits your needs: 

So you’ve heard what this report offers, but there are 12 others to plug and play on our BI dashboard – explore them all below or book a free trial for one that suits your needs: 

• Market Overview – Analyze reviews & monitor market supply
• Market Performance – Benchmark from historical metrics, including occupancy, ADR & RevPAR
• Top Competitors – Understand your competitive landscape by PM & listing
• Comp Set Research – Identify similar property groups for comparison & adjustments
• Rental Calculator – Run data-based performance projections for any address
• Benchmark Estimates  – Track key metrics against market
• Demand Report  – Understand demand trends in your market
• Daily Pacing – Track how bookings for a certain date & properties are evolving against a benchmark year 
• Company Performance – Internally monitor your revenue management & operations performance 
• Revenue Management Report – Monitor portfolio performance, identify underperforming properties & check pricing versus competitive sets
• Top/ Worst – Need to prioritize revenue management across your portfolio? Identify your best and worst performing properties to assess & improve
• Rate Shopping – Compare individual listings to a predefined comp set to check price positioning 
• Owner Report – Automate custom reports to proactively communicate contextual performance