WEBVTT NOTE This file was generated by Descript 00:00:41.075 --> 00:00:43.915 It's the KasaCast, created by KasaGo. 00:00:43.915 --> 00:00:49.383 It's time for the show, let's go! 00:00:49.383 --> 00:00:53.083 Why don't we start with questions? 00:00:53.668 --> 00:00:57.088 that you guys have and then I can talk about strategy 00:00:57.088 --> 00:00:59.108 opportunities that I see on my site. 00:00:59.608 --> 00:01:03.338 Right now we're on yielding and I believe we're wanting to move to market pricing? 00:01:03.458 --> 00:01:04.278 Market based pricing. 00:01:04.778 --> 00:01:06.608 I'm trying to understand a few things. 00:01:06.678 --> 00:01:12.628 I would like to know in the properties where we put a rate in a season and then 00:01:12.628 --> 00:01:19.593 we put a rate, what are we doing When we send it over to Revmax, what is happening? 00:01:19.613 --> 00:01:22.053 Like, what's the correlation to the relationship there? 00:01:22.323 --> 00:01:24.453 What is it doing when it gets there? 00:01:24.813 --> 00:01:28.473 If we're on yielding or market , because that's the 00:01:28.473 --> 00:01:31.433 thing that we need to set up now. 00:01:31.933 --> 00:01:33.903 And I don't know what it's doing now. 00:01:33.903 --> 00:01:37.443 Can you also explain the difference between the yielding and the market? 00:01:39.463 --> 00:01:41.178 The market, yes. 00:01:41.178 --> 00:01:41.478 Okay. 00:01:42.028 --> 00:01:48.288 So I'm going to answer Steve's question first, and then I will go 00:01:48.288 --> 00:01:51.758 back and we'll look at the steps for how the pricing flow operates. 00:01:52.518 --> 00:02:01.178 So market based pricing means that the pricing strategy for that home. 00:02:02.348 --> 00:02:11.708 Is powered by a pricing bot and the bot is literally just going to follow the market. 00:02:12.748 --> 00:02:21.508 So whatever the market is doing, there is an algorithm that we have built in, right? 00:02:21.518 --> 00:02:25.258 And whatever the market's doing and considering days of week, time of year and 00:02:25.258 --> 00:02:31.148 all of that, the bot will adjust pricing based upon occupancy in the marketplace. 00:02:31.778 --> 00:02:34.558 And we'll position that with one base rate. 00:02:35.248 --> 00:02:40.068 So in this case, what this is saying is under the market based pricing 00:02:40.068 --> 00:02:44.898 tab of the unit, there is the dates. 00:02:45.698 --> 00:02:47.038 You'll have a base price. 00:02:47.088 --> 00:02:51.128 Now, the base price is typically a price that is generated 00:02:51.128 --> 00:02:52.778 by historical reservations. 00:02:53.688 --> 00:02:59.378 Since there's no history in the system, it's going to pull just an average price 00:02:59.768 --> 00:03:04.538 relative to the location in the bedroom size or average rates in the marketplace. 00:03:04.588 --> 00:03:06.978 It's kind of just a bot generated value. 00:03:07.708 --> 00:03:12.358 We want to adjust this price, and this is considered to 00:03:12.358 --> 00:03:14.298 just be a starting from rate. 00:03:14.633 --> 00:03:15.353 If you will. 00:03:16.143 --> 00:03:19.773 Would this be the rate that my staffer is going in that we're going 00:03:19.773 --> 00:03:21.213 to determine where we should be? 00:03:21.383 --> 00:03:22.753 What I would call a floor rate. 00:03:23.233 --> 00:03:28.213 No, this is just going to be a rate that the that we're telling 00:03:28.213 --> 00:03:32.793 the bot to reference whenever it's positioning itself in the marketplace. 00:03:33.213 --> 00:03:38.533 . So this base price for market based pricing is just saying when we start 00:03:38.533 --> 00:03:41.018 from these numbers, it's Right. 00:03:41.048 --> 00:03:44.778 And then you have, if there's an event or an event adjustment, you'll see that 00:03:44.778 --> 00:03:48.968 here, but ultimately it's going to go through its algorithm and it's going 00:03:48.978 --> 00:03:50.978 to give you this recommended price. 00:03:51.848 --> 00:03:56.278 And so in this case, if you were to push out these rates and publish them, this 00:03:56.278 --> 00:03:57.708 would be the rates that you would use. 00:03:59.208 --> 00:04:03.788 So the only thought here is this an appropriate base price? 00:04:05.028 --> 00:04:09.668 Or actually, it would be, are these what we expect to see 00:04:09.688 --> 00:04:12.328 as a user, an end user, right? 00:04:12.328 --> 00:04:15.818 If the base price, or if the floor rate that we have set for this unit 00:04:15.818 --> 00:04:19.238 is 89, then these are okay, right? 00:04:19.238 --> 00:04:22.118 These all look fine, or fairly decent. 00:04:22.168 --> 00:04:26.768 If we say, you know what, these one bedrooms and this tower, they go for more 00:04:26.768 --> 00:04:31.098 than this, then we say, okay, well, let's maybe adjust the base price a little bit. 00:04:31.988 --> 00:04:35.468 And then now my recommended price is my positioning in the marketplace now 00:04:35.468 --> 00:04:38.788 changes to go up a little bit more, right? 00:04:38.798 --> 00:04:41.698 So this is a lot of data tables. 00:04:41.738 --> 00:04:43.958 You could also look at it from a graph. 00:04:44.998 --> 00:04:47.588 So you could see, okay, this is where the current price is 00:04:47.588 --> 00:04:49.258 based upon my current strategy. 00:04:49.258 --> 00:04:50.388 That's the green line. 00:04:51.058 --> 00:04:54.408 And then now with the new base price that I just entered, 00:04:54.738 --> 00:04:56.858 it's giving me the blue line. 00:04:57.838 --> 00:05:05.788 So in this case, if I'm trying to drive occupancy maybe I do need to use the 00:05:05.788 --> 00:05:07.668 market based pricing and use some of this. 00:05:08.038 --> 00:05:11.208 However, at the same time, we also have. 00:05:11.963 --> 00:05:16.053 internally build some peaks and demands based upon seasonality that we may 00:05:16.053 --> 00:05:21.603 want to consider and therefore come into the system here and maybe adjust 00:05:21.603 --> 00:05:25.963 some of these events to make the output a little bit higher or to react. 00:05:26.843 --> 00:05:29.773 So can I ask a question right there? 00:05:29.773 --> 00:05:35.213 Is that where the seasonal pricing comes in Streamline that we're putting in? 00:05:35.983 --> 00:05:38.213 No, that's completely independent. 00:05:38.223 --> 00:05:42.743 This is where you're just like, Just let the bot do its thing. 00:05:44.443 --> 00:05:49.633 So no matter what they do in season, when you hit this, it overrides 00:05:49.753 --> 00:05:54.713 everything in streamline that you've built on seasonality it's just 00:05:54.713 --> 00:05:57.723 saying, okay, I get it you had your other stuff, but it has nothing to 00:05:57.743 --> 00:05:58.743 do with what we're doing right now. 00:05:58.753 --> 00:06:01.813 We're just following the market and pricing against the 00:06:01.813 --> 00:06:04.343 market , and everything else in the system has a zero value. 00:06:04.343 --> 00:06:04.693 Correct. 00:06:04.873 --> 00:06:06.243 Except for rates. 00:06:06.743 --> 00:06:07.213 Correct. 00:06:07.273 --> 00:06:07.793 Yes. 00:06:08.883 --> 00:06:09.133 Yes. 00:06:09.693 --> 00:06:10.143 That's good information. 00:06:10.143 --> 00:06:11.443 All right. 00:06:12.313 --> 00:06:12.883 That's good information. 00:06:12.883 --> 00:06:13.043 Sorry. 00:06:13.043 --> 00:06:13.203 I'm.. 00:06:14.043 --> 00:06:17.703 So this is just completely independent of everything. 00:06:17.963 --> 00:06:19.063 Just following the market. 00:06:20.023 --> 00:06:20.323 Okay. 00:06:20.903 --> 00:06:22.803 So you can use this. 00:06:22.833 --> 00:06:23.383 Yes. 00:06:23.963 --> 00:06:33.263 It is recommended to use this if we are, well, I don't know that I don't 00:06:33.293 --> 00:06:39.423 know that I would recommend it to use it for this market only because I 00:06:39.443 --> 00:06:45.673 think there's some better strategies that we can use to capture and stay 00:06:45.673 --> 00:06:47.003 competitive within the marketplace. 00:06:47.233 --> 00:06:50.823 And so Lori, one of the things that I heard Tim tell me was that you 00:06:50.823 --> 00:06:52.643 were out shopping competitors.. 00:06:53.323 --> 00:07:01.273 So, we can do that and do that in RevMax under what we call comp 00:07:01.273 --> 00:07:09.633 set pricing, and what this allows us to do is go and shop products. 00:07:09.633 --> 00:07:14.043 I'm just going to do a general, you'd want to put in the house of whatever 00:07:14.053 --> 00:07:19.958 home you were looking for, and you just put in the address I just put 00:07:19.958 --> 00:07:25.268 in the city and the state, and what this will do is this will allow us 00:07:25.288 --> 00:07:28.408 to see and pull from Verbo, Booking. 00:07:28.558 --> 00:07:29.928 com, and Airbnb. 00:07:31.428 --> 00:07:37.408 Here we have this little map, and I can drill down into the map, and I 00:07:37.408 --> 00:07:39.868 can say I want all of the listings. 00:07:40.628 --> 00:07:46.248 So we can get that granular and we can search specific if it's an apartment, a 00:07:46.248 --> 00:07:49.268 house, a villa, think apartment or condos. 00:07:49.618 --> 00:07:49.978 It's a house. 00:07:49.978 --> 00:07:50.438 Okay. 00:07:51.698 --> 00:07:52.918 And what size bedroom? 00:07:53.318 --> 00:07:54.308 Three bedrooms. 00:07:55.268 --> 00:08:01.788 And now it's going to tell me in this area right here, there's 10 homes. 00:08:02.178 --> 00:08:05.208 or 10 three bedrooms that are listed as houses. 00:08:07.003 --> 00:08:11.293 So in this case, here's the 10 listings and you could see who is, yeah. 00:08:11.298 --> 00:08:12.728 Who's managing it or who's the owner. 00:08:13.953 --> 00:08:14.503 Gotcha. 00:08:15.203 --> 00:08:19.823 So yeah, so in this case we can select that unit and then we can call this 00:08:19.853 --> 00:08:22.173 three bedroom Ashley if we wanted to. 00:08:24.253 --> 00:08:26.523 And then we could save that comp set. 00:08:26.703 --> 00:08:32.343 And then within about 24 hours, Her listing will pull into the tape 00:08:32.373 --> 00:08:38.073 chart, and you can see what the price is for that home for the next 365. 00:08:38.553 --> 00:08:43.593 Can we assign that particular comp to, say, three units and not everybody? 00:08:44.043 --> 00:08:49.173 Yes, and then from there, you can, and what you'd want to do is pull that data 00:08:49.173 --> 00:08:55.023 into the system so you can see what she's doing right for the next year, and then 00:08:55.393 --> 00:09:00.253 we could take it to the next level and say, I want to mirror whatever she's doing 00:09:01.133 --> 00:09:05.833 Or I want to sit maybe 10, 10 percent or whatever that strategy is, right? 00:09:05.833 --> 00:09:07.783 I want to sit under her, right? 00:09:08.173 --> 00:09:10.623 Maybe I want to sit under her during the week and above her on the 00:09:10.623 --> 00:09:13.533 weekends or seasonality, whatever we. 00:09:14.708 --> 00:09:16.998 The sky's the limit on strategy and configuring. 00:09:17.468 --> 00:09:20.998 You could say I want to be always be five bucks cheaper than her in slow 00:09:20.998 --> 00:09:23.548 times and the same as her during busy. 00:09:23.908 --> 00:09:25.068 Yeah, that's exactly what we want. 00:09:25.068 --> 00:09:27.178 That's exactly, comps is what we need. 00:09:27.248 --> 00:09:31.028 The listing will pull in 24 hours. 00:09:31.428 --> 00:09:34.948 . So we'll see it tomorrow, basically in RevMax. 00:09:35.348 --> 00:09:39.468 We've got three exact properties right where she's at, right? 00:09:39.978 --> 00:09:42.298 So, again, same question. 00:09:42.298 --> 00:09:45.648 Do we need to put pricing and streamline in the seasons if we're doing this? 00:09:46.688 --> 00:09:47.018 No. 00:09:47.848 --> 00:09:48.108 Okay. 00:09:48.138 --> 00:09:49.238 Now, let me rephrase. 00:09:49.873 --> 00:09:56.163 So let me clarify, the market will give you 365 days worth of pricing. 00:09:56.873 --> 00:10:04.983 So if you want pricing for next, for 2025 you're not going 00:10:04.983 --> 00:10:06.813 to get pricing past March 1. 00:10:07.413 --> 00:10:13.343 So if you want to have pricing in there for the summer and things like that 00:10:13.343 --> 00:10:15.683 will default then from your season. 00:10:18.283 --> 00:10:22.243 And then you can say, put a premium on it or whatever the case may be. 00:10:22.623 --> 00:10:24.783 Okay, so right now it's yielding. 00:10:24.783 --> 00:10:28.753 If we don't have something in there. 00:10:29.433 --> 00:10:30.113 It doesn't come up. 00:10:30.363 --> 00:10:34.883 So yielding is the one that's affected by the season pricing we put in. 00:10:35.293 --> 00:10:35.793 Correct. 00:10:35.793 --> 00:10:36.203 Yes. 00:10:36.273 --> 00:10:36.723 Got it. 00:10:36.853 --> 00:10:37.483 Okay. 00:10:37.833 --> 00:10:38.243 Yes.. 00:10:39.073 --> 00:10:43.593 So, if we go with the comp setting that's a safety net to make sure if 00:10:43.593 --> 00:10:48.443 somebody books way in advance that at least they get a rate that is feasible. 00:10:49.303 --> 00:10:57.143 The comp set is saying, in this case, I want to price with specific competitors. 00:10:57.583 --> 00:10:58.153 Yes. 00:10:58.733 --> 00:11:01.243 So I'm going to pull in this unit and set a rule. 00:11:02.733 --> 00:11:07.473 Anything and this is only going to be as long as they have pricing pushed 00:11:07.473 --> 00:11:09.723 out into the marketplace, right? 00:11:09.723 --> 00:11:13.443 So if they only list out, till March of 2025. 00:11:14.043 --> 00:11:17.053 Then we can't pull anything for April because it has, it 00:11:17.053 --> 00:11:18.283 isn't, it doesn't exist yet. 00:11:18.873 --> 00:11:21.223 So the pricing within the property is going to be the 00:11:21.233 --> 00:11:22.753 fallback if there's nothing. 00:11:23.583 --> 00:11:23.913 Yes. 00:11:23.913 --> 00:11:25.453 Through the comps, that's what I was asking. 00:11:25.553 --> 00:11:26.513 Correct, yes. 00:11:26.863 --> 00:11:30.443 So in that case, this is where the seasons would come into play. 00:11:31.383 --> 00:11:35.873 So consider that as like, okay, this is just exactly like you 00:11:35.873 --> 00:11:36.783 said, your fallback, right? 00:11:36.783 --> 00:11:37.413 Your shell. 00:11:37.433 --> 00:11:41.763 So if anything goes array or whatever the case may be, you have a good 00:11:41.793 --> 00:11:47.773 structure when anything at the end of the day, this is your fallback 00:11:48.563 --> 00:11:52.493 so yielding is a layer that works with comps with works 00:11:52.493 --> 00:11:53.653 with the comp set pricing. 00:11:53.948 --> 00:11:59.318 Works with market based pricing and works with season pricing, if you will. 00:11:59.698 --> 00:12:00.058 Okay. 00:12:00.118 --> 00:12:02.118 So it works with all three of those. 00:12:02.653 --> 00:12:10.243 So, for example, like we can say, hey, this is, 2 15, but if these dates for next 00:12:10.243 --> 00:12:16.353 year start to pick up, and right now we're looking at Ashley, and she doesn't have 00:12:16.353 --> 00:12:20.883 pricing yet we'll still show it available, and we'll show it available for 2 15. 00:12:21.543 --> 00:12:26.903 And then if that continues to book up in this grouping, then 00:12:27.433 --> 00:12:29.443 we will increase the price. 00:12:29.913 --> 00:12:30.793 That would be the rule. 00:12:30.803 --> 00:12:32.983 So we don't sell too fast. 00:12:33.313 --> 00:12:38.883 And so we're still protected even though we're not following the marketplace there. 00:12:39.893 --> 00:12:43.893 So that's based on availability while comps are based on 00:12:43.933 --> 00:12:45.033 what other people are doing. 00:12:46.323 --> 00:12:46.793 Correct. 00:12:46.793 --> 00:12:47.293 Yes. 00:12:47.333 --> 00:12:53.153 If somebody's going to build in the marketplace, they're going to want to 00:12:53.173 --> 00:12:58.933 first still build out their seasons., Put that all in place as a foundation, set 00:12:59.153 --> 00:13:00.973 their for rates and then turn that on. 00:13:01.513 --> 00:13:02.653 Yes, correct. 00:13:03.053 --> 00:13:04.513 Yeah that's the way we've been moving. 00:13:04.993 --> 00:13:09.413 . Can one property be in more than, can we have more than one comp? 00:13:10.258 --> 00:13:17.518 Property per comp set, like have four different, we can, so we do a comp set 00:13:17.578 --> 00:13:23.358 of compatible places in that specific area and we can put properties in 00:13:23.358 --> 00:13:26.428 that and have several comps in there. 00:13:27.068 --> 00:13:27.398 Yes. 00:13:27.748 --> 00:13:28.058 Yes. 00:13:28.148 --> 00:13:29.238 So that made sense. 00:13:29.238 --> 00:13:31.168 It made sense in my head, but it didn't want to come out. 00:13:32.438 --> 00:13:37.518 So yes, so let's say, and I'm just going to pull up this area again, and let's just 00:13:37.518 --> 00:13:43.598 say we wanted to look at everybody we're looking in this little pocket of area. 00:13:44.173 --> 00:13:48.493 But let's say we wanted just everybody who was on the block or all the two and 00:13:48.493 --> 00:13:53.263 three bedrooms that were in a specific grouping, or everybody, whatever the 00:13:53.263 --> 00:14:00.523 logic we wanted was set here, and we say we want all of these homes, right? 00:14:01.003 --> 00:14:04.433 And for just display purposes, I can say I want all of these guys. 00:14:05.048 --> 00:14:09.838 Put a label to it, and then what will happen is, when we get it, 00:14:10.018 --> 00:14:14.378 we're gonna show you the average selling price of all of these homes. 00:14:15.243 --> 00:14:15.553 Okay. 00:14:16.363 --> 00:14:22.813 And then from there, because that will be a very specific comp grouping, 00:14:23.043 --> 00:14:27.433 it's all three bedrooms in this very specific location, because where market 00:14:27.433 --> 00:14:33.083 based pricing can become not the best resource is because it goes by zip code. 00:14:33.413 --> 00:14:37.283 So it's like, I don't need the whole beach, I just need 00:14:37.293 --> 00:14:39.283 this condo building, right? 00:14:39.283 --> 00:14:40.743 I just need this neighborhood. 00:14:41.433 --> 00:14:45.373 So then at that point, I'm just going to pull product in that specific area, 00:14:45.893 --> 00:14:51.073 and then we're going to show you the average selling price of that area, 00:14:51.763 --> 00:14:56.568 and then from there, we can pay, we'll analyze it and then If we like what we 00:14:56.568 --> 00:15:02.168 see or we understand what they do, and we don't like the strategy, then, we'll 00:15:02.168 --> 00:15:03.978 adjust it or just keep it as reference. 00:15:04.598 --> 00:15:09.128 The recommendation is to watch what they do first, and then 00:15:09.128 --> 00:15:11.278 if we like it, then we map it. 00:15:11.278 --> 00:15:15.658 . Would it be smart to set up a really tight area and then a second comp set 00:15:15.668 --> 00:15:20.968 that's the whole West Beach and watch the, and watch the two and kind of see 00:15:21.328 --> 00:15:27.418 close by and externally determine which set we need to apply to that property? 00:15:28.508 --> 00:15:28.748 Yes. 00:15:28.748 --> 00:15:30.668 That's kind of an ideal strategy? 00:15:31.548 --> 00:15:31.768 Yep. 00:15:32.068 --> 00:15:35.068 And you only have to shop it once, right? 00:15:35.078 --> 00:15:38.908 Because then once we have the data, then we're just looking at numbers. 00:15:38.908 --> 00:15:38.968 Yes. 00:15:39.348 --> 00:15:43.488 And looking at availability and looking at occupancy and to take it to the 00:15:43.488 --> 00:15:49.688 next level, you can actually create a weight and say, I want 100 percent 00:15:49.708 --> 00:15:54.648 of my, or let's say 80 percent of my smaller group, and then consider 00:15:54.648 --> 00:15:56.788 20 percent of the marketplace. 00:15:57.988 --> 00:16:01.558 And so you can create different weights for your competitors. 00:16:01.868 --> 00:16:03.198 You can create. 00:16:03.713 --> 00:16:07.583 20 percent on the tight neighborhood and 80 percent on whole West 00:16:07.583 --> 00:16:08.603 Beach is what you're saying. 00:16:09.123 --> 00:16:09.493 Correct. 00:16:09.523 --> 00:16:09.743 Yep. 00:16:09.923 --> 00:16:12.203 We can split where the comps come from. 00:16:12.563 --> 00:16:12.833 Yes. 00:16:13.663 --> 00:16:19.353 Can you give an example like when that is beneficial and then conversely 00:16:19.353 --> 00:16:20.523 when it would be problematic 00:16:21.133 --> 00:16:26.183 So we would use that once we knew our position in the marketplace. 00:16:26.793 --> 00:16:33.503 So for example, if we are the market leader, maybe we use the supply and 00:16:33.503 --> 00:16:36.013 available supply as a floor, right? 00:16:36.013 --> 00:16:39.453 Because if we know we're the premier, we don't want to ever sell below them. 00:16:40.513 --> 00:16:44.743 So in some cases you may say, look, I know in this specific 00:16:45.033 --> 00:16:47.413 building, I'm the market leader. 00:16:47.903 --> 00:16:51.163 However, compared to the whole beach, maybe there's some 00:16:51.163 --> 00:16:53.043 more luxury product over here. 00:16:53.193 --> 00:16:54.523 I don't need to be. 00:16:54.843 --> 00:16:59.373 So high I need to just consider the weight of the competition. 00:17:00.013 --> 00:17:05.493 In other cases if you're using like very specific competitors like saying 00:17:05.493 --> 00:17:11.073 I need to be I consider These five homes i'm trying to think how I 00:17:11.073 --> 00:17:12.413 can say this with the right math. 00:17:12.413 --> 00:17:16.498 So if I say these five homes I like what they do. 00:17:16.568 --> 00:17:17.718 I need to price match them. 00:17:17.718 --> 00:17:22.048 But if they're not there, how much do I want to rely on 00:17:22.568 --> 00:17:24.038 from the marketplace, right? 00:17:24.038 --> 00:17:27.118 Because if they're sold, I don't have a selling price anymore. 00:17:28.248 --> 00:17:30.418 So then we have a second percent. 00:17:30.618 --> 00:17:30.878 Okay. 00:17:31.158 --> 00:17:31.498 Correct. 00:17:31.768 --> 00:17:32.368 Yes. 00:17:32.418 --> 00:17:32.948 Yes. 00:17:33.388 --> 00:17:37.898 Because The way that the system, the way that we would use this 00:17:37.898 --> 00:17:42.348 strategy is we want to know what's available to sell in the marketplace. 00:17:42.508 --> 00:17:45.718 So when we are promoting prices, we're competitive. 00:17:46.598 --> 00:17:50.488 As soon as they're sold, they're not seeing their inventory anymore. 00:17:50.488 --> 00:17:51.668 They're only seeing us. 00:17:52.338 --> 00:17:57.478 So we don't even show the price because we need to make sure that we keep it 00:17:57.478 --> 00:17:59.138 relevant, like there's no supply there. 00:17:59.713 --> 00:18:03.263 So there's compression and then we can usually set the tone 00:18:03.263 --> 00:18:04.123 of where we're going to be. 00:18:05.363 --> 00:18:08.283 Do we have the ability to set up comps based on like Brett 00:18:08.283 --> 00:18:09.903 Robinson Vacation right there? 00:18:10.273 --> 00:18:12.653 Can we do it by, by the company? 00:18:13.863 --> 00:18:18.343 So you could come in here and just specifically select those ones.. 00:18:19.363 --> 00:18:25.793 And then, and you could also filter by these two or sort filter, and then. 00:18:29.513 --> 00:18:33.693 You can come in here and I just searched this little area, but if you want 00:18:33.913 --> 00:18:38.433 the whole beach so if you wanted the whole beach what we would do is search 00:18:38.433 --> 00:18:44.393 the whole beach and we're actually working on adding The owner or the pm 00:18:44.443 --> 00:18:49.633 as a searchable filter up here So then you don't have to you don't have to 00:18:49.663 --> 00:18:52.953 click through all of these you could just say I need in the whole beach I 00:18:52.953 --> 00:18:54.783 want all brett robinson properties. 00:18:55.173 --> 00:19:00.933 In the meantime if you have a if you have a square, whatever shape you want, because 00:19:00.933 --> 00:19:05.633 this can go as custom as you choose, then apply, and then you'd have to filter. 00:19:05.633 --> 00:19:06.483 But yes, you can. 00:19:06.533 --> 00:19:10.943 And that's also a good point, too because You could see what 00:19:10.943 --> 00:19:12.503 Brett Robinson does on Booking. 00:19:12.693 --> 00:19:17.213 com versus what they do on HomeAway versus what they do on Airbnb. 00:19:18.103 --> 00:19:20.783 Because in Streamline, you can have different prices 00:19:20.783 --> 00:19:22.153 per channel of distribution. 00:19:22.973 --> 00:19:30.103 So, you could have, let's say, 100 on your website, 105 to Airbnb, and 120 to Vrbo. 00:19:31.383 --> 00:19:37.013 So, if we're wanting to really drill down and we know that Brett Robinson's our 00:19:37.013 --> 00:19:41.743 competitor, then we would want to watch what they do on every channel as well. 00:19:42.073 --> 00:19:44.393 And also just to understand their strategy, right? 00:19:44.403 --> 00:19:49.793 So we know if they're going to price at 150 on Verbo and 99 on Airbnb. 00:19:50.928 --> 00:19:54.948 We want to consider that right and be able to speak to it too because maybe 00:19:54.948 --> 00:20:00.048 one they're hiding fees Maybe one they're it's not included or anything 00:20:00.048 --> 00:20:03.168 can be a little bit different But then that also empowers the res team 00:20:03.168 --> 00:20:06.578 or when phone calls are coming in to say well I found it cheaper over here. 00:20:07.768 --> 00:20:11.708 Then you can also educate like yeah, but It's missing abc. 00:20:12.648 --> 00:20:16.878 Well, that's the next biggest trick is the way because I understand 00:20:17.198 --> 00:20:18.568 with some of the stuff with airbnb. 00:20:18.568 --> 00:20:19.878 I think you've got six categories. 00:20:19.898 --> 00:20:24.023 We've got two With streamline with rent and cleaning. 00:20:24.553 --> 00:20:28.513 And we ended up deciding we were going to put some other fees and cleaning, 00:20:28.513 --> 00:20:31.283 but then made us look like we were charging way more for cleaning. 00:20:31.393 --> 00:20:31.733 Yeah. 00:20:31.873 --> 00:20:35.793 So then we busted it back up into rent, so much per night. 00:20:36.373 --> 00:20:39.113 And that's where, that seems to be the tricky game that a lot of them 00:20:39.123 --> 00:20:43.013 play on Airbnb is what, because we all know that's a monster platform. 00:20:43.323 --> 00:20:43.453 Yeah. 00:20:43.493 --> 00:20:45.153 Especially definitely in our market. 00:20:45.563 --> 00:20:49.563 And just how their people are able to hide and shift fees and. 00:20:50.068 --> 00:20:52.668 We looked at one and they weren't even charging a cleaning fee. 00:20:52.678 --> 00:20:55.168 So I don't even know how, I guess they're cleaning it themselves for 00:20:55.168 --> 00:20:57.138 free, I guess, but I don't know. 00:20:57.328 --> 00:20:59.258 I can't do that. 00:20:59.258 --> 00:21:03.858 Yeah, and the other part to that too is, and this is why we want to 00:21:03.888 --> 00:21:08.938 study them for a little bit, because Also, it could be an error, right? 00:21:08.938 --> 00:21:11.588 Like maybe they didn't map the cleaning fee on that specific home. 00:21:11.868 --> 00:21:14.688 Or if we find that it's a trend, then you're right. 00:21:14.688 --> 00:21:16.208 How are they cleaning that? 00:21:16.208 --> 00:21:17.298 Like, what are they doing? 00:21:17.298 --> 00:21:21.938 Is it in the fine text that says there's a cleaning fee due upon arrival? 00:21:22.448 --> 00:21:23.498 Where are they hiding it? 00:21:23.938 --> 00:21:26.998 So, can we do comps just for our information? 00:21:27.048 --> 00:21:30.208 So that we can look and see what's going on without having to attach 00:21:30.208 --> 00:21:31.508 them to properties, correct? 00:21:31.608 --> 00:21:31.938 Correct. 00:21:31.968 --> 00:21:33.698 Yes, and that's the recommended step. 00:21:34.388 --> 00:21:35.908 Get the data first. 00:21:37.218 --> 00:21:41.588 Yeah, get the data first and then let's set automation to it. 00:21:42.178 --> 00:21:42.873 Comp set pricing comp. 00:21:42.873 --> 00:21:43.533 Set pricing. 00:21:43.538 --> 00:21:43.773 Yes. 00:21:44.313 --> 00:21:50.443 And we need to continue the course we were on to set up the the seasons 00:21:50.443 --> 00:21:55.193 and the properties for a backup for what we do moving forward. 00:21:56.103 --> 00:22:01.123 Yes, so that's all correct, except you don't have to turn yielding off. 00:22:01.848 --> 00:22:04.168 Oh, I can leave yielding on and then do comp as well? 00:22:04.658 --> 00:22:05.298 Yes. 00:22:05.568 --> 00:22:05.938 Oh. 00:22:06.418 --> 00:22:11.888 So what that means is that, so A for next year, you could always have a 00:22:11.908 --> 00:22:17.688 premium, you'd always want your yielding on, and B, why you want yielding on, 00:22:18.058 --> 00:22:24.583 once you get into different groupings, is to say, If we're sitting wide open 00:22:24.913 --> 00:22:29.003 regardless of what the comps are doing, we need to take matters in our own 00:22:29.003 --> 00:22:33.613 hands, and we still need the system to act a certain way, or pricing to act a 00:22:33.613 --> 00:22:38.983 certain way and on the flip side of that, if we're finding compression where the 00:22:38.983 --> 00:22:43.513 market isn't, we don't want to continue to follow them, we want to yield up. 00:22:44.633 --> 00:22:48.033 So, we're watching our own inventory and our own tracking. 00:22:48.533 --> 00:22:51.753 And also comparing that to the market by having both? 00:22:52.393 --> 00:22:53.043 Yes. 00:22:53.183 --> 00:22:53.503 Yes. 00:22:53.563 --> 00:22:53.923 Okay. 00:22:54.713 --> 00:22:57.643 And your system can come up with a happy number in between those two? 00:22:58.163 --> 00:22:58.743 Yes. 00:22:59.273 --> 00:22:59.523 Yep. 00:22:59.573 --> 00:23:04.683 And that's what we'll set up and measure as we meet every week. 00:23:04.683 --> 00:23:09.093 And that's what we're finding that seems to be a lot of the concern of our owners. 00:23:09.093 --> 00:23:12.893 A floor rate and a ceiling rate are guardrails of where the humans and 00:23:12.893 --> 00:23:14.393 the systems need to stay within. 00:23:14.903 --> 00:23:18.473 So the more floors we put in, the more restrictions we're putting on 00:23:18.473 --> 00:23:23.448 ourselves and eliminating the ability to show up within the marketplace. 00:23:24.088 --> 00:23:28.978 And also just work with, let's just start with simple things, right? 00:23:28.978 --> 00:23:32.478 We can go as low as 75 and no more than 200. 00:23:33.288 --> 00:23:36.218 In this case, that's what this option one is showing us here. 00:23:37.758 --> 00:23:42.508 If at some point we were saying, yes, this 75 is great, maybe in the off season, 00:23:42.768 --> 00:23:50.218 but during season, we don't want to sell less than 110, then at that point, we 00:23:50.218 --> 00:23:54.908 would put in dates in here and say from Memorial Day and I don't even know if 00:23:54.908 --> 00:24:00.613 that's, I think it's the 20th, but you get my drift, to September, to Labor Day. 00:24:00.813 --> 00:24:03.623 Don't go down to 1 to 75. 00:24:03.653 --> 00:24:07.613 Go to 109 and then 00:24:08.943 --> 00:24:12.013 so Sunday night, Monday night, Tuesday night, Wednesday night need to be cheaper. 00:24:12.013 --> 00:24:16.493 But Thursday, Friday, Saturday, , that's what it needs to help up so we can 00:24:16.493 --> 00:24:21.993 at least kind of correct and you can set that in your shell in Streamline. 00:24:22.523 --> 00:24:27.033 Yeah, so always happens and always comes over to Rev Max like that. 00:24:28.783 --> 00:24:33.333 And, or you also have the ability to just differentiate by days of week in the tape 00:24:33.343 --> 00:24:37.683 chart and just do a bulk edit and say midweek drop 20 percent or something. 00:24:38.263 --> 00:24:44.123 Agreed a so if this was, this is a clean, simple setup. 00:24:44.133 --> 00:24:49.548 I probably wouldn't put a ceiling rate in only because If demand 00:24:49.548 --> 00:24:52.148 is there, let them buy it. 00:24:52.188 --> 00:24:56.328 Unless you're getting complaints and people aren't seeing the value of this 00:24:56.338 --> 00:25:01.418 product at 200, then you could say, okay, put a ceiling and don't let it go above. 00:25:02.088 --> 00:25:07.808 In that case, would you go with a comp that is like, if you have two bedrooms 00:25:07.808 --> 00:25:11.328 that are, you think they're the same quality, you think the ours is the same 00:25:11.328 --> 00:25:14.948 quality as these three, but nobody's booking and they're saying it's too high. 00:25:14.948 --> 00:25:16.998 Do we just choose a different set of comps? 00:25:17.213 --> 00:25:24.543 Those ones are available and they're not booking at whatever price they have. 00:25:24.553 --> 00:25:30.063 I would sit 20 percent below and then just, if they wake up and they decide to 00:25:30.063 --> 00:25:32.253 drop rate, then, you're dropping rate. 00:25:32.253 --> 00:25:33.633 But if you're already booked. 00:25:34.508 --> 00:25:35.548 Then it doesn't matter. 00:25:36.118 --> 00:25:40.768 The other piece is if you are sitting at 20 percent below and you're still not 00:25:40.768 --> 00:25:43.918 booking, it may not be a price issue. 00:25:43.918 --> 00:25:48.008 It may be a demand issue, and then we'd have to look at marketing 00:25:48.088 --> 00:25:49.628 and optimizing distribution. 00:25:50.558 --> 00:25:53.458 And capturing guests, right? 00:25:53.458 --> 00:25:57.628 So then the strategy becomes, how do I get more guests, right? 00:25:57.628 --> 00:25:59.148 We need to get guest emails. 00:25:59.148 --> 00:26:00.628 We need to promote our website. 00:26:00.918 --> 00:26:03.838 We need to co op with some local areas. 00:26:04.208 --> 00:26:08.728 We need to do pay per click, run social media ads. 00:26:09.283 --> 00:26:11.563 Get people engaged with us. 00:26:11.573 --> 00:26:14.593 That way we can create our own audience and then send 00:26:14.593 --> 00:26:16.373 messages and things like that. 00:26:17.343 --> 00:26:21.463 So on that set ceiling rate manually, then if you don't want to put the 200 cap 00:26:21.473 --> 00:26:23.033 on it, what do you just set it at zero? 00:26:23.383 --> 00:26:25.263 Yeah, once it's zero, it's normal. 00:26:25.583 --> 00:26:30.613 Okay, so if you knew during the summer you couldn't go below 109 But at the 00:26:30.613 --> 00:26:37.283 same time in this case, let's call it the shell was set at 200, , if we're noticing 00:26:37.283 --> 00:26:42.513 that they're dropping to the bare minimum within so many days, we may have to put 00:26:42.513 --> 00:26:48.593 in some rules to protect ourselves against them, just so we don't, follow that same, 00:26:49.103 --> 00:26:50.763 we don't get ourselves caught, basically. 00:26:51.013 --> 00:26:52.303 It will never go below this. 00:26:52.798 --> 00:26:58.128 However, if they're going to 99 and we say we need to stop there, then 00:26:58.138 --> 00:27:01.688 we need to put that layer of logic in so the system doesn't go below that. 00:27:02.278 --> 00:27:03.958 And you can also do this by day of week. 00:27:04.188 --> 00:27:10.178 So maybe 75 midweek, but on the weekends, we don't, we know we don't need to go 00:27:10.178 --> 00:27:11.928 that way because we're going to sell. 00:27:12.138 --> 00:27:16.238 We just may sell at the last minute, but regardless, maybe that floor is 99. 00:27:17.048 --> 00:27:17.508 Okay. 00:27:18.278 --> 00:27:20.728 And so you can just come in here and say I need it to be 00:27:20.728 --> 00:27:23.018 99 Thursday, Friday, Saturday. 00:27:24.808 --> 00:27:25.228 Yeah, 00:27:25.528 --> 00:27:30.458 and what you can do is if like for example, that, hey, we know from now 00:27:30.458 --> 00:27:37.118 until the end of time, it is nine, like our floor is different for Thursday, 00:27:37.118 --> 00:27:41.538 Friday, Saturday, you can save this and then apply it to all your units. 00:27:41.548 --> 00:27:44.798 So, then the shell, this shell will copy over. 00:27:45.008 --> 00:27:48.938 So, the only thing you have to then go data entry is your value per home. 00:27:49.738 --> 00:27:53.078 So, and then it automatically adds that line to all properties 00:27:53.078 --> 00:27:54.218 and then go in and adjust. 00:27:54.268 --> 00:27:54.958 Love it. 00:27:55.858 --> 00:27:57.408 All right guys, have a good weekend. 00:27:57.728 --> 00:27:58.048 Thank you. 00:27:58.048 --> 00:27:58.368 You too. 00:27:58.368 --> 00:27:59.018 We'll talk to you Monday. 00:27:59.178 --> 00:27:59.578 Thank you everybody. 00:28:00.068 --> 00:28:00.258 Thanks. 00:28:00.298 --> 00:28:00.808 Bye. 00:28:01.178 --> 00:28:01.468 Bye. 00:28:01.468 --> 00:28:04.468 It's the CosaCast, we're so luxurious. 00:28:04.478 --> 00:28:07.378 The CosaCast, they all want to be us. 00:28:07.708 --> 00:28:10.138 The CosaCast, just don't call in an Airbnb. 00:28:10.138 --> 00:28:11.195 Okay? 00:28:11.195 --> 00:28:17.278 It's the CosaCast, we've got Orange Credo. 00:28:17.278 --> 00:28:18.328 The CosaCast, our company's NATO.