CompSets 101

May 25, 2021 | Amelia Melching

What are Competitive Sets?

Wheelhouse creates a recommended CompSet for each of your listings based on who is in your area, has similar features, and is booking at the same time as you. This locked recommended set is one factor in determining your pricing recommendations.

Important note: We do not recommend your price simply by looking at your Competitive Set and Copy/Pasting the price.

CompSets is a market intelligence tool where we allow you to track (and export) the calendars and performance of similar listings and provide benchmarking insights for your properties.

How do we determine who is in your listing’s unique Competitive Set?

When building your set, we look for similarities in the listing’s attributes (amenities, fees, quality of features, room type, occupancy, photos, etc), location, and if they’re booking reservations at the same time as you to determine what booking signals in the marketplace demand are relevant to you.

The graph below demonstrates this.

We consider when your competitors are booking to not only find changes in demand but demand changes that are relevant to your unique property.

We also understand selecting short-term rental Competitive Sets can be complicated because listings that you consider competition changes throughout the year based on seasonality, supply, etc. That’s why the set is updated weekly based on changing conditions!

Why you might see properties you wouldn’t necessarily consider your direct competitors.

Even if a nearby listing has different pricing and/or features, they provide an important demand signal for your property and market.

Different listings in your set serve different purposes in painting a full picture of your competition. To reiterate – your competitive set is only one factor of our pricing engine!

Personalizing your CompSets.

Your recommended sets are intended to be “too large” by including everything that might be a competitor (To reiterate, we do not price directly off this list).

You can start with our recommended CompSet and trim out listings based on precise market knowledge and a more human eye to include only you believe to be your true competitors.

There are a variety of ways to use a personalized set. For example, some operators leverage sets for “Hyper-local” Listings, “Aspirational” Competitors, Seasonal Competitors, Weekday / Weekend Competitors, “Out of Market” listings and more.

How to create your personalized CompSet video.

Benchmarking at a Glance.

Not only do we provide you detailed breakdowns of your competitor’s calendars and performance metrics, but we have compiled this information in easy-to-access benchmarking on our Comp Set Dashboards.

At a glance, you can see the rank and comparative stats of your individual listings against your recommended and custom competitive sets in a single, searchable hub.

Check out these quick video tours of the CompSet Intel Dashboard showcasing your entire portfolio’s performance versus an individual listing’s CompSet Homepage.

Where does the data come from?

Wheelhouse analyzes millions and millions of data points every day.

We process and analyze booking data across major marketplaces, our PMS and Channel Manager partners, hotel affiliate networks, tens of thousands of listings connected to Wheelhouse, and more in thousands of cities around the world.

We’re always growing.

CompSets are new and constantly evolving. We’d love to hear how you’re leveraging them and any feedback you have to share!

If you want to learn more, read in-depth about how we determine and use your Competitive Set.

Don’t see your question answered here?

Check out our extensive help center or reach out to us at hello@usewheelhouse.com to request an update to this post or ask your question directly.

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CompSets 101

What are Competitive Sets?

How do we determine who is in your listing’s unique Competitive Set?