Have you been looking for a tool that enables your revenue manager to internally monitor your revenue management performance? Or perhaps your operations performance in a data-based way? The Transparent BI Revenue Management Report provides your team with specific vacation rental metrics designed to collect and track data– providing that tool to track the profits and pitfalls of your short-term rental (STR) strategy, and allowing you to have more control over STR revenue performance optimization.
- Benefits of STR revenue performance optimization
- How to use the Revenue Management Report
- What is BI and why property & revenue managers should use it
- How Transparent BI works & how you can get started
The benefits of STR revenue performance optimization
In summary, the Revenue Management Report is a property manager’s key to tracking all key metrics needed to improve performance across your portfolio of listings. Further, with the report you will discover the fluctuations of a property’s daily pickup, from booked nights to occupancy, to year-over-year values. This information is an opportunity to understand and compare the performance of each and every one of your listings through the metrics needed to enhance profitability.
Identify vacation rental performance problems early
This powerful logistics solution is a property manager’s hub to see particular metrics on the latest reservation or revenue performance or pickup. Crucial values like these and the different combinations in comparing or complementing these metrics with one another can tell you the most revealing of insights– all in one dashboard. These serve as identifiers of slow stock or dates at an early stage so you can take steps to reverse the situation. For instance, if you see remarkably low pickup, that’s your sign to convey this to your team to discover the problem and strategize an action plan.
Evaluate internal STR performance & motivate your team
Compare the number of units with reservation and occupancy rates with metrics of total nights and total occupancy on a given date.
Or for example, you could one day find that pickup in revenue has been extremely high in the past week. Showing this to your team encourages them to stay consistent with their current revenue strategy. On the contrary, low pickup in revenue can give insight into low-impact strategies or trends in guests & seasonality.
Additionally, PMs can recognize the internal factors that affect the demand for their bookings and profitability performance by collecting metrics. In addition, performance can be measured and maximized through optimal pricing structures designed to boost your revenue.
Utilize YoY metrics to quantify listing performance
In just a few clicks, access year-over-year metrics to ascertain whether revenue is on the incline or decline. Year-on-year (YoY) evaluation is an informative method that facilitates an accurate comparison. This is especially important when considering the seasonality of consumer behaviour, providing a very contextual benchmark.
How to use the Revenue Management Report
By plugging in the date you want to investigate, the type of aggregation of data you want, and property names, our dashboard will provide an abundance of metrics based on your filters.
These insights include:
Nights, occupancy, & pickup metrics
- Paid & Total Nights: Number of units that have a reservation (or a reservation and a block) on a given “Date”
- Units Pickup: Number of units that have received a reservation that has a creation date within the last 7 days
- Revenue Pickup: Revenue generated by reservations that have a creation date within the last 7 days
- Paid & Total Occupancy: % of occupancy of all the units active on a given “Date.” (Reservations only or reservations & blocks)
- Forecast: How many reservations did you end up with for this “Date” at this current time. (Minus the amount you ended up with, plus the current number of nights sold right now).
- Year-over–Year (YoY) Units: Number of properties that were active for this period (day, week, month, quarter or year) last year. (Same date minus one day).
- YoY Paid & Total Nights: How many reservations (or reservations & blocks) did you have for this “Date” last year (same date minus one day to compare the same days of the week) at this current time.
- YoY Paid & Total Occupancy: Your occupancy for this “Date” last year (same date minus one day to compare the same days of the week) at this current time (reservations only or reservations & blocks).
Last Year Month End (LYME) metrics
- LYME (Last Year Month End) Paid & Total Nights: How many reservations (or reservations & blocks) did you end up with for this “Date.” (Same date minus one day to compare the same days of the week) at this current time.
- LYME Paid & Total Occupancy: The occupancy (reservations only or reservations & blocks) you ended up with for this “Date” last year. (Same date minus one day to compare the same days of the week).
hat 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. Equally 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. It garners 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 & how you can get started
In brief, we connect directly with your PMS via API to retrieve and structure the data into an actionable dashboard. Moreover, 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. 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.
How you can get started
So you’ve heard what STR revenue performance optimization offers. Although, 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
- 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