Data reporting equips vacation rental property managers (PMs) with the power to increase performance and efficiency. With Transparent BI, you can unlock growth with data reporting templates.
To breakdown the power of reporting, we unpack:
- Why business intelligence is a cornerstone of PM operations
- What BI can do for you
- What Transparent BI is
- How it will bring you fast and effective growth
- Who it’s built for
- How you can get started
WHY unlock growth with data reporting templates?
The short-term rental industry is still growing. Supply and significance is growing against hotels, demand is growing across the board post-pandemic and professional competition is escalating more than ever. This brings with it a pressure for PMs to better win inventory, occupancy and higher ADR.
The hospitality industry is becoming increasingly data-driven in order to effect the fact-based strategic decisions that bring those wins. According to our 2023 property manager survey, to be released at the end of the month, 68% of PMs are either using data or considering starting. That’s a 17% increase over last year. And we have launched this Transparent BI update for easy elevation of your data engagement.
WHAT BI can do for you: the templates
Our update is built on 13 plug and play templates, expertly developed with industry leading PMs to solve key pain points.
You can get started with a combination of your choosing – they’re all included – which ones do you identify with?
Let’s take 5 examples:
- Top/worst: learn from your best listings and identify listings that are struggling and work on their performance
- Rate shopping: compare your listings to competitive sets to better understand optimal pricing.
- Owner report: how to better retain your owners? Proactive and data-based tailored communication of performance
- Rental calculator: understand performance and ROI of any property with data-based projections.
- Benchmark estimates: compare your portfolio against market segments to better understand performance and improvement
WHAT is BI, and how does it unlock growth?
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.
HOW Transparent BI works
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), 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 – which are my underperforming properties? How do I communicate effectively with my owners? Our data analysts are also on hand to assist you in building custom queries on the data lake to answer further questions you might have.
WHO needs Transparent BI?
Transparent BI is specifically designed for vacation rental property managers looking to be leaders. Templates have been designed in conjunction with the biggest and best property managers to cut right to the core issues faced, and solve them. With that in mind, any property manager stands to benefit from BI, but larger PMs and those with revenue managers will be able to extract the most from the extensive capabilities. There are of course applications for investors and other real estate stakeholders as well.
These data insights are powerful in decision making – our forthcoming survey also indicates that PMs using data increased their booking revenue by 85% in 2022, compared with 49% for those not using data.
GET STARTED to unlock growth with data reporting
The good news is it’s simple. If you use one of the following PMS:
You are able to connect instantly via API. And if not, we can set you up manually.
Our team will onboard you for a month’s free trial where you can start to feel the applied benefit. You can work with our success team to make sure you understand how to extract maximum value for your operation. From there we can make any necessary adjustments and sign you up full time!
Learn more here or book a demo call to start a free trial!