Property managers who already provide owners with a login to the dashboard offer a fully transparent service and it’s this understanding and insight that opens up broader conversations between owners and managers, creating a more valuable relationship with better outcomes.
LONDON – Vacation rental owners want more access to data on the performance of their properties, research from property management software (PMS) 365Villas reveals.
Data analysis carried out by 365Villas on almost 3,000 customers, identified that only a third of property managers with fewer than 20 properties give owners a login to the owner dashboard. However, 80% of owners actively use it when it is offered to them1.
This discrepancy in data sharing suggests property managers with smaller portfolios may be missing out on the benefits of sharing detailed metrics on property performance with their clients.
Access to financial information can lead to better relationships with owners, who become more engaged, sophisticated and able to understand why rental strategies and nightly rates need to change in challenging markets. Ultimately, this kind of information sharing can benefit both parties as decisions to charge guests less ceases to be controversial but is welcomed as an everyday part of proactive property management.
According to the data, 100% of 365Villas’ larger customers are providing owners with access to the dashboard, giving them valuable insight into KPIs, occupancy rates, average daily rates (ADR) and revenue per available room (RevPAR). Not only are those owners better equipped to make decisions with this knowledge, it gives them a much better awareness of the reasons why there is a decrease or increase in revenue, as well as how efficiently their properties are operating. This can help inform conversations about further investment the property manager would like to recommend into renovations or improvements to decorations and amenities at the property.
Dave Payette, founder and CEO of 365Villas, said: “Our data shows that all of our customers who have more than 100 properties are providing this level of information to property owners. Many of these companies will be established, professional operators and this level of owner engagement is one of the reasons they are so successful. Smaller property managers can begin to communicate with owners in this same way to develop their businesses and offer a next-level service that enables them to grow.”
1. 365Villas research conducted September 2023
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
