As of today, there is a new software tool that claims the answer is ‘yes’. A ‘comp’, or ‘comparable listing’ is an Airbnb listing which shares similar attributes to your listing, and can be used to help determine the value of your listing. Choosing these can be complicated, involving dozens of factors like location, the number of bedrooms, the number of reviews, and much more.
Everbooked, a provider of pricing and market analytics to Airbnb hosts, is releasing a new Airbnb Comps Tool today which greatly simplifies the process. It uses advanced data analysis and filtering techniques ( more on that below ) to figure out which nearby Airbnb listings are most similar to yours, and then tells you how your neighbors are doing.
A quick look at the tool
Hosts click on the ‘Try my Listing’ button on the interface and insert their Airbnb listing url into the input box. Within seconds, information on average price and booking levels overall for the 10 best comps plus individual listing data on pricing and booking levels, is delivered.
You’ll get critical market data, including the average yearly price for each comp; low and high prices for the previous year, forward bookings data and estimated monthly revenue.
How does it work?
In order to provide reliable comps, Everbooked first collects all publicly available data from Airbnb on each listing. Then, the company uses a series of algorithms to go through and remove ‘noise’ listings for example, test listings or listings where someone has blocked off every day on the calendar, disallowing bookings.
Finally, the company’s data collection and analytics mechanisms sort through the universe of available listings, scoring and ranking them on a number of key attributes of comparability including:
- Roomtype
- Capacity
- #Bedrooms
- Proximity
- Price
- Occupancy
That results in a set of comparable properties. So can a computer determine the best comps for your Airbnb listing? The best answer may be a qualified ‘yes’ since a human element is still needed to assess some of the more intangible elements not captured by Everbooked’s new tool such as the look and feel of a property. To their credit, Everbooked provides a handy link to each comps’ public Airbnb page which allows for easy viewing or prospective comps.
Everbooked’s new comp tool is available for Airbnb hosts in the top metro areas across the U.S. Hosts in covered cities can start taking advantage of the power of Everbooked’s data extraction, analysis and display as of today. Others will have to wait. Unfortunately.
Check out the new tool, or, for enhanced access to the comps tool, use code GPFYP and sign up for a 90 Day Free Trial of Everbooked’s nightly pricing service.