In the first two installments of our RevPAN blog series, we covered what RevPAN is, why it’s important, and how to use it when revenue managing one short term rental property listing.

In this final RevPAN blog post, we’ll share how Beyond’s RevPAN tools can help property managers with larger portfolios. Implementing and maintaining an advanced revenue management strategy for a larger portfolio of listings can be time-consuming, but Beyond has developed tools to help make the process more efficient.

If you want to learn more about RevPAN, join us for a webinar on Tuesday, June 29th. Click here to register!

Drill Down With Lens View

Property and revenue managers love using our Lens View feature within Insights to drill down into their portfolio revenue at a listing level. We’re excited to announce that we have expanded that feature to our RevPAN chart in Insights!

The Lens View feature paired with RevPAN will enable property managers and owners to take more control of their revenue management strategy and key success metrics. Using Lens View with RevPAN will display RevPAN per listing, as well as pacing data, market comparisons, ADR, occupancy, and more. Read on to find out more about how you can use Lens View with RevPAN today.

High Level Audit

Let’s take a look at using Lens View with RevPAN to review listing performance across an entire month. Monthly reviews of RevPAN can help property managers and owners stay on top of which listings are under or over performing within their portfolio. Simply click and drag directly on the RevPAN chart in Beyond’s Insights to select your desired date range.

Source: Beyond Dashboard

From here, users can sort listings by RevPAN amount for the selected date range. This type of analysis will be useful when reviewing prior month or year data as well as forward-looking date ranges. ADR and Occupancy data is also provided at the listing level to help provide additional context into a RevPAN analysis.

Now that we’ve reviewed how to use Lens View for a longer date range, let’s take a look at how Lens View can help analyze listing performance for holidays and special events.

Holiday & Event Audit

While a general, date-defined overview of RevPAN is helpful in any revenue management strategy, it’s also important to stay on top of listing performance for high demand dates in your market. Holidays and local events drive a lot of demand into short term rental markets, and these times of the year are very important when it comes to revenue optimization.

Here’s a look at how the RevPAN Lens View can be used to analyze a holiday like the 4th of July in the United States.

Source: Beyond Dashboard

Here we can see RevPAN performance for a specific date range across the July 4th holiday week. As a forward-looking metric, this can be used to identify unsold or under-optimized listings that may need attention before it’s too late. Historically, using Lens View for specific dates can help provide answers as to the highest and lowest performing listings during the highest demand periods in the market.

Using RevPAN with Lens View in Beyond’s Insights tool is a great way to easily view listing level performance for your portfolio. Easily obtaining a list of individual listing RevPAN performance can be beneficial in other ways, like profitability analysis, for managers and owners as well.

RevPAN & Profitability

RevPAN is also one of the easiest ways to gauge profitability of a short-term rental property. Using the Lens View feature to create a list of properties across a specified date range is a great way to rank your properties by average RevPAN to show you the most efficient properties when it comes to optimizing average daily rate and occupancy.

We recommend using at least a few months or even a year of data for this type of analysis to account for changes in market seasonality.

Some property managers may find this RevPAN profitability analysis useful to identify properties that may not be optimal for their portfolio. Listings that require a lot of work but are consistently performing below-average when it comes to RevPAN against the portfolio or market may not be worth the effort.

Similarly, property managers and owners that are looking to acquire new short term rental properties can use this RevPAN data to get an idea of the best type of property to operate in a market. If there isn’t much of a difference in RevPAN between 3 and 4-bedroom properties, for example, it may be better to look at acquiring 3-bedroom properties instead of larger ones.

This is just one example of how a high-level RevPAN portfolio analysis can help across any short term rental business.

RevPAN with Lens View has introduced a new way for property managers and owners to analyze their portfolio and overall revenue management performance.

If you want to learn more about RevPAN, join us for a webinar on Tuesday, June 29th. Click here to register!