What pricing/market analysis do you use?

Question

Hello! I've been utilizing Wheelhouse for market analytics and insights, but I find it lacking in the depth required for our needs. Could you share which analytical tools you employ and might suggest? I'm in search of an option that is not only cost-effective but also offers detailed sub-market intelligence.

Michael Baum · Answer

I just look at all the competition in my area. Which isn't a lot so it is pretty easy to stay competitive without going nutz on pricing.

Bruce Woodruff · Answer

I always just look at the actual competition on the actual sites that we all use....primarily AirBnB and VRBO. Just look within a couple miles of your place for a similar property with the same amenities.

This gives you actual real-world  serious numbers. not some algorithm guessing randomly. I can't imagine why anyone would use AirDna as their only tool, unless it's just a quick look for a broader analysis.....I would recommend doing it the old fashioned way to make sure....

Mike Grudzien · Answer

I agree with Michael Baum.  Do a search, in Traveler mode, looking for a property like yours.  You will see all your competitors, their pictures, amenities and most importantly: their pricing.That is your hyper-local intel.

Theresa Holl · Answer

I'm not sure anyone beats AirDNA.

Andrew Steffens · Answer

+1 for AirDNA.  It has to be the premium version as the free version is pretty useless IMO.  As far as pricing we use RevMax which is owned by our PMS Streamline.  We also have a revenue manager who uses LSI tools and a whole suite of other tools which is why we are outpacing our market in ADR and Occupancy :D

Bruce Woodruff · Answer

Yes, this ^^^^^ That's the smart way to use the tools!

Brian Erlich · Answer

I use AirDNA to get an understanding of what is possible in an area.  I search VRBO and AirBNB to see where we show up in the search and what the competition is offering.

You offered good advice

Brooklyn McCarty · Answer

Pricelabs has a really in depth market dash board feature that you can get really granular with. Ultimately though, the best tool you have is free, it's you. The Enemy Method is the best thing you can do to comp houses.

Alberto Nikodimov · Answer

I agree with Bruce, Airdna is awesome for general market trends, it can be a bit shallow for deep dives.  Like, digging into specific sub-markets and getting that super detailed intel requires more than just surface-level stuff. I don't recommend relying only on just one platform.Speaking of, a colleague just mentioned Rabbu as an option, but I haven't personally tried it yet. I recommend manually digging through comparable listings, it can be super helpful, especially if you can see their booking calendars and amount of reviews (gotta check the actual rental performance, not just the listing!).

It's definitely a bit more work, but it can give you much richer insights than relying solely on one platform.

Sarah Kensinger · Answer

I can see Wheelhouse would be hard to do market analysis with! Pricelabs offers some free tools, but if you really want to dive into a market Airdna is your best choice. You'll get some "it's not accurate" but they're actually pretty well right on, since its data pulling not algorithm playing. They just checked their numbers with Airbnb numbers, and Airdna again came out 98%-99% accurate!

What pricing/market analysis do you use?

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