We’ve made this checklist super easy to follow, with clear examples to help you avoid common setup mistakes. Let’s get started!

1. Add Listings From the Right Source

1. Do you use a PMS/Channel Manager?
   ⬜ Yes? Then make sure to add your listings from the PMS. Why? PriceLabs will push your rates to your PMS, and the PMS pushes rates and settings directly to Airbnb, VRBO, and other platforms. This helps maintain the correct flow of data.
   Example: If you add a listing directly on Airbnb but also through your PMS, this could end up creating inconsistencies.. The PMS should be the only source.
   
2. No PMS/Channel Manager?
   ⬜ If you're connecting directly via Airbnb, VRBO, or Houfy, you’re all set. BUT—don’t forget to map your listings. Mapping keeps your rates consistent across platforms, and also helps lower your PriceLabs subscription costs!

2. Nail That Base Price

1. Is your base price too high?
   ⬜ If your base price is much higher than similar listings in your market, you risk losing bookings to competitors offering better deals. A nearby listing with the same amenities but a lower base price will attract more guests.
2. Is it too low?
   ⬜ A too-low base price can get you fully booked but leaves money on the table. Balance is key.
3. Basing it only on high season?
   ⬜ Don’t set your base price with only peak season in mind. During low season, this will leave your listing overpriced, and bookings will dry up. Your base price should reflect an average expected rate across the year.
4. Left your base price blank?
   ⬜ Don’t! Your base price should represent the quality of your listing—no one knows your property better than you! This includes things like location, amenities, and overall appeal.
   Example: A beachfront property with a pool will naturally have a higher base price than a studio apartment downtown. Set your price to reflect that value!

➡️ Tip: Use PriceLabs' “Help Me Choose a Base Price” tool for base-price recommendations based on real-time market data.

3. Get Your Minimum Price Just Right

1. Too close to your base price?
   ⬜ Give yourself breathing room! If your minimum price is too close to your base price, the system won’t be able to lower rates for low-demand days, costing you potential bookings.
   Example: If your base price is $200 and your minimum price is $190, there’s barely any room for PriceLabs to adjust your rates for slow days. If you’re not sure, as a rule of thumb - set your minimum price to at least 30% below your base, to catch those slower periods.
2. Is your minimum price too high for low-demand dates?
   ⬜ You might miss out on bookings during slow times if your minimum price is too high. Lowering it a bit for those off-peak days can help fill your calendar and avoid sitting empty.
   Example: During a slow season, your minimum price is $180, but the market is booking at $150. You’re likely to miss bookings because potential guests see a better deal elsewhere. Adjusting your minimum price for these periods means you stay competitive!

4. Set Optimal Minimum Stays

1. Got unbookable gaps?
   ⬜ Minimum stay rules can leave gaps between bookings that guests can’t fill. This happens when your rules are not correctly set up
   Example: You can see in the example below - we have two 7-night bookings with a 6-night gap between them, but the orphan minimum stay rule is only set up for gaps between one and two nights. It doesn’t allow 6-night stays, so no one can book those nights. This could have been avoided by setting up an orphan gap rule that allows 1-6 nights to fill those spaces.
   
   

5. Don’t Overdo Customizations

1. Are you customizing too much?
   ⬜ Less is more! Over-customizing can mess with PriceLabs' algorithm, which is already fine-tuned to work with your market. Stick to the basics: base price, minimum price, and minimum stay.
   Example: If you’ve added custom rules for every little thing (weekends, seasonal settings, holidays, last-minute, far-out etc.), you’re likely over-customizing which ends up doing more harm than good. Keep it simple so PriceLabs can do the heavy lifting.
   
   
2. Rely on default customizations
   ⬜ PriceLabs already applies smart default settings based on market data. Unless you have very specific needs, let the defaults do the work for you. Instead of tinkering with every setting, allow PriceLabs to adjust based on how your market behaves. Trust the data!

6. Sync Like a Pro

1. Are your prices syncing correctly?
   ⬜ Check your PriceLabs calendar and make sure it matches prices on Airbnb, VRBO, etc. If you see any discrepancies, your prices may not be syncing properly, which could cost you bookings.
2. Got sync errors?
   ⬜ If you notice price mismatches, reconnect your listings to resolve any syncing issues. Recheck after reconnecting to ensure everything matches up. If the issues still persist, please reach out to support@pricelabs.co for further assistance.