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In Part 1, we discussed what RevPAN (Revenue per Available Night) is and why you should use it. Now, let’s take a look at a few examples of how RevPAN can help you maximize revenue for a short-term rental property.
RevPAN can be viewed from each individual listing under the Stats page in our dynamic pricing tool. For more information on using your property’s Stats page, check out our help section.
The average daily rate (ADR) for bookings at a short-term rental property can be a great data point to use when analyzing the value of a property. While this can be important, using ADR on its own to gauge performance of a listing can be detrimental to a good revenue management strategy.
Here’s an example of where an owner or property manager obsessed with growing ADR may not be able to see the bigger picture:
One of the biggest goals of short-term rental revenue management is to maximize occupancy where possible without leaving money on the table. Some property managers may be too focused on growing occupancy and bookings year-over-year, however, while losing sight of ADR.
Here’s an example of focusing only on putting heads on beds:
Year-over-year (YoY) revenue is one of the most common ways to measure short-term rental performance, and rightfully so. Owners aim to see a return on their investment.
But does year over year revenue growth prove that you’ve maximized a listing’s revenue potential? Let's take a look at one final example:
As the examples above illustrate, using RevPAN at the listing level can be helpful when reviewing performance and future revenue management strategy planning.
If you aren’t yet familiar with Insights, check out more here and sign up today for free!
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