How do Nearby Listings work?
The Nearby Listings Tab in Beyond Pricing makes it easy to see information on the listings you are directly competing against.
If you or your listing is new to short term vacation rentals then we recommend using Nearby Listings as a way to gauge where your listing fits within the market. This will help you set the best Base Price. However, we do not recommend making Base Price decision based on your local competition. As we like to say, you wouldn't want to cheat off a C student!
For Nearby Listings we provide a rough estimate of what the Base Price would be if they used Beyond Pricing, and also what their Health Score would be. We recommend focusing your attention on the listings with the highest Health Scores as their pricing is generally working the best.
We recommend opening a few listings on Airbnb or HomeAway to see how they look online. Some of the key factors to focus on include:
- how professional the photos look
- how detailed the description is
- how many reviews the property has
- the unique amenities the property offers e.g. pool or jacuzzi.
If you find a listing that is similar to yours, but yours has a pool, you may be able to charge a higher price.
Reviewing other listings in your market is a great way to get a sense of where you should initially set your Base Price. It can also provide insight as to why your listing may be performing better or worse than others in the market.