Are you certain your pricing is strategized to a T? Rate shopping is an analysis tool that enables vacation rental owners, property and revenue managers to determine how their property management pricing compares to their competition. This involves comparing the projected pricing of individual listings against a group of similar short-term rentals. In effect, this allows for identifying any price disparities and making adjustments accordingly.
Important to note that to make informed and quick pricing decisions, rate intelligence is essential. Use the Transparent Rate Shopping BI to compare individual listings to a predefined competitive set to check price positioning and ensure the best rate.
- Find the balance between rate & occupancy with rate intelligence
- How to use the Rate Shopping BI
- What is BI & why property & revenue managers should use it
- How Transparent BI works & how you can get started
Find the balance between rate & occupancy with rate intelligence
All in all rate shopping is crucial to optimal revenue, assisting in finding the right balance between rate and occupancy. This in turn leaves opportunity to attract potential guests. Certainly property managers must keep a close eye on the pricing rates of similar properties in their area to ensure that their rates are and stay competitive. For instance, if average daily rates (ADRs) are too high, these stakeholders may choose to seek out other properties that offer better value for their money.
Additionally, advertised rates pitch you at a certain point in the spectrum relative to the competition that a potential guest will be choosing between.
How to use the Rate Shopping BI
In fact, viewing the price positioning of your portfolio is as simple as selecting your filters. The dashboard display then allows you to analyse pricing by both occupancy and ADR. Overall, filters include:
- Competitors Unified ID & Your Unified ID
- Date Filter & Aggregation
- Platform
- Subtype
- Bedroom Count
- City & Zip code
- Certain Amenities
- Minimum Stay
- Currency Conversion.
Metrics displayed:
- Future metrics You vs. Competition – Values of the number of listings, Net ADR, Cleaning Fee, ADR, and Future Availability of you compared to your competitors
- Future ADR by day of the week – Projected average nightly price by day of the week (Monday-Sunday) against the average of your competitive sets.
- Future ADR by Length Of Stay (LOS) – Projected average nightly price by length of stay (1-14+ days) against your competitive sets.
- Occupancy (Future) – Your projected occupancy rates against the average of your competitive sets by selected Date Aggregation.
- ADR (Future) – Your projected ADRs against the average of your competitive sets by selected Date Aggregation.
- Calendar View by listing – Calendar view of your listings alongside their nightly rates
What is BI and why property & revenue managers should use it
In sum, 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. Further, 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 Rate Shopping BI as a timeline of your yields and 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. Our own data is pulled from major OTAs (Airbnb, Booking.com, Vrbo & TripAdvisor), large PM sites and enriched with anonymised partner data. Subsequently 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.
Overall, you can rate shop by collecting and monitoring these property management pricing metrics. Then success can be measured and maximized through optimal pricing structures designed to boost your revenue.
So you’ve heard what this property management pricing 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
- Owner Report – Automate custom reports to proactively communicate contextual performance