Finding and Setting Competitive Sets for Pricing

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This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

Host Bill Faeth welcomes Tom Lyons, revenue management expert from Casado.

Tom's Background:

Transition from script supervisor to success in revenue management.

Worked with W Hotels, Hilton, and joined Casado.

Casado: a community focusing on short-term rental improvement.

Offers franchise and management models for market support.

Discussion on Upcoming Conference:

Tom's excitement about the February conference.

Emphasizes networking and learning from experts.

Understanding Revenue Management:

Revenue management: getting the best rate at the right time.

Adjusting prices based on demand and supply.

Understanding booking windows for properties.

Competitive Sets:

Defining competitive sets based on various factors.

Dynamic Pricing Tools:

Mention of tools like PriceLabs, Wheelhouse, and proprietary Casado tool.

Value-Based Pricing vs. Price-Conscious Buyers:

The psychology of pricing and buyer perceptions.

Importance of understanding buyer types.

Advice for New Co-Hosts and Owners:

Tom recommends deep property analysis, identifying competitors, and utilizing tools.

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