Introducing…The Bookings Page 📖 : Wheelhouse Blog

Introducing…The Bookings Page 📖

June 29, 2021 | Amelia Melching

In the short-term rental space, Revenue is derived mostly from bookings.

So, it’s really important to get the right bookings. It’s also really important to understand how many you have on the books, and how you’re shaping them.

Why is when a Booking occurred (Pacing) important?
Many operators think about Pacing in terms of how much they should sell a listing for this week. But! You also need to know when those guests are going to be staying to decide if you want to increase rates, cut rates, adjust your overall strategy, etc. and make changes on the Pricing Calendar accordingly.

Why we created the Bookings page.

There’s a ton of data in the STR space, but we believe our Bookings Tab is one of the first business intelligence tools to aggregate data for a Revenue Manager’s specific needs.

With this fun new tool, we aim to save you tons of time, bring new insights to light, and provide Revenue Managers, Property Managers, and Operators alike with an easy way to:

Understand your Pacing, how much revenue is on the books, and where it's coming from
Gain a deeper understanding of how your bookings compare with detailed Booking Score Insights
Quickly gauge where you’d like to intervene on rates
Communicate the value of the service you provide to your owners/partners
Sooo much more…

Wheelhouse Booking Page Video Tour 🎥

The Revenue Section💰

First up – The Pacing Chart! This not only shows Revenue for all Bookings in any given month, but also when the bookings occurred.

Track Total Bookings, or Bookings in the last 14, 7, or 3 days to determine how much Revenue occurred in these given time ranges.

Toggle between Revenue and Booked nights to recognize how many nights are still available.

Un-Stack totals to do a side-by-side comparison of how sales are changing week-to-week to identify spikes, trends, etc., and scope out opportunities for optimization!

Filtering by Booked Nights is an incredibly effective way to look at multiple properties in a marketplace! Because, even though your pricing may be different between your four-bedroom and one-bedroom listings, they all have the same number of nights in the month.

Time ranges allow you to compare sales week to week, month to month, etc., and identify trends accordingly.

The Bookings Section 📖

This table shows all the data we used to create the above Revenue chart, in the form of a Reservation List!

Leverage the filters to hone in on specific insights you’re looking to pull. Such as, where Revenue is coming in so you know exactly where to look on your Calendar to make rate adjustments.

Gage which aspects of your portfolio are the highest performers (ex: are your 2 bedroom listings significantly outperforming your 3 bedroom listings?) by Filtering by Listing and sorting by Score.

Group listings by Market, Number of Bedrooms, or by Listing to see Revenue or Average Daily Rates for each filtered section.

Exporting & Auditing ↗️

All of this data is easily exportable as an image, CSV, etc.

From here, run any number of your own analysis or easily communicate your Revenue Management Strategy and/or Performance to your team, homeowners, etc.

Wheelhouse is big on transparency. This tab also allows you to audit all of the data we’re bringing in!

Booking Scores were designed to help you & your team capture the best bookings.

They calculate the expected value of each booking, through a combination of (a) nightly price, (b) length of stay, (c) lead time, and more — all in the context of similar bookings in your market.

See for yourself how we’re building the historical basis for your listings, check if we’re catching your reservations, and more. Hover over the Score to see information about the quality of individual bookings!