u0999, even if the only place it pulls from is HA data, it still is not, and cannot be reliable, thru no fault of VRBO, because on any given day my competitors might have booked by taking a personal check from a frequent guest off site, by Air BnB, by giving a friend a super steep discount, etc., etc. Like feibus has said frequently, it's helpful to look at to determine if the occupancy in the area is already 80ish+ percent, that means you have wiggle room to raise your rates, or, if you are unbooked 30 days out and the occupancy is only say, 20%, maybe you want to lower your rates to try to capture a booking. But not everyone even operates that way.
As I've (we've) said over and over again, we aren't hotels. We don't operate like hotels, our competitors don't operate like hotels, etc. I watched MM like a hawk when it first came out, and was forever posting about it here, and about the new rates editor and calling CS and submitting feedback. Now? I barely look at it.
A long time ago, I asked about how to get/control what properties show up as part of my competitive set, and received a dismissive answer that ignored the question I was asking; that properties that I compete against weren't included (and couldn't be added) and properties that I don't compete against were included, in my competitive set.
Given that the competitive set is the source of comparable and competitive information in Market Maker, it is fundamental to the usefulness of the tool to get this issue resolved, so the competitive set is correct.
Here are screen shots of MarketMaker for two separate properties. These are homes that are almost identical, located only two blocks away from each other, and obviously compete with the same market for the same guests:
The average rates of booked and unbooked properties is not consistent between the two examples, even though it would be just about impossible to find two properties any closer to each other than these two actually are. The difference in the information comes from the competitive set.
Notice the huge discrepancy in the green and black lines between the graphs. I share these with you because it indicates just how flawed this model must be for making any kind of proper decisions about one's property. It is a perfect example of GIGO in decision making.
While I applaud the attempt to provide owners with this kind of information, the actual implementation of the concept is so bad as to render it practically useless. A shame.
I worry about single property owners making decisions based on what Market Maker tells them. Without additional properties to compare it's results too, how would they know that the data and its analysis is not worth anything?
Below is a link that will guide you through adding a competitor of yours to your comp set.
I realize that I brought this up 'before your time' but it is really tiring to have answers given which don't address the issue raised many times before. It leaves one feeling like no one is listening.
floridarob, whomever told you you could not change your comp set was dead wrong. Have you not EVER tried it on your own since you got that info?
That would be me. And I am dead right.
As I explained in a post or two, six or more months ago, the mechanism for adding particular properties to one's competitive set is a completely unwieldy unworkable joke when one is in a primary market of 45,000 properties. When adding properties to one's competitive set means manually searching through 20,000 possible properties, brought up at random 50 to a page, who has got time to manually scan through 400 pages of properties, looking for 10 particular ones that you would like to add to your competitive set?
I understand completely how the existing system works for adding properties to one's competitive set. I don't need to be told it exists, or shown videos about how it works. It is completely impractical and unhelpful. What I need is for the facility, like apparently a number of others, to simply work in a practical fashion that allows for the reality of my experience on the site.
I'm glad it works for people with a primary market of 200 properties, but that is not my situation.
"I would like to clean the windows on the third floor."
"Here... use this ladder."
"I tried that already. It only reaches the 2nd floor. I need to clean the windows on the third floor. Do you have a ladder that will reach the third floor windows?"
Uncomfortable pause... ...staring at the ground... ...look around... ...look at the ladder...
With a big smile... "Here! Use this ladder!"
floridarob. I'm gonna have to intervene here Rob. You are making this a mountain.
Let me bite off some chunks for you. My competition, your competition , on any given day with any traveler could be not 45,000 properties, but millions. Because on any given day traveler X isn't just looking at Hilton Head, or Disney, or Orlando, but HHI, Disney World, a ski vacation, Martha's Vineyard, NYC, etc. I had a friend who asked me if my condo was available for a set week in July last year. I said yes. She was thrilled at the opportunity to return to our location and went home to talk to the fam. Where did they take their family vacation? NYC.
I can't, YOU can't manage to compete with millions of properties. In my area we have over 7,000. Not 45,000, but honestly once you get into the thousands range, what's 10,000, 20,000, 30,000 more? You can't possibly wrap your head around that number, so why do you even try? You're only making yourself crazy.
As far as setting your comp set, you are making this infinitely more complicated than necessary. I know on any given day I might lose a booking to a condo across the island. And on any given day that condo might lose business to me. Or, they may decide to go to Charleston. Not much I can do about that. I go into comp set, set the filter to 3 bedrooms, and then look at the map. I narrow the map in to the general area I can most compete with, and it's called South Forest Beach. There are many hundreds of condos in that area from 1-4 bedrooms, and some houses as well. Some are ocean front, some are across the street from the beach, like me. I don't pretend to compete with the ocean fronts as far as price, so I don't factor them into my equation. Do I lose business to them sometimes, or get business INSTEAD of them sometimes, of course. The point of the comp set is to set parameters that allow you to have reliable data (as reliable as it can be) in MM. So you set your filter to ONLY the number of bedrooms you have, then you set your map in your general area. Then you look at the listings on the left side. I immediately kick out everything that is NOT a 3 bedroom. Their rates will skew my data. Then I kick out anything that is beach front, or not in my map view. How do you know this? When you hover over the property it's map point will change colors if it's in your map view. If nothing changes colors it's not in your map view. Deleted. Then look at your numbers. Frankly more than 100 properties in your comp set is untenable. I have 98. That's plenty to give me decent data in MM. AND THAT'S THE WHOLE POINT OF COMP SET, to have decent data in MM.
Edited to read: If there is a particular listing you MUST have in your comp set, simply do a search in comp set by the listing number or property title and add it that way.