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Overseas MarketID: #82

Data Product / B2B2C Supply to Audience Holders (crossover: SEO / Programmatic Content Asset)

Pan-EU Short-Term Rental Registration Rules Graph

A continuously maintained, machine-readable map of every EU short-term rental registration regime (issuing authority, code format, whether the regional or national number is the one platforms accept, expiry, and what changed), sold as a per-property delisting-risk monitor at roughly EUR 6-9/property/month for hosts and small managers and as a validation API licensed to property management systems and channel managers now exposed to mass delisting under Regulation (EU) 2024/1028, which became applicable 20 May 2026.

Research Stage Progress

① Demand Scan
② Market Research
③ Feasibility Analysis
Triage ScoreTotal Score: 31/35
Demand Pull: 5Acquisition Feasibility: 4Agent Advantage: 5Low Volume Economics: 4Operator Lightness: 4Market Trend: 5Policy Redline: 4Demand Pull(5/5)Acquisition Feasibility(4/5)Agent Advantage(5/5)Low Volume Economics(4/5)Operator Lightness(4/5)Market Trend(5/5)Policy Redline(4/5)
Market Research Evaluation
6.9/10
Assessment Rationale

Scale: 0-10, demand side and competition side weighted evenly. Result 6.9.

Demand side (reads ~7.6)

  • Dated legal obligation with a priced enforcement precedent: Regulation (EU) 2024/1028 applicable 20 May 2026; Spain fined Airbnb EUR 64m over 65,000+ listings specifically for missing licence numbers and licence details not matching official registers, and the Madrid High Court refused to suspend payment on 23 Mar 2026 (four outlets agree).
  • Registrable base verified bottom-up from national registers, not from vendor listing counts: Italy 694,287 structures / 621,262 CIN issued (14 Jan 2026), Spain 341,001 tourist dwellings (INE, May 2026) against 400,362 registration applications (Land Registry, 8 Jan 2026), Portugal 120,719 alojamento local registrations, France 231,700 classified. Conservative EU total ~1.41m units, upper bound ~2.57m.
  • Willingness to pay is now demonstrated, not assumed (this was the biggest open question going in). A direct competitor charges EUR 29/property/month for the first five units; the US licence-and-filing analogue has charged USD 27/property/month plus USD 299 setup for years; the guest-compliance incumbent charges EUR 3.95-7.95. The originally hypothesised EUR 6-9 sits below market.
  • Failure is measurable and frequent: 21% of Spanish applications rejected, 84,250 revoked, 100,000+ listings pulled from platforms Jan 2025 to Mar 2026.
  • Marks down: the unit base is shrinking in exactly the enforced markets (Spain -10.7% YoY at May 2026 per INE; Paris available listings down from a 79,000 July 2024 peak to 53,812 in Oct 2025 per the city planning agency). Registration is an annual-or-less event, a far weaker retention hook than the per-booking trigger that built the incumbent. And the largest single market had its national register voided by its own Supreme Court fourteen months after launch.

Competition side (reads ~6.2)

  • A direct competitor already ships. Conforme validates registration numbers against the Portuguese, Spanish, Italian and French registers, re-checks hourly that the number is still on the listing, keeps a tamper-evident audit trail, and is live in PT and ES with IT and FR stated as next. Four channel-manager integrations live, a fifth stated as next. It prices above the level this business was scoped at. The scout-stage read of an empty field does not survive.
  • The guest-compliance leader (200,000+ properties, 45+ countries, 18 countries with direct authority integration, 50+ software integrations, all on USD 1.3-3.6m of reported funding) has zero property-registration coverage in its own published table, but is one product decision away.
  • The booking platforms carry the actual legal verification duty and are building with authorities directly; a regional tooling announcement points that way (title-only, body blocked, recorded as unverified).
  • Marks up: nobody publishes the maintained rules layer itself as structured, dated, machine-readable data with a change history. Fragmentation is durable (Spain alone now has at least six regional code families after the annulment) and re-mapping speed is the real asset.

Two upstream caveats resolved

  1. Member-state count: far better than the six previously confirmed. The Commission's own impact assessment annex names 23 states with a registration procedure at national, regional or local level (22 with a scheme actually in place; Denmark has data sharing only; Romania legislating; Estonia, Finland and Sweden absent). Five are live and platform-enforced today (ES, IT, PT, GR, FR), two more legislated with dates (IE opens 1 Dec 2026, CZ missed its 1 Jul 2026 launch). How many conformant single digital entry points are actually live could not be established: the European Parliament's own policy department wrote in 2025 that no public information exists on it.
  2. Listing contraction: corroborated away from the commercial vendor. Spain's statistics office and the Paris city planning agency both show large falls, and Berlin's Senate, Barcelona's city government and published academic work all point the same way. Caveat kept: the Paris agency attributes part of the fall to the post-Olympic unwind, so registration is one driver rather than the driver.

Buyer-side verdict: the host and small manager are the payer; the property management system is distribution, not a customer. Every priced comparable bills per property. PMS marketplaces run 200+ open integrations with no published payment to integrators, and money flows the other way through referral fees. The Regulation puts verification on the booking platform, not on the host's software, so the middle layer is the one participant with no legal reason to buy. Both white-label routes found are contact-sales with no obtainable price, so no revenue from that channel is counted in the sizing.

Sizing (bottom-up from registers, formulas and every input sourced in the study): TAM ~EUR 180m/yr (band 85-370m), SAM ~EUR 65m/yr (band 54-81m, five live states x ~40% professionally operated), SOM ~EUR 270k ARR by year three (~1,500 paying properties). A top-down cross-check cuts against the TAM: the category leader's 200,000 properties imply only EUR 10-19m of subscription revenue, so real current spend is likely an order of magnitude below the theoretical TAM, and the SOM is set accordingly.

Would move up on a signed white-label deal with a published value, or evidence the rules layer sells separately from the application. Would move down if the direct competitor completes Italy and France before anything ships here, or if a booking platform starts issuing validated numbers itself.

Feasibility Evaluation
Infeasible
Feasibility Score4.1/10
Assessment Rationale

Scale: 0-10, where 0 = no path to a working business and 10 = high confidence with financing, channel and compliance all solved. Blends technical / capital / unit-financial / regulatory / competitive feasibility + demand durability, weighted toward the dimensions that fail and cannot be engineered around. Result 4.1 -> INFEASIBLE.

Dimension scores: technical 8.0 | capital requirement 7.5 | unit financial viability 4.0 | regulatory & compliance 6.0 | competitive defensibility 2.0 | demand durability 4.5.

Biggest killer: the booking platform answers the product's core question itself, for free, at the moment it is asked. Airbnb's registration tool with the Region of Murcia (announced 5 Mar 2025, confirmed by named regional press) accepts only the registration/licence number format corresponding to each accommodation type and makes it impossible to advertise a short-term rental with no number. Wider Spanish rollout reported from 1 Jul 2025 (mandatory number field on new listings), monthly transmission to the housing ministry from Aug 2025 including state and regional numbers, and a move to two separate fields for national + regional codes (Airbnb newsroom pages 403'd, so rollout dates held at medium confidence on secondary reporting). Caveat kept: this is format validation, not a check against the live register. But the exact pains the original case rested on ("must match the exact official format", "which code does the validator accept", "must sit in the dedicated field") are now handled upstream by the party that carries the EUR 64m exposure and has both the incentive and the balance sheet to keep closing the gap.

Second killer, the ② downgrade trigger is at or near fired. Conforme's own pricing page now lists Portugal (RNAL/SIBA), Spain, Italy (CIN) and France (Declaloc) as covered jurisdictions under a single plan, verified directly. More damaging: its live compliance page shows Spanish coverage on the post-annulment regional codes (Madrid VT, Catalunya HUTB, Balearics ETV), i.e. it re-mapped an entire country's code family within ~2 months of Supreme Court judgment 620/2026. Re-mapping speed was the stated moat; a competitor with no published funding, no company registration and a site marked as an early revision has already demonstrated it on the hardest test this market has produced. Published price EUR 29/19/12/8 with no setup fee, 14-day trial, four channel-manager integrations live.

Third killer, the ceiling. SOM ~EUR 270k ARR / ~1,500 properties by year 3 (band 153k-504k). Modelled break-even: solo founder-unpaid = 156 properties (10% of the entire 3-year capture, capital ~EUR 56k); solo founder-paid-60k = 551 properties (37%, ~EUR 155k); two people = 945 properties (63%, ~EUR 254k); three people = 1,340 properties (89%). This can only ever be a one-person, founder-unpaid-for-a-year business, and that slot is occupied. Top-down check reinforces it: the category leader's 200,000 properties across 45 countries imply only EUR 10-19m of subscription revenue.

Unit economics are not what kills it (worth recording, since they are better than several lanes ruled FEASIBLE here). Modelled at ~20% under the competitor's top band with a 0.85 realisation factor: small host (3 units) ARPA EUR 58.65/mo, 80% GM, 4.5%/mo logo churn (22.2-mo life) vs EUR 350 CAC -> LTV EUR 1,043, LTV/CAC 2.98x, payback 7.5 mo — on the 3x line, not above it. Adverse case (EUR 15/unit price pressure, 6%/mo churn, EUR 450 CAC) collapses to 1.06x. Manager accounts (40 units) are strong at 7.51x / 5.3-mo payback but scarce (~1 manager per 19 host accounts) and are exactly who the competitor's four channel-manager integrations reach first. CAC anchored on WordStream 2026 (13k+ campaigns): CPL USD 102.51 real estate / USD 93.69 business services = EUR 85-93, at 25% lead-to-paid -> EUR 341-373; cross-checked against First Page Sage (46 SaaS cos) SEO USD 508 / paid search USD 817. Churn anchored on published SMB benchmarks (~4.1%/mo at USD 500-5k ACV; 3-5%/mo sub-USD 1m ARR), marked down for involuntary churn in a base falling 10.7% YoY.

Retention is the structural weakness and no data quality fixes it: registration renews annually at best vs the per-booking legal filing that took Chekin to 200,000 properties on USD 1.3-3.6m raised. The only mechanic that manufactures a weekly reason to keep paying is continuous listing-parity monitoring, which is (a) already shipped by the competitor hourly and (b) constrained by the redline against scraping platform pages, so it needs official or host-authorised access.

Cost base is genuinely cheap and validates the agent-advantage premise: EUR 23,800/yr all-in cash for a solo operator, of which maintaining the rules layer across 22 jurisdictions is only EUR 2,400 (~40k source-document reads/yr costs EUR 474-1,423 at published model list rates). Compliance is manageable at four figures: informational positioning + "verify with the competent authority", GDPR controller obligations over host identity and property addresses, professional indemnity cover.

Would reopen: a signed white-label deal with a published value (both routes found are contact-sales, so zero revenue counted); evidence the rules layer sells separately from the application; the direct competitor failing to ship live IT/FR monitoring within six months; Ireland's 31 Dec 2026 single-month national registration going badly in a jurisdiction nobody covers. Recorded as different businesses, not rescues: selling to the authority (Granicus signed 300+ NA cities/counties, one municipal contract on record at USD 7,830/yr auto-renewing, no European equivalent found) and doing the filing rather than alerting on it (Avalara MyLodgeTax at USD 27/property/month + USD 299 setup, parent taken private for USD 8.4bn).

Pan-EU Short-Term Rental Registration Rules Graph

Track: Data Product / B2B2C Supply to Audience Holders (crossover: SEO / Programmatic Content Asset) | Market: overseas (European Union, 27 member states plus regional and municipal layers) | status: PENDING_RESEARCH | Created: 2026-07-27T00:00:00Z | Updated: 2026-07-27T00:00:00Z

Scout output, for downstream research/feasibility. Full metadata in meta.json in this directory.

One-liner

A continuously maintained, machine-readable map of every short-term rental registration regime in the EU (which authority issues the number, what format it takes, whether the regional or the national code is the one platforms actually accept, when it expires, and what changed last week), monetised two ways: a per-property delisting-risk monitor at roughly EUR 6 to 9 per property per month for hosts and small managers, and a validation API licensed to the property management systems and channel managers who now have to keep tens of thousands of listings alive under Regulation (EU) 2024/1028.

Opportunity source (how it was found)

  • Method: Trend Sniffer (a pan-EU regulation that became applicable nine weeks before this scan, with a national supreme court voiding one member state's registry the day before it landed), plus Pain-point Extractor (host complaint threads, a channel manager's own published list of the only three things that get a listing killed, and a documented national portal with 14 fields and 7 common errors), synthesised through Idea Generator into a product that is a dataset first and an app second.

  • Signal, Trend Sniffer: Regulation (EU) 2024/1028 became applicable on 20 May 2026. From that date every host in a member state that runs a registration system needs a unique registration number per property, and platforms have to display it, verify it, run random checks for illegal listings, and hand authorities monthly data on guest stays and nights booked. Authorities can order a listing removed; the platform then has 10 working days to comply, 48 hours if the violation is treated as serious. Eurostat counts 951.6 million nights booked through Airbnb, Booking and Expedia across the EU in 2025, up 11.4% on 2024, and puts short-term rentals at about a quarter of EU tourist accommodation supply. Airbnb's own leadership has been quoted warning of "27 different systems". The readiness map is uneven and moving: Spain, Italy, Greece and Portugal are live and enforcing, while Germany and the Netherlands are still building. Then, on 19 May 2026, one day before the EU date, Spain's Supreme Court (Judgment 620/2026) annulled the national Single Registry and the NRUA number on competence grounds, handing control back to the autonomous communities. Hosts who had spent a year getting a national number now display a regional one instead, and Spain alone issues at least six regional code families.

  • Signal, Pain-point Extractor: Airbnb Community Center carries live threads titled "The Registration number in your application is invalid or...". Bodies were blocked on direct fetch (HTTP 403, the same pattern this library has logged repeatedly for forums and review aggregators), so they are held at title-only confidence, but the search extract describes hosts being told their number is invalid after verifying it with the issuing authority, with listings dropped into long-term-only mode while it gets sorted out. The sharper source is a vendor: Your.Rentals publishes that exactly three compliance items can get an Airbnb listing removed, and all three are registration identifiers (the generic RLN, Italy's CIN, Spain's NRA), that the number must sit in the dedicated field rather than the description, and that it has to match the exact official format. Italy needs the regional CIR before the national CIN and both displayed where the region asks for it, on a portal with 14 fields and 7 documented errors that stall issuance, against fines of EUR 800 to 8,000 for not holding a CIN.

  • What actually convinced me: not the complaints, the delistings. Paris lost 12,696 active listings in twelve months, down 22.9% year on year. Madrid is down 15.3%, Barcelona 11.6%. Berlin pushed over 8,000 apartments back into long-term housing through platform data sharing. Portugal has over 70,000 alojamento local units flagged at risk of licence cancellation. And Spain fined Airbnb EUR 64 million over 65,000 listings for precisely this failure mode: missing licence numbers, and licence details that did not match the official registers. Madrid's High Court refused to let Airbnb suspend payment on 23 March 2026. A platform carrying a EUR 64 million penalty for bad licence data will delist first and ask questions later, which turns a regulatory obligation into a direct revenue threat for the host.

  • Idea Generator synthesis: every tool in this space solves the neighbouring problem. CheKin runs in 45+ countries doing guest check-in, ID scanning, police reporting and tourist tax, with no property licence tracking anywhere in its published feature set. Hostaway and Your.Rentals frame "compliance" as guest registration, meaning submitting arriving guests to the police within 24 hours. ExpiryEdge is the closest adjacent product, a generic multi-jurisdiction permit renewal tracker with 90/60/30 day reminders that explicitly lists short-term rental permits, but it is a calendar with a jurisdiction field and no idea what a valid Andalusian RTEA number looks like. Nobody found maintains the underlying rules. Fifteen-plus vendor blogs publish prose guides to the same rules for lead generation; not one publishes structured, dated, machine-readable data with a change history. That gap, the dataset rather than the dashboard, is the product.

  • Evidence: assets/evidence.md (regulatory trigger, fragmentation, enforcement, competitor sweep, and an explicit not-obtained list) and assets/pain-points.md (complaint threads, verbatim negative reviews, and the negative results).

Demand detail

Who wants it, in two very different shapes.

The volume buyer is the host or small manager with 1 to 20 units. Often those units are not in one place: a Dutch owner with two flats in Lisbon and one in Seville is a completely ordinary profile in this market, and that person is now dealing with three code systems, two languages and a Spanish court ruling that changed the answer in May. Their pain is sharp but their willingness to pay is capped, which is the same low-ARPU trap that killed lane 81 and squeezed lane 37.

The economically serious buyer is the platform layer above them. Property management systems and channel managers (Hostaway, Guesty, Lodgify, Avantio, Rentals United, Smoobu, Beds24) collectively carry hundreds of thousands of EU listings and are now exposed to their customers being delisted through a data field they do not validate. They need to know, per jurisdiction, whether a given string is a plausible registration number, which authority issued it, whether it is still the code the platform accepts, and when it expires. That is a rules feed, and building it in-house means standing up a multilingual legal-monitoring function across 27 states. Buying it is obviously cheaper. This is the same B2B2C shape as lane 33, and it is the thinnest track in this library.

What they are expressing. Not "what are the rules", which fifteen blogs already answer. The unanswered questions are narrower and all of them are stateful: which of my jurisdiction's several codes is the one the platform's validator will accept today, is my number still valid after the ruling, when does it lapse, and did anything change since I last looked. Prose guides cannot answer any of those, because a guide is a snapshot and this is a moving target.

Strength and breadth. The obligation covers every listing in every participating member state with no size carve-out. The pull is recurring rather than one-off: numbers expire, regions amend their schemes, and the enforcement front is still widening (Germany and the Netherlands have not switched on yet, so the rule surface grows through 2027 rather than settling). And the downside is unusually legible to the buyer. A delisted listing is not a fine to argue about later, it is a booking calendar going dark in peak season.

7-dimension triage score (detail in meta.json.triage)

Demand pull 5 / Acquisition feasibility 4 / Agent advantage 5 / Low-volume economics 4 / Operator hand lightness 4 / Market trend 5 / Policy redline 4 -> Total 31/35

Rationale:

  • Demand pull (5): this is the strongest evidence base I have assembled in this library outside the Singapore regulatory cluster, and unlike most of those it rests on behaviour rather than sentiment. Hosts are losing listings by the ten thousand in named cities, a regulator has priced the failure mode at EUR 64 million against the largest platform, and a court refused to pause payment four months ago. Held at 5 rather than downgraded for the blocked forums because the behavioural evidence does not need the complaint threads to stand up. The honest caveat, recorded rather than buried: the listing-contraction figures come from a commercial data vendor with a product to sell, and research should re-derive them.
  • Acquisition feasibility (4): two credible channels. The B2B2C route is a short list of named property management systems, reachable by direct outreach, where one deal covers thousands of units. The host route runs on programmatic pages per jurisdiction, which is how lanes 43 and 50 worked. Not a 5, because the head terms are already contested by fifteen vendor blogs running the same play for lead generation, and because a two-sided go-to-market from a standing start is slower than a single funnel.
  • Agent advantage (5): this is the reason to pick this lane over the others generated in the scan. 27 member states, regional registries underneath them, municipal layers underneath those, 20-plus languages, and a rule set that changed materially twice in the last twelve months. Keeping that current is a continuous multilingual reading and normalisation job, which is precisely where an agent beats a human research team on both cost and freshness. Every competitor's content goes stale the moment it is published; staying current is the entire moat.
  • Low-volume economics (4): marginal cost per property or per API call rounds to zero once the rules graph exists. The fixed cost is the catch, and it is ongoing rather than one-off, because maintaining the dataset is the product. A handful of host subscriptions at EUR 6 to 9 will not carry 27 jurisdictions; one or two API partners will. Held at 4 because the model works at low volume only if the B2B2C tier lands early.
  • Operator hand lightness (4): no physical operations, no licensing, no inventory. Two things need a human. Genuinely ambiguous legal interpretations (which Spanish code is the operative one post-ruling is exactly that kind of question) and the partnership sales conversation with property management systems, which will not close over a self-serve signup form.
  • Market trend (5): applicable date 20 May 2026, nine weeks before this scan. Enforcement widening rather than settling, with Germany and the Netherlands still to switch on. Booked nights up 11.4% year on year, so the underlying market is growing while the compliance surface hardens. That combination is a rising window, not a saturating one.
  • Policy redline (4): nothing prohibited here, but four real boundaries. The output is legal-adjacent information and must stay informational with a visible "verify with the competent authority" disclaimer, the same discipline this library has applied to Ireland pension advice, Netherlands tax-status determination and UAE tax representation. Storing host identity and property addresses makes the product a GDPR controller in its own right, which is not optional homework. Any feature that checks whether a number is displayed correctly on a live listing must run through official APIs or host-authorised access, never scraping platform pages against their terms. And the product must never present itself as registering a property on the host's behalf.

Notes for downstream stages

  • Key assumption to stress-test first: that a property management system will pay for a rules feed rather than build a thin version in-house or wait for Airbnb's validator to become the de facto answer. The whole economic case leans on the B2B2C tier, because the host tier alone repeats the low-LTV pattern that made lanes 81 and 37 hard. Research should try to price this directly: what does an incumbent pay today for equivalent regulatory data feeds in adjacent verticals, and has any of them already started building.
  • Second assumption, nearly as load-bearing: how many of the 27 member states will actually run a registration system. The Regulation is opt-in and opt-out at member-state level. States are not compelled to have a registry, only to make any registry they do run conform. Six states' status is confirmed in the evidence file. The other 21 are unknown, and the addressable market scales roughly linearly with that number.
  • Competitor leads to verify: CheKin (45+ countries, guest-side only per its public site, pricing unpublished, needs a trial account to confirm there is no hidden licence module), Hostaway and Guesty (check inside the product and in public API docs before treating "nobody tracks property licences" as settled), Your.Rentals, Avantio, Rentals United, Lodgify, and ExpiryEdge as the closest adjacent product and the sharpest price anchor. Apply this library's own lesson from lane 74: a scan that finds no competitor has usually just not looked hard enough, so budget a dedicated sweep here.
  • Sources to verify at primary level: the EUR-Lex text of Regulation (EU) 2024/1028 for the article-level obligations, the Commission's 20 May 2026 release, Eurostat's platform-nights series, and Spanish Supreme Court Judgment 620/2026 of 19 May 2026. The listing-contraction counts are vendor data and should be cross-checked against AirDNA, Inside Airbnb or municipal registers before any market sizing rests on them.
  • Redline and compliance notes: informational positioning with an explicit disclaimer directing users to the competent regional or municipal authority; GDPR controller obligations on host and property data, with a data-minimisation review before any storage design is fixed; no scraping of platform listing pages, and no claim to register or file on a host's behalf. Also worth flagging to feasibility: this library already ruled short-term rental operator tooling out for Singapore because sub-three-month private residential letting is illegal there. That constraint is Singapore-specific and does not carry to the EU, but it is a reminder to check legality per jurisdiction rather than assume it.
  • Geography and track note for the coordinator: first travel and hospitality lane in this library, and the first pan-EU multi-country lane (lane 53 covers the EU as a bloc through the AI Act, but not member-state-level divergence). It also lands in the three thinnest tracks here: Data Product, B2B2C Supply to Audience Holders (previously one lane, number 33) and SEO / Programmatic Content Asset (previously two lanes, 43 and 50, which produced the two best feasibility scores in the library).
  • Ideas generated and rejected this scan, recorded so nobody re-walks them: (1) vertical microdrama title and ad-creative intelligence for studios and user-acquisition teams, Games and Video track, dropped because the specific buyer and gap could not be evidenced inside this scan while several monthly-ranking content sites are already forming; (2) pre-launch security audit for AI-built applications, Productized Service track, dropped because Vibe App Scanner already ships across 11 platforms with a free tier and Lovable ships its own scanner; (3) travel advisor commission recovery and statement matching, Micro SaaS, dropped because Host Agency Reviews already lists 37 products in that category with a dedicated specialist (Sion), and it overlaps this library's saturated freelancer-finance cluster; (4) indie musician artificial-streaming false-positive evidence vault, Data Product, dropped as structurally the same product as lane 65. Detail and sources for these sit in _learnings.md.

assets/ evidence list

  • evidence.md: regulatory trigger with the Commission's own 20 May 2026 release and the Eurostat nights figure; fragmentation evidence including the "27 different systems" quote, the named country code systems and the city-level listing contraction counts; the Spanish Supreme Court annulment cross-checked across three independent sources; the EUR 64 million Airbnb fine cross-checked across four outlets; a competitor sweep covering CheKin, Hostaway, Your.Rentals, ExpiryEdge and Minut; and a six-item list of sources that could not be obtained, flagged rather than guessed at.
  • pain-points.md: the Pain-point Extractor output. Five Airbnb Community Center thread titles with URLs (bodies blocked at HTTP 403); Your.Rentals' published list of the only three items that deactivate a listing, with the Italian and Spanish penalty ranges; Italy's BDSR portal friction (14 fields, 7 common errors, regional CIR before national CIN); three verbatim low-star Hostaway reviews from Capterra recorded as a negative result, since none of them mentions compliance; and the behavioural delisting figures the demand-pull score actually rests on.