Analyzing your market requires you to understand seasonality. When is it peak season? When is the low season? Whistler for example has peaks during both the Winter and Summer seasons, although Winter remains stronger. In order to maximize my ADR during these dates I keep prices high and allow the occupancy of the town to increase. As these peak dates approach supply in the town drops and demand increases. As such I can maximize my ADR by being patient. The off-season in Whistler happens to be Fall and Spring. During these periods my strategy is to keep my prices very competitive. In order to be among the first to book these dates and ensure I keep a strong occupancy rate.
You will also want to be aware of all major holidays and events. Heightened demand during these key dates allows you to increase your rates. In addition to major holidays such as New Years and Christmas it is extremely important to be aware of local events. Utilize the city website to get a sense of major events or simply google events in your town. Events to look out for are conferences, major sports events, long weekends, concerts, cultural events, etc. Major events in Whistler for example include Cranxwork, The World Ski and Snowboard Festival, Tough Mudder, Wanderlust, The Ironman Triathlon, and the Whistler Beer Festival, to name a few. I keep careful track of the dates of these events to ensure I maximize my nightly rates.
Beyond understanding important dates it is extremely beneficial to be knowledgeable of the best places to grab coffee, dinner, sight-see, park, etc. Guests frequently request local suggestions for things to do or places to eat in your city. If you ever get a request for a recommendation that you aren’t really sure about don’t hesitate to check out reviews online. Guests will really appreciate that extra effort. The difference between a great host and a mediocre one is how much value they provide their guest. Local knowledge is both free and one of the most important services you can provide your guests. I make sure to list all my favourite places such as Mount Currie Coffee which happens to be directly across from the unit on a guide that I make available to guests.