Instant Software Blog

Third Party Bookings...Where Are They Going?

By George Volsky, Instant Software - Director of Research

Third-Party Bookings: Where Are they Going? How Much Do We Need them? At What Price Point?
...and At What Cost to Our Future?

Hi!  Hope your holiday was pleasant, or at least not chaotic.  The weather on Hatteras Island was FANTASTIC, as was the beach, food and company (spouses included).

Everyone is looking for bookings, and managers look at any third-party agent who can supply them.  My view (as always, not necessarily that of Instant Software) is that third party bookings could end up hurting the industry more than helping it.  Whether this occurs may depend on how managers use third-party booking agents.

Third-party booking agents include Internet listing sites that cater to rent-by-owner and those who primarily serve rental managers (the latter being better for managers). They come with a variety of fee structures and services—lower fees are always best unless the agent books homes that would not have booked without cannibalizing full-pay customers.  

How Much Do We Need Third-Party Booking Agents? 

We are pressured to believe we need every agent that can bring a booking.  But our industry does not need booking agents that do not bring value.   They should bring:

• Customers who wouldn’t book directly through our own web sites; or
• Customers who will pay more rent than customers we book directly; or
• Enough extra bookings to offset their booking fees; or
• Bookings that will keep homeowners in the rental program; or
• Extra revenue that contributes to overhead when managers’ need to minimize losses for the year.

At What Price Point? 

Some listing sites don’t bring value because they cost too much, e.g., where they book:

• homes we could book on our own without paying a fee (cannibalization);
• discounted rents for homes that would attract a full-pay customer;
• by way of fee-based “referrals” that generate too few bookings.

At What Cost to Our Future?

Is our industry on a path where we will end up paying third-party booking fees for most of the reservations we used to take ourselves?  The answer may be “yes” if we help investor-backed listing sites achieve their goals.

Also ask, “Will the aggregate cost of third-party booking fees be justified by revenues from renters who wouldn’t have otherwise booked?”  I think not, unless booking fees fall considerably below the margins currently expected by venture-capital backed listing sites.  I think that aggressive advertising will divert hotel customers to vacation rentals.  But high booking fees could offset any bottom line benefits.

Assessing the Value of Third-Party Booking Services

• Does the booking agent merely hand an inquiry off to the manager?
• Do 3rd-party booking agents allow managers’ to employ fewer reservations staff?
• Do they allow managers to spend less on advertising and other promotion?
• Is there a reason for managers to pay more for bookings than airlines pay?

Booking on Rent-by-Owner (“RBO”) Sites

On Internet search pages, the face of vacation rentals is dominated by rent-by-owner listing sites.  Perhaps one-third of homes listed on these sites are managed.  The problem:

• Most RBO sites don’t differentiate managed from unmanaged homes;
• These sites charge too much to allow most managers to use them extensively;
• Managers’ fees help buy pay-per-click ads that promote rent-by-owners;
• By listing, managers help rent-by-owner sites attain even more dominance;
• If  RBO sites become more dominant, managers may need to use them more;
• There is no reason to believe that new renters will offset RBO site booking fees;
• If RBO sites succeed, the cost of vacation rentals may increase to cover their fees;
• Long term, this could make vacation rentals less competitive with hotels.

I think managers should insist that listing sites differentiate managed homes from rent-by-owner homes.  These are different products, and can be sold side-by-side as long as consumers understand the differences.  Most consumers don’t.  We need to work on this

Related topics
Friday Blog Posting: “Booking on Rent-by-Owner (“RBO”) Sites”
Next Week:  "What is a Third-Party Booking Really Worth and How Much Can We Afford to Pay?”

A Guide for Vacation Homeowners in Crisis, Part II

I left you thinking about how to respond and deal with your homeowners who are upset about declining bookings. Don't forget about the article I shared with you, which is a guide for your Homeowners, A Guide for Vacation Home Owners in Crisis: What Not to Do/Expect If Your Home Is No Longer Affordable. Download HomeOwnerGuideArticle

Some other things that you should really consider are...

Should I Move My Home to a Better Rental Manager?
Perhaps, if you have a bad manager.  But…

• There are good reasons why only 5-10% of rental homes turn over;
• Distinct types of inventory prospers in different rental program;
• Each company is patronized by a pool of renters with specific interests;
• Managers who charge more attract renters who pay more;
• More bookings from aggressive rent discounts doesn’t mean more revenue;
• If you do switch, its hard to know if you made the right move;

Should I Move My Home to A Manager Who Does Less But Charges Less?
You might if you are sure you and your home’s renters are “over served ” and paying for services that aren’t wanted and don’t generate more rental income.

• There are a growing number of managers who do not offer full-service;
• But high-end programs bring other benefits;
• You may not know what your manager brings until you leave;
• Also consider resale value of your home.

How Do I Deal With Discounting?
This is tricky.  Today, however, prices float with supply and demand.  So it is important that you give your manager authority to change the rent.  The Internet forces change:

• It has allowed consumers to see and exploit our industry’s high vacancy rates;
• It has generated a host of rent-by-owner sites and  aggressive discounts;
• The concept of “discounting” is becoming outdated by “dynamic” pricing;
• Homeowners are desperately bidding for renters, forcing prices down;
• The Internet allows renters to quickly compare prices, and to find “specials.”
• So rent-by-owner listing sites and managers’ specials pages set daily pricing;

Should I Expect My Rental Manager to Share in the Discounts?
The answer is “no.”

• If your manager splits the rents (commissions) he already shares in discounting;
• It won’t be in your interests to push rental managers to take a bigger share;
• Most can’t contribute without reducing the service levels you need today;
• Market cycles are a normal investment risk, and not your manager’s doing;
• Mangers don’t share profits so they shouldn’t be asked to share losses.

Is My Manager Ripping Me off with Add-On Fees?
Don’t put too much energy into this.

• Fees have been forced on managers by the competitive market place;
• Commission rates are no longer adequate to cover cost increases;
• Homeowners prefer add-on fees over commission rate increases.
• These fees subsidize the money you pay for services;
• There are no excessive profits in the vacation rental industry.

A Guide for Vacation Home Owners in Crisis, Part I

By George Volsky, Instant Software - Director of Research

Send your Homeowners my article, A Guide for Vacation Home Owners in Crisis: What Not to Do/Expect If Your Home Is No Longer Affordable

Download HomeOwnerGuideArticle

I just spoke to a manager who is getting calls from homeowners concerned about declining bookings.  She is concerned her homeowners will think she is making excuses if she refers to the “bad economy.”

Homeowners sometimes find it easier to accept unpleasant news if it comes from an expert other than their rental manager.  In last week’s blog I mentioned I would make a homeowner guide available on our website.  After listening to my manager friend, I decided to summarize the homeowner guide to give you an idea of how it might help.

The Problem – Short and Simple.  The Internet, economy and financial markets have conspired to decrease the value of vacation rental homes as investments and to increase their carrying costs.  Many homeowners can no longer comfortably afford the investment. 

Your Options.

• Bite the bullet, dig deeper into your pocket, and risk more losses or
• Sell your home, perhaps for a loss.

Educate Yourself Before Acting.

• Be cautious about “solutions” that could add expense or stress to your life;
• Don’t change managers or try rent-by-owner without finishing this article.

The Problem Has Six Facets—None Controllable by Rental Managers.
Read Attached Homeowner Guide.


When Rents Rise or Fall, they Alter Which Investors Can Own Vacation Homes.  Rents periodically rise and fall. When they fall (the risk investors take), financially stretched homeowners are forced to sell to investors who can afford the carrying costs.

When Must I Sell at a Loss?  When you can’t justify putting more money into the home and your home appears overvalued or financing is unavailable.

What about Self-Management (Rent-by-Owner)?

• Ignore the Hype. You will not “save” money so much as “earn” doing dirty work;
• The Real Challenge. Not advertising and booking but service;
• What Managers Do.  Managers are on-site experts who forestall/fix problems;
• Problems Arise Constantly;
• Service Is Hard To Get. A homeowner can’t get repairs as quickly as a manager;
• Stress.  Renters are difficult and stressful to deal with;
• Reliable Workers. Managers have back-up cleaners and are on-site;
• Good Rent-Owners Become Managers.  Management is that hard;
• Other Problems. Occupancy tax, credit cards, and stress.

There are some other considerations that need to be taken. So, tune back in on Friday morning to read Part II of this article.

Sharing Financial Pain With Homeowners? - Part II

By George Volsky, Instant Software - Director of Research

Gird Up For an Era of Angry, Rebellious Homeowners Who Insist That You Share in Their Financial Pain: Pat II - Suggestions for Dealing With Unhappy Homeowners

I’m back with my suggestions on how to protect your employees and your bottom line from angry homeowners whose investment goals have been thwarted by economic and technology trends.

Don’t volunteer for pain.  As stressed in Part 1, resist demands by homeowners to share in their financial pain—you’ve absorbed too much “cost creep” already and can’t help homeowners if you’re not healthy;

Prepare a “script” that employees can use when confronted by homeowners. This should follow an outline of all the reasons why. 

• Homeowners are getting less rent;
• Managers can’t fix this (i.e., this is not your fault) and
• Managers are already doing everything they can;
• What homeowners can do to improve their situation.

Schedule a company meeting to go over this with every employee.  (If your co-workers don’t understand this, they won’t make homeowners understand).

Clarify that the problem is the Economy, Internet and Housing Crisis.

• The Internet is driving rents down (highlighting vacancies and comparing prices);
• The economy is causing people to cancel or shorten vacations;
• Discounting is being forced on you by desperate homeowners/competitors;
• There are more homes than renters (annual occupancy averages 35%);
• This all translates to less rent for homeowners.

Explain why no manager has the power to fix the underlying problem.

• When people have less money the simply spend less;
• Discounts are determined by the market;
• A manager’s option is to respond to discounted prices or rent fewer homes.

Consider starting a homeowner blog on your website that keeps them informed about all the new marketing initiatives/successes you do (this has proven effective);

Give homeowners a list of things they can do.

• Advertise on their own, sending renters to you; 
• Give you discretion to discount without phoning them first
• • Explain you often don’t have time to call and the rental often goes to those homeowners who have given their advance approval to discounting.
  • I would not put a floor price on the discounting, but ask them to let you use your judgment.
• Some companies have offered to do more marketing for those homeowners who are willing to pay for extra marketing.

Educate homeowners as to how you actually spend more, despite lower revenue (if that is true).

• More promotional costs;
• More changes to your Internet page;
• More Internet search words;
• More packaging, etc.

Send your homeowners my article: “A Guide for Vacation Home Owners In Crisis—What to Do/Expect If Your Home Is No Longer Affordable.”  Homeowners are often more open to a difficult truth if it is offered by someone other than their manager (here, by Instant Software Research).  This article will help you explain to them:

• What is going on with vacation rentals;
• What homeowners should expect of their managers;
• Why rent-by-owner or management changes only work in limited situations;
• Why we are facing lower rents that homeowners have to absorb directly or indirectly by selling their homes at lower prices to a buyer who can live with the lower rents.

This article is posted on our website as a PDF file (readable by the free Adobe Reader).  You can email it to your homeowners, give them a link to it on ISI’s web site, or attach a printed version to your homeowner letter.

Next week, a hot, hot topic:  “Third-Party Bookings – Where Are they Going?--How Much Do We Need Them?--At What Price Point?--and At What Cost to Our Future?”

Sharing Financial Pain With Homeowners? Part I

By George Volsky, Instant Software - Director of Research

Gird Up For an Era of Angry, Rebellious Homeowners Who Insist That You Share in their Financial Pain: Part I – The Storm That’s Coming

Hi everyone!  This will be a bad year for homeowners.  Most will get less rent (fewer renters and less money per rental (lower average daily rent due to discounting).

More homeowners will:

• Ask you to share the burden of discounting;
• Go to competing rental companies;
• Leave your program to try self management (rent-by-owner); and
• Go into some form of foreclosure.

In my view (albeit without any assist from my glasses which I’ve misplaced), there is nothing you can do to keep from losing homeowners, except replace them with others.

Why They Blame You.  Many homeowners are trying desperately to hold on to a vacation home (dream) they can no longer afford.  Here, “hope” comes in the possibility that the problem is fixable by finding a better manager. Homeowners will blame you for not getting enough bookings, for pushing them to discount, and taking fees off the top.

Some homeowners believe you will get them more bookings if they complain.  .   

Be Sympathetic But.... Homeowners have plenty to be upset about: higher costs of home ownership, a declining economy that is reducing household income, and a poor housing market that makes it hard to unload a home that is draining homeowners’ pocketbooks.

We’re going to watch many homeowners being forced to sell their vacation home for less than they paid—after casting accusing eyes at us—as mother nature relentlessly redistributing homes to homeowners who can afford to take less rent;

Sympathize but please DO NOT let homeowners make you share discounts or feel guilty.

Homeowner Resentment.  If your commission is calculated as a percent of rent, some homeowners feel gouged when you take fees (reservation fees, housecleaning fees, etc.) off the top of discounted rents.  They may also feel the urge to kill the messenger who tells them they need to match competitors’ discounts to keep their renters.

Stay Strong. Nothing shakes us more than an angry homeowner.  So prepare for this.  Make sure every employee understands why homeowners are stressed.  Then make sure every employee understands that “managers didn’t create this problem, managers can’t fix it, and the situation will get only worse if you give away more money on discounts:

• Homeowners’ loss of rents are caused by broad economic, and technology forces, not by your failure to do your job;
• You already share the burden if your fee is calculated as a percent of rent;
• When booking revenues decline, your costs increase (marketing);
• Your key costs are fixed and don’t go down when the rent must be discounted to acquire or retain a renter;
• Any fee reductions would force you to cut expenses (staff)—homeowners will get with even fewer bookings if they leave you less money for the housekeeping, maintenance, promotion, and customer services that attract and keep renters;
• The current crisis is a risk every investor took when he/she bought a rental home.
• Managers don’t share owners’ risks because managers don’t share profits when owners sell the home an appreciated value (risk and profit sharing go together).

On Friday, we’ll continue with Part 2.  I’ll share my suggestions for what you can to protect your employees and your bottom line from angry homeowners whose investment goals have been thwarted by economic and technology trends.

I’ll also give you an article (mine) you can deliver to your homeowners, “A Guide for Vacation Home Owners In Crisis—What to Do/Expect If Your Home Is No Longer Affordable.” 

George

Volsky's View: New Rules of Pricing - Part II

 By George Volsky, Instant Software - Director of Research

Today’s Topic: "Forget everything you learned about pricing. We have new rules -- they are simple and unforgiving” 

Hello folks! I am back to pick up where we left off earlier this week. I left you with a few things to think about regarding the "new rules" of pricing. Let's continue with a few more points to get your wheels turning....


“Discounting” Has No Meaning in “Dynamic Pricing.” I believe we will soon stop using the word “discount.” That term assumes that we are reducing a higher, correct price.  In today’s Internet market place, the only price that counts is the one being offered that day for a home comparable to ours.

Revenues Will Decline Permanently. A better economy and healthier housing market won’t fix our industry’s chronically low occupancy rates (mid-thirties vs. 50% for hotels generally and 80% for major hotels).  The Internet enabled renters to exploit this.  We are merely late-comers to Internet marketing.

Homeowners Must Absorb the Hit.  From a mile-high perspective:

• Vacation rental homes will generate less revenue because renters have more visibility into the industry’s chronically high-vacancy rates.
• This comes at a time when homeowners are facing higher expenses, less equity in their homes, and an illiquid market (they can’t sell their homes).
• Financially stressed homeowners will often blame managers and/or try self-management before they accept the inevitable.
• Homeowners will eventually give up self-management and/or sell at lower prices to buyers who can afford less rents, and managers will regain stability.

What About Yield Management?

• Yield management can’t provide major benefits to our industry.
• Automated price changes could be dangerous in today’s environment.
• There is a role for rules-based price changes in today’s economy , but this must take a back seat to systems that respond to competitors’ prices.
• Sign up for our upcoming webinar on Yield Management to learn more.

Strategies for Adapting to the New Market. Call your ISI rep for details. 
 
You must have on-line booking if any competitor does; To insulate yourself against “discounting,” extract cleaning or similar expenses you now pay from your commissions and reinstate them as “add-on fees” that come off the top before your commission split. Your advertised fees must always, always  “look” low;

• Renters won’t drill down to see what’s in your advertised prices.
• Back out any reservation or other add-on fees that make your prices appear higher than your competitors.
• Monitor your KEY competitors’ web sites every week:
  - Don’t compare yourself to companies with different inventory;
  - Inventory types affect occupancy and advance booking times
• View bookings for each arrival week as a marathon you must compete in:
  - Measure your progress one mile (one week) at a time;
  - Track how many bookings you and your competitors make each week;
  - If you have 50% of the homes, get 50% of the bookings;
  - If you didn’t, assume you got beat that week on pricing
• Know where you sit in the competitive pecking order and act accordingly.
  - If you are a market leader, you can hold prices firm and lower them defensively when necessary to discipline smaller managers or homeowners who try to steal your renters though lower prices;
  - If you are smaller, think twice about trying to steal renters from a bigger competitor by lower prices;
  - If you are in a fragmented market (e.g., 30 smaller, equally sized competitors), gird yourself for a price war that won’t end until competitors go out of business and the market thins out.

We are dealing with very important issues, which can’t be adequately addressed in a few pages.  If you have questions or want more information about the conclusions or strategies suggested here, feel free to phone you ISI client rep.

Next week:  “Gird Up For an Era of Angry, Rebellious Homeowners Who Insist That You Share in their Financial Pain.”

RezFest Dates Announced!

RezFest Hits the Road!

2009 marks the 5th year of the RezFest tradition, and over 20 years of User Conferences. Recognizing that this year has been unique and trying for the travel industry and economy, Instant Software brings RezFest on the Road! 

With five carefully chosen regional markets, we are making it easier for you travel to a more central location. Instant Software is excited to greet many returning clients from prior year's events and hopes to see some new faces in attendance!

As you may already know, RezFest is an information and resource packed event, and Instant Software never forgets to add in some fun. We invite you to attend and see for yourself!

Find out about locations and dates HERE.

Volsky's View: New Rules of Pricing - Part I

By George Volsky, Instant Software - Director of Research

Today’s Topic: Forget everything you learned about pricing. We have new rules -- they are simple and unforgiving” 

Hi!  I’m sipping wine on the “Tin Lizy” watching lazy breezes nuzzle burgees and afternoon shadows accentuate the rippled, slip-framed waters in a Tacoma marina. A second George Volsky (newer, better model) is buried in the manual of the Bose system to which we are listening.  It’s a tough job, but someone has to be me this weekend!

In the midst of this serenity, my message today feels incongruously brutal.  Our industry finds itself in a commercial neighborhood whose leading building has recently transferred from Norman Rockwell to Tony Soprano.  I’m the neighborhood watch chairman who is advising you not to leave your office without a knife and willingness to street fight.

The Old Pricing System.  In the old days (circa 2008), most managers would set rents based on booking history over the past one-to-three years.  Rent-by-owners would peg their rents to ours (lower, higher or even).  We’d price our best home, discount it seasonally, and build out a pyramid where homes are ranked and priced accordingly.

The Hallmarks of Change.  In recent years, we’ve experienced shorter booking windows and more last-minute bargaining as renters use the Internet to track pricing and occupancy rates.  We’ve felt compelled to do more discounting, often through our web site “specials” pages, despite our belief that discounting hurts our bottom line.

The Internet Has Become Our New Market Place.  The Internet has replaced brochures and phone traffic as the foundation of our market place.  It acts like a stock exchange, where the price of vacation rental homes goes up or down based on supply and demand.  Renters know who has empty homes, low prices and misleading descriptions.

The New Rules:

• Price trumps everything else

• The Internet is an efficient market

• Supply and demand are measured daily

• The concept of discounting is outmoded

• Dynamic pricing is the norm

• The Internet will force revenue down permanently

• Homeowners will carry the burden.

Price Trumps Marketing We Spend Money On. The lowest price will win, even if:

• You pay for Internet search words

You spend money on a better web site

You market in more places

You solicit prior renters

You offer packages

You train your reservations staff

You buy a better web sites

I’m not saying you shouldn’t spend money, but that traditional marketing is something you do to help you to be found and to differentiate yourself when pricing is relatively equal.  If an online competitor beats your price, traditional marketing just increases your expenses at the very time you will be losing bookings to him.

But wait...there's more! Much more! That is all I have time to give you today...but, I will continue this converstaion with you on Thursday. Stay tuned in for Part II!

- George

Volsky's View: "Hmmmm....Do I Need New Glasses?"

By George Volsky, Instant Software - Director of Research

Today’s Topic: Profits are declining permanently, courtesy of the Internet and housing crisis.

Hi everyone.  Happy Day...if there can ever be such a thing when going into or coming out of a weekend of grumpy guests and snafus!

I’ve been asked to do a weekly commentary about what I see going on in vacation rentals, and how I think managers can/should respond.  Welcome to “Volsky’s View.”

Buckle up Baby!  And heed this.  I’m not short of opinions which, my friends tell me, can sound outrageous and which, my co-workers frequently remind me, do NOT necessarily reflect those of Instant Software (or ANY sane person).

My first observation is a sobering one.  The Internet is forcing rents down.  The bad news: I believe lower rental revenue will be a permanent condition.  The good news: we can live with this if we manage to survive the mobs of stressed homeowners.

We all expected profits to decline for 2009, and we can safely assume that will happen:

• Unemployment is high and many people earn less money (underemployed)
• Renters book later because they can use the Internet to monitor availability and because they know that the best discounts can be had at the last minute
• There is more discounting than in the past
• PhoCusWright projects that travel will be down 11% this year
• Wal-Mart execs have reported on the Today show that wide-screen TVs are hot because buyers expect to vacation less (yes this is important!)

“Okay,” we all wanted to say, “Things are slow now, but there should be more bookings and less discounting when the economy is healthy again.” 

I wish I could agree.  It’s true the poor economy won’t last forever.  But it will motivate renters to hone their bargain-shopping skills, which will continue to haunt us because:
 

1. The Vacation rental industry has chronically low occupancy rates:  35% vs. 50% for hotels in general and 80% for the larger hotels.  Where supply exceeds demand most of the year, renters have bargaining power most of the year.
2. There will be more rent-by-owner homes out there (until financially stressed homeowners learn that self-management is a pain) who discount, forcing managers to either follow suit or pray they can book at full-price after RBOs have eaten their fill  (NOT!!).  The problem:  homeowners and renters still do not understand why managed and unmanaged homes are different products.
3. The Internet has given consumers the tools they needed to exploit our industry’s high vacancy rates.  Renters can easily compare prices and track the number of available homes for specific vacation dates—each year more and more consumers learn how to bargain for lower rents
4. We should learn from other industries.  Historically, every industry whose sales have moved from retail storefront to e-tail marketing have watched profit per transaction decline.
5. The Internet is generating a new breed of rental manager who is adjusting rents each week to those of competing homes—this isn’t “discounting” but dynamic pricing, where the price day-to-day by supply and demand.  As more managers resort to dynamic pricing, it will become embedded in our daily business life.

What does less rental revenue mean for homeowners? 

As an investor group, most homeowners can survive reduced rents, and will ultimately accept them, after much pain and screaming.  As rents decline and costs of homeownership increase, financially stressed homeowners will sell at lower prices.  Their buyers will more easily deal with lower rents.  But this will be a slow transition.  Typically, 20% of all rental homes are sold each year, and these are not typical years. 

What do lower profits mean for rental managers? 
 
We’ll have to tolerate accusing looks and musical chairs until the dust settles. We’ll have to listen to unhappy homeowners whose investment goals were thwarted by changing economic conditions.  Lower profits won’t put most managers out of business.  It may prompt some to modify the way they do business.

But ultimately the burden of lower profits will be absorbed by homeowners.  Please try not to worry whether homeowners can absorb lower rents (of course, be sympathetic). 

Don’t forget:  homeowners are investors in property who take profits from the appreciation that occurs over many years—they are not investors in lodging who expect profits from rents.  Unless the U.S. economy tanks completely and forever, the existing inventory of rental homes will be owned by someone, and rented at some price.  Homeowners will pay managers a reasonable fee for their services.

The managers who do best will be those who understand their essential role in the vacation rental industry.   It won’t be easy.  But there is no easy option here.

I'll be back next week with the topic:  “Forget everything you learned about pricing. We have new rules -- they are simple and unforgiving”

- George

About George Volsky
Before becoming Instant Software's Director of Research, George spent one life as a DC attorney (for which he apologizes) before escaping to the Outer Banks to be a rental manager, an industry consultant/analyst for 10 years, and spent some time as Director of Research at Escapia.  He has delivered hundreds of seminars at industry conferences, studied the economic impact of vacation rentals on the State of North Carolina (for the NC Vacation Rental Managers Association), and served as the Industry expert for the 2008 PhoCusWright report of the vacation rental industry. George has opened new doors of information, providing research for the vacation rental industry with Instant Software, which also offers the only industry analytics available.