Data is a powerful tool that can create a real impact in your business. From planning to benchmarking, accurate data can assist in nearly every area of your company. But, it can be difficult to know which tools and providers are going to bring the best results. So, in this article, we'll break it down for you so that you can find the best data analysis tools to fit your needs.
The Power of Data Analysis Tools
Data is everywhere. Every time a potential guest visits your website, searches for a particular bedroom count in a rental property, or books their stay, there is data to be collected from your short term rentals. But, in many cases, the entirety of this is not being fully utilized. Key Data aims to change that!
By learning insights about where your guests are coming from, what they are looking for, how many nights they are booking, and how far in advance they are booking, you can better prepare to meet all their needs. Data analysis tools, like Key Data Dashboard, offer insights into so many areas within your business to help support your goals.
With metrics including average daily rate, revPAR, and calendar occupancy, property managers and industry professionals can get a pulse of how their properties are performing in relation to other businesses in the local market. This aids in decision-making, planning, future projections, and of course, reporting to shareholders or homeowners.
How Data Visualization Tools Make an Impact
There’s no doubt that data analysis tools are powerful. But, In order for them to truly make an impact, all viewers need to be able to understand what the data is saying. That’s why Key Data creates easy-to-read analytics. From heat mats showing the most productive feeder markets to customized KPI charts based on chosen metrics, visualization makes it simple.
Even for those familiar with tracking analytics, spreadsheets can be confusing and time-consuming to interpret. So, when selecting the best data tools for your business, it’s important to factor in the amount of time and ease of use. Data visualization tools are a wonderful way to make the data easier to share and understand throughout your business, so that you can spend less time trying to analyze what it means and more time using the implications to improve the guest experience.
Choosing Between Data Sources and Tools
How do you know which data source is best for short term rentals? We’ll let’s look at some of the key differences.
Direct vs. Scraped Data
Direct data is pulled straight from booking systems by integrating with your booking platform. Meanwhile, scraped data is compiled from other sources such as Vrbo and Airbnb. Direct source data provides more depth than scraped data and is unmatched when comes to accuracy. It provides visibility into granular KPIs such as guest cancellations, owner stays & maintenance holds along with actual booking rates. However, both scraped and direct data provide value for understanding the market. Direct source data is extremely useful for benchmarking your own performance in comparison to the market, whereas scraped data provides valuable insights regarding supply.
When it comes to data, accuracy is the most important aspect. The data you collect should influence planning, budgeting, and other strategic business choices. So, you don't want to make business decisions based on unreliable data. That's why Key Data integrates directly with booking systems via API to pull the most accurate, trusted short-term rental data available in addition to scraped data to paint the full picture of the market.
Real-Time Data Availability
Real-time market data and historical data are both incredibly important to gain a complete picture of what your numbers are telling you. While competitors may only pull data monthly, which provides a limited view, Key Data’s real-time data updates allow property managers to quickly recognize trends and potential problems.
Knowing where your guests are coming from and what they want can help to make the best decisions for marketing, amenities, and overall planning. DemandIQ™ is an excellent tool to understand what guests are searching for even before they arrive. From origin markets to most-searched amenities, DemandIQ™ offers a chance to see what guests choose before booking. So, you can reach your guests exactly where they are and plan based on this information.
Are you on track for your goals? Are you falling behind the local competition? Benchmarking is key to keeping your properties competitive and adaptive. With short term rental market analysis tools that easily identify gaps and opportunities through benchmarking, you are set up for success and clarity.
How to Implement Data Analysis Tools in Your Business
There’s no doubt that data is powerful and can make a real change in your short term rental company. But, where do you start?
First, click here to request a demo with a Key Data team member to see how our data analysis and visualization make it easy for property managers to get real-time updates. With the most reliable and accurate data, directly sourced from your booking system, Key Data is the easy choice.
Once you discuss your goals with a team member, we utilize an API to pull historic and forecasted data. Then, you’re ready to use your dashboard with the support of our knowledgeable team whenever you need them.
Then you’re ready to integrate data into your decision-making process. Examples include:
- Budget planning based on projections
- Discounting weeks based on occupancy rates or historic booking dates
- Pricing based on your local market
- Targeting potential guests based on location
- Managing owner expectations based on the current market
- And so many more!
Click here to book a demo to see how data analysis from Key Data can work for you!