3 Reasons Your Business Needs Custom Comp Sets

November 9, 2022

If you manage a vacation rental, you know that pricing your property is one of the most important aspects of the job. It’s also one of the more challenging since there is no one-size-fits-all solution. To stay competitive, you need to keep an eye on the competition and set your property apart from the rest, while at the same time making sure you’re not leaving money on the table. But what if your competition isn't playing by the same rules? Custom Comp Sets from Key Data is your go-to solution. Comp Sets, or competitive sets, are a curated group of competitive listings that help you benchmark or level set your strategy. And Key Data’s Comp Sets just made benchmarking a whole lot easier. In this post, we'll explore three specific reasons why custom comp sets are a must-have for any vacation rental business.

Comprehensive Analysis

Key Data’s Comp Sets are a must-have for your vacation rental business because of their superior ability to provide comprehensive analysis between you and your competition. Our Custom Comp Sets analyze data from thousands of data points to provide the best overall analysis in the industry. We’ve even added valuable KPIs like average booked rates, average unbooked rates, and calendar occupancy to help you zero in on actionable strategies for your units. Once you’re ready to analyze your market position, easily create custom grouping based on size, quantity, and location, and keep that data row frozen at the top of the chart while you compare to other, similar units. Our recent upgrades now fill in the gaps for missing rates and give you a better picture of your place within the current market.

Custom Comp Sets from Key Data help you gain a better understanding of market trends so you can:

· create better, more competitive rates
· see if you’re being undercut in the market
· understand a unit’s potential
· clearly see where you fit in the market
· compare with units in both higher and lower tiers

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Capture Pricing Insights

Still stuck with the laborious task of manually filling out spreadsheets, only to see the rates change in an instant, rendering all that work useless? Custom Comp Sets from Key Data help you capture pricing insights in real time, with no messy manual monitoring. Key Data’s insights are dynamic. Each custom set pulls the final advertised price on a booked property as well as the advertised price for nights still available, giving you up-to-the-minute intel for better pricing insights. And not only is our tool powerful, but now it’s even easier to use. We spent time listening to our users and are proud to announce the newest user experience (UX) updates we’ve recently rolled out to make your job even easier. UX updates include:

· return of the calendar picker, for easier custom date range analysis
· improved functionality of scroll bar, including map zooming
· frozen top row, to easily compare your rates to others
· new export table function, to easily save your comp set data

Superior pricing insights also help you break into new markets. Don’t worry about expanding into areas where you may lack historical experience, Custom Comp Sets from Key Data give you the confidence to enter new markets boldly and strategically.

Better Pricing Strategies

Speaking of pricing strategies, with Key Data you get the most out of your unit’s potential through data-driven pricing. No guesswork is needed. We’ve even expanded our nightly rate scrape collection to include quoted rates. This helps you fill in the gaps from properties that used a separate tool to register their quoted rates. Build a better pricing strategy with our industry-leading Custom Comp Sets. Thinking of expanding your offerings internationally? Our recent updates have added a currency feature that keeps your pricing accurate, no matter what currency is used. Talk about a real-time data solution. Why waste time adjusting for currency exchange, when Key Data’s Custom Comp Sets do it for you? Easily expand your listings internationally and compete on a global scale.

Conclusion

If you want to compete and even crush your competition, Custom Comp Sets from Key Data are a must-have in your tool set. Custom Comp Sets level the playing field and give you the insights you need to win. Build a superior pricing strategy with customized comp sets from Key Data.

We’re so certain you’ll see the value of this powerful tool, that we’re adding a free Custom Comp Set to the purchase price of our ProData package! Come see why we lead the field in vacation rental data analysis and let’s see how you stack up against your competition. Contact us for a free demo today.

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