Could your short-term rental (STR) be lagging behind your competition? Are you wasting capital and experiencing a lull in performance? Avoiding this in a vacation rental competitive landscape can be tricky, so we have devised a plug-and-play competitive analysis dashboard to give you an edge over your competitors and real-time knowledge in any vacation rental market worldwide. What better benchmark or blueprint than your most successful competitors in an ever-evolving vacation rental world?
Other short-term rental (STR) professionals are spending time making the same decisions you are. By monitoring your competitive sets, you can quickly gain a lot of insight in a short period in order to better optimize your inventory rates against those of your competitors.
This BI dashboard instantly gives you access to the hive mind of your market to help you align your inventory with your potential guests’ multitude of choices. Furthermore, in this competitor view, it is possible to customize the data to your specific needs. Let’s overview the key metrics the dashboard provides and the pain points it will seek to solve. More, below are some of the key benefits for revenue managers, what BI is and how it works, and most importantly, how you get started.
Key metrics
You are able to customize your dashboard to display specific data based on the following filters:
- Active supply
- Platforms
- Listing type
- Listing subtype
- Number of bedrooms
- Number of bathrooms
- Country, city
- Zip code
- PM domain name
- Certain amenities
- Instant booking
- Conversion rates
- Dates
With the filters in place, your dashboard will update its series of actionable visualizations, the listing count, and the platforms we track in the selected area, alongside your listings. As you can see in the images below, the competitor’s dashboard provides organized lists of key metrics. One labeled Competitive Landscape and the other Top Listings.
In the Competitive Landscape table, we list companies by PM domain names in order to aggregate all of their listings and give you the full picture. Basically, the goal is to allow you to compare your competitors by key metrics, and judge your performance within the context of your market.
Further, in the Top Listings table, listings are compared without the consideration of who is managing those listings. In other words, in this table, you can find properties that are best in class in certain metrics, irrespective of the rest of a portfolio or who manages them – professional or otherwise. What does this mean for you? For starters, you can identify the big-hitting listings in your area and learn from them – which amenities do they offer? What do their reviews tell you? How do they market their property? What else? We go through various use cases below…
Key benefits for revenue managers
Undoubtedly the Top Competitors dashboard, along with our other solution-based dashboards that you can easily plug-and-play, are essential for understanding and staying on top of your competitors in the competitive analysis of STR property management and revenue insights.
Revenue Managers are able to identify new business strategies and implement these new ideas into positive revenue streams. In sum, through investigating, tracking, and comparing these metrics with one another, the supply of information and data is endless.
Ultimately, you can get started with competitive analysis with Transparent business intelligence and achieve the following:
- Identify key competition
- Learn from top-performing companies & listings in your market
- Know the review scores of your competitors and any potential correlations and trends in this area
- Due diligence on potential property management company acquisitions
- Benchmark listing performance to identify revenue opportunities
- Understand how your competitors are using different platforms
- Incorporate this view into your internal processes for easy portfolio performance tracking
What is BI and why is it important in the vacation rental competitive landscape?
Business intelligence structures your own PMS data and contextualizes it with market data from our 45M scanned OTA listings. Even more, the templates (and bespoke, analyst queries) ask questions of this data lake to answer the main business questions and growth blockers experienced by PMs. And so, 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 within the vacation rental competitive landscape
In sum, we connect directly with your PMS via API to retrieve and structure the data into an actionable dashboard. Additionally, our own data is pulled from major OTAs (Airbnb, Booking.com, Vrbo & TripAdvisor), large PM sites, and enriched with anonymized partner data. As a result, 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 communicate effectively with my owners? 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 regarding your vacation rental competitive landscape.
How you can get started
There exist avenues of property management data that give only those that utilize and weaponize it a bird’s eye view of any market of their choosing. Competitive analysis for property management (PM) is a must, what’s simpler than an optimized and consolidated dashboard to provide you with all of the specialized short-term rental metrics you need?
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 and sign up for a free trial. In brief, stay ahead in your vacation rental competitive landscape.