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Tutorial Guide: Competitor Tracker

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Blog | Tutorial Guide: Competitor Tracker

Introduction

Competitor tracker tool allow investors to track and compare the performance of similar properties to the ones they are analyzing. Also it allows people to create different sets of properties with different characteristics and analyze if it is better to invest in a 2 bedroom or a 3 bedroom apartment. This tool will allow you to get the average metrics for a set of properties that you choose.

-Filter before tracking. It is important that you choose the properties you want to track and analyze, making sure they have similar characteristics. That way you are sure you are comparing apples with apples. Use the filter to specify the properties you want to analyze. On the example below we want to track only properties with 3 bedrooms.

-Choose a property from the map. Look very closely every property you want to start tracking and comparing. Make sure it matches the characteristics you want. Make sure you choose properties that have been for a long period listed on airbnb or vrbo, otherwise you will be analyzing properties that have been rented only sporadically you can open that property on Airbnb and look into the number of reviews they have. Once you choose the property you want to track you just have to click on the “tack listing button” and it will add your property to the list on the left side of your screen.

-Create a list of comparable properties. We recommend you to track at least 10-20 similar properties, create your competitors set and compare the main metrics from the different properties. Revisit each property and try to find why some properties are doing better than others.

-Analyze Competitive set metrics. Now that you created your competitive set you can take a loot at the average metrics of the selected properties. Find what is the average daily rate, average occupancy rate, average booked rate and average future demand of the properties you started tracking. This will allow you to understand what are the average metrics from properties similar to the ones you are analyzing.

-Eliminate a property: You added a property and then you realized that the property os not comparable with the set you are creating. You can click on the 3 grey dots on the left side of the listing and remove it from the table.

-Competitor set historical data: Once you choose a set of properties you are able to see all the performance metrics from that set of listings in a historical chart. Choose all the different metrics and set a period of time and start analyzing the behavior of the competitive set you just built over the last years, months, weeks and days. Remember you can visualize 2 metrics at the same time, you can review all the metrics that are under “more metrics” button and you can play with the time line using the grey line at the bottom of the graph.

-Competitors future data calendar: On our future data calendar you will be able to see from your competitive set what is the average book rate in the following months, what days are low and high demand and in what days none of the properties you selected are yet booked.

Final Comment

Our competitor tracker tool is great to help you understand how other similar properties to the ones you are considering to purchase are performing. make sure you make this analysis before taking any investment decision. If you have already decided for a property, create a competitor set with properties similar to yours and evaluate main metrics, historical and future data to make sure you are making the best out of your listing.

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