UPDATE December 2019: Due to some recent changes within our providers’ calendar system, we’ve temporarily disabled the benchmarking tool within the ‘My Properties’ feature of MarketMinder. You’ll still be able to upload your Airbnb properties to analyze your property’s pricing and view market-wide averages for comparison.
Over the past several months, the AirDNA team has been collecting user feedback and working with a group of beta testers on a much-anticipated MarketMinder enhancement.
Today, we are excited to announce My Properties, the next step in our ongoing commitment to delivering actionable vacation rental insights.
Using the My Properties tool, hosts and property managers can now sync their Airbnb listings directly in MarketMinder and compare their vacation rental’s performance head-to-head with a curated set of comparable Airbnbs.
See My Properties in action:
Building on the property-level analysis you love from Rentalizer with the market-level data you rely on for competitive intelligence, now you can more accurately benchmark your properties’ performance against the market.
My Properties introduces three new data charts that help hosts and property managers answer the following questions:
How much revenue are similar Airbnb listings earning?
On the left side of the Comp Detail Dashboard, you will see your listing’s last twelve-month potential revenue compared to the average of the comp set. In the sample above, the subject property out-earned the comp set by $4k.
To drill down even further, you can hover over comparable properties in the map to see their individual performance metrics.
Are you leaving money on the table?
Even if your property is out-earning the average revenue potential of its comp set, there still might be opportunities to increase revenue.
With My Properties, you can pinpoint individual months where your property underperformed against its comp set. This enables you to isolate and assess contributing factors that led to the loss in market share, then adjust your strategy moving forward.
Using the sample above, the subject property left money on the table particularly during the months of February, July, August, and September.
How can you demonstrate the value of your services to your clients?
By benchmarking a managed property against a smaller set of comparable properties (instead of the entire market), you can more accurately gauge how a property is performing against its competition.
Leverage the charts in the Comp Detail Dashboard to keep your clients in the loop on how their properties are performing relative to their comp sets.
How do you identify risks and opportunities within your vacation rental portfolio?
The My Properties tool allows you to review all of your managed properties conveniently on one page. This centralization of information makes it easy to spot underperforming rentals, enabling you to quickly intervene and adjust your pricing strategies.
This means fewer missed opportunities for bookings and revenue, and increased value for clients’ investment properties.
How are comp sets created?
A comparable set (comp set) of rental properties is automatically generated each time you add an Airbnb listing to the My Properties tool in MarketMinder.
To build a comp set, AirDNA pulls in up to twenty active entire-place listings that are similar to the subject property. AirDNA looks within each property’s region and considers the following listing characteristics:
- Number of bedrooms
- Number of bathrooms
- Total number of guests a listing accommodates
Right now, a listing’s comp set stays the same month-over-month, but stay tuned for future enhancements that will allow you to curate your own comp sets across multiple platforms.
How to get started with My Properties
If you already have a MarketMinder subscription, the My Properties tool is now available to you. Simply log in to your account, enter the My Properties tab, and click “Create Dashboard” to begin.
If you do not have a MarketMinder account, get started by typing the name of the location you are interested in into the search bar below.