Do you monitor your competition?

6 Replies

It's probably different based on the market you're in but where I'm going to be renting all 250 units are basically the same minus furnishings and marketing. From what I've seen there is a lot of room for improvement so we're going to focus on just making the best possible place in the complex and hope that we'll get return visitors because of that. With that said, I have started tracking occupancy and rates for all "competitors" in the complex (16 other units). I'm not sure how or if I'll use this data yet but I will have it if I need it. I'm hoping (fingers crossed) that the unit will book up quick and I won't need to bother to see what the competition is doing but time will tell. I'm curious if others track local competition, data points like availability, rates, amenities, etc?

I do. It is not super sophisticated or anything. I see what is around on the lake and try to stay competitive. I don't lowball the rate just to get more bookings. 

I find that a lowball rate brings lowball guests. I keep it fair for a waterfront. Most places have a dock with direct access. We don't have a dock permit and we are across the road from our beach so it is not as cool.

So far so good. We have 16 bookings for the summer with some space left for last minute guests. 

250 units?

Originally posted by @Michael Baum :

I do. It is not super sophisticated or anything. I see what is around on the lake and try to stay competitive. I don't lowball the rate just to get more bookings. 

I find that a lowball rate brings lowball guests. I keep it fair for a waterfront. Most places have a dock with direct access. We don't have a dock permit and we are across the road from our beach so it is not as cool.

So far so good. We have 16 bookings for the summer with some space left for last minute guests. 

250 units?

It's a summer condo complex. There are 250 units in the complex but only maybe 10% rent.

Roger that. I read it again after I posted it and I had original thought you were going hog wild with a 250 unit place you owned and doing all STR with it! I was thinking how awesome that would be! Own the whole place and really create a fantastic resort experience!

Where is it at? I would be curious to see what it looks like.

I think you can differentiate yourself by equipping it well. A fully stocked kitchen. Decent electronics. Nicely decorated. Just don't throw something together. If you can make the unit nicer, then people will want to stay there rather than other places.

Did you check on the rules for STR's in the complex? There might be some things you have to do. Like use their cleaning company or something like that.

Absolutely. I used to do it manually, now Vrbo has analytics built in that shows me this data for any given day, along with average pricing, occupancy, how many people are doing inquires for any date etc.

My main competition is motels.  I drive by them every evening and count the number of "contractor" type vehicles.  There used to be about 10 other houses in this town that were STRs to contractors.  They've all been converted back to LTRs.