13 Nov 2023
Words
John Miller Informer 108
Benchmarking an Industry
Resly and Caatz Management Rights Accountants recently released their ground-breaking Benchmark report, a joint initiative aimed at revolutionising the short-term holiday letting industry.
The pioneering report, developed through extensive collaboration and leveraging technology, provides timely insights into holiday letting fees, commission rates and cleaning fees, forward and historical occupancy, and average room rates tailored specifically to the industry.
Traditionally, the holiday-letting sector has faced challenges obtaining accurate and reliable data for benchmarking purposes. Many existing solutions rely heavily on data from large hotels, which often fail to capture the industry’s nuances. The partnership between Resly and Caatz seeks to address this gap by introducing a comprehensive benchmarking tool that exclusively caters to both the management rights and short-term holiday letting industries.
The new Benchmark report automates data collection, ensuring accurate and up-to-date information for property managers. By gathering data directly from participating properties, this solution eliminates biases and offers unparalleled accuracy and relevance. Property managers can confidently rely on the report to make informed decisions regarding their fees and charges, occupancy and room rates.
One of the key advantages of the Benchmark report is its ability to grow and adapt as more properties opt into the system. As the number of participating properties increases, the report will become an invaluable resource for property managers and industry professionals. The data collected from various properties will paint a comprehensive picture of the market trends and dynamics, facilitating better decision-making and promoting healthy competition within the industry.
“We are thrilled to partner with Caatz to launch this game-changing Benchmark report,” says Sam Steel, co-founder of Resly.
“Our shared vision is to empower property managers with accurate, industry-specific data that will drive success and growth. This collaborative effort represents a significant step forward for management rights, and we are excited to see the positive impact it will have on managers and the industry as a whole.”
“Our initial dataset has already identified new trends. For example, we are seeing property managers charge a direct booking fee in addition to their commission,” says Robert Cuda, co-founder of Caatz.
“We aim for Benchmark to develop into an industry-wide tool that can benefit all holiday-letting businesses.”
Currently under development is a feature that will see Resly users that contribute their data to the Benchmark community to have access to the report directly through their Resly account.
This will allow the information to be efficiently distributed and for managers to see real-time industry results.
Resly and Caatz invite property managers to join this initiative. By participating in the benchmarking program, property managers will gain access to valuable insights, contributing to the collective growth and success of the industry.
To learn more about the benchmark report and how to participate, please visit www.caatz.com.au/benchmark. END
Resly is a leading technology provider specialising in innovative solutions for the hospitality industry. Its comprehensive platform offers property management, channel management, and business intelligence tools to streamline operations and drive profitability. Resly is dedicated to empowering property managers with the right tools and insights to succeed in a rapidly evolving industry.
Caatz is an accounting firm specialising in the management rights and short-term holiday letting industry. Investing in technology and automation, Caatz has developed innovative software that makes accounting and compliance for clients much more efficient and insightful.
