How Is Premium Beach Condos Doing on Key Performance Indicators?

We recently received an advertisement from a local property management company showing a KeyData graph and their occupancy performance against the PBC market.  We decided to run our own report to show where we stand on the same metric. We were pleased to see that we’re outperforming at an even higher level than the competitor’s benchmark!

But, more importantly, we wanted to let you know that occupancy rates alone are not always the best indicator of performance. It’s easy to raise occupancy by lowering your rates, but if you only focus on that, you’ll be underpriced.

We believe that maximizing your total revenue is really the goal.

The article below explains the 3 Key Performance Indicators (KPIs) that we use to effectively price and book our properties. Please take a few minutes to read and digest this. Then come back here to review these results.

https://support.keydatadashboard.com/knowledge/the-big-3

Now, with this focus in mind, let’s share some of our Key Data reports with you here, to show how the market is performing, and how Premium Beach Condos compares to the market on the three top Key Performance Indicators.

The First KPI is OCCUPANCY:

Overall, we are doing well with occupancy compared to the market.   The yellow line is our Panama City Beach market, while the blue line represents Premium Beach Condos.  This graph represents what we have on the books as of 4/12/23, so for the fall weeks, or anything in the future, we still have time to increase those numbers.

The Second KPI is ADR:

Maximizing total revenue means balancing your average daily price (ADR) with your occupancy, so here is how we compare to the market on overall ADR as well:

 

For the most part, our ADR also outperforms the market, although there are times, when we ‘deep dive’ that we may price below market for a variety of reasons. But overall, we seek to achieve the right balance to maximize your REVPAR. This graph is also as of 4/12/23, so as future bookings change, these future numbers will also adjust.

The Third KPI is REVPAR:

Finally, let’s look to see how these first two indicators balance together to maximize your overall revenue (also called REVPAR for REVenue Per Available Room)

As you can see, as of 4/12/23, we are also outperforming the market for REVPAR. This is great news!

The Bottom Line:

Of course, we would be remiss in telling you that everything is roses, so we need to let you know the bad news as well.  The overall market on all KPIs is down for Panama City Beach from last year.  We had a great year last year, with diverted traffic from the Ft. Myers area, but now we’ve seen a slow down of bookings. The dotted line yellow line below represents last year, and the solid yellow line shows this year in the market.

This means that even though we are tracking better than the market on all KPIs, there will be some periods where our REVPAR may lag behind last year. We’re hoping that many guests are just booking later this year, and are working to find ways to attract new bookings.  So far we’ve successfully kept the overall REVPAR just slightly over last year for the first few months, and hope to continue the trend,  Some properties are performing better than others.

Over the next few days, I will be posting for each of you, in your statements section, a REVPAR report that shows each of your individual units and performance to market. Please review and then feel free to call me to chat about what you see and any questions you have.

We are also working to create a Quarterly Performance Report with this information, and hope to roll that out soon!