The Transparent BI dashboard positions property managers with the data to unlock growth. 13 plug-and-play templates designed for property managers, and built to answer key growing pains. Stack your internal data against your competitive sets to give you data-based actions. The first of our templates – Market Overview – is built to give you a snapshot understanding of your listings within your market, and the evolution in short-term rentals, but also to provide analysis of your reviews versus the market. In this article, we dissect these use cases and help you to understand how they can power effective growth for you.
- What our Market Overview can do for you
- What our Market Overview can do for you
- Who is our BI software is for
- Why BI is important in PM operations
- How you can get started
What our Market Overview can do for you
The Market Overview template gives you insight into active inventory, what types of properties exist in your market (managed by you and managed by others), which channels they are on, and how guests feel about them (reviews).
It’s important to know how the stock in your market breaks down categorically, to point you in the right direction when it comes to investing, developing, and even marketing to a certain demographic. Furthermore, review analysis gives you clarity over guest experience and proactivity where any issues are concerned.
BI for property managers: Supply use case
The first section of the template is a general Market Overview with general headline metrics at a glance. Moreover, with the help of thirteen separate filters, you can analyze your market with varying levels of granularity. Filter by platform, listing type and subtype, bedroom number, bathroom number, country, PM domain name, amenities, minimum stay, instant booking, and active status. See the report preview below.
Our basic market overview not only gives you access to metrics pertaining to your short-term rental market but also your own inventory. This way, you can answer all of your pending questions about your competitive landscape, and also how your offering differs. For example, what is the distribution of apartments to houses in my market? Or which bedroom counts are most prevalent in a given neighborhood? What type of property should I develop and where should I be investing? How are guests feeling about their stays here? And crucially, how you can use this information to drive sales and revenue when marketing your property.
BI for property managers: Reviews use case
With a deeper understanding of reviews, you will gain invaluable insight into your consumer’s market’s expectations and experiences. Getting to the core of what guests are enjoying, both your own and across the market sets you up to fine-tune your operations to efficiently secure the best reviews. This practice is crucial, as ratings are pivotal to occupancy and the price you can charge.
However, it can be challenging – collating reviews across your portfolio and inferring the trends can be hugely time-consuming and feel low on the priority list. With Market Overview you can analyze different segments of your inventory (perhaps particular locations or operations teams). You can also analyze different time periods to efficiently address long-hanging fruit. Chiefly, understanding this allows you to fine-tune your customer experience and can lead you to realize improvements in customer relations, market trends, brand awareness, and SEO. In essence, you are able to efficiently use customer reviews to gain better ones.
What our Market Breakdown can do for you
Additionally showcased is a market breakdown:
- Bedrooms: Discover the number of listings per bedroom count.
- Capacity Breakdown: The distribution of the maximum number of guests allowed to stay in different listings.
- Subtype Breakdown: Breakdown of the various kinds of listings by subtype. As a result, this will allow you to differentiate the number of listings that are apartments, houses, townhouses, villas, apart-hotels, boats, bungalows, and others.
- Number of Listings per OTAs: The total number and percentage breakdown of listings on several of the largest OTAs we are partnered with: Airbnb, Booking, HomeAway, and Tripadvisor.
- Review Score Distribution: The distribution of reviews across a specific market in order to benchmark your reviews against the market. Are you below or above the market average? How are you comparing to the market?
- Minimum Stay Distribution: The distribution of the minimum length of days listings require a guest to stay. As a result, you can easily determine the median of the pool, representing the true market.
- Instant Booking Breakdown: The different listings are separated by whether they are able to be instantly booked. Note that depending on the circumstance, instant booking can imply professionality and can imply the company has a quick turnaround. Hence these factors can help your brand.
- Average Review Count: The average amount of reviews in a given market. Additionally, your own average review count on your listings.
- Average Review Score: The average review score given by guests in a given market, including your own average review score on your listings.
Who is our BI software for
Transparent BI is specially designed for vacation rental property managers. Our templates such as Market Overview were made in conjunction with some of the world’s most prominent property managers.
Evidently, these insights are crucial in data-driven decision-making. According to our 2023 Global PM Survey, PMs utilizing data increased their booking revenue by 85% in 2022. Whereas PMs not using data increased by 49%.
Our Market Overview template is software specifically designed for property managers to understand the nuances of a specific market’s profile, procure an insight into market evolution and monitor their own portfolio, plus improve review scores. Furthermore, along with 12 other templates, it comprises a holistic solution for PMs to grow with data.
Why BI is important in PM operations
Business intelligence solutions are ever more crucial to property manager operations in an evolving data-driven environment, as they help:
- Organize your own data with contextual market data
- Utilize transparent historical and forward-looking projections for a robust 360 view of the marketplace
- Identify trends and actions for performance
- Streamline internal and external operations
- Gain and retain stock and clients
- Assess investment opportunity
- Increase occupancy and ADR
- Improve review scores
- Unlock growth
How you can get started
So you’ve heard what our software for property managers and this template offers, but there are over 10 others to plug and play on our BI dashboard. Explore them all here or sign up for a free trial now.