"On your mark, get set, go!" When it comes to athletics, the competitive spirit and strategy are not unlike utilizing Beyond's Comp Sets to track competitors and benchmark performances.
Advanced short-term rental strategies are just like competing in the Olympic games. In some situations, property managers and hosts are sprinters; in others, marathoners or hurdlers, navigating barriers and trained to succeed in long seasons, being as proactive as possible to stay ahead of the competition.
How do you keep the runner’s high in the short-term rental industry? Use Beyond’s Comp Sets to win your races. This powerful feature offers an easy all-in-one view of the competition with a map of the market and nearby properties to benchmark performances.
Setting the pace: strategy & preparation
Before a race, athletes meticulously plan their pace, understanding their strengths and weaknesses relative to their competitors. They analyze past performances, environmental conditions, and physical readiness to strategize their run. Focus and calm are a must!
Is this familiar to you? Property managers who utilize Comp Sets feel they are ready to beat the competition. How? Beyond gathers data on competitors' pricing, performance metrics, and market trends, that help in crafting a strategic approach to outperform the competition.
And this data-driven approach helps in making informed decisions, providing a psychological edge over competitors.
Real-Time adjustments: flexibility & responsiveness
During the short-term rental race, property managers and hosts must remain flexible, adjusting their pricing based on real-time conditions—be it the speed of real demand, new events announced, or unexpected challenges, like the weather! The ability to adapt swiftly can be the difference between winning and losing.
Comp Sets offers real-time insights, such as amenities, listings size and reviews, allowing property managers and hosts to adjust their strategies dynamically. This flexibility ensures they remain competitive under changing market conditions, ultimately leading to optimized revenue management.
Benchmarking Performance: measuring success
Review your performance against benchmarks—historical data, and competitor performances, and help property managers and hosts understand where they excelled and where improvement is needed.
By analyzing metrics like RevPAN (Revenue per Available Night) or ADR (Average Daily Rate), you gain insights into your market position and areas for enhancement.
Training doesn’t stop after one race. The competitive spirit is always there and short-term rentals professionals must constantly monitor and optimize their strategies.
Continuous improvement is key to sustainable success in a dynamic market landscape.
Find out how Beyond can help you to stay ahead of the competition.
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