Transparent BI is a central business intelligence platform that helps property managers who are looking to be leaders in their market to answer business questions effectively. So why is Transparent BI the new necessity for short-term rental property managers?
Using the business intelligence platform, managers can integrate their data directly with Transparent’s industry data to analyse aggregated rate shopping, occupancy pacing, reviews, inventory & competitor breakdowns.
Best of all, Transparent BI allows users to fully customise reports to answer their specific questions and inform decisions, clients and prospects. You can even automate these reports so that you spend less time finding and understanding data, and more time making the right decisions for your business.
How Transparent BI works
Transparent BI is built to integrate your data with market data, to provide holistically informed solutions to your short-term rental questions.
- You begin by integrating your internal data via your PMS.
- Next, we work with you to build custom insights that cut to the heart of your strategy & help you optimise.
- You can automate and update your reports to support your processes.
Via some PMS, for example Avantio, you can seamlessly connect your PMS data with one click at no additional cost! Once you’re set up your insights will draw from various data types and sources depending on your use case.
Why Transparent BI is the new necessity for short-term rental property managers: Business intelligence in practice
So you know what it is, and you know how it works… But how would Transparent BI work for you?
Of course there are many use cases for vacation rental data, including price optimisation, prospecting and reporting, so what does that look like?
Another key use of data is in optimising your pricing strategy. Knowing what a guest is willing to pay for your property is 95% of the battle in selecting the optimum price for a property, and guess what? Data gives you exactly that. Using filters to craft an insight into seasonal pricing for a given segment, for example, 2 bed, 2 bath apartments with a garden in your zip code, can inform what people have paid and also what people are currently paying. Aligning this with your internal data gives an informed view, plus, there’s an optional rate-shopping module, which shows daily pricing across listings of your selection with fee and tax breakdowns. That combination positions you one step ahead of the demand curve and crucially, your market.
Prospecting & growth
The first step in any short term rental journey is the property. What and where you buy provides the framework for your revenue, and so deserves proper consideration. Data also comes into its own here. Explore global trends (e.g. urban to rural, apartment to house), how markets compare (average property revenue, seasonality and inventory) and pinpoint the top-performing property segments (bedroom numbers, historically and into the future). This allows you to prioritise investments, growth, prospects or acquisitions.
BI allows you to aggregate your imported data, including reservations, inventory and calendar, to analyse and visualise it in one space. You can customise reports based on your requirements or targets, or use our template insights for inspiration. Think historical yearly revenue, forward-looking monthly occupancy or ADR by location. Combining with market views gives some context to your performance. Repeat reports can also be automated.
Our powerful reporting also comes in handy for stakeholders. What do owners love even more than you driving their profits? Being proactively told how and how much! Transparent BI allows you to automate performance reports highlighting ADR, revenue and occupancy for example for specific units. You can even compare that performance against market metrics to set yourself apart. If you want to go one step further, you can create customised dashboards for your clients to join.
Raw data downloads
If that isn’t enough, we’ll even let you export the raw data from your dashboard to externally analyse or manipulate. This gives you full flexibility over the mass of information, how you treat it, and what you make of it.
Why should you care about Transparent BI?
Hopefully you now understand the features that the platform offers you (if not you can speak to us personally here). So, what difference will the power of Transparent BI make to you?
- Save yourself valuable time in getting accurate, actionable insights
- Inform your targets and make data-driven decisions
- Measure your performance to ensure quantifiable results and iterations
How can short-term rental property managers get started with Transparent BI?
Some PMs (including avantio users!) are eligible for a 30 day free trial of Transparent BI plus 1-click PMS integration. To explore the product or get set up, simply book a call with our team here.