Note: BookingAnalyzer is a stand-alone excel tool that can be downloaded here. It is completely free, and does not require creating an account. It can help you find actionable trends in your bookings that can increase your revenue.
Last year in our post about common mistakes rental owners make - we wrote about looking at booking trends. We received several inquiries on how to review listing performance, and if there is an easy way to look for trends.
So we are introducing the BookingAnalyzer tool!
You can get it for free here to analyze your property or portfolio performance. Even if you don’t want to make changes or spend time updating your prices – this is just a cool data to look at for your properties!
HOW TO USE THE TOOL IN 4 SIMPLE STEPS:
- Download annual booking data from your PMS/Channel Manager/Airbnb. Order/format the columns in excel as follows:
- Listing ID: This is the listing ID of the property that got the reservation
- Start Date: The check-in date for the reservation
- End Date: The check-out date for the reservation
- Total Amount: The total amount paid for the reservation. If taxes, cleaning fee, etc are excluded/included, the output metrics will be shown accordingly
- Booked Time: Date when the booking was made.
- Download the BookingAnalyzer excel tool and open it. Delete the existing example data and paste your data from step #1 into the "Input data" tab (second tab from left at the bottom of the excel file).
Review the booking trends in the numbered tabs presented through simple graphs
- Seasonal trends: How do bookings vary throughout the year?
- Day of the week trends: How do bookings vary by day of the week?
- Far-out vs Close-in: How many days before the arrival are the booking made?
- Stay length: How long are the bookings for?
- Daily trends: What’s the variation on a daily basis?
An example of the day-of-week trends:
- The top-left chart shows that most bookings tend to start on a Friday.
- The top-right chart shows that Friday-Saturday are the most revenue generating days (no surprises here!)
- The bottom-left chart shows how many times listings were occupied on a particular day. Friday and Saturday are on top here.
- The bottom-right chart shows the average price of a stay during a day of the week.
- Use the insights from this analysis to increase your bookings/revenues. As an example, in the chart above:
- Observation: Friday-Saturday are occupied the most (bottom-left chart), though fewer bookings start on a Saturday than on Thursday or Friday (top-left chart). Saturdays have high occupancy mostly because of bookings that start earlier.
- Insight If you have a booking ending on Saturday morning, it can be much harder to fill up that Saturday night
- Action While regular Saturdays are higher demand and can demand a price premium, if you have a booking ending on Saturday morning, lower your prices for that Saturday night to increase chances of getting booked.
You can download this tool for free here. We hope you find this tool useful in unearthing booking trends that are hidden in your reservations data. Since each market is unique in its ways, we're sure you'll find unique and useful insights. Do email at email@example.com if you find something exciting, or if you have any questions!