2022-02 ( February) : Latest Product Updates to Keep Your Prices Competitive 💪

2022-02 ( February) : Latest Product Updates to Keep Your Prices Competitive 💪

Hey there!

Pricing decisions can have a very big impact on your bottom line.

At PriceLabs, we worked on a lot of new updates last month to help you take your short-term rental business to the next level, and we want to introduce several exciting new features to improve how you work in PriceLabs.

Let’s get right to it.

Use our new & improved Base Price Help tool to ensure that you are pricing your listing correctly

Looking to set the right base price? Base Price Help tool is what you need.

This intuitive tool uses market data to help you find the perfect price point for your property. Plus, the new and improved version is much more customizable, so you can get tailored results that work best for you.

More control over your base price through 3 simple modes

PriceLabs' Base Price Help tool enables you to set the perfect base price for your property based on real-time market data and trends. Choose from the option that works the best for your listing:

  • Recommended: This is based on your current prices and performance. Once you start syncing your property, the recommendation improves as we learn more about your performance.

  • Market-Based: This is calculated using similar-sized listings in your hyper local market.

  • Custom: If you think other factors impact the base price calculation, get maximum control and enter your own base price.

Anticipate how your prices will vary with seasonality insights

The bar graph at the bottom shows you the seasonally adjusted monthly prices for a selected base price.

Learn how the improved Base Price Help tool can help boost your bookings and revenue.

Add your market knowledge to fine-tune the pricing recommendations

We now have two new customizations in the Dynamic Pricing tool: Demand Factor Aggressiveness, and Far-out Premium. These can help you create a winning pricing strategy by combining your market knowledge with our algorithm-powered price recommendations.

1. Demand Factor Aggressiveness allows you to adjust your prices higher or lower than the recommended prices:

  • Choose the Aggressive setting if you want rates for high demand days to be higher than our recommended rates. This is useful for customers who have a higher risk tolerance, and are willing to wait out a bit before they get booked for major holidays or events.

  • Choose the Conservative setting if you think our daily fluctuations are a bit too much. This is also useful if you prefer taking bookings farther out for peace of mind.

Thanks to Demand Factor Aggressiveness, you can tailor our recommendations to fit your unique business needs. (Read more)

2. Far-out Premium lets you get ahead of the game. For far-out bookings, we gradually increase prices so that you aren’t the first ones to get bookings at lower rates during events and holidays. By default, we apply a premium of 20% over seven months for the bookings made beyond 30 days and a flat 20% premium after 270 days. You can choose to adjust this or turn it off as per your need. (Read more)

Contact our support team at support@pricelabs.co to enable Far-out Premium Setting.

Set informed overrides with Group Level Occupancy info

With our new update, the group calendar will now show the daily occupancy percent for the group - so that you can make overrides as per the occupancy.

Under Group customization, you can quickly add Date Specific overrides to the whole set. When making these overrides, knowing the occupancy status of the sets helps in planning better.

If you find yourself making these overrides often, consider utilizing our OBA or POBA tools for greater efficiency.

Show more value to your property owners with our new PDF reports

With the new sharing feature in Portfolio Analytics, you can now download a PDF version of your report and share it with property owners. It will allow them to see how well their listings are performing and let you collaborate efficiently on planning for the future.

We’ve got a good feeling about this year and we can’t wait to hear what you liked from these updates and what can we do better to improve your experience with us.

Visit our product updates repository to keep up with our past releases.