Whenever you hover over any date on your calendar (single listing or multi-calendar), you will see a tooltip. This tooltip will help you understand how every rate in your calendar is calculated along with the customizations applying to that date!
Here’s what the different prices/terms on the tooltip mean:
- Currency: It is the currency in which all the prices on your calendar are recommended. PriceLabs pulls the currency from your channel manager/PMS, so the currency you have set in your PMS is what we use to calculate and display the prices.
- Price: This is the price that you see in the calendar box, which the system will broadcast the next time it pushes prices; this is your Recommended Price.
- Uncustomized Price: This is the rate that the algorithm calculates based on only the neighborhood demand factors. This price is free from any of the discounts and customizations you add.
- Price with default discounts: This is what your price would be if the system didn't add any of your customization settings, including your set minimum and maximum prices. This price will only consider discounts and premiums we apply by default from our algorithm.
- Neighborhood Occupancy: The neighborhood occupancy percentage gives you an idea about the average occupancy seen in the listing’s neighborhood. We generally consider the closest 300 listings to calculate this percentage
- Seasonality: We set seasonality for your region based on historical trends in both vacation rentals and hotels.
- Demand Factor: The algorithm picks up the demand for the listing by incorporating day of week trends, events and holidays into the demand forecasting process. The algorithm also picks up the booking trends in the market to forecast a high/low demand.
This section has details about all of the pricing customizations set on the listing/group/account level that are getting applied. Along with the customization, you can also see the level from which the customization is getting applied, whether it is our default customization or one you have set.
In the screenshot above, for example, you can see that a “Day of the week” factor of +5% is getting applied, the “(listing)” means that this customization has been picked up from the listing level. The -10% being applied for the "Listing occupancy factor" is one of our default adjustments (more on that here)
If you don't set a minimum or maximum price, we put a safety in place to prevent any customizations from letting your price get wildly out of control. One wrong click and a 500 fixed price can become a 500% price increase or decrease! The safety minimum price is 30% of your base price, and the safety max price is ten times your base price. If you have set a minimum and/or maximum price you will see those values instead of our safeties.
Any customizations in place that don't adjust your pricing, like the 2-night minimum stay shown above or a day where check-in is blocked, will appear in this section.
Last Seen Price:
This is the price that the system saw on for this listing on your PMS, channel, or channel manager when it last pushed prices. If you have been using PriceLabs for a bit, this is usually yesterday's price.
Understanding the Pricing Calendar
The calendar shows recommended prices for each available night in the future. You might notice that each day has a different price - and this is the magic of dynamic pricing! In general, the prices fluctuate around the base price (either calculated ...
How Are the Price Recommendations Calculated?
Our algorithm considers a number of factors, some inputs and settings that you can control, and our data-driven analytics layered on top of it. When you review prices for a listing for the first time, We estimate a base price for the listing you ...
Default Discounts and Premiums
One of the ways in which we make changes to your pricing is by adding premiums and discounts to certain dates depending on their position relative to holidays, events, and other bookings. There are the four default price adjustments that are made ...
Setting your base price
What is the base price? Base price is the average rate you would charge across the year. We use the base price as a starting price and apply all market factors, demand patterns, and customizations on top of this. The base price includes the quality ...
Understanding the Market Dashboards
Short term rental (STR) markets are dynamic and in the wake of Covid-19, more volatile than ever. The ongoing crisis has not only had an impact on demand, but supply is changing too. Market Dashboards are fully-automated personalized dashboards that ...