Data & Analytics
OUR OVERVIEW
Data and Analytics have been buzzwords of the past decade, but at RevPARTY we’re not just paying them lip service.
RevPARTY uses data discipline and advanced analytics to generate insights that lay beneath the surface. While every assumption is challenged and verified, revenue management doesn’t occur in a perfect world with perfect information.
That’s where RevPARTY can leverage its vast knowledge and experience to help you navigate your revenue management journey. RevPARTY and our clients work together to fill in the blanks and contextualize data in the larger story. We help you use the right data, in the right way, to make the right decisions.
Our Services Include
Vacation Rental Market Data
ON AVERAGE, GUESTS USE 7 DIFFERENT FILTERS ON VRBO. WHAT’S THE ROI ON A COFFEE MAKER?
OVERVIEW
Vacation rental amenities are often one of the easiest ways to move the needle. However, a misguided strategy leads to missed opportunities and an expense line you didn’t need.
By targeting the amenities that matter most, staying aware of the available supply in your market, and defining your specific brand proposition is essential to improving revenue. The sales funnel starts with your property being discovered. Don’t get filtered out by guests.
Vacation Rental Revenue Projections and Forecasts
THE FUTURE ISNT PROMISED, SO TAKE AS MUCH UNCERTAINTY OUT OF IT AS POSSIBLE.
OVERVIEW
Revenue projections and forecasts are essential tools for vacation rental managers who want to make informed decisions about their business. By using historical data and market trends, these tools can help you predict future revenue and identify potential risks and opportunities for growth.
Imagine being able to accurately forecast your revenue for the next quarter, year, or even five years. With revenue projections and forecasts, you can do just that! By analyzing data on occupancy rates, seasonality, and competition, these tools can help you make strategic decisions about pricing, marketing, and inventory management. This means you can stay ahead of the competition and drive more revenue for your business.
But revenue projections and forecasts aren't just about predicting the future. They're also about identifying potential risks and opportunities for growth. By analyzing data on customer behavior and market trends, these tools can help you identify new market segments, improve customer satisfaction, and optimize your pricing strategy. This means you can stay agile and responsive to changing market conditions, leading to increased revenue and profitability for your business.
In addition, revenue projections and forecasts can help you make better decisions about capital investments and strategic planning. By understanding your revenue potential and projected growth, you can make more informed decisions about expanding your business, acquiring new properties, or investing in new technologies. This means you can stay ahead of the curve and position your business for long-term success.
So, if you want to stay ahead of the competition and drive more revenue for your vacation rental business, consider investing in revenue projections and forecasts. With their data-driven insights and strategic planning, these tools can help you achieve your business goals
Vacation Rental Sensitivity Analysis
WHAT IF YOU COULD HAVE ALL YOUR “WHAT IF” QUESTIONS ANSWERED?
OVERVIEW
Sensitivity analysis allows you to explore different scenarios and assess the impact of changes in your business environment, so you can make informed decisions that drive your success.
As a vacation rental manager, you know how important it is to stay ahead of the game. You need to be able to adapt to changing market conditions, optimize your pricing strategy, and make strategic investments that will drive your business forward. But how can you do all of that without the right data and insights?
That's where sensitivity analysis comes in. By modeling different scenarios and analyzing the impact of changes in key variables, such as occupancy rates, rental rates, and expenses, you can identify the most profitable course of action for your business. You'll be able to make data-driven decisions that maximize your profits and minimize your risks.
But the benefits of sensitivity analysis don't stop there. It also helps you identify potential bottlenecks or inefficiencies in your operations, so you can address them before they become major issues. It allows you to test different strategies and tactics, so you can find the one that works best for your business. And it gives you the confidence to take calculated risks and make bold moves that drive your success.
Don't let uncertainty and guesswork hold you back – make sensitivity analysis a top priority!
Vacation Rental Performance Benchmarking
EVERYONE WANTS TO BEAT THEIR COMPETITORS. WITHOUT PERFORMANCE BENCHMARKING ITS HARD TO KNOW IF YOU’RE LEADING THE WAY OR TRAILING THE PACK.
OVERVIEW
Even the best and most abundant data is useless if you don’t utilize it properly. The promise of greater real-time transparency, more accurate predictions, faster testing, and unparalleled insights is alluring to any business. Data Analytics is no longer a nice-to-have, its a must-have.
Innovation starts with insights that allow you to see challenges in new ways. RevPARTY uses proprietary methods to manipulate data, drive insights, and uncover the real story. We can expand data sources, improve methodology, implement tools, and align business strategy with investment goals; balancing speed, cost, and acceptance.
From the boardroom to the front lines, RevPARTY can help any company realize big impacts from big data.
Vacation Rental Revenue Management as a Service (RMaaS)
YOU KNOW YOU NEED A REVENUE MANAGER, BUT CAN YOU GET THE REVENUE MANAGER YOU NEED?
OVERVIEW
But driving those fast results are hard. There’s so many components to consider: rates, rates on different channels, promo codes, discounts, slash-through pricing, minimum length of stays, and closing arrival and departure. Rates and availability gets exponentially difficult as they interact with paid advertising, email marketing, channel distribution, branding, budgets, and growth. So how can a business know they’re getting it right?
You know you need a revenue manager, but can you get the revenue manager you need? Keeping revenue management in-house creates several challenges:
The time and money cost of hiring an appropriate candidate.
The pool of experienced vacation rental revenue is extremely small. In order to find the right fit you’re either paying a lot for top talent or settling on quality to stay within budget.
If your company needs revenue management competence, how can you competently know which candidate is the better revenue manager?
Once hired, even more time and money is invested into the employee’s onboarding. Even more is spent on employee compensation and benefits.
Once the hire is onboarded, there’s no guarantee they will perform well.
An internal hire can’t always be 100% objective as they navigate office politics
Those with no prior consulting experience have limited exposure to different portfolio types and sized. They also don’t have many experiences going from 0 to 100 real quick.
If there is no redundancy, the entire organizations revenue is at risk anytime there’s a sick day, PTO, or employee departure (in which case you start the whole process over again)
As your business grows, its often hard to scale revenue management appropriately. If you hire too soon then you’re wasting money. If you hire too late, your in over your head and leaving money on the table. Individual employees aren’t fractional, but services provided by a consultant can be.
With RevPARTY you can wash your hands of the hassle and rest easy knowing your revenue management is in good hands.
Our Other Capabilities
OUR IMPACT
OUR IMPACT STORY
Sojourn, a start-up vacation rental management company that owns and manages more than 100 units, saw their revenue growth slow and needed to quickly generate a higher RevPAR to support expansion efforts. Additionally, they were preparing to launch several new markets and needed to ensure a successful launch.
RevPARTY aided Sojourn to accurately benchmark and report performance, created custom dynamic pricing tools, developed revenue management strategy and tactics based on historical data insights, and provided technical education which enabled Sojourn to conduct all necessary actions in-house.
In just 6 weeks Sojourn’s RevPAR increased against the market RevPAR by 25%, they had significant cost savings from process improvements; including cancelling a managed revenue service, and their new markets launched and began performing 66% better than market in just their first quarter.