Editorial Board   Guest Author

Mr. Szymczak

Todd Szymczak

Senior Vice President, NAI Farbman / Farbman Group

Todd Szymczak has been with the Farbman Group since 2005. He has developed a strong reputation for accurate valuations for many sellers who are looking for direction on their real estate holdings.

Mr. Szymczak's sales experience has included both distressed and stabilized properties, including a large number of multifamily transactions, small businesses with real estate, mobile home communities, hospitality, senior living, industrial, office and retail. He is a member if the NAI Global Investment Services Group, which exposes listings to a network of elite investment sales brokers within the NAI network who are working for buyers actively looking to make investments.

Prior to joining Farbman Group, Mr. Szymczak spent several years as a mechanical engineer and supervisor in the automotive industry, as well as owning several small rental properties. Always an engineer at heart, he feels this background experience gives him a strong understanding of real property construction and maintenance issues, as well as financial analysis.

Mr. Szymczak earned his Bachelor of Science in Mechanical Engineering from the University of Michigan's College of Engineering in 1997. He continued on to earn his Master of Business Administration from the University of Michigan's Ross School of Business in 2005. Todd is a licensed real estate salesman in the State of Michigan.

Please visit http://www.farbman.com for more information.

Linkedin Profile: https://www.linkedin.com/company/farbman-group/

Mr. Szymczak can be contacted at +1 248-351-4378 or Szymczak@Farbman.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.