Different prices on your PriceLabs calendar explained

Different Prices on Your Calendar - Tooltip Explained

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:
Listing Info:
  1. Currency: It is the currency in which all the prices on your calendar are recommended. PriceLabs pulls the currency from your cha/PMS, so the currency you have set in your PMS is what we use to calculate and display the prices.
  2. 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.
  3. Uncustomized Price: This is the rate that the algorithm calculates based on only the neighborhood demand and factors. This price is free from any of the discounts and customizations.
  4. 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.
Market Demand:
  1. 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
Market Factors:
  1. Seasonality: We set seasonality for your region based on historical trends in both vacation rentals and hotels.
  2. 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.
  3. Pacing Factor: As we come out of the Covid-19 pandemic, we've added a pacing factor to some markets to adjust rates based on how that market is performing compared to 2019.  You can read more about our pacing adjustment here.  
Price Customizations:
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. 

Other Customizations: 
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. 

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