Sourced Data vs Scraped Data
The Importance of Data in Short Term Rentals (STR)
Data is essential for anyone involved in the STR industry, from real estate investors to property managers to destination marketers. Data can help you make informed decisions about everything from where to invest to how to price your properties.
For example, data on occupancy rates and revenue can help you determine which properties are the most profitable or how your performance compares to the competition. Data on guest demographics can help you understand who your target market is and how to market to them effectively. And data on trends can help you predict future demand and make sure you're ahead of the curve.
This data can be collected from a few different sources but largely comes in two forms, sourced data or scraped data. Your use case will dictate how important one data set is over the other. If you need the data to figure out tax information or guest demographics then sourced data might be best. If you need to understand market trends or forecasts having a larger sample set through scraped data might be more useful.
Well going into the two different forms of STR data below.
Scraped Data
Scraped data is collected by extracting information from websites or other online sources. This can be done manually or with the help of software. Scraped data can be a quick and easy way to get a lot of data, but it's important to be aware of the limitations.
Benefits of scraped data
Cost: Scraped data can be less expensive than sourced data because it can be collected automatically.
Time: Scraped data can be collected more quickly than sourced data because it can be collected automatically.
Accessibility: Scraped data is typically more accessible than sourced data because it is publicly available.
Scale: Scraped data can be collected much easier at scale and reduce reporting biases that may exist from a smaller sample of reporting or contributing property managers.
If you are looking for a more affordable option that is faster and has a much larger sample size then scraped data might be better for your use case. Scraping will allow you to collect and analyze data on millions of properties at a time. Inaccuracies from scraped data can be reduced through the much larger sample size. Hungry Robots has the most comprehensive data set of scraped data thanks to its expertise in scraping and different methodologies. Reach out to learn more about how scraped data can help with your use cases.
Limitations of scraped data
Accuracy: Scraped data can be less accurate than sourced data because it is collected from a secondary source. This means that there is more chance of errors or inaccuracies.
Reliability: Scraped data can be less reliable than sourced data because it is collected from third party sources. This means that you cannot be 100% confident that the data is accurate and up-to-date.
Completeness: Scraped data may not be complete because it is collected from a limited number of sources.
The law of large numbers
The law of large numbers states that as the sample size increases, the probability of the sample accurately representing the population increases. This means that by evaluating larger sample sets, you can get more accurate data. This is one of the largest benefits of scraped data. Not only is the sample size drastically larger but you can also reduce any noise in the data created by different management biases or behaviors. Capturing the entire market also allows you to see wider trends instead of trends with individual reporting managers--ie backfills a revenue manager with a different skillset.
Direct Data
Direct data is collected directly from the source. This can be done through surveys, interviews, or partnerships with managers or Property Management Software (PMS). Direct data is typically more accurate and complete than scraped data, but it can be more time-consuming and expensive to collect.
Benefits of sourced data
Accuracy: Sourced data is typically more accurate than scraped data because it is collected directly from the source. This means that there is less chance of errors or inaccuracies.
Reliability: Sourced data is typically more reliable than scraped data because it is collected from a trusted source. This means that you can be more confident that the data is accurate and up-to-date.
Customizability: Sourced data is typically more customizable than scraped data because it is collected directly from the source. This means that you can tailor the data to meet your specific needs.
If you need your data to be very accurate for auditing purposes or to the specific reservation, then sourced data would be a good option for you. Hungry Robots does collect a large sample of sourced reservations that can be used to suplement your analysis or build learning models on top of scraped data. Talk to an expert today to learn more about Hungry Robot's sourced data.
Limitations of sourced data
Cost: Sourced data can be more expensive than scraped data because it requires more time and effort to collect.
Time: Sourced data can take longer to collect than scraped data because it requires more planning and coordination.
Access: Sourced data may not be available to everyone, especially if it is collected from a private source.
Sample Sizes: Sourced data is very dependent on those who report the data. You will be subject to the bias of the managers that report in. If you are looking for entire markets you may only capture segments of the market.
Source data is a great tool but it can come with limitations as well if a certain market or segment is only be reported by one manager in a market you are subject to how they do things. This is why we like to supplement sourced data with scraped data.
Which Type of Data Is Right for You?
The best type of data for you will depend on your specific needs and requirements. If you need accurate and precise data, then direct data is the best option. If you need quick and easy data that you plan to roll up or if you can tolerate a margin of error at the property level, then scraped data may be a better option.
Conclusion
Whether you choose to use sourced data or scraped data will depend on your specific needs and requirements. If you need accurate and precise data, then sourced data is the best option. If you need larger sample sizes that are cost-effective and time-efficient, then scraped data is the best option.
In addition to the benefits and limitations listed above, it is important to consider the legality of collecting and using data. In some cases, it may be necessary to obtain consent from the data subjects before collecting or using their data as sourced data is not public data and the terms by which it is collected will need to be taken into consideration.
Schedule a call with Hungry Robots to talk about sourced versus scraped data to see what is best for your use case. We are here to help and have access to both forms of STR data.