How to use the Key Data Rental Projection Tool

A Step-by-Step Guide to Producing Income Projections with the Key Data Rental Projection Tool

Updated: Sep 27, 2023 11:29 AM

Introduction

Key Data's Rental Projection Tool is a powerful resource for property managers and real estate professionals to make accurate income projections. In this step-by-step guide, we'll walk you through how to use this tool effectively. By the end of this tutorial, you'll be able to produce customized income projections for your properties.

Step 1: Accessing Vintory's Rental Projection Tool

1.1. Log in to the Vintory app using your credentials.

1.2. Once you're inside the app, locate and click on the "Key Data" option. This will open up the tool and allow you to begin the projection process.

Step 2: Entering Location Details

2.1. In the Rental Projection Tool, you'll need to enter an address or a general location. For this example, let's use "Myrtle Beach Boardwalk" as our location.

2.2. After entering the location, click "Continue" to proceed to the next step.

Step 3: Choosing a Location Shape

3.1. You have the option to draw a specific shape around the shoreline or choose a general location radius. To create a specific shape, select "Launch Map."

3.2. Once the map opens, you can use the polygon tool to draw a specific shape around the area from which you want to gather data.

3.3. Click around to create the desired shape and close it once you're done.

Step 4: Data Retrieval

4.1. After closing the shape, you'll see a loading wheel as the tool retrieves data for the selected area.

4.2. The tool will provide you with general numbers to work with based on the chosen location and shape.

Step 5: Customizing Data

5.1. Choose your data set. The first chart below to the right shows how the selected properties stack up in performance. Usually you start on the most average set. Choose a different column if you feel the property you are doing the projection for is above or below average based on location, quality and amenities. Notice how the gross booking revenue at the top changes as you select different data sets.

5.2 Review the data that has been retrieved. In this example, we're looking at projections for a four-bedroom condo.

5.3. You may notice that the data includes information from two years back. To ensure more accuracy, you can edit the report.

5.4. Click on the "Edit Report" option and choose "One Year Back".

Step 6: Customizing Charts

6.1. You can further customize the data by adjusting specific parameters on the charts. For example, you can change the number of nights booked in December or April to see how it affects the projections.

6.2. Play around with different numbers to fine-tune your income projections.

Step 7: Owner Night's Lost Opportunity

7.1. Consider adding the "Owner Night's Lost Opportunity" to your report to show property owners how certain usage guidelines can impact their income. Input the relevant data.

Step 8: Generating the Report

8.1. Once you've customized the data to your satisfaction, click "Submit" to save your changes.

8.2. To generate the income projection report, click "Download PDF." The report will download to your laptop or desktop.

Step 9: Reviewing the Report

9.1. Open the downloaded PDF report. It will contain your contact information and a detailed breakdown of the income projections.

9.2. Highlight key figures, such as "Gross Booking Revenue" and "Owner Night's Lost Opportunity," to draw attention to important points.