Comp-Based Pricing Algorithms

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Session Description:

In this session, Buoy CEO Tim Speicher will present the results of a case study where he tested a comp-based algorithm on three listing classes: luxury listings in Joshua Tree, mid-range listings in Washington, D.C., and budget listings in Leadville, Colorado. He created the algorithm from three sources: the comp set median, the expert set median, and the prime booking window. With these three elements set, the users left the algorithm on autopilot (i.e., no manual overrides) so the results would not be skewed by a human revenue manager setting rates.