In this post, we’ll explore the following widgets – Revenue, Revenue Trend, Market REVPAR, Market Lenght of Stay, Average Market Length of Stay, Average Lead Time, Amenities, and Lenght of Stay vs Lead Time.

This is the final post of a four-part series where we explain

Part 1 shows Market Rental Size, Market Rental Type, Average Price, Average Daily Rate, and Base Number of Guests.

The Performance Dashboard Explained Part 2 includes an explanation on Occupancy Rate, Future Occupancy, Market Pricing, Day of the Week Occupancy, and Occupancy Trends.

Part 3 shows  Cleaning Fees, Extra Person Fees, Cancellation Policies, Bookings, Cancellations, and Bookings vs Lead Time.

Performance Dashboard Widgets Continued…

Revenue

Revenue is a great indicator of business and market success and viability. Our Revenue widget displays the median market revenue earned over the past 30 days. This figure does not include taxes, services like Airbnb, or extra guest fees. We did not include Cleaning Fees in this market revenue figure. We’ve included so many revenue-based widgets in the Performance Dashboard that we decided we needed greater representation for the wider market.

Revenue Trend

The Revenue Trend widget shows the trend that’s created when we compare the total listing revenue for a given month with the median market revenue for similar listings. The previous month display shows the forecasted revenue for the current month. You can select to display the following things on your Revenue Trend widget: your revenue, your median revenue, your last year, median market revenue, and average median market revenue. 

This widget can show you a range of things, but mostly it’ll help you ascertain how your revenue is faring against that of the local market.

Market RevPAR

Market RevPAR refers to the revenue per available room. Our Market RevPAR widget shows the median revenue from the period in question divided by the total number of rooms available in your market over the past 12 months. It shows how well the market is performing in terms of bookings. The higher the RevPAR, the better the performance.

Length of Stay

The Length of Stay graph is a great tool for short-term rental hosts because it shows them how long visitors are opting to stay in their rented accommodation in your local area. We’ve divided it into various time periods – 1 day, 2 days, 3-4 days, 5-6 days, 7-14 days, 15-28 days, and 29+ days. 

This graph just shows you how prevalent certain stay lengths are in your market. You can change the graph to view different forecast lengths. You can view a 30-day forecast, a 3-month forecast and an annual forecast too.

Average Market Length of Stay

Our Average Market Length of Stay widget takes the bookings from your local market over the past 90 days and works out an average stay duration. We’ve also included a comparison with the same period in the previous calendar year. This will show you how the market has changed after just 12 months. Obviously, the pandemic has affected these numbers but it’s still a helpful insight into the health of the market.

Average Lead Time

We remember tracking a data trend early in 2021 which saw guests opting to book their accommodations later and later. The lead times were getting smaller and smaller as the year went on and industry stakeholders put this down to the fact that people wanted to avoid the possibility of disappointment and financial loss. 

The Average Lead Time widget shows the average number of days that elapse between the date of booking and the check-in date from bookings in the past 90 days. This widget shows data pertaining to your listing specifically, rather than that of the greater market. We do give you a comparison statistic below the widget which will contrast your average lead time with that of your local market for the same period.

Amenities

Amenities are very important for guests. If they have certain things at their homes, they will likely expect the same amenities, if not better. While you cannot forecast what specific guests will expect, you can compare your listing to those of your competitors. Then you’ll be able to see if you’re offering the same amenities. 

Our Amenities widget is separated by amenity type. You’ll be shown supply and demand, as well as which amenities you’ve listed on your profile. We calculate the supply by analyzing how many competitor listings in your market offer those specific amenities. We calculate demand by looking at the amenities of listings that had confirmed bookings over the last 100 days.

Length of Stay vs Lead Time

Our Length of Stay vs Lead Time widget shows the relationship between the length of time and lead time in bookings from the past 30 days. We’ve labelled the graph with the percentage of prevalence and lead time. The colours show the stay duration. We know that this is a lot of information all at once, but it’s easy to understand once you know what you’re looking at. 

In essence, the widget shows you how much lead time hosts in your area get for bookings of varying duration. You can use this information to forecast booking trends and better understand the behaviours of your client base.

How Can I Access the DPGO Performance Dashboard?

We offer a range of payment options for our users! So, head to our website now to see which plan is right for you! Register for DPGO now by clicking on the banner below and creating your account! We’re offering all new users a free 30-day DPGO trial to experience the benefits for themselves!

The post The Performance Dashboard Explained Part 4 appeared first on DPGO.

In this post, we’ll explore the following widgets – Cleaning Fees, Extra Person Fees, Cancellation Policies, Bookings, Cancellations, and Bookings vs Lead Time.

Performance Dashboard Widgets Continued…

Cleaning Fees

Hosts are often flummoxed at what to charge as a cleaning fee. It was such a common question that we decided to write an entire post about it! You can view that post here. Deciding on a cleaning fee for your Airbnb is complicated if you don’t have any information on what the rest of your local market is charging. It may not sound like it, but if your cleaning fee is exponentially higher than that of your competitors, then you might price yourself out of contention for bookings. On the flip side, if your cleaning fee is too low, you could be losing profits unnecessarily.

Extra Person Fees

The number of people that a listing can accommodate is often a critical concern for those guests travelling in larger groups. But what can we learn from the amount that hosts charge to add an extra person to a booking? Well, this widget helps hosts set their extra person fees at the same level as the rest of the market. In an increasingly competitive market, every little thing makes a difference, and the amount you charge as an extra person fee is no different.

Cancellation Policies

Cancellation policies have been hugely important during the last two years. Our helpful Performance Dashboard widget shows what percentage of listings are operated under each of the three cancellation policies. Plus what percentage of bookings were made using those specific policies for the next 30 days. Any changes in these graphs will illustrate how guest demands are changing. It will provide insight into whether your cancellation policy could be costing you bookings. 

For hosts who have selected the new ‘Firm’ cancellation policy, rest assured that we’re adding this data to the Cancellation Policy widget soon!

Bookings

Our Bookings widget shows the number of new bookings that were made each week ending on the indicated date. We’ve combined both the data from your listing and the data from your greater local market. We’ve also added a feature that means you can see both your booking rate trend and the booking rate trend of the market around you. We want to make sure that your pricing is keeping you in the fight for bookings and our Bookings widget will tell you whether or not you’re succeeding!

Cancellations

Nobody wants guests to cancel, but sadly it’s unavoidable. The Cancellations widget shows the total number of cancelled bookings that occurred in the stipulated period. You can choose to view this data in a 30 day, 3 months, or 1 year period. Like most of our other widgets, we also included comparable data to the wider local market.

Bookings vs Lead Time

Both Bookings and Lead Time are important figures when it comes to accessing how optimized your listing is for bookings in your local market. Our graph shows the number of bookings in different lead time categories over the past 30 days. The lead time sections are 0-2 days, 3-6 days, 7-13 days, 14-29 days, 30-59 days, 60-89 days, and >90 days. We’ve included data from both your listing and the greater local market to give you a better picture of the entire Bookings vs Lead Time picture.

How Can I Access the DPGO Performance Dashboard?

We offer a range of payment options for our users, so head to our website now to see which plan is right for you! Register for DPGO now by clicking on the banner below and creating your account! We’re offering all new users a free 30-day trial to experience the amazing benefits of DPGO dynamic pricing for themselves!

The post The Performance Dashboard Explained Part 3 appeared first on DPGO.

In this post, we’ll explore the following widgets – Occupancy Rate, Future Occupancy, Market Pricing, Day of the Week Occupancy, and Occupancy Trends.

You can view both the original Performance Dashboard post and the first in our new series here.

Performance Dashboard Widgets Continued…

Occupancy Rate

Occupancy Rate is a wonderful indicator of listing health. We calculate your Occupancy Rate by taking the average number of booked days divided by the total number of available days within the past 30 day period. It show shows you how busy your property is and displays it in a percentage format. We’ve also included another insight at the bottom of the widget too by telling you how your listing compares to the greater market and by what percentage.

Future Occupancy

The Future Occupancy widget is a comparison between your listing and the market for the next 30, 60, and 90 days. Not only does this show you how your listing is booking out for the next three months, but it also shows how your booking pace compares to the rest of your local market. If the rest of the market has a higher percentage of bookings over the three graphs shown, it does not necessarily mean you need to lower your prices. In fact, if you stand firm and keep your prices in place, you may end up earning far more than your competitors.

Market Pacing

Market Pacing is not the simplest of widgets to explain. In short, the widget shows the average rate at which bookings are made in your market for dates that fall within the next 30 days. It is displayed in the number of rooms booked per day, and we’ve included a comparison percentage to the previous 30 days. This widget will show you if the market is becoming more or less popular and you can adapt your pricing accordingly.

Day of the Week Occupancy

The Day of the Week Occupancy widget shows the occupancy rate for each of the seven days of the week. We collect this data from the last 91 days and use it to calculate both your occupancy per day of the week and that of the greater local market. We use 13 weeks’ worth of booking data to ensure that we give you a greater scope view of the market so you can best understand the patterns.

Occupancy Trends

Occupancy Trends is one of the most illustrative graphs on our Performance Dashboard. It shows the number of booked days divided by the number of bookable days in a one-month period. We don’t include blocked dates in this analysis. How can you use this information? Well, we’ve deliberately included four viewing options. You can see your currency occupancy, the occupancy rates from your previous year, as well as the market’s current occupancy, and the market’s average occupancy rates. By giving you a comprehensive view, you can ascertain if your occupancy rates are higher or lower than that of the greater local market. If you’ve fallen behind, you can use all of the insights in the Performance Dashboard to boost that occupancy rate and your associated profit!

How Can I Access the DPGO Performance Dashboard?

Sign up for DPGO now by clicking on the banner below and creating your account! We have a range of payment options, and a few free features too, plus a free 30-day trial to help you experience the effects for yourself!

The post The Performance Dashboard Explained Part 2 appeared first on DPGO.

When we originally launched the Performance Dashboard in December of 2020, we crafted a blog post explaining the main features and how you as the user can read the assortment of graphs that we included. You can view the original post here. 

This week on the DPGO blog, we wanted to dive a little deeper into the extended insights that we feature in our Performance Dashboard. As a company, we are always looking for ways to improve and our beloved Performance Dashboard is no exception. 

In that first blog post, we covered our map, Health Score, Market Supply, Median Market Price, Base, Minimum, and Maximum Price widgets. Plus, we looked at the Day of the Week Price Factor and Nightly Rates to help our users optimize the running of their short-term rental listings.

In this post, we’ll explore the following widgets – Market Rental Size, Market Rental Type, Average Price, Average Daily Rate, and Base Number of Guests. Over the next two weeks, we’ll post more features like this one, with all of the widgets in the Performance Dashboard!

It’s also important to remember that we’ve also included comments that are specific to your listing which will give you insight into how your listing compares to the market and how you can use the data to your advantage!

Performance Dashboard Widgets Continued…

Market Rental Size

In this widget, we look at how your local market is divided in terms of rental property types. We’ve only included ‘Entire Property’ stats in this widget but it shows you which type of property is the most common in your market. The widget is divided into the following types of Airbnb property: Studio, 1, 2, 3, 4, and 5+ bedroom properties. You can use this information to understand which properties are most popular in your local area. Pre-existing business owners will already know which properties get them the most bookings. You can also use this data to bolster your business approach and opt instead to buy or let a property that is less common in the market.

Market Rental Type

The Market Rental Type tells you the distribution of the market according to listing classification. The three classifications are Entire Home, Private Room, or Shared Room. Again, this shows which types of rentals are the most popular with hosts and therefore with guests too. It can also show gaps in the market and give you a competitive advantage because you’ve been able to identify this gap!

Average Price

We analyze the price of your competitor listings over the next 30 days and create an average to give you a screenshot of how your market is looking in the next month. With every widget, we only use data from your direct competitors, which we determine by comparing the classification and configuration of the listing property. So if you own a two-bedroom apartment, we will only compare your property to other two-bedroom apartments in the local area. You can use this information to determine your price and see if you need to make adjustments!

Average Daily Rate

While the Average Daily Rate (ADR) sounds very similar to the Average Price, there are some differences. While Average Price takes an average of the prices in your market for the next 30 days, the ADR looks at the data from confirmed bookings and the prices that were paid for those properties in the 30 days previously.

Base Number of Guests

With our projection of travel trends in 2022 including family travel, the base number of guests included in the booking is an important consideration. Guests want to know that, if they want to include six people in their traveling party, it won’t cost an arm and a leg in extra person fees! The graph shows both supply and demand. If the demand is higher than the supply in your local market, then it indicates an unmet need within the booking public. In short, this will show you a niche in the market and you can use this information to exploit it!

How Can I Access the DPGO Performance Dashboard?

Sign up for DPGO now by clicking on the banner below and creating your account! We have a range of payment options, and a few free features too, plus a free 30-day trial to help you experience the effects for yourself!

The post The Performance Dashboard Explained Part 1 appeared first on DPGO.

We wanted to improve the way you access data from your vacation rental pricing strategy. We racked our brains to design the most efficient and user-friendly interface that we could. And so the Performance Dashboard was born!

Hot on the heels of our Markets launch, our users can now enjoy the brand new Performance Dashboard. Here, you’ll find all of the insights you need to make informed business decisions for your Airbnb listing. 

As local market data experts, we know the kinds of insights that offer value to Airbnb hosts. Remember, we were founded by a group of real estate investors and experienced Airbnb hosts! Our insights offer real financial rewards when used correctly, and we’re here to guide you through the entire process!

Optimize Your Airbnb Vacation Rental Listing with DPGO!

Performance Dashboard Features

Map

Our map shows you where your competitor listings are located, in relation to your own. Zoom in or out to learn more about the alternative options that Airbnb users are presented with.

Airbnb Vacation Rental Listing Health Score

Not only does our Health Score block display your current Health Score, but it also shows all of your previous ones! You can track your Health Score for two months prior, as well as a forecast of two months ahead. You can also see the average Health Score in your local area to ascertain how well you’re doing in comparison to your closest competitors. 

Market Supply

The ‘Market Supply’ block shows you how many Airbnb listings are active in your area. These figures are specific to your listing type, and you can even see how many active listings there were per month from the months prior.

Median Market Price

The Median Market Price will help you understand the local norm for properties that are similar to yours. By gaining these vital insights, you can identify for yourself where your property fits into the vacation rental market in your area. Knowing how your listing fits will help you market your listing better, optimize your vacation rental pricing, and perfect your guest experience approach. 

Base, Minimum, and Maximum Price

We wanted to make sure that all of your information was easily accessible to you. This is why we designed these pricing blocks to display your three most important pricing figures: base, minimum, and maximum. 

These pricing values for the base of your pricing strategy and will help you decide on your Airbnb vacation rental listing price. You input values that you are comfortable with, and our algorithm develops a unique pricing strategy to work within that pricing framework. If, after a few weeks, you are not seeing the desired results, have a look at our recommended values and recalibrate. We want you to get the very most out of your Airbnb listings, and we’re always here to help!

Day of the Week Price Factor

Most experienced Airbnb hosts know that their rates should vary from season to season and day to day. Your listing price on a Monday should not be the same as your listing price on a weekend. If it is, you are missing out on valuable income. 

Our Day of the Week Pricing Factor displays the predicted price of your listing, broken down into the day of the week. These pricing predictions are made on the market environment as it stands, and these values do change.

Nightly Rates

Our Nightly Rates graph shows a whole host of data and insights. 

This graph shows you a 52-week forecast of your listing’s rates. So you can isolate which price insights you’d like to see by selecting or deselecting the price sections on the right-hand side of the graph. Your choices of pricing insights include dynamic price, current price, and median booked price. As well as a minimum price, maximum price, and average market price. 

You can choose to view values in the 25^th, 50^th, and 75^th percentile to see the variations in market trends that are active in your locale. 

Analyze Your Airbnb Vacation Rental Listing with DPGO!

We packed as much information on how to optimize your Airbnb vacation rental listing price into the Performance Dashboard as we could, and our users are loving the experience so far! Want to join DPGO too and optimize your Airbnb listings with in-depth market data?

The post Optimizing Airbnb Vacation Rental Listing: DPGO Performance Dashboard appeared first on DPGO.