Vacation rental News
We are Thrilled to Welcome Key Data Dashboard as a Preferred Partner!
Avantio always fosters long-lasting relationships with Partners and Clients, with the objective of creating win-win-win relations.
Today we are eager to present our new Preferred Partner KeyData Dashboard!
Key Data is the leading provider of real-time data for the alternative accommodation sector. Through direct integrations with the reservation systems for vacation rental professionals and resorts around the world, Key Data aggregates historical and forward-looking data in real-time to create the industry’s leading analytics dashboards for vacation rental managers, DMOs, and real estate professionals.
We had the pleasure of interviewing Jason Sprenkle, CEO of KeyData, so he could tell us a bit more about what them, their viewpoint on the Vacation Rental sector and the add-on value of this new partnership with them.
👉 Tell us a bit more about the history of Key Data and how it evolved within the vacation rental sector?
Years ago, when I was still running Glad to Have You, I spoke with Amy Hinote, from VRM Intel, about her deep belief that our industry needed a great, independent source for trusted benchmarking data. She eventually launched the idea two years ago and came to our offices to show us what she had been working on building. We were immediately impressed with the concept and opportunity and agreed that this would be a tremendous value add for our industry. As a result, we jumped on board as the lead investor backing the venture, and we began to bring back most of our talented team from Glad to Have You to help bring the vision to life. During our Series A round, we eventually bought out the initial investment group and began to really ramp up our efforts.
The journey to date has been both humbling and rewarding. We’ve grown to almost 600 property managers since launching V1 about eighteen months ago, and by all accounts, we are anticipating that the growth won’t slow down anytime soon. Partnerships with great companies like Avantio have been a fundamental part of our success, and they will continue to be the foundation for our growth.
👉 The vacation rental sector has grown at a fast pace. What is your prediction in the upcoming 5 years for the industry?
The space has certainly grown up a lot in the last twenty-four months, and the growth is on track to continue for the foreseeable future. Vacation rentals have increasingly cut into the hotel market and profits, and this seems to be driving what feels like a wave of neverending funding and M&A activity. I think property management companies and software companies will continue to see significant rollup.
I also think the third party technology tools will improve dramatically in the next few years. You will, for sure, see this on the revenue side of things. The large companies understand their data, and some are already onboarding data science teams. The smaller guys need the same advantages, which creates opportunities for us to continue to help with more and more tools that make it easier to price and compete at the highest levels.
👉 What are the benefits of creating strategies via a data-driven decision-making process?
Data-driven decision-making fuels the greatest companies, large and small, and our industry is no exception. For far too long, we have been getting by with instinct and gut judgments when it comes to really understanding the macro and micro data points and trends that drive our optimal pricing.
Several vendors are working hard to make sure that this improves quickly, and it will. The best players in each market have dramatically improved the way they price their units over the last two years, and the rest of the market will need to do the same to keep pace. Fortunately, there is a ton of money and effort being put into making that easier for property managers. We are working hard to do our part, and we will continue to do so.
👉 What are the insights that we can get from the KeyData Dashboard?
We understand that each of us in the property management space has a job to get done at the end of the day, and we know that data can help dramatically.
Our goal is to make sure that the data that is needed is accessible, easy to understand, and easy to act on. We’ve built dashboards that cover the gamut. Some help users know how they are performing versus their competition, and others help them see unit-level performance year over year and from a pacing perspective. Other screens have been built for the specific purpose of assisting with owner communications. We’ve even built screens that are designed to help with business development and budgeting goals.
In short, we are continually listening to our customers and always looking for ways we can help them better understand their data and perform better.
👉 How can this data help the Property Manager to generate their pricing strategy?
Pricing is all about getting the right price in front of the right people at the right time. Key Data is designed from the ground up to help address each of the pieces of the pricing puzzle.
Pricing involves understanding historical trends, forecasts, and competitive performance. We put the core data in front of users to make sure that it is super easy to understand, while still providing the depth needed for the professionals to get it perfect.
We also help identify the right people with feeder market insights to ensure that property managers are marketing to the right guests and potential guests. Combined with our ‘booking window’ data and curves, we ensure that the marketing gets delivered at precisely the optimal time.
👉 What do you think is the value add-on of the partnership between Key Data and Avantio?
This is the part we are most excited about! Avantio’s leadership in the market is unmistakable, and we each share a similar passion for the value of great partnerships.
With both teams fully committed to developing and delivering the best in class products to our customers, I think everyone is going to be excited to see what we can accomplish together through this partnership.