I have a few listings and feel like I need better analytics to get improve. What are you using for analysis tools?
What are some of the more interesting measures? Mostly, I've been focused on revenue per month and it's all come from Airbnb. I'm adding on other channels and want to see how average rate per night changes with other channels, cancellations, etc.
@Rick Baggenstoss Rick it’s time for the the old one hour phone call with yours truly.
Too much to explain here in a forum post. What you need is someone in your market that is willing to share their numbers with you. Since you’re not likely to find that your next best is to obsess over other listings in your market and get me on the phone. I’m happy to share my numbers and systems. While we may be in different markets (Im in GatlInburg Pigeon Forge) you’ll still learn something.
Of course there’s always airdna if you want to really drive yourself crazy and never end up buying anything ;)
I have created my own KPI's (key performance indicators) and occupancy is calculated just to compare MOM and YOY trends. I track revenue, then back out ALL costs, OTA fees, Cleaning Fees (add back the difference if this is a profit center and average this cost), and any other fees if any. Tax should be a wash. You should then end up with a NET number which is my most important calculation. I then can run totals for the ones I mentioned above and built a few charts. It's a bit of manual work to setup but once you're done it's just plugging numbers and confirming calculations.
@Lucas Carl Thanks for the offer. I agree a phone call will be very helpful. I'll get in touch.
@Michael Greenberg Net profit MOM/YOY is the best, agreed. Are you also able to view it by channel (Airbnb, VRBO, etc.), length of stay, etc. Are you dumping the csv files into a spreadsheet to run the reports or are you entering the data manually?
@Rick Baggenstoss - thanks for the response. I am able to view by OTA (Airbnb, VRBO, length of stay, etc....). It is in spreadsheet format but is a manual process - wish it would dump from the sites in the same format, but no luck. However, my routine when I receive a reservation is to immediately update that spreadsheet which makes it less painful than entering them all at one time.
This is a good topic. I'm data driven so always looking for new insights. The MOM/YOY are essential. What other insights are you mining from your data? I look at:
- Revenue/Profit by Channel to understand most valuable channel
- Revenue/Profit By Month to understand seasonality
- Booking Lead time to understand behaviours -- important to know to determine ideal time to drop prices
- Days booked/month and average daily rate/month
I'll update if I start mining others
Has anyone entertained the idea of automating this process? Then personalizing an individuals RE short term rental data with functionality tools similar to what AirDNA and Mashvisor have. Also any thoughts on Tableau's big data analysis platform? Has anyone inputed their RE short term rental data or ANY data for that matter into Tableau?