Welcome to this month's newsletter from PriceLabs! As some short-term rental markets show signs of cooling down, it's more important than ever to stay ahead of market trends and understand your competitors' strategies.
That's why we're thrilled to introduce our improved Comp Sets for greater accuracy and revenue performance, the new Pacing Tab in Portfolio Analytics to compare present and upcoming performance, and the Booking Curves feature to understand the evolution of your key metrics over time. Plus, discover 6 more updates in this newsletter.
Read this more detailed article and attend our upcoming Product Updates webinar to learn more about the updates.
- Improve Revenue Performance with this month’s product updates -
1 - Enhanced Comp Sets for Improved Accuracy and Revenue Performance of Properties.
We have improved the accuracy and effectiveness of the Comp Sets used to understand market demand fluctuations, resulting in better revenue potential for your business. To do that, we have refined the set of listings against which we compare a property's performance, focusing on those with a similar number of bedrooms.
This change has led to more comprehensive and relevant comparable data being displayed on the Neighborhood Data tab and integrated into your Dynamic Pricing recommendations.
2 - Introducing Portfolio Analytics' New Pacing Tab and Booking Curves for Better Performance Comparison.
PriceLabs' redesigned Portfolio Analytics page provides valuable insights into rental listings' performance. Namely, the two tabs, "KPIs and Historic Reports" and "Pacing Reports," now offer a real-time comparison of last year's data and market trends.
The new Booking Curves feature allows for visualizing booking trends over time, enhancing informed decision-making for hospitality businesses.
3 - In case you missed it: Neighborhood Data now offers more pacing information for each listing.
As mentioned last month, we have updated Neighborhood Data to give users more pacing information for their listings’ local markets. The Future Occupancy Chart in Neighborhood Data now displays additional pacing curves. This update offers valuable insights into booking trends compared with the year earlier and potential slowdowns in specific markets.
Don't have a listing in a market you're interested in? You can access the same data for any market of your choice through Market Dashboards!
4 - PriceLabs is now available in Spanish.
We have launched a Spanish version of our dynamic pricing and revenue management software for hospitality. Our Spanish-speaking customers can now switch from English to Spanish to improve understanding, job performance, and user experience.
5 - Easier-to-read competitor data helps you stay ahead of the curve.
PriceLabs has improved a key Neighborhood Data chart by making it easier to compare prices and availability against competitors. The "Compare Competitor Calendar" table now displays unavailable dates as crossed out, and the displayed price is the "estimated booked price."
6 - Barefoot and Cloudbeds customers can now connect to PriceLabs.
PriceLabs is now integrated with Barefoot Technologies and Cloudbeds to offer hospitality professionals dynamic pricing and revenue management features. So whether managing vacation rentals or hotels, PriceLabs has a solution that caters to all hospitality professionals.
For a more detailed overview of these features, read this article on our blog.
Training Calendar: Secure Your Spot
Every week, we run multiple live training sessions in multiple languages. From beginner level to advanced, we have something for you. And you can ask your questions live!
Case study: How Richer Logic uses PriceLabs to increase booking revenues by 60%.
PriceLabs talks A.I., ChatGPT, and Dynamic Pricing
A few days ago, PriceLabs joined Rental Scale-Up and Aidaptive to analyze how Airbnb, Booking, and Vrbo use AI, algorithms, language models, and machine learning to impact your daily listings in our live event.
We revealed ways to take advantage of similar technologies for your benefit (such as ChatGPT’s content generation or PriceLabs’ dynamic pricing tools), whether to create content or increase revenue.
Find the takeaways from the conference on Rental Scale-Up. You can watch the full video recording below:
Your PriceLabs Team