Access to competitive vacation rental data and analytics is critical for vacation rental hosts and managers to have at their fingertips. Having a competitive view and understanding of nearby, similar properties can give you a leg up when it comes to building a successful revenue management strategy.
This is why Beyond is thrilled to offer comprehensive, customizable competitive data and analysis to all users with Comp Sets, a part of the Insights Pro package. Short-term rental hosts and managers now have a new and improved way to keep an eye on their competition.
Ready to get started with Comp Sets Pro today? Try it out now!
What are Comp Sets?
Comp Sets, or Competitive Sets, are lists of properties with characteristics similar to your property – they typically offer guests a similar experience to your property. These include other properties in your market that potential guests will likely consider booking while also considering your property. Think of this list as an inside view into what your competition is offering potential guests and how they are pricing their properties. They play an important part in your pricng strategy.
Features of Comp Sets Pro from Beyond:
- We use Airbnb and Vrbo scraped data to pull in nearby listing information–new listings scraped for every 7 days and calendars scraped for every 3-4 days.
- They can be filtered by property type, number of bedrooms, number of beds, number of bathrooms, amenities, average review rating, and distance from listing (miles/km).
- View up to 50 nearby relevant listings.
- Users can access Beyond’s real-time specialized data for listing stats and performance.
Why Do Airbnb, Vrbo, and Vacation Rental Hosts Need Comp Sets?
As an Airbnb, Vrbo, or vacation rental host, it's easy to assume that your property stands alone, unrivaled by any other in the area. But the reality is this: you're competing against other homes and apartments in the same location, all vying for the attention of potential guests. That's why it's critical to have a solid understanding of your comps, or comparable rentals. Knowing what others in your area are offering and charging can help you make strategic decisions about your own listing, from setting prices to highlighting unique amenities. With a clear understanding of your comp sets, you'll have the tools you need to make your Airbnb stand out from the crowd and attract more bookings.
How Can Vacation Rental Hosts and Managers Gain an Advantage with Comp Sets Pro?
Comp sets are essential for Airbnb hosts, Vrbo hosts, and vacation rental managers to understand their market expertly, benchmark their properties against their competition, and price their properties competitively. You’ll gain an inside look at how your competition is managing their vacation rental, and position yourself to drive more bookings.
With Comp Sets Pro, vacation rental hosts and managers can now answer questions like:
- Is my pricing aligned with my market?
- How are my competitors pricing their properties?
- Is my pricing competitive?
- How does my property compare to similar ones in the area?
- How can I differentiate my property from the competition?
- What amenities are more popular in my market?
- What does market occupancy look like for similar listings?
How Can I Create & Customize Comp Sets in Beyond?
In Beyond, users can now create, edit, and manage their own competitive listings all from one view. You will be able to see nearby properties' average daily rates, occupancy, base prices, and health scores, and can choose which properties to include in your Comp Set. Using metrics like these will help you with finding listings that are the most comparable to your listing.
And to gain a deeper understanding of other similar properties in your market, you have the ability to click on each property to see its Airbnb or Vrbo page. This will allow for a deeper analysis of the property's description, photos, amenities, guest reviews, etc. to see if it is an option to add for comparison.
Check out our support page for more details on how to set up and use Comp Sets Pro in Beyond.
Comp Sets combined with Search Data Visualization from Insights Pro is the perfect solution sets to take your short-term rental business to the next level!
Ready to get started with Insights Pro today? Try it out now!
If you are a current Beyond user and already have access to Insights Pro, log in and start building your Comp Sets today!