Wheelhouse Listing Performance Metrics
When it comes to running a successful short-term rental business, we know how important it is to deliver great guest experiences: posting more high-quality photos, responding to inquiries within an hour, and providing seamless check-ins and check-outs. But how do you track the results of your efforts, beyond those 5-star reviews? How do you really get a sense of the health and performance of your listings? Keep multiple spreadsheets open? Just because you had high occupancy last month, do you know if you actually earned more than the month before? Stop wondering.
Enter Wheelhouse Performance. Now you’ll be able to track and measure key performance indicators such as Average Daily Rates, Revenue Per Available Night, Lead Booking Time, and much more. Think of it as hotel-level metrics and insights for each and every one of your units, so you can stay on top of your business.
Average Daily Rate
An average daily rate (ADR) is a metric widely used in the hospitality industry to indicate the average realized room rental per booked day. ADR can also help identify seasonality trends.
E.g. if you had 2 booked nights at $100 and $300, respectively, your ADR would be $200.
Revenue Per Available Night
Also known as Revenue Per Available Room in the hotel industry, RevPAR is a performance metric calculated by multiplying a hotel’s average daily room rate (ADR) by its occupancy rate. For short-term rentals, it is calculated by dividing a listing’s total revenue by the total number of available nights in the period being measured.
It is used in the hotel industry to make an assessment regarding a hotel’s operations and its ability to fill its available rooms at an average rate. Increasing a property’s RevPAR means that its average room rate or its occupancy rate are increasing.
E.g. if those 2 booked nights with an ADR of $200 were only rentable for those 2 nights that month, the revenue per available night would be $200 ($200 x 100%). If all 30 nights were available, but you only booked 2 nights, than the revenue per available night would be $13.33 ($200 x 6.67%).
Average Booking Lead Time
This metric is the number of days in advance that bookings are being made.
This metric can therefore help you better understand your guests’ booking habits (by month) and how your pricing strategy should reflect this.
E.g. in Orlando, a family vacation destination where more planning is required, the avg booking lead time is almost 90 days. In NYC, on the other hand, a market where more last-min bookings happen, it is about 14 days.
There are 3 additional listing performance metrics located under the new Performance tab. Create a Wheelhouse account or login to check them out!
Want to see a metric that we don’t currently offer? Send us an email at hello@usewheelhouse.com and let us know!
