Unsure which properties are your true vacation rental competition? Identify similar property groups through specific filters with our Competitor Set Research BI Dashboard.
As a property manager, you need to hone in on specific groups of competitors for segments of their portfolio. This allows for relevant benchmarking, performance comparison and property-specific optimization. As a result of categorizing with our filters in Transparent BI, it is possible to identify groups of “Unified IDs”. Unified IDs are an identifier that are independent of third-party cookies so as to not compromise privacy, and are particularly useful identifiers for our Rate shop and Benchmarking estimate analysis dashboards! In this article, we learn:
- What our Competitors Set Research dashboard can do for you
- Dashboard use case
- Who is our BI for
- Why BI is important in PM operations
- How YOU can get started
What our Competitive Set Research can do for you
Find your competitive set by using the filters to narrow down your desired values. Our filters include…
- Active listing
- Platform type
- Rental type
- Rental subtype
- Number of bedrooms
- Number of bathrooms
- Country, city, and/or zip code
- PM domain name
- Review count & score
- Certain amenities
- Instant bookable
- Minimum stay
The first display you’ll see is the Geo Check Map Pointer. This is a map that pinpoints 2,000 listings with markers that match your searched location and criteria.
Furthermore, the second display is a table of your Competitive Set. This displays Unified IDs, listing title, URL, listing type, listing subtype, PM domain name, city, zipcode, latitude and longitude, review count, review score, and number of bathrooms, and so on.
Dashboard use case
You can see properties based on their bedroom count, their review score, their amenities– whatever market segment you wish to analyze. Consequently, with the filters plugged in, you have unique sets of competitive properties at your fingertips for each of your listing groups.
Comparing and contrasting similar properties or listings is crucial for your rental pricing strategy. For instance, are you charging too little? Are you monitoring rate fluctuations from your competitors? Or are you undercutting the competition or offering more? Undoubtedly, gathering information on your competitive sets will guide your revenue and business management decisions towards a more successful, data-based, and confident approach.
Remember that with the competitive sets, you are provided with a list of Unified IDs, which you can then apply to other Transparent BI dashboards including rate shopping and benchmark estimate analysis. So, here’s how:
Rate Shop Analysis for vacation rental competition
Above all, our rate shop analysis will provide forward-looking rates and availability for short-term rental listings. As well as that, it reports what the users can see on online travel agency websites. Given check-in, checkout, and a number of parameters (what we call “stay”), the system reports availability and price breakdown. Additionally, it reports future pricing and availability data for available days in the listings calendar.
Our rate shop analysis provides Transparent’s most advanced occupancy and price data breakdowns. Rate Shops are updated more often and capture every piece of information available in the price breakdown of a listing when a traveller tries to make a booking. For example, this includes the cleaning fee, net price, service fee, and taxes if they apply. Also, the total nightly price is a sum of the aforementioned charges. The listings included are the ones you select and can be modified by contacting your account manager. This positions revenue managers to make fully informed and tailored decisions. Why? To truly maximize revenue with respect to availability.
Benchmark Estimate Analysis for vacation rental competition
Our benchmark estimate analysis is used to compare your performance against the market. Accordingly, we display rental metrics of occupancy, ADR, reservation window, and length of stay. In particular, this compares your properties against the market through averages in those metrics. In addition, by ‘plugging in’ your identified competitive sets, you are able to make comparisons and adjustments in a more refined way.
Also, Transparent Intelligence has created 12 other plug-and-play dashboards. This includes Competitive Set Research, Rate Shop analysis and Benchmark Estimate dashboards. So, if you want to explore the value added to your business,– you can book a free trial.
Who our BI is for– Revenue Managers
Revenue Managers will specifically benefit from this tool – valuable metrics which support business decisions based on real-time data, allowing maximal effectiveness of pricing strategies, rate tracking, and competitor insight in specific segments.
What is BI and why is it important?
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. In other words, 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. Note that our own data is pulled from major OTAs (Airbnb, Booking.com, Vrbo & TripAdvisor). These are large PM sites and are enriched with anonymised partner data. Then 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 identify my vacation rental competition? 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 this template offers, but there are 12 others to plug and play on our BI dashboard! Explore them all here or sign up for a free trial.