Are your short-term rentals generating the revenue they should? Summer occupancy rates in much of Europe are pacing similarly to last year. However, some property managers and owners struggle to maintain or increase revenue per available night (RevPAN). The market is evolving, and outdated booking and revenue strategies may cost you significant profits.
In key markets like Spain, Italy, France, and Portugal, occupancy is up by an average of 2%. But this is not the full story. In the UK, occupancy has decreased by 3%, and RevPAN has taken a hit across various regions: down 15% in France’s urban areas, 10% in rural areas, 5% in Italy, and a staggering 14% in the UK. These shifts highlight the urgent need for vacation rental operators to adapt their strategies.
Booking trends are fluctuating across Europe, creating uncertainty and impacting the ability to grow. Addressing these challenges goes beyond simple dynamic pricing tools; it requires a strategic, data-driven approach.
Overcoming key challenges with Insights Pro
Insights Pro by Beyond offers Market Insights, Comp Sets, and Search Powered Insights. These tools can help you outperform your competition, boost bookings, and convert market uncertainties into profitable opportunities. On average, users gain up to a 13.4% increase in RevPAN. Let's dive into how Insights Pro helps you achieve success.
Want to navigate market data faster?
Dream of navigating vacation rental market data with ease? Market Insights is the go-to solution for comprehensive local market analytics.
Gain detailed, actionable data on key trends like occupancy rates, revenue per listing, reviews, amenities, booking trends, and more. This feature helps property managers understand their position in the market. It also helps them make informed decisions to expand their vacation rental business. Adopt an intelligent, data-driven approach and leave guesswork behind!
How to use Market Insights
- Log in to the dashboard and navigate to the Market Insights section under Insights in the left menu.
- Analyse over 20 crucial metrics like weekly booking activity, occupancy, bookings by channel, cleaning fees, cancellation policy, top amenities, and more.
- Filter metrics by bedroom, neighbourhood, and time frames to drill down into the most critical indicators.
Benefits of Market Insights
By leveraging Market Insights, property managers can address challenges such as lower average daily rates (ADRs) and bookings by making informed, data-driven decisions. They can apply it to dynamic pricing and distribution strategies to positively impact bookings and annual profits.
The dashboard shows specific indicators for each neighbourhood, such as popular amenities, the best cancellation policies, and competitive cleaning fees. This helps managers make their property more appealing. Additionally, understanding these metrics can guide investment decisions when purchasing a new investment property in the short term, ensuring the listings are appealing and generating more bookings.
Market Insights also features comprehensive charts that enable property managers to compare current market pacing with the previous year across key performance indicators (KPIs) such as adjusted occupancy (occupancy minus blocks and owner stays), nightly rates, average bookings per listing, booking lead time by check-in date, stay lengths, average revenue per listing, and average minimum stays.
Property managers can assess whether their listings align with similar-sized properties in their market, enabling them to make strategic adjustments and informed decisions. Overall, Market Insights empowers managers to remain attractive to potential guests and boost bookings by using actionable real-time metrics to make informed changes and invest with confidence.
Want a competitive edge over the competition?
Aspire to outpace the competition and lead the market? Property managers looking to outpace their competitors and lead their market will find Comp Sets to be a reliable solution for gaining a strategic advantage. Comp Sets allows property managers to create, edit, and manage sets of competitive listings or build a custom comparable listing from a single view. This tool helps them understand their market performance and easily make game-changing adjustments.
How to use Comp Sets
- Select comparable listings from channels like Airbnb, Vrbo, and Booking.com in a few clicks. Use intuitive filters such as location, amenities, and property type to find matching listings.
- Refine comps with customisable filters based on the number of bedrooms, mile radius, and other critical characteristics. This ensures the comparison of properties to the most relevant competitors.
- Save custom comp sets for quick access and continuous assessments. Keep them up-to-date to reflect the latest market dynamics and competitor activity.
Benefits of Competitive Sets
The benefits of Comp Sets are extensive. Property managers can compare key metrics like average price, occupancy, base prices, and health scores to understand where their vacation rentals stand and pinpoint areas for improvement.
They can view their competition by OTA channels such as Airbnb, Vrbo, and Booking.com to gain granular details on the modifications needed per channel. Using detailed information, they can benchmark their listing against appropriate competitors, identifying gaps and making data-driven adjustments to lift their competitive position. By leveraging the custom comp sets feature, they will understand typical ADR or occupancy in specific markets, whether for the short term or long term. Comp Sets will help their listings truly shine, making their offerings the top pick every time.
No crystal ball for what guests want? No problem!
Wish to understand guests' preferences without needing a crystal ball or predicting the future? With Search Powered Insights, property managers don't need one!
Imagine having a system that analyses guests’ searches into actionable information. This data-driven powerhouse gives a clear view of what guests are searching for, allowing property managers to make smarter, more informed decisions. Replace gut decisions with a strategic, revenue-boosting approach.
How to use Search Powered Insights
- Log in to the dashboard and navigate to the Search Powered Insights section under Insights in the left menu.
- Identify the market trends using the global heat map and review data representations such as searches by stay length, amenities, booking lead time, and more to see what guests are looking for.
- Look for patterns and trends in demand to adapt listings based on guests’ preferences.
Benefits of Search Powered Insights
With Search Powered Insights, property managers can monitor guest preferences and spot emerging trends as they unfold. This allows for making changes to settings, like adjusting minimum stay requirements, to make sure properties always meet guest expectations.
Additionally, Search Powered Insights improves marketing strategies. Property managers can improve their marketing by learning how guests search for properties. This knowledge can boost conversion rates on direct booking websites. This data-driven approach not only enhances marketing effectiveness but also significantly boosts total revenue.
Gone are the days of guessing what guests want. With Search Powered Insights, property managers no longer need a crystal ball to understand guests' preferences. This powerful tool transforms guest search data into actionable insights, enabling them to respond precisely to guest demands and be the trailblazer in their market.
Is unprecedented growth within reach?
In competitive and challenging times in various markets across the globe, where securing bookings and maintaining revenue streams can be difficult, Beyond's Insights Pro package stands out as an unmatched arsenal of solutions in the vacation rental industry.
Featuring Market Insights, Search Powered Insights, and Comp Sets, Insights Pro empowers property managers to solidify their revenue management strategies and is an important piece in today’s property manager software toolkit. By leveraging advanced market analytics, proactive evaluations, and competitive research, property managers can remain at the forefront of a fast-changing industry and grow their vacation rental portfolio confidently.
Beyond users have witnessed significant business growth with Insights Pro—now it’s your turn. Do not be the property manager or owner left without bookings during historically high demand periods. Start using this innovative suite of solutions today to take your vacation rental business to the next level.
Ready to transform your pricing strategy? Schedule a demo with Beyond today and unlock the full potential of your business.
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