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Utilizing data is essential to making well-informed business decisions for property management companies, especially in this competitive market. Data-driven decision making allows companies to make the best choices for their company based on insights, trends, and performance. By leveraging the insights provided by Key Data, property management companies can adapt to market trends, drive revenue, and achieve their business goals.
The benefits of utilizing data are endless. Accurate data can help improve operational efficiency, drive customer loyalty, and provide a competitive advantage in the marketplace. But, who should be using Key Data’s insights in an organization to make decisions? The answer is simple- everyone. Let’s take a look at a few ways that Key Data can be utilized for different areas of a company.
How Revenue Managers Can Utilize Rental Data
Revenue managers are responsible for maximizing revenue and profits, which is not always an easy task. Key Data is here to help! Revenue managers can utilize both past and forward-looking data to develop an accurate budget based on seasonality, daily rates, staffing, and more.
By identifying trends in revenue, occupancy, and guest behavior, revenue managers can create targeted price strategies, optimize rates, and maximize revenue opportunities for their short term rentals. Key Data allows revenue managers to directly compare rates with local competitors at the click of a button, so they can see how they stack up and address any discrepancies. They can also use the data insights provided to forecast demand and allocate resources to ensure optimal utilization.
Using Data Insights for Housekeeping
Housekeeping might not be your first thought when thinking of departments that can utilize data for improved efficiency. But, there are great opportunities to use Key Data’s insights for housekeeping schedules, planning, and staffing.
By knowing the projected number of guests checking in each week even months in advance, you can know the most common turnover days and predict the number of properties to schedule. With this information, you can adequately staff to ensure you have enough housekeepers and resources to meet guest needs. Additionally, by knowing information about properties such as amenities, bedroom, and bathroom counts being booked, you can create more accurate time allotments.
Data for Owner Services
Owner services are your front line for managing the expectations of property owners and ensuring they are satisfied with your management. By utilizing Key Data’s insights, they can understand why guests are booking, the most sought-after amenities, and the most popular accommodation types. Then, they can communicate these needs and trends with homeowners to set realistic expectations while providing the opportunity to raise rates with upgrades.
Data enables owner service providers to anticipate needs leading to higher owner retention rates. For example, by communicating the higher potential average daily rate for pet-friendly properties in the United States, they can not only bring in higher revenue but also exceed owner expectations.
Owner services can also set up automated reporting to communicate property progress and comparisons directly to short term rental owners. This saves time for staff while providing patterns in booking behavior and competitive performance check-ins for vacation rental owners.
How Marketing Can Use Key Data Insights
The marketing department plays a crucial role in attracting guests to the establishment. By using the information provided by Key Data, they can geotarget potential guests based on the most common booking locations. This helps them to identify target markets, personalize their campaigns, and improve customer engagement. They can also utilize DemandIQ™ to determine gaps in supply based on search results with zero results. Then, this can be used to target new properties for your inventory.
All of these insights help a marketing department to best utilize its budget and reach its ideal audience. Plus, with performance tracking, marketing teams can easily show the impact of campaigns on bookings or rates.
Data is a powerful tool that can be utilized in all areas of a company. By leveraging Key Data as a business tool, companies can gain valuable insights, make informed decisions, and achieve their business objectives. The benefits of utilizing data are endless, from increasing revenue to improving customer satisfaction or owner retention. By harnessing the power of data, companies can create efficiencies, optimize operations, and gain a competitive edge in the market. So, whether you're in housekeeping, owner services, revenue management, or marketing, data can help you make better decisions and achieve your goals. Want to learn more about how Key Data can integrate into your business? Click here to schedule a personalized call.
