Tracking your property’s performance to that of your competitors is a great way to gauge where to improve your short-term rental (STR).
With MarketMinder’s Comp Set feature, you can build a list of properties similar to yours or your direct competitors and analyze comparative performance for the next six months.
How to Build A Comp Set
Once you have connected your Airbnb listing to your MarketMinder account, you can find your Comp Set in the My Properties tab. AirDNA will generate up to 100 properties that we determine to be comparable to yours. We choose these based on their geographical proximity to your property and how similar they are in the bedroom and bathroom count.
You can then curate this list to include the properties you feel are your direct competitors or ones you aspire to and compare occupancy, ADR, and revenue from the last 12 months.
Comp Set Metrics
We base the Comparison Score on your property's performance with Occupancy, ADR, and Annual Revenue from the last 12 months against those in your Comp Set. The higher the score, the better your performance; for example, if your score were 90, it would mean that you were outperforming 90% of your competitors.
Comp Set Comparison
The Comp Set Comparison dials show your property’s performance for the next six months in terms of bookings. The dark blue line represents your listing performance, and the light is the performance of your Comp Set. The numbers on the left of each dial represent the lowest figure in that metric, and those on the right represent the highest in your Comp Set; the figure in the center is your property’s performance. The dials then show how close you are to the highest figure and top performers in your Comps.
Comp Set Pacing and Market Rates
The Pacing page in MarketMinder shows your market's next six months of booking performance, but you can also use it to see how your comps are tracking. By selecting the Comp Set option at the top of the page, you can see by day how many of your comps have been booked, at what rate, and how many are still available. This information can help you adjust your pricing to ensure you are as competitive as possible with those comps.
You can also use your Comp Set to get day-by-day price suggestions based on how your competitors have priced using our Market Rates feature. When the Comp Set Only option is selected from the Filters menu, the prices shown in the calendar will be based on how those in your Comp Set have priced for those future dates (not including the cleaning fee), giving you insight into how your pricing strategy compares to that of your competitors.
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