Vacation rental property managers hold valuable information in their property management systems that can help to demonstrate their impact, increase revenue, and keep owners happy. However, too many vacation rental property managers aren’t using the data to its full potential.
Vacation rental technology is now involved in almost every aspect of the property management business, meaning that everything is digitized and, therefore, very easy to analyze.
In research conducted by 365Villas on almost 3,000 customers, we identified that only a third of property managers with fewer than 20 properties give owners a login to the owner dashboard. However, when offered to them, 80% of owners actively use it.
This discrepancy in data sharing suggests property managers with smaller portfolios may be missing out on the benefits of sharing detailed metrics on property performance with their clients. On the other end of the spectrum, 100% of 365Villas’ larger customers are providing owners with access to the dashboard, giving them valuable insight into KPIs.
Many of the larger companies that are leveraging data are established, professional operators, and this level of owner engagement is one of the reasons they are so successful. Smaller property managers can learn from them and begin to share information with owners in the same way to develop their businesses.
What data should you share?
Vacation rental property managers have a whole host of data at their fingertips, but the most useful metrics to share with owners are those that have a real impact on their bottom line:
- Occupancy rates: how often are their properties getting booked, and how does it compare to similar listings?
- Average daily rates (ADR): how much are guests paying for their stays? Has this gone up or down?
- Revenue per available rental (RevPAR): more than revenue, this figure is fundamental to demonstrating the financial performance of properties.
- Revenue: owners also want to understand how much money their properties are bringing in overall.
However, all of these key performance indicators (KPIs) are only useful if you present them to the owner in a way they can understand. When you speak to owners, prepare visual aids based on property management software data, explaining what the data really means to them.
Not only will more informed owners be better equipped to make decisions, they will better understand if you need to bring the nightly rate down, why you’re recommending renovation or amenity improvements, and why a seasonal fall in revenue is nothing to worry about.
Vacation rental property managers using good property management software have access to vast amounts of data that can help create transparency, trust, and lasting relationships with their owners, leading to better property performance.
Book a demo today to find out how a PMS can support your business.
