Thriving in the property and revenue management game means understanding all the angles of your properties’ performance– one of the most vital being property profit analysis in your vacation rental portfolio.
With the Top/ Worst business intelligence dashboard, you’ll have a fixed set of metrics to assist you to identify your best and worst performing short-term rental (STR) properties by revenue over time.
- The benefits of recognizing high & low areas of your properties performance
- How to use the Top/ Worst Transparent BI
- What is BI and why property & revenue managers should use it
- How Transparent BI works & how you can get started
The benefits of recognizing high & low areas of your properties performance
This Transparent BI solution template structures data in order for you to understand how your vacation rental revenue is evolving compared to previous years. It unlocks knowledge to use with prospective clients, your owners and your team.
With constantly changing factors at play throughout the year, like seasonality, it can prove difficult to track how your performance fluctuates across different segments – and strategize accordingly!
Imagine your beach town properties on the west coast made you the most revenue in July 2020. You potentially expected something similar in 2021. This ends up occurring, although in 2022 things changed. All of a sudden, your beach town properties on the east coast were making the most revenue during July. What happened? Maybe you’ll find people were willing to pay more for your west coast beach town listings in June of 2022 rather than July as typically YoY. Here you can track this type of evolution in order to optimize your revenue management and prioritize lucrative properties for 2023.
Now, pretend your revenue from one ski town was extremely low this past winter. You look into each of the months and then each year and discover revenue has been going down each winter year on year. The neighbouring town, however, has seen a boom in demand.
Tracking these changes proactively over time will tell you a lot about your properties, and even more about what specific direction you need to go in. These points of action come from these indicators and a plethora of alternative vacation rental metrics – and the Top/ Worst calculator, along with 12 others to plug and play, provides them all.
Map profit & revenue loss evolution on your properties
Impress prospective clients, delegate certain departments of your team, & strategize for optimizing your property’s revenues. With the right tool to track (by month) these valuable metrics, you can use these metrics to assist your business externally and internally.
For one thing regarding profitable properties, you can convey positive revenue performance to eligible owners interested in certain properties. Further, you can map profit to consistently campaign and ensure not to leave any money on the table.
Additionally, as for those lower-performing properties, you can begin to build a picture of when performance declined. Through drawing parallels across segments and listings, begin to ascertain why and put a plan in place to fix it. Maybe larger properties have fallen out of favour, or maybe some attractions or an airport closed around certain properties. Or maybe the revenue management strategy was off and the pricing needs adjusting. The possibilities are endless; once you identify the issues
How to use the Top/ Worst BI to identify your best and worst performing properties
Use the Reference Week filter to select the week (finishing on the date selected). Subsequently, you will generate your reports in a single click. All Properties in this dashboard are currently active.
- Top & Worst Performing Properties by Month Comparison – Two tables, one of the top performing properties and one of the lowest showing you the Property Unit ID, Unit Name, revenue made during the year of analysis, revenue made during the year of reference, the difference in dollars and the percent change.
- All the properties, Year by Year Revenue – A year-over-year breakdown analysis of revenue streams of your properties
What is BI and why property & revenue managers should use it
BI structures your own PMS data and contextualises it with market data from our 45M scanned OTA listings. The templates (and bespoke, analyst queries) ask questions of this data lake to answer the main business questions and growth blockers experienced by PMs. This means that today’s PMs have the answers to manage their revenue more effectively, improve inventory acquisition and retention and make their operations more efficient through data insight – through one actionable platform.
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 Top/ Worst BI as a timeline of your yields and blueprint for higher yields.
How Transparent BI works & how you can get started
We connect directly with your PMS via API to retrieve and structure the data into an actionable dashboard. In brief, our own data is pulled from major OTAs (Airbnb, Booking.com, Vrbo & TripAdvisor), large PM sites and enriched with anonymised partner data. 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. Plus, our data analysts are on hand to assist you in building custom queries on the data lake to answer further questions you might have.
How you can get started identifying your best and worst performing properties
Property managers can identify their best and worst-performing properties based on profit performance by collecting and monitoring these metrics. Further, success can be measured and maximized through optimal pricing structures designed to boost your revenue.
- 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
- Rate Shopping – Compare individual listings to a predefined comp set to check price positioning
- Owner Report – Automate custom reports to proactively communicate contextual performance