To succeed in your short-term rental investment, you need tools like Beyond Pricing to gain insight into the industry. But is it the best option out there?
Investing in short term rentals has been one of the most lucrative ways of making money in real estate in the past few years. If you’ve been around the real estate scene for a while, you realize that just owning an Airbnb isn’t a straight ticket to success. You need to set your business up for success using tools such as Beyond Pricing.
One of the most vital factors that come into play when setting a favorable rental rate for your vacation rentals is Airbnb data and analytics. Inaccurate data leads to wrong investment decisions, which will ultimately lead to business failure.
Keeping up with all the trends and market changes manually can be challenging. Imagine having to update your spreadsheets constantly and ensure that your data is error-free. Doesn’t it already sound too arduous?
A software solution like Beyond Pricing takes over all these tasks, does them even more efficiently, and helps you boost your Airbnb revenue. So in this blog post, we will take a closer look at this platform, check out Beyond Pricing reviews, and see how it compares to Mashvisor.
What Is Beyond Pricing?
Beyond Pricing, now known as just Beyond, is a real estate software that focuses on market data to help investors get income from their investment properties. The software solution is geared towards helping investors get bookings for their short-term rental at the best price.
This software is more than just a program that helps investors have an insight into the most ideal price for their Airbnb. It gets its data from multiple reliable sources to produce a daily market overview and select the most optimal price for the user. Further, it also considers factors such as hotel rates, flight demands, other Airbnb rates, and many others.
One unique thing about this software is that the dynamic pricing updates every 24 hours. This not only helps investors improve their Airbnb’s occupancy rate but also boosts their listing rankings. Growing an Airbnb business without a dynamic pricing strategy is near-impossible. You must set it up according to the season and adjust it accordingly.
Learn more on Beyond Pricing Review: Is it worth it?
How Does Beyond Pricing Work?
To further understand Beyond Pricing software, we need to look at how it works. Primarily, Beyond Pricing only offers a generated listing price suggestion. Users registered on the platform receive a daily notification of suggested listing prices for their short-term rentals. Investors can then use this suggestion as a yardstick to set their pricing strategy.
As we’ve mentioned, this app looks at other comparable Airbnb properties to generate the suggested prices. In short, if a competitor listing is performing well, Beyond Pricing suggests to the user to set their rate around that price. It also looks at other suggested prices on reliable sources, such as Airbnb, Booking.com, Vrbo.
Let’s look at some of the Beyond Pricing functions and features.
Beyond Pricing Functions
The platform has several functions for managing Airbnb investment properties.
Beyond Pricing Dashboard
Upon logging in to Beyond Pricing, the user will be directed to the dashboard. This is the information investors will see in regards to their listing:
- Name, location, listing type, and platform
- Health– The health score is given on a scale of one to 100, based on profitability, instead of occupancy rate.
- Occupancy– This is the occupancy rate in the next 30 and 90 days.
- Price– The starting and ending prices
Beyond Pricing Health Score
Beyond Pricing assigns the user’s Airbnb property a health score on a scale of one to 100. Primarily, the property is doing well if it is ranked between 80 and 100. If it’s between 60 and 80, it means the investor should make some changes to make their property more profitable. They’re in trouble if their property is below 60.
As we’ve mentioned, Beyond Pricing assigns the property a health score based on profitability, not occupancy rates. This is one area where the website might stand out from its competitors who lower the pricing to increase occupancy. Beyond Pricing focuses on maximizing income.
Real estate investors may use Beyond Pricing to gain an insight into the local listings that they’re competing against. They can analyze their average prices, occupancy rates, and also directly check the listings on the Airbnb website. This will help investors develop their property to match the market standards.
Beyond Pricing doesn’t advise you to set your rate based on the average listing, since your property is probably not average. Instead, look at the listing with the best health scores. You can check the listings and see how they appear online. For example, if you see a similar listing but your property has more amenities, say a swimming pool, you can set a higher rate.
Setting the Base Price
The Beyond Pricing platform defines your base pricing as the standard price you’d pick for your listing. In short, the overall pricing strategy you settle on is heavily reliant on the base price you set. If you’re already a host and familiar with your property, you can simply set it as your average listing price. However, if you’re just starting, it would be better to first check the neighborhood listings option. This will help you to establish what your ideal price would be.
The blue dotted line represents the base price, while the red one is your minimum price, which the software will never get across. You can then use the health score to determine whether you should raise or lower the base pricing.
One of Beyond Pricing’s best features is that it’s highly configurable. Aside from choosing the minimum and maximum pricing, investors can also tailor minimum stay prices and last-minute bookings. Additionally, they can also do it on a seasonal basis if they like.
The software defaults to a 25% discount for bookings made during the final three days of a stay and a 10% discount for one made during the final seven days of a stay. While investors can change these whenever they want, the rates will never fall below your minimum price, even for prices on a nightly basis.
Beyond Pricing’s Airbnb dataset tool helps investors view their metrics, such as:
- Top bookings
- Average daily rates available
- Occupancy rate
The average daily rates are supposed to help investors make pricing choices. For example, if the last five bookings were close together, it’s an indicator that they can raise the daily rate. The occupancy section shows investors the percentage of nights reserved for a specific month.
In the average daily rate section, investors will also see how much guests spent on average for a night. They can also look at the occupancy and ADR rate combined if they want to gain a deeper insight into the health of their property.
We’ve looked Beyond Pricing and what it offers for users. It’s now time to look at another option.
Mashvisor: An Alternative to Beyond Pricing
Mashvisor is a superior alternative to Beyond Pricing because of several reasons.
What Is Mashvisor?
Mashvisor is an online real estate platform created for investors to help them in their investment decisions. It’s also an instrumental Airbnb analytics platform that helps investors predict how their investment property will perform based on historical and predictive data. With this platform, you can see how your property will perform in the current market as well as the future.
Other than that, Mashvisor shows you different investment strategies for your property. You can use the platform to see whether your property will perform better as a traditional rental or as a short-term rental property in its location.
While there are many real estate platforms online, Mashvisor has constantly proved to be the best. Generally, it’s a one-stop shop for the modern-day real estate investor. Here’s why:
Investment Property Analysis
Mashvisor’s Airbnb Calculator has different types of data to offer to real estate investors. This is crucial information you need when carrying out a comprehensive investment analysis. Let’s look at some of the crucial data you can extract from the Airbnb dataset.
As you may already know, in the Airbnb market, you can just set any nightly rate you feel like. You need a dynamic pricing strategy that accounts for the occupancy rate, local rental listings, and property expenses.
You can choose to dig for all this information on the internet and select a price you think works for you. However, this would be time- and energy-consuming. What you’re looking for is Mashvisor’s Airbnb income calculator.
Mashvisor collects rental comps data for you and uses it to forecast the Airbnb income you can expect from your property. Keep in mind that these estimates aren’t a given. These analytics are provided for you to make data-based business decisions out of your own judgment.
Airbnb Return on Investment
One of the most crucial pieces of information you might want to find before investing in any property is its return on investment. The opportunity needs to make financial sense. However, coming across this kind of data, especially for newbie real estate investors, may prove to be an uphill task.
Finding these estimates manually may also be stressful since you first have to collect various data and ensure they’re all accurate. After that, you’ll have to compute the numbers using various investment property rate of return formulas. Computing all these data manually can lead to errors.
This demonstrates that you need an investment calculator that uses Airbnb data and predictive analytics to compute the various rate of return metrics, such as cash on cash return and cap rate. Our Airbnb Calculator implements all these to help you evaluate how profitable an investment property is.
Compared to Beyond Pricing, Mashvisor also offers additional Airbnb data such as:
- Airbnb cash flow
- Airbnb rental comps
- Airbnb expenses and fees
- Airbnb occupancy rate
- Airbnb reviews
- Airbnb investment payback balance
Mashvisor provides a myriad of tools to help investors carry out an in-depth investment property search. You can look for Airbnb homes for sale, evaluate properties and neighborhoods, compare large numbers of properties, and pinpoint the best ones for investing.
Other than that, Mashvisor also focuses on evaluating both traditional and Airbnb rental strategies. You can use the tool to select the most ideal strategy for your investment. If you need fast comparisons, you can switch the tools and features between the two strategies, and you’ll see estimates for both approaches.
Mashvisor is the best tool when it comes to searching for properties. It has a variety of tools and features that make this process a lot easier.
- Search Page – The Search Page has a map and other customization features to help you narrow down your search and find a home that matches your criteria.
- Property Finder – Mashvisor’s Property Finder tool uses AI and machine-learning algorithms to help you find properties that meet your demands. The tool also sorts the results based on profitability.
- Heatmap – The Heatmap is part of the Search Page. It provides a color-coded overlay of the map to demonstrate how each part of the city performs based on your selected criteria.
Real Estate Analytics
Besides helping you identify profitable investment properties, Mashvisor also gives you the data you need to make smart business decisions and predict your investment’s performance in the future.
- Rental Property Analytics Page – Mashvisor gives you access to rental property predictions and estimations.
- Neighborhood Analytics Page – Here, you’ll learn about the average cash on cash return, cap rate, ideal rental strategy, occupancy rate, average rental income, and median prices in the particular neighborhood.
- Comps and Reports – This allows you to run a side-by-side analysis of your property and other comparable rentals. You can find Comp Listings on several sections, such as property and neighborhood pages. This allows you to find comparables quickly.
Besides all these, Mashvisor allows you to export various Excel sheet reports for each neighborhood or market based on your chosen filters. The Excel sheet report includes all the listings in the neighborhood you’re interested in, their details, zip codes, size, rate of return, and any other important information.
Beyond Pricing vs. Mashvisor Verdict
Based on the analysis we’ve done on Beyond Pricing reviews, Mashvisor’s Airbnb pricing calculator undeniably takes the lead. Not only does Mashvisor bring more to the table, but it is also more dependable and accurate. Mashvisor tools and resources will help you track occupancy rates, neighborhood prices, and year-over-year trends.
Beyond Pricing is a good tool that is helpful to many real estate investors. However, if you’re looking for a more in-depth analysis, this tool may not be what you need. Mashvisor comes in where Beyond Pricing lacks.
Mashvisor communicates directly to its users and notifies them of their data sources during research. As a real estate investor, you can rely on Mashvisor’s dependability and accuracy to make smart investment decisions. Sign up for Mashvisor today and access your 7-day free trial, alongside a 15% lifetime discount. You can also schedule a demo with us to learn more about the platform.