How it works
To view your competitive set, log in to your account and choose the property you want to view. Then go to ‘MarketMaker’ in the left-hand menu and click on ‘comp set’, which is above the insights graph.
To add a competitor, click on ‘other properties’. When you find the property you want to include, click ‘add’ — or click ‘remove’ to delete the property. Use the ‘draw rectangle’ tool to add or remove properties in an entire area.
Note that your competitive set can also be viewed under ‘ranking metrics’ on the left-hand side in the dashboard, where you can get a high-level summary of your performance.
How to use the data from your competitive set
Your competitive set can help you understand how you compare to other holiday rentals in your market. It can also help you find ways to improve your performance and set competitive rates.
Seeing how similar properties are priced, their amenities and how other features can give you valuable information about your own property and rates.
For example, if your property is underbooked, it could be because you’ve priced your property too high. Check your competitive set to see whether others in your area are priced lower and adjust your rates or strategy as needed.
Another reason your property is underbooked may be because your property offers different amenities, location or bed/bath counts than others in your area. If so, consider adding more amenities or better showcasing what you do have to offer.
Your competitive set may also show that you charge less than other properties in your area. This is common during seasonal or special events. In this case, you can raise your price to stay competitive.
If you see most of your competitive set is booked on any given day or weekend, raise your prices to take advantage of the high demand and low supply.
How to make changes to your competitive set
Competitive sets must be accurate and representative to provide helpful insights into your market. An accurate competitive set helps you set competitive rates, understand booking trends and see how you compare to other properties.
For the best results, combine your firsthand experience and knowledge with traveller search data. We trust the data and the competitive sets we provide, but you know your market best.
If you think some properties shouldn’t be included in your competitive set, or that others should, you can easily add or remove properties in MarketMaker™.
Make sure to consider both your property and your guests when adding or removing properties from your competitive set. Here are some helpful questions to ask:
- Who are my guests — families, couples, groups, business traveller?
- Do I offer my guests the same value as similar properties?
- What amenities or features do I provide that are important to travellers?
Edit competitive set
From your dashboard, visit ‘MarketMaker’ then ‘comp set’.