The importance of evaluating your success as a vacation rental operator has never been higher. Traveler behaviour is changing; innovative owner acquisition strategies are vital, and competition is growing.
A post on the Hostaway Blog made this clear:
“Long before vacation rentals, hotels (like many other businesses) have used key performance indicators (KPIs) to measure their effectiveness when it comes to achieving their main business goals. KPIs are important because they can support businesses to make better decisions, maximize profits and above all, measure overall success.”
To an independent owner or small property manager, this concept may be challenging. How do you measure your effectiveness properly?
Marcus Rader from Hostaway explains the principles behind KPIs, and how they can be used to direct your business strategy going forward, whatever the size of your business.
He talks about the key performance indicators every operator should be monitoring and shares:
- How he became immersed in the short-term rental business, with no prior experience
- What KPIs are and why we should we tracking them
- The most impactful KPIs property managers should monitor regularly
- How they can be measured (most PM platforms have this built into their systems)
- The philosophy behind the growth of Hostaway and how it can benefit users
How to Evaluate Your Vacation Rental Success – Hostaway Blog