As a property manager, you’re always looking for improvements to provide your guests with excellent service and experience. But before you can enhance your campground or RV park’s operations, you need insight into your property’s weaknesses. This can be especially challenging if you manage a multi-property operation, since your inefficiencies may vary from location to location.

Even with a multi-property-friendly reservation and property management software to help quantify your collective data, having this information at your fingertips doesn’t always mean you know what to do with it. You need a solution for understanding and applying those metrics to help you inch ever closer to achieving operational excellence.

But how do you start efficiently and accurately analyzing your data to discover the most valuable areas of improvement? By conducting a formal property analysis.

The Importance of Property Analysis

It’s easy to say you are always looking to make improvements to your property or properties — it’s another thing to have the insight into your weaknesses to know what specific areas to focus your attention on.

Conducting a property analysis will allow you to access all of your business metrics across all properties. This will enable property managers to recognize key areas needing improvement, especially in how it relates to your guests’ experience: your most important focus. Without a thorough evaluation of your data, you cannot track progress and prove the ROI of your enhancements. 

The Benefits of Conducting a Property Analysis

1. You’ll Be Able to Identify Key Performance Indicators (KPIs)

How are you measuring your staff’s performance? How about the performance of each of your individual properties — or your brand as a holistic entity? Well-established KPIs allow you to track the efficiency, effectiveness, timeliness, quality, and improvement of your campground or RV park systems and to hold your team accountable for achieving them. 

2. You’ll See Where You Can Make Budget Adjustments

A property analysis gives you a concrete idea of your finances and what efforts drive the highest profit. By understanding the sources that bring you more reservation traffic, you can adjust your budget to invest the most money in the area of the highest return.

3. You’ll Gain Insight to Target the Right Customers

With proper data visibility into your booking insights, you can determine who your ideal customers are. Understanding your personas and modifying your marketing and sales to appeal to them can help you maximize your reservations by targeting the right people, at the right time, on the right channel.

 4. You’ll Better Understand Customer Needs and References

The right data visibility into your operations will reveal important behaviors about past guests to modify your offerings for future ones. For example, you may notice that customers really like your mobile check-in feature and the insight may inspire you to push that functionality in your marketing efforts.

 5. You’ll Cognize Where You Can Adjust Your Marketing Strategy

Once you identify which channels generate the most traffic, you can know where to invest your marketing time and budget. A robust property analysis should help you prioritize targeting customers through their preferred channels and provide the data you need to scale back on the platforms that aren’t ideally performing.

Data Insights to Compile in Your Property Analysis

In order to get the most of our property analysis, you’ll want to make sure you’re digging into some core metrics. Data visibility pertaining to these areas will empower you to make strategic changes to improve your operational efficiency: 

• Operating expenses
• Non-operating expenses
• Revenue
• Profit
• Customer acquisition cost
• Length of stay
• Booking agencies used
• Lead time
• Popular booking days/times
• Customer base demographics

Maximizing Data Reporting With the Right Reservation Management System

While property owners may already be using a reservation and property management solution to manage their campground or RV park data, you need a system that offers top-notch reporting. Remember, a data dump is nothing without context. It’s terrific you are tracking it, but does your park management solution help quantify your insights?

Data visibility for proper property analysis is made easier with a cloud-based reservation management system that allows you to leverage automation to streamline the reporting process.

A reservation and property management software can help you simplify and modernize multi-property data and interconnect your operations. Download our How to Achieve Operational Excellence with a Reservation Management System guide to gain the data visibility you need today.