What are comparables?
Comparables are properties our system has found that are similar to an individual property.
Why should I edit my comparables?
- Editing comparables makes it easy for you to keep tabs on the market by curating a list of comparables you think are most similar to your unit.
- To make market-specific adjustments, where data is unreliable, such as lake front vs not lake front, ski-in-ski-out, or other data where owner-operators are likely to stretch the truth.
- By editing this list, the AI will be more aware of which units a traveler would think are like yours, based on your market knowledge. Usually the list is good to begin with, but by enhancing the AI with human knowledge it can be better.
How do I change my Comparables and what impact does that have on price?
Comparables appear at the bottom of the Unit Detail page. To get there, click on a unit from the Units or Overview pages.
By clicking “X” you will remove a comparable from the competitive set, this tells the AI to "ignore" that comparable. We recommend choosing 5-7 properties, the more similar they are to your property, the better pricing you'll get.
Refresh the page to reflect your updates:
This is especially useful for properties which are not professionally managed, are perhaps close by and claim a beach view (but don’t actually have one), are perhaps high end but decorated in poor taste, or other key factors that only a human could know.
Pro Tip: We recommend removing units that are flat (that means they never adjust their prices and are not actively managed).
Through this process you can have a very large impact on generating more accurate prices, enhancing your pricing by making it finer tuned to your market/your specific properties, while also making occupancy more accurate.
Comparables can be used in the pricing algorithm in three main ways:
- The initial recommended base price is derived from the prices of your comparable properties.
- The recommended AI price extracts knowledge from the competitive market as a key part of its understanding of demand.
- The AI observes how full (ie how much remaining supply) exists in comparables, which may result in price increases.