We can bet your short-term rental market has changed significantly in the last year. Whether it’s more competition, softening demand, or ever-changing guest preferences, gaining success requires a deep understanding of your market. Knowing market-specific nightly prices, occupancy levels, booking trends, standout amenities, and insights into investment opportunities is essential for you to stay ahead of the game. However, navigating your market and corresponding challenges might seem difficult – but that’s where Beyond comes in.
With Market Insights, our new easy-to-use dashboard full of actionable information about your market, you have access to real-time data showing you the most up-to-date insights that keep you ahead of the curve. Market Insights provides you with the right amount of in-depth data so that you can understand your market, stay ahead of your competition, keep an eye on market performance, and discover new ways to increase revenue.
Beat The Competition
Knowing your competition is key to success. Using Market Insights, you can find out your direct competitors' nightly prices, occupancy rates, and the most popular amenities. This competitive benchmarking allows you to compare your properties to others in your market to help you make the right strategic decisions. This information can help you come up with a competitive pricing strategy and set yourself apart from the rest by offering outstanding amenities.
Having a competitive view and understanding of nearby, similar properties can give you a leg up when it comes to building a successful revenue management strategy. This is why it's important to have access to comprehensive, customizable competitive data and analysis with Comp Sets.
Comp Sets, or Competitive Sets, are lists of properties with characteristics similar to your property. A Comp Set includes other properties in your market that potential guests will likely consider booking while also considering your property. Think of this list as an inside view into what your competition is offering potential guests and how they are pricing their properties.
With Comp Sets, vacation rental hosts and managers can now answer questions like:
- Is my pricing aligned with my market?
- How are my competitors pricing their properties?
- Is my pricing competitive?
- How does my property compare to similar ones in the area?
- How can I differentiate my property from the competition?
- What does market occupancy look like for similar listings?
Keep an Eye on Market Performance
With Market Insights, you can track your market’s performance to stay up-to-date on specific trends, evaluate the demand levels, guest preferences, and adjust your strategy accordingly. Market Insights includes:
- Fifteen key performance indicators backed by a decade's worth of data insights and access to six points of comparison to evaluate current performance and stay aware of how you’re tracking against goals.
- Filterable charts and metrics by bedroom and timeframes to drill down into indicators that matter most to you. Whether you're comparing your 2-bedroom unit performance in the past year or assessing the impact in the next 3 months, our filtering capabilities make it a breeze.
- Real-time data stream and immediate access to the most up-to-date insights to keep you ahead of the curve.
- And more!
Discover Out-of-the-Box Ways to Increase Revenue
Increasing your nightly price is not the only way to maximize your revenue. Market Insights can help you identify other ways to increase occupancy and revenue besides raising the price. From the most common amenities in your area to weekly booking trends, there is a goldmine of information to input into your revenue management strategy.
For example, let’s say that you only list your vacation rental on Airbnb. However, you can see in Market Insights that a good portion of the bookings in your market are made on Vrbo. If you start listing Vrbo, you will get exposed to more guests and generate more bookings resulting in an increase in overall revenue.
Or, for example, you can see in Market Insights that the average length of stay in your market is about 5 days. However, your minimum stay requirement is set at 7 days. You could potentially get more bookings if you lowered your minimum stay requirement.
Understanding your local market for your vacation rental is one of the most important things you can do to maximize your revenue.
From getting an inside look at your competition to understanding seasonal trends and more, having a deep understanding of your market will help you bring in more bookings.
With Market Insights from Beyond, you can become an expert on your market and drive success with trusted data and capitalize on the extensive local market dynamics in any region worldwide.