Pricing for Combined Listings using PriceLabs

Pricing for Combined Listings using PriceLabs

What are Combined Listings?

  1. To maximize revenue from a house, home owners split up (or combine) the house into various smaller units. They then list each unit as a unique listing on OTAs (like Airbnb, Vrbo) thus maximizing the revenue from the house, by serving different segments of guests (individual travelers, couples etc.)
  2. This kind of a setup in which a big house is split into multiple units (or combine different houses) is what we call Combined Listings setup in PriceLabs.
  3. Each 'Combined Group' in PriceLabs has a Combined Listing and Sub-Listings.
Here are two examples to understand Combined Listings - 

Example 1
Imagine you own a 3 bedroom house. The house is structured such that you can either rent the whole house or you can rent individual room (2 rooms together for a family, and remaining 1 room for an individual traveler). In this particular example, there will be 3 listings on airbnb - 
  1. Complete 3BR house as 'Listing C'
  2. 2 rooms together in house as 'Listing B'
  3. Remaining 1 room as 'Listing A'
In the above example, 'Listing C' is the Combined Listing, and 'Listing A' and 'Listing B' are Sub-Listings

Example 2
Imagine you own two 1BR house which are very near to each other, connected by a door/gate to each other. Hence, you can either sell individual 1BR separately (individual travelers) or you can sell them together as a 2BR (family). In this particular example, there will be 3 listings on airbnb - 
  1. The two 1BR together (as a 2BR) as 'Listing C'
  2. The first 1BR as 'Listing B'
  3. The second 1BR as 'Listing A'
In the above example, 'Listing C' is the Combined Listing, and 'Listing A' and 'Listing B' are Sub-Listings.
Combined Listings is a FREE feature, and ONLY impacts Portfolio Analytics

How to Set Up Combined Listings?

Step 1
After logging in PriceLabs, go to Manage Listings page (also can be accessed via Dynamic Pricing >> Manage Listings). Go to Combined Listings tab (see screenshot below).


Not everyone uses Combined Listings setup, so if you are not able to see the tab and have the use-case for it, please reach out to us at support@pricelabs.co and we can enable it for you.

Step 2
Click on "Combined Listing" button, select your combined listing, and individual sub-listings. Once done click on Confirm mapping.

Some rules for to be kept in mind while doing Combined Mapping

  1. The listing with larger number of bedrooms should be kept as the Combined Listing. This means, there can only be 1 combined listing in the combined group.
  2. Sub-listings should be within 50 meters of the Combined listing. In this case, you will only see the options which satisfy this criteria in the drop-down.
  3. Sub-listings bedroom category should be smaller than Combined Listing's bedroom category.
  4. The combined listing, and the sub-listings should be of the same PMS or OTAs (eg. Airbnb, Vrbo)
  5. If any listing is hidden, you can include it in combined mapping, but PA will ignore that listing, and hence you won't be able to see the effect of the same. Please unhide a listing before including it in the combined mapping group.

Once you have created a Combined Listing setup, you can see the which one is the combined listing, and which ones are the sub-listings on the page.



Pricing for Combined Listings

Dynamic pricing for combined listings can be complex, but you can approximate it using PriceLabs’ existing setup. By setting base prices in proportion and regularly monitoring performance, you can ensure your combined listings remain competitive and profitable. Here's how to setup pricing for combined listings:

Step 1
Map Combined Listings as Multi-Units
  1. Set the Combined Listing as the Parent Listing
  2. Set the Sub-listings as the Child Listings
Steps for mapping here: How to Map Multi-unit listings?

Step 2
Set Base Prices in Proportion
  1. Determine a base price for the combined listing.
  2. Set the base prices for sub-listings in proportion to the combined listing. For example:

    • Set the combined listing base price at $200.
    • Set the first sub-listing base price at $150 (75% of the parent price).
    • Set the second sub-listing base price at $140 (70% of the parent price).

Using Portfolio Analytics for Combined Listings

Step 1
Once you have setup your combined mapping, you can go to Portfolio Analytics (PA) and see how the mapping has impacted your metrics.

Step 2
To see the effect of combined mapping on PA, you have to select ALL the listings present in the given Combined Group together. Note that if you select the listings present in the Combined Group, and other listings as well, we'll still combine the analytics for these listings and show you in PA.

Once you apply the filter, the Portfolio Analytics will start reflecting metrics taking into account the Combined Listing setup. There will be a message on the top left of Portfolio Analytics, telling you that combined listings are detected in the selections, and have metrics have been adjusted.


Understanding metrics calculation in Portfolio Analytics for Combined Listings

Lets understand how various metrics are calculated, using a hypothetical example as explained in the table below.

Scenario:
      Listing A = 2Br
      Listing B = 1Br
      Listing C1 = 3Br

Here, Listing A, B are sub-listings, and Listing C1 is the combined listing. We considered reservations only for certain stay dates for explaning the concept -



Notes
  1. For calculation, the Combined Listing is assumed to be made up of sub-listings. Hence the reservation for a Combined Listing is broken to two equivalent reservations of sub-listings
  2. Occupancy is calculated as # Units / # Bookings
  3. ADR is calculated as Average Daily Rate for booked units.
    1. Eg. 1 - for Mar 16, ADR is $50 because only one unit was booked for 1 night hence ADR is $50
    2. Eg. 2 - for Mar 19-21, ADR is $500 (because total revenue for 2 nights is $1000). That ADR is divided into two sub-listings ($250 each), hence the ADR of the whole unit is $250
  4. LOS (Length of Stay) for case where sub-listings are booked is taken as mean of the two LOS
  5. Booking Window (BW) for case where sub-listings are booked is taken as mean of the two BWs

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