Estimated revenue
The Market Dashboard allows you to evaluate your listing's performance by comparing its revenue with market averages for the selected period. If your earnings are below the market average, you can adjust your pricing strategy to become more competitive. Conversely, if you're outperforming the market, you can analyze which factors contribute to your success and maintain or further enhance them.
Booking window
Your booking window (the time between when a guest books and their actual stay) compared to the market average can reveal crucial pricing insights. If your booking window is shorter than the market's, it may indicate that your prices are higher during the prime booking period, pushing guests to book closer to their stay date. If your booking window is longer than the market average, your future pricing may be too low, attracting guests far in advance but limiting potential revenue.
Length of Stay (LOS)
Setting your minimum stay requirement in alignment with the market's average length of stay (LOS) is key to maintaining competitiveness. If your minimum stay is longer than the market average, it can result in fewer bookings. Using the market data helps you optimize your minimum stay settings to align with current guest preferences.
Length of stay by stay date
The dashboard offers a granular view of LOS patterns over time, allowing you to track seasonal trends. For instance, in July, you might notice a mix of 1-night stays and longer 3-night bookings. Analyzing last year’s data for the same date range can help you adjust your minimum stay requirements (DSO) accordingly, such as discovering that the previous year’s December 31st saw a high frequency of 3-4 night bookings.
Compsets
You can create highly specific comparison sets (compsets) within your Market Dashboard to analyze pricing, occupancy, and other metrics for a targeted group of listings. This could include similar properties in the same neighborhood, or properties with a comparable number of bedrooms. You can further refine your compsets by filtering for specific criteria like star ratings (e.g., 4+ star listings), minimum stay requirements, amenities, or average daily rate (ADR), giving you highly relevant data to inform your pricing and strategy decisions.
Supply and demand
Tracking supply and demand metrics helps you understand market saturation. If active listings are increasing rapidly while average bookings per listing are declining, it signals that the market may be oversaturated. This can influence your decision on whether to continue operating or enter the market. Additionally, the dashboard’s average bookings per listing chart provides a percentage likelihood of your listing being booked during a particular week, offering valuable insights for future planning.
Amenities
Understanding the demand for specific amenities in your market can set your listing apart. If a higher percentage of bookings are associated with a particular amenity, but a lower percentage of listings offer it, this suggests that adding that amenity could significantly increase your booking rate. You can also explore the impact of other sought-after amenities to further differentiate your listing and attract more guests.
Cleaning fees
Monitoring cleaning fees is essential for balancing pricing and guest appeal. For example, if your average daily rate (ADR) is $100, but your cleaning fee is $400, potential guests may be deterred from booking. However, if the number of bookings associated with a particular cleaning fee exceeds the number of listings offering it, it indicates that higher cleaning fees might still attract demand in that market segment. Adjusting your cleaning fees based on this data can help you optimize your pricing.
Compsets for Neighborhood Data
Using Market Dashboards (MD) as your data source in Neighborhood Data enables you to create curated compsets based on specific criteria like bedroom count, amenities, and more. You can compare booked and percentile prices, as well as analyze competitor calendars across VRBO and Airbnb. This helps you compare your property against tailored competitor sets and make data-driven pricing decisions.
By integrating the Market Dashboard with Portfolio Analytics (PA) Pacing Reports, you can compare your forward-looking metrics like occupancy, ADR, and RevPAR against the broader market. This allows you to identify trends, such as whether your pricing is competitive or if you're underperforming in occupancy compared to similar listings. The ability to overlay market data onto your pacing reports provides a clearer picture of how your listings are tracking relative to market trends, enabling you to make proactive pricing adjustments to optimize performance.