Casa-Cast

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It's time for the show, let's go!

Why don't we start with questions?

that you guys have and then
I can talk about strategy

opportunities that I see on my site.

Right now we're on yielding and I believe
we're wanting to move to market pricing?

Market based pricing.

I'm trying to understand a few things.

I would like to know in the properties
where we put a rate in a season and then

we put a rate, what are we doing When we
send it over to Revmax, what is happening?

Like, what's the correlation
to the relationship there?

What is it doing when it gets there?

If we're on yielding or
market , because that's the

thing that we need to set up now.

And I don't know what it's doing now.

Can you also explain the difference
between the yielding and the market?

The market, yes.

Okay.

So I'm going to answer Steve's
question first, and then I will go

back and we'll look at the steps
for how the pricing flow operates.

So market based pricing means that
the pricing strategy for that home.

Is powered by a pricing bot and the bot is
literally just going to follow the market.

So whatever the market is doing, there is
an algorithm that we have built in, right?

And whatever the market's doing and
considering days of week, time of year and

all of that, the bot will adjust pricing
based upon occupancy in the marketplace.

And we'll position that
with one base rate.

So in this case, what this is saying
is under the market based pricing

tab of the unit, there is the dates.

You'll have a base price.

Now, the base price is typically
a price that is generated

by historical reservations.

Since there's no history in the system,
it's going to pull just an average price

relative to the location in the bedroom
size or average rates in the marketplace.

It's kind of just a bot generated value.

We want to adjust this price,
and this is considered to

just be a starting from rate.

If you will.

Would this be the rate that my
staffer is going in that we're going

to determine where we should be?

What I would call a floor rate.

No, this is just going to be a
rate that the that we're telling

the bot to reference whenever it's
positioning itself in the marketplace.

. So this base price for market based
pricing is just saying when we start

from these numbers, it's Right.

And then you have, if there's an event
or an event adjustment, you'll see that

here, but ultimately it's going to go
through its algorithm and it's going

to give you this recommended price.

And so in this case, if you were to push
out these rates and publish them, this

would be the rates that you would use.

So the only thought here is
this an appropriate base price?

Or actually, it would be, are
these what we expect to see

as a user, an end user, right?

If the base price, or if the floor
rate that we have set for this unit

is 89, then these are okay, right?

These all look fine, or fairly decent.

If we say, you know what, these one
bedrooms and this tower, they go for more

than this, then we say, okay, well, let's
maybe adjust the base price a little bit.

And then now my recommended price is
my positioning in the marketplace now

changes to go up a little bit more, right?

So this is a lot of data tables.

You could also look at it from a graph.

So you could see, okay, this
is where the current price is

based upon my current strategy.

That's the green line.

And then now with the new base
price that I just entered,

it's giving me the blue line.

So in this case, if I'm trying to drive
occupancy maybe I do need to use the

market based pricing and use some of this.

However, at the same time, we also have.

internally build some peaks and demands
based upon seasonality that we may

want to consider and therefore come
into the system here and maybe adjust

some of these events to make the
output a little bit higher or to react.

So can I ask a question right there?

Is that where the seasonal pricing comes
in Streamline that we're putting in?

No, that's completely independent.

This is where you're just like,
Just let the bot do its thing.

So no matter what they do in season,
when you hit this, it overrides

everything in streamline that you've
built on seasonality it's just

saying, okay, I get it you had your
other stuff, but it has nothing to

do with what we're doing right now.

We're just following the
market and pricing against the

market , and everything else
in the system has a zero value.

Correct.

Except for rates.

Correct.

Yes.

Yes.

That's good information.

All right.

That's good information.

Sorry.

I'm..

So this is just completely
independent of everything.

Just following the market.

Okay.

So you can use this.

Yes.

It is recommended to use this if we
are, well, I don't know that I don't

know that I would recommend it to
use it for this market only because I

think there's some better strategies
that we can use to capture and stay

competitive within the marketplace.

And so Lori, one of the things that
I heard Tim tell me was that you

were out shopping competitors..

So, we can do that and do that
in RevMax under what we call comp

set pricing, and what this allows
us to do is go and shop products.

I'm just going to do a general, you'd
want to put in the house of whatever

home you were looking for, and you
just put in the address I just put

in the city and the state, and what
this will do is this will allow us

to see and pull from Verbo, Booking.

com, and Airbnb.

Here we have this little map, and I
can drill down into the map, and I

can say I want all of the listings.

So we can get that granular and we can
search specific if it's an apartment, a

house, a villa, think apartment or condos.

It's a house.

Okay.

And what size bedroom?

Three bedrooms.

And now it's going to tell me in this
area right here, there's 10 homes.

or 10 three bedrooms that
are listed as houses.

So in this case, here's the 10 listings
and you could see who is, yeah.

Who's managing it or who's the owner.

Gotcha.

So yeah, so in this case we can select
that unit and then we can call this

three bedroom Ashley if we wanted to.

And then we could save that comp set.

And then within about 24 hours,
Her listing will pull into the tape

chart, and you can see what the price
is for that home for the next 365.

Can we assign that particular comp to,
say, three units and not everybody?

Yes, and then from there, you can, and
what you'd want to do is pull that data

into the system so you can see what she's
doing right for the next year, and then

we could take it to the next level and
say, I want to mirror whatever she's doing

Or I want to sit maybe 10, 10 percent
or whatever that strategy is, right?

I want to sit under her, right?

Maybe I want to sit under her
during the week and above her on the

weekends or seasonality, whatever we.

The sky's the limit on
strategy and configuring.

You could say I want to be always be
five bucks cheaper than her in slow

times and the same as her during busy.

Yeah, that's exactly what we want.

That's exactly, comps is what we need.

The listing will pull in 24 hours.

. So we'll see it tomorrow,
basically in RevMax.

We've got three exact properties
right where she's at, right?

So, again, same question.

Do we need to put pricing and streamline
in the seasons if we're doing this?

No.

Okay.

Now, let me rephrase.

So let me clarify, the market will
give you 365 days worth of pricing.

So if you want pricing for
next, for 2025 you're not going

to get pricing past March 1.

So if you want to have pricing in there
for the summer and things like that

will default then from your season.

And then you can say, put a premium
on it or whatever the case may be.

Okay, so right now it's yielding.

If we don't have something in there.

It doesn't come up.

So yielding is the one that's affected
by the season pricing we put in.

Correct.

Yes.

Got it.

Okay.

Yes..

So, if we go with the comp setting
that's a safety net to make sure if

somebody books way in advance that at
least they get a rate that is feasible.

The comp set is saying, in this case, I
want to price with specific competitors.

Yes.

So I'm going to pull in
this unit and set a rule.

Anything and this is only going to be
as long as they have pricing pushed

out into the marketplace, right?

So if they only list
out, till March of 2025.

Then we can't pull anything
for April because it has, it

isn't, it doesn't exist yet.

So the pricing within the
property is going to be the

fallback if there's nothing.

Yes.

Through the comps,
that's what I was asking.

Correct, yes.

So in that case, this is where
the seasons would come into play.

So consider that as like, okay,
this is just exactly like you

said, your fallback, right?

Your shell.

So if anything goes array or whatever
the case may be, you have a good

structure when anything at the end
of the day, this is your fallback

so yielding is a layer that
works with comps with works

with the comp set pricing.

Works with market based pricing and
works with season pricing, if you will.

Okay.

So it works with all three of those.

So, for example, like we can say, hey,
this is, 2 15, but if these dates for next

year start to pick up, and right now we're
looking at Ashley, and she doesn't have

pricing yet we'll still show it available,
and we'll show it available for 2 15.

And then if that continues to
book up in this grouping, then

we will increase the price.

That would be the rule.

So we don't sell too fast.

And so we're still protected even though
we're not following the marketplace there.

So that's based on availability
while comps are based on

what other people are doing.

Correct.

Yes.

If somebody's going to build in the
marketplace, they're going to want to

first still build out their seasons., Put
that all in place as a foundation, set

their for rates and then turn that on.

Yes, correct.

Yeah that's the way we've been moving.

. Can one property be in more than,
can we have more than one comp?

Property per comp set, like have four
different, we can, so we do a comp set

of compatible places in that specific
area and we can put properties in

that and have several comps in there.

Yes.

Yes.

So that made sense.

It made sense in my head, but
it didn't want to come out.

So yes, so let's say, and I'm just going
to pull up this area again, and let's just

say we wanted to look at everybody we're
looking in this little pocket of area.

But let's say we wanted just everybody
who was on the block or all the two and

three bedrooms that were in a specific
grouping, or everybody, whatever the

logic we wanted was set here, and we
say we want all of these homes, right?

And for just display purposes, I
can say I want all of these guys.

Put a label to it, and then what
will happen is, when we get it,

we're gonna show you the average
selling price of all of these homes.

Okay.

And then from there, because that
will be a very specific comp grouping,

it's all three bedrooms in this very
specific location, because where market

based pricing can become not the best
resource is because it goes by zip code.

So it's like, I don't need
the whole beach, I just need

this condo building, right?

I just need this neighborhood.

So then at that point, I'm just going
to pull product in that specific area,

and then we're going to show you the
average selling price of that area,

and then from there, we can pay, we'll
analyze it and then If we like what we

see or we understand what they do, and
we don't like the strategy, then, we'll

adjust it or just keep it as reference.

The recommendation is to watch
what they do first, and then

if we like it, then we map it.

. Would it be smart to set up a really
tight area and then a second comp set

that's the whole West Beach and watch
the, and watch the two and kind of see

close by and externally determine which
set we need to apply to that property?

Yes.

That's kind of an ideal strategy?

Yep.

And you only have to shop it once, right?

Because then once we have the data,
then we're just looking at numbers.

Yes.

And looking at availability and looking
at occupancy and to take it to the

next level, you can actually create
a weight and say, I want 100 percent

of my, or let's say 80 percent of
my smaller group, and then consider

20 percent of the marketplace.

And so you can create different
weights for your competitors.

You can create.

20 percent on the tight neighborhood
and 80 percent on whole West

Beach is what you're saying.

Correct.

Yep.

We can split where the comps come from.

Yes.

Can you give an example like when that
is beneficial and then conversely

when it would be problematic

So we would use that once we knew
our position in the marketplace.

So for example, if we are the market
leader, maybe we use the supply and

available supply as a floor, right?

Because if we know we're the premier,
we don't want to ever sell below them.

So in some cases you may say,
look, I know in this specific

building, I'm the market leader.

However, compared to the whole
beach, maybe there's some

more luxury product over here.

I don't need to be.

So high I need to just consider
the weight of the competition.

In other cases if you're using like
very specific competitors like saying

I need to be I consider These five
homes i'm trying to think how I

can say this with the right math.

So if I say these five
homes I like what they do.

I need to price match them.

But if they're not there,
how much do I want to rely on

from the marketplace, right?

Because if they're sold, I don't
have a selling price anymore.

So then we have a second percent.

Okay.

Correct.

Yes.

Yes.

Because The way that the system,
the way that we would use this

strategy is we want to know what's
available to sell in the marketplace.

So when we are promoting
prices, we're competitive.

As soon as they're sold, they're
not seeing their inventory anymore.

They're only seeing us.

So we don't even show the price because
we need to make sure that we keep it

relevant, like there's no supply there.

So there's compression and then
we can usually set the tone

of where we're going to be.

Do we have the ability to set
up comps based on like Brett

Robinson Vacation right there?

Can we do it by, by the company?

So you could come in here and just
specifically select those ones..

And then, and you could also filter
by these two or sort filter, and then.

You can come in here and I just searched
this little area, but if you want

the whole beach so if you wanted the
whole beach what we would do is search

the whole beach and we're actually
working on adding The owner or the pm

as a searchable filter up here So then
you don't have to you don't have to

click through all of these you could
just say I need in the whole beach I

want all brett robinson properties.

In the meantime if you have a if you have
a square, whatever shape you want, because

this can go as custom as you choose, then
apply, and then you'd have to filter.

But yes, you can.

And that's also a good point,
too because You could see what

Brett Robinson does on Booking.

com versus what they do on HomeAway
versus what they do on Airbnb.

Because in Streamline, you
can have different prices

per channel of distribution.

So, you could have, let's say, 100 on your
website, 105 to Airbnb, and 120 to Vrbo.

So, if we're wanting to really drill down
and we know that Brett Robinson's our

competitor, then we would want to watch
what they do on every channel as well.

And also just to understand
their strategy, right?

So we know if they're going to price
at 150 on Verbo and 99 on Airbnb.

We want to consider that right and be
able to speak to it too because maybe

one they're hiding fees Maybe one
they're it's not included or anything

can be a little bit different But
then that also empowers the res team

or when phone calls are coming in to
say well I found it cheaper over here.

Then you can also educate like
yeah, but It's missing abc.

Well, that's the next biggest trick
is the way because I understand

with some of the stuff with airbnb.

I think you've got six categories.

We've got two With streamline
with rent and cleaning.

And we ended up deciding we were going
to put some other fees and cleaning,

but then made us look like we were
charging way more for cleaning.

Yeah.

So then we busted it back up
into rent, so much per night.

And that's where, that seems to be
the tricky game that a lot of them

play on Airbnb is what, because we
all know that's a monster platform.

Yeah.

Especially definitely in our market.

And just how their people are
able to hide and shift fees and.

We looked at one and they weren't
even charging a cleaning fee.

So I don't even know how, I guess
they're cleaning it themselves for

free, I guess, but I don't know.

I can't do that.

Yeah, and the other part to that
too is, and this is why we want to

study them for a little bit, because
Also, it could be an error, right?

Like maybe they didn't map the
cleaning fee on that specific home.

Or if we find that it's a
trend, then you're right.

How are they cleaning that?

Like, what are they doing?

Is it in the fine text that says
there's a cleaning fee due upon arrival?

Where are they hiding it?

So, can we do comps just
for our information?

So that we can look and see what's
going on without having to attach

them to properties, correct?

Correct.

Yes, and that's the recommended step.

Get the data first.

Yeah, get the data first and
then let's set automation to it.

Comp set pricing comp.

Set pricing.

Yes.

And we need to continue the course
we were on to set up the the seasons

and the properties for a backup
for what we do moving forward.

Yes, so that's all correct, except
you don't have to turn yielding off.

Oh, I can leave yielding on
and then do comp as well?

Yes.

Oh.

So what that means is that, so A for
next year, you could always have a

premium, you'd always want your yielding
on, and B, why you want yielding on,

once you get into different groupings,
is to say, If we're sitting wide open

regardless of what the comps are doing,
we need to take matters in our own

hands, and we still need the system to
act a certain way, or pricing to act a

certain way and on the flip side of that,
if we're finding compression where the

market isn't, we don't want to continue
to follow them, we want to yield up.

So, we're watching our own
inventory and our own tracking.

And also comparing that to
the market by having both?

Yes.

Yes.

Okay.

And your system can come up with a
happy number in between those two?

Yes.

Yep.

And that's what we'll set up and
measure as we meet every week.

And that's what we're finding that seems
to be a lot of the concern of our owners.

A floor rate and a ceiling rate are
guardrails of where the humans and

the systems need to stay within.

So the more floors we put in, the
more restrictions we're putting on

ourselves and eliminating the ability
to show up within the marketplace.

And also just work with, let's just
start with simple things, right?

We can go as low as 75
and no more than 200.

In this case, that's what this
option one is showing us here.

If at some point we were saying, yes,
this 75 is great, maybe in the off season,

but during season, we don't want to sell
less than 110, then at that point, we

would put in dates in here and say from
Memorial Day and I don't even know if

that's, I think it's the 20th, but you
get my drift, to September, to Labor Day.

Don't go down to 1 to 75.

Go to 109 and then

so Sunday night, Monday night, Tuesday
night, Wednesday night need to be cheaper.

But Thursday, Friday, Saturday, , that's
what it needs to help up so we can

at least kind of correct and you can
set that in your shell in Streamline.

Yeah, so always happens and always
comes over to Rev Max like that.

And, or you also have the ability to just
differentiate by days of week in the tape

chart and just do a bulk edit and say
midweek drop 20 percent or something.

Agreed a so if this was,
this is a clean, simple setup.

I probably wouldn't put a ceiling
rate in only because If demand

is there, let them buy it.

Unless you're getting complaints and
people aren't seeing the value of this

product at 200, then you could say, okay,
put a ceiling and don't let it go above.

In that case, would you go with a comp
that is like, if you have two bedrooms

that are, you think they're the same
quality, you think the ours is the same

quality as these three, but nobody's
booking and they're saying it's too high.

Do we just choose a
different set of comps?

Those ones are available and they're
not booking at whatever price they have.

I would sit 20 percent below and then
just, if they wake up and they decide to

drop rate, then, you're dropping rate.

But if you're already booked.

Then it doesn't matter.

The other piece is if you are sitting
at 20 percent below and you're still not

booking, it may not be a price issue.

It may be a demand issue, and
then we'd have to look at marketing

and optimizing distribution.

And capturing guests, right?

So then the strategy becomes,
how do I get more guests, right?

We need to get guest emails.

We need to promote our website.

We need to co op with some local areas.

We need to do pay per
click, run social media ads.

Get people engaged with us.

That way we can create our
own audience and then send

messages and things like that.

So on that set ceiling rate manually,
then if you don't want to put the 200 cap

on it, what do you just set it at zero?

Yeah, once it's zero, it's normal.

Okay, so if you knew during the summer
you couldn't go below 109 But at the

same time in this case, let's call it the
shell was set at 200, , if we're noticing

that they're dropping to the bare minimum
within so many days, we may have to put

in some rules to protect ourselves against
them, just so we don't, follow that same,

we don't get ourselves caught, basically.

It will never go below this.

However, if they're going to 99 and
we say we need to stop there, then

we need to put that layer of logic in
so the system doesn't go below that.

And you can also do this by day of week.

So maybe 75 midweek, but on the weekends,
we don't, we know we don't need to go

that way because we're going to sell.

We just may sell at the last minute,
but regardless, maybe that floor is 99.

Okay.

And so you can just come in
here and say I need it to be

99 Thursday, Friday, Saturday.

Yeah,

and what you can do is if like for
example, that, hey, we know from now

until the end of time, it is nine, like
our floor is different for Thursday,

Friday, Saturday, you can save this
and then apply it to all your units.

So, then the shell, this
shell will copy over.

So, the only thing you have to then
go data entry is your value per home.

So, and then it automatically
adds that line to all properties

and then go in and adjust.

Love it.

All right guys, have a good weekend.

Thank you.

You too.

We'll talk to you Monday.

Thank you everybody.

Thanks.

Bye.

Bye.

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