The AI constantly searches for events in your area. You can see these events in the Events tab on the Unit Detail page.
You have control over which events you see in the interface, using sliders under "Settings" in the Events tab itself. These settings will apply to all units–but don't worry, it only affects what you can see in the interface, so you won't be making dramatic price changes by tuning this.
What kind of events does the AI find?
The AI looks for events that are published digitally. This includes holidays, major events, school closures, concerts, sporting events, performances, ticketed festivals, organized races, and more. Generally ticketed events are much easier to find than non-ticketed events, so if you don't see an event that doesn't require tickets–that's expected, unfortunately. Before you write in and ask, try a low Relevance Cutoff to make sure you're seeing ALL the events the AI has found; sometimes an event important to you might be scored as not that relevant by our algorithms.
What control do I have over events?
You can decide what the Relevance Cutoff is and the Geographic Radius the AI searches. This enables you to fine-tune the events the AI finds and shows you.
What is the Relevance Cutoff?
The Relevance Cutoff is a relative assessment of how "important" that event is. A high cutoff (say, 95) might exclude everything that isn't the Superbowl. A low cutoff (say, 5) might include your neighbor's sewing circle (I exaggerate... but only slightly). The default cutoff is 80 (out of 100). You should set the cutoff that is right for you, where the "signal to noise" ratio is not too high, but you are seeing all the events that might drive demand in your market. If the sewing circle results in more bookings... then use a very low cutoff. If you only see an impact from huge events, use a higher one. Urban markets will almost always prefer a higher cutoff than rural markets, because there are so many more events.
What is the Geographic Radius?
Every event is tied to a location. This is the venue, in the case of concerts or sporting events, or a broader region for things like school closures. You can control how close or far the AI looks with the radius (only available in kilometers, because computers like the metric system). A high radius will capture a LOT more events, while a low radius will limit you to just what's nearby. You know your market, so while we set a default, you'll find that in dense, urban areas a much lower radius will be more useful, while in rural or remote areas, where a distant event (like a Spartan race, bike or foot race or festival) can create demand, a larger radius will be more useful.
Balancing for your market
The best way to get events dialed in is to experiment. You can see adjustments in real time, right away, so try a few different cutoffs. A few hints:
- Urban markets will prefer higher Relevance Cutoffs, to cut down on many small noisy events. This will allow a larger geographic radius.
- Rural markets will prefer a much larger geographic radius, as events far away like races and festivals can drive demand 50 or even 150 km away.
- Island markets (looking at you, Florida!) may prefer small geographic radius so as not to pick up too many events on adjacent islands, which might not drive any demand on your island.
- Ski markets might prefer a large geographic radius, but higher relevance cutoff, as events at the resort will drive demand for houses in the region but resorts tend to have lots of little events every weekend; you're looking for that RedBull event, not the usual Saturday kid fest.
Balancing for lots of markets
Many property managers operate in lots of markets, and it can be hard to balance the settings to work perfectly for every unit. That's why we put the Settings so close and make it update in real time–you can always tweak it for the unit you're looking at, and then set it back (or wait til you're looking at a different unit, and set it back). There are no negative consequences or surprises in your pricing as a result of fine-tuning this feature.