Transparent releases 2023 global property manager survey report
Spain: Vacation rental data intelligence provider Transparent has released the results of its 2023 global property manager survey, in which it says that revenue increases with data adoption.
Through a combination of proprietary data science and aggregation of publicly available data, Transparent wants to create a comprehensive business intelligence in the short-term rental industry. The analysis focuses on performance, distribution, technology, services and sentiment surrounding operation, regulation and sustainability in the report for 2023.
These were the main highlights of the report:
- Booking revenue growth exceeds expectations
The biggest global takeaway is that booking revenue throughout the course of 2022 exceeded expectations set by property managers in Transparent’s survey from 12 months ago [79 per cent growth compared to 35 per cent expected]. That led to an ambitious expectation of 97 per cent growth in 2023.
The most amount of growth was seen in North America [both achieved in 2022 and expected in 2023], and the lowest in Latin America. Latin American property managers did see the most inventory growth throughout 2022 and could be in for a step up in revenue in 2023. By market type, rural and particularly coastal property managers found their revenue growth to be greatest.
- 2022 revenue growth by data engagement
The survey found that property managers using a data provider experienced 85 per cent revenue growth on average through 2022 compared to 49 per cent for their non-adopting counterparts. It was also noted that 60 per cent of survey respondents plan to increase their utilisation or spending of data in 2023.
Transparent said that there were strong correlations between short-term rental revenue growth, data usage and rate update frequency which make it crucial for property managers.
- Tech adoption is increasing
The proportion of property managers adopting or considering the adoption of ‘fundamental’ technology has increased.
While 74 per cent of respondents said last year that they were using or planning to use property managers, a channel manager, keyless entry, dynamic pricing and data providers, that number has grown to 80 per cent this year.
Keyless entry systems have seen the biggest uptick at 64 per cent this year. It even overtook pricing in terms of adoption, which has also grown.
This is followed by data adoption, which has increased by 17 per cent year on year. Data providers were used by just 13 per cent of property managers in Transparent’s 2019 European survey, however they are now used by 48 per cent of vacation rental property management companies globally.
The whole Transparent report can be downloaded in full at this link.
On Tuesday 14 March [4pm GMT], STRz will host a webinar on ‘Data with destiny: Predicting the future of our industry’ – sign up for free here.