Final answer:
To change a comp set, a property must assess their market position, identify similar competing properties, reevaluate the competitive landscape, and update any platforms tracking comp sets with this information.
Step-by-step explanation:
If a property wishes to change their comp set, they must do so by assessing their current market position and identifying which competing properties are most similar in terms of characteristics such as location, amenities, price range, and client demographics. This process often involves a reevaluation of the competitive landscape and a strategic analysis to determine the new set of competitors that align more closely with the property's desired market positioning. Adjustments to a comp set are typical when a property undergoes significant changes such as renovations, rebranding, or changes in service level, which consequently affect its market standing relative to other properties. It's essential for the property to communicate these changes to any platform or service that tracks comp sets to ensure that comparisons are up-to-date and relevant. Lastly, shifting a comp set should be based on solid data and market research to support the decision.