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As vacation rental property managers, you have a lot on your plate! Key Data is an excellent source for your company across all areas of your business. But, did you know that short term rental data can provide benefits even outside your organization? That's because Key Data is an incredible tool to help set and manage realistic owner expectations.
You want to ensure that the properties you manage are always in demand and that property owners are making the most of their investments. That’s where Key Data comes in. With Key Data’s insights, you can track performance and observe key factors regarding marketability that can be shared with homeowners. Let’s explore how Key Data helps with vacation rental property owner expectations.
Vacation Rental Amenities & Upgrades
One of the key insights that Key Data provides is the ability for property managers to see which properties are booking the best or underperforming. So, you can share relative and individualized performance with rental property owners. This short term rental data is invaluable as it allows property owners to see how their property is doing in the local area and if there is room for improvement.
For example, if booking activity is low compared to similar properties, you can present the owners with comparisons for property features such as additional rental amenities. By showing them direct comparisons, you can encourage upgrades as needed to improve performance and meet their expectations for bookings and daily rates. Then, upgrading vacation rental amenities within a unit becomes an easier conversation with the data to back it up.
With DemandIQ, you can also identify exactly what features guests are searching for when browsing short term rental properties on your website. This allows you to easily identify gaps in the market and communicate opportunities for homeowners to fill them.
Additionally, Key Data allows you to easily compare the performance of your inventory against the local market. Doing so lets you identify areas where you need to improve and make changes to meet your guests' expectations. You can track how all properties are pacing or compare individual units.
Using Data to Recognize Market Changes
The vacation rental market is constantly changing, and as a property manager, you need to keep up with these changes to stay competitive. From supply trends to popular amenities, and everything in between, it’s important to know what’s happening around you.
Key Data offers Year over Year pacing, which allows you to see how your property's performance compares to historical trends. This data can easily be shared as a whole or individually with property owners to give a pulse on where they stand within the local market.
By keeping track of market trends, you can make informed decisions about pricing and marketing strategies keeping you ahead on making adjustments or communicating new expectations with homeowners, because you will be able to see trends as they emerge.
Key Data's forward-looking data helps you see what's coming so you can plan accordingly. So, when homeowners come to you with questions or concerns, you can share a data-driven plan for success.
Automated Reporting
Managing a vacation rental property can be time-consuming, especially when it comes to tracking and reporting on KPIs for specific homes and homeowners. With Key Data’s customizable reporting features, you can share only the information that's relevant to each homeowner. With over thirty KPIs to choose from, you can easily filter for the data that matters most to the homeowner and create custom dashboards to track progress over time.
You can then schedule automated reports to be delivered on a regular basis, so you never have to worry about missing a report or wasting time on manual data collection. This not only saves you time but also helps you build trust and transparency with your homeowners. Whether it's a quarterly update or a weekly booking report, our reporting tool has got you covered.
By utilizing Key Data's seamless reporting solution, you can spend less time pulling data and more time using it to drive growth and success for your vacation rental business.
Key Takeaways
Key Data is an invaluable platform for vacation rental property managers when it comes to setting and managing realistic owner expectations. It provides you with the rental data you need to make informed decisions about your short-term rental properties, tracks your progress over time, and helps you remain competitive in a constantly changing market. Plus, with easy-to-read reports, homeowners can stay in the loop as needed.
Whether you're looking to improve marketability with property amenities and upgrades or keep owners up-to-date with market trends, Key Data can help you achieve your goals. Get your personalized demo to see exactly how Key Data can assist you and your homeowners by clicking here.
