Take a moment to make sure you are prepared for 2020 going through our Key Data 2020 Resolutions!
1. Are my units up to date with correct in service/out of service dates?
- When a property goes off program, mark it “Out of Service” in your Unit Settings so that your data is totally accurate. Missing out of service dates negatively affects your occupancy percentage.
- When a property comes in service, be sure that correct in service dates are chosen to get the most accuracy from your data.
2. Are all my active units pulling into the dashboard?
- If your property management system requires you to share (or check off) units, make sure they are up to date.
3. Check your expectations:
- Check by bedroom size, unit type, etc.
4. Where was RevPar for the year for different units sizes/types? High Occupancy and Low Rate, perhaps raise rates. Low Occupancy and High Rate, perhaps lower rates. Find the “sweet spot”.
5. Great place to utilize your Booking Curve (when does that curve start to swing?)
- Did units perform as well or better than last year?
- How should 2020 pricing be different?
- What is my booking window and when should I be sure to expect increases in bookings
- Did you hit your 2019 Unit Revenue Goals (if you had them)
6. Did you perform in line with the market?
- Did your occupancy curve follow that of the market?
- Did you miss a time of higher demand and leave money on the table?
7. Do I have weekly pacing reports setup to be emailed to me each week so I can stay on top of my performance even when time gets tight?
8. Have I put my rate seasons into Key Data for 2020?