What Makes a True Comp?

Your comp set—the group of properties you compare yourself to for pricing—is the foundation of every pricing decision. Get it wrong, and everything that follows is wrong too.

Most operators rely on what Airbnb shows them as "similar listings." This is a mistake. Airbnb's similarity algorithm optimizes for guest experience, not pricing accuracy. It considers ratings, response time, and superhost status—factors that have nothing to do with competitive positioning.

A true comp should match your property on the factors that actually affect price:

When these factors align, you're comparing apples to apples. When they don't, you're making pricing decisions based on irrelevant data.

The TSVFP Scoring System

We developed TSVFP scoring to systematically evaluate comp set quality. Each potential comp is scored on five dimensions:

T - Type Match (0-20 points)

What kind of space is it?

This is binary. If the type doesn't match, the property shouldn't be in your comp set regardless of other factors.

S - Size Match (0-20 points)

Does the property have similar capacity?

A 2-bedroom property and a 4-bedroom property attract fundamentally different guests. The 2BR hosts couples and small groups. The 4BR hosts families and large gatherings. Different markets, different prices.

V - View/Location Match (0-20 points)

What's the setting?

Location isn't just about address—it's about what guests experience. A property 2 blocks from the beach with ocean views commands a premium over an identical property 2 blocks inland facing the street.

F - Feature Match (0-20 points)

What amenities define the experience?

A property with a pool competes differently than one without. Pet-friendly properties can command premiums—but only against other pet-friendly properties.

P - Price Range Match (0-20 points)

Are they in your competitive tier?

A $500/night luxury property and a $150/night budget property don't compete even if they're in the same neighborhood with the same bedroom count. They're serving different markets.

The 70-Point Threshold

Add up all five scores. Only properties scoring 70 or higher should be in your comp set.

This sounds strict—and it is. But it's better to have 10 perfect comps than 50 mediocre ones. Quality over quantity every time.

How Many Comps You Actually Need

There's a Goldilocks zone for comp set size:

Minimum: 5 properties
Fewer than 5 and you don't have statistical significance. One competitor's anomaly becomes your pricing distortion.

Optimal: 10-15 properties
This gives you enough data to understand market patterns while keeping the comp set focused. You can identify trends without noise.

Maximum: 25 properties
More than 25 and you're diluting the signal. The marginal comp you're adding probably doesn't truly compete with you—it just brings down your average.

If you can't find 5 true comps using TSVFP scoring, expand your geographic radius slightly or relax the feature requirements. But don't include obvious non-comps just to hit a number.

Where to Find Your Comps

Starting Point: Airbnb Search

Open Airbnb and search your area with YOUR exact filters:

This filtered search is more useful than Airbnb's "similar listings" because it matches on factors that affect price.

PriceLabs Neighborhood Data

PriceLabs provides market data that can help identify comps. Look at properties in your price range within your neighborhood.

The limitation: PriceLabs doesn't score comp quality. You still need to evaluate each property manually using TSVFP.

Manual Verification

For each potential comp, click through and ask:

If the answers are yes, it's a comp. If not, remove it.

Local Property Manager Networks

In many markets, property managers share informal competitive intelligence. Knowing who your direct competitors are—and aren't—can shortcut the comp-building process.

When to Refresh Your Comp Set

Your comp set isn't static. Markets change. New properties enter. Old ones exit. Features get added. Renovation changes competitive positioning.

Monthly refresh: Re-evaluate your comp set every month. Check for new listings in your micro-market. Remove comps that have changed significantly (major renovation, different ownership, etc.).

After your renovations: If you added a pool, your comp set changes. Properties without pools are no longer true comps. Properties with pools that you previously excluded now belong.

Seasonal adjustments: Some properties only operate part of the year. A snowbird's condo that's not listed November-March shouldn't be in your comp set during those months.

After competitor changes: When a key competitor renovates, changes management, or exits the market, your competitive position shifts. Update accordingly.

The Real Impact of Comp Set Quality

Let's make this concrete.

We managed a 3BR property in La Jolla. Using Airbnb's suggested "similar listings," we had 47 comps. The median price was $287/night.

When we rebuilt the comp set using TSVFP scoring, we ended up with 12 true comps. Same bedroom count. Similar ocean access. Similar amenities. Similar price tier.

The median price of these true comps: $312/night.

We had been underpricing by $25/night—not because of bad intuition, but because bad comps were dragging down our benchmark.

Over 6 months, fixing the comp set led to $9,990 in additional revenue. Same property. Same photos. Same amenities. Just better data.

Common Comp Set Mistakes

Mistake 1: Including Non-Comps Because They're Nearby

Geographic proximity doesn't make a comp. A downtown high-rise condo and a suburban single-family home might be 5 miles apart, but they don't compete for the same guests.

Mistake 2: Including Properties with Similar Ratings

Guest ratings reflect experience quality, not competitive positioning. A 4.9-star budget property and a 4.9-star luxury property have similar ratings but completely different markets.

Mistake 3: Including Too Many Comps

More isn't better. Each marginal comp dilutes your signal. If you have 50 comps, you probably have 30 that don't belong.

Mistake 4: Never Updating

Markets are dynamic. A comp set from 6 months ago is probably stale. New properties have entered, old ones have changed, and your competitive position has shifted.

Mistake 5: Ignoring Seasonal Differences

Some properties cater to different seasonal demand. The ski-season rental and the summer-season rental in the same mountain town aren't really competing—they serve different markets at different times.

Automating Comp Set Management

Manual comp set management is tedious but critical. At Calibr8ted, we've built TSVFP scoring into our platform:

You can always override—add comps you know belong, remove ones that don't. But the automation catches 90% of cases and saves hours of manual work.

Get Your Comp Set Built Free

Not sure if your current comp set is right? We offer free comp set analysis as part of our pricing audit.

You'll see:

Request Free Comp Set Analysis