The vacation rental industry has experienced a huge shift during the last few months due to the effect of COVID-19. As we are in the middle of this mayhem, it is important to begin looking ahead with your data and planning for business after the crisis.
Using your dashboard to prepare for the changes ahead:
Company > Pacing Detail > Choose TWO Primary KPIs (Adjusted Paid Occupancy & Cancelled Stays)
Adjusted Paid Occupancy = the percentage of Guest Nights out of the total nights available for guests to book, or the Nights Available.
Canceled Stays = The number of guest stays for check-ins during a given period that cancelled prior to arrival
This report can help you look ahead by showing your future occupancy with your cancelled stays at the same time. This is beneficial for two reasons:
- You can look ahead to find your “Light at the end of the tunnel”. When looking at this report, you can see that at one point your pacing is on par with where your occupancy was at this time last year. The report above shows that they are on trend with August’s occupancy.
- This report does a great job of showing you what to expect moving forward. Imagine having the ability to see that you would be where you are now three months ago? Unfortunately, with COVID-19 creating a lot of last minute cancellations for April and May we were not able to prepare. Now, we can prepare for our future months to be the same if we can see how they are pacing with last year's data.
Should you make rate adjustments at this time?
The best way to know if you need to make rate changes is by using your data. You do not want to rely on gut feelings to make rate adjustments.
In your Key Data dashboard, you can use your leaderboard to look ahead at grouped properties by month or season to see ADR and REVPAR to decide what adjustments should be made on the unit level for each group per season.
Questions? Contact your Partner Success Manager for more tips on looking ahead.