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In the fast-paced world of short term rentals, staying ahead of the game is crucial for property managers. The market's dynamic nature demands constant attention and adaptability. In this blog post, we'll explore how property managers can harness the power of data-driven decision-making to maximize their performance and stay competitive in the ever-evolving short term rental landscape.
Daily Routine: A Few Minutes That Make a Difference
The short term rental market's speed requires a daily commitment to monitoring key metrics. Property managers can carve out a few minutes each day to check the market, establishing a routine that ensures they are always in the loop. Some revenue managers even schedule daily appointments or time blocks to capture the current performance at the beginning of each day.
1. Pacing Detail Report: Unveiling Insights for Strategic Adjustments
At the forefront of daily checks is the Pacing Detail Report. This invaluable tool allows property managers to compare their short term rental performance to the previous year, offering insights into potential areas for improvement.
By zooming in on specific key performance indicators (KPIs) and leveraging filters, managers can analyze data by area, bedroom count, or custom unit groups. This granular information enables a focus on the metrics that matter most, facilitating strategic adjustments to enhance overall performance.
You can filter to see which parts of your inventory are performing well and which need attention. Plus, highlight key events or holidays to see how they are impacting demand.
2. Benchmarking: Gauging Success in Comparison
Benchmarking against competitors is equally essential in a data-driven approach. Proactive property managers regularly track metrics such as revenue per available rental (RevPAR), occupancy, and average daily rates.
Utilizing historical and forward-looking data allows managers to assess the competitiveness of their rates and identify potential issues with occupancy. Benchmarking can help you to quickly observe changing market trends for quick reactions. By benchmarking against industry standards, managers can stay proactive and address concerns before they escalate.
3. Rental Projections: Staying Ahead with Real-Time Market Insights
To anticipate market trends, property managers can incorporate rental projections into their daily routine. Key Data's add-on module provides real-time information on how the market is expected to evolve. This tool is invaluable for keeping agents, owners, and investors informed with accurate rent forecasts. By staying ahead of market shifts, property managers can make informed decisions to optimize rental income and overall business performance.
Good daily routines are essential, and you should supplement daily checks with weekly and monthly follow-ups.
The Importance of Routine: Weekly and Monthly Follow-Ups
While daily routines are essential, property managers should complement them with weekly and monthly follow-ups. For a full list of daily, weekly, and monthly tasks for data superusers, check out our blog.
In the dynamic short term rental market, property managers must embrace data-driven decision-making to thrive. By incorporating daily routines, leveraging tools like the Pacing Detail Report and benchmarking, and staying ahead with rental projections, managers can position themselves for success. The power of data lies in its ability to unveil insights, guide strategic adjustments, and ultimately, maximize performance in the competitive world of short term rentals.
