Far-out Prices

Far-out Prices

We gradually increase the prices far out to ensure that for large events (yet to be announced), you're not the first ones to get booked. Also, because the demand for next period is uncertain and since we are looking to maximize your nightly rates, we keep the rates high to try and get a booking at a higher rate. 
If you want PriceLabs industry first Market Driven Far-out premium, please move your listings to Hyper Local Pulse (new algorithm).

Listing Level

PriceLabs Determined

  1. If your listing is on Old Algorithm: By default, a gradual 20% premium over seven months after 30 days from today (about 0.1% per day), after 240 days rates a flat 20% premium is applied.

  2. If your listing is on Hyper Local Pulse: You will have Market Driven Defaults! 🎉 The numbers will change for your everyday as we observe the market trends to maximize revenue. See sample customization below.
    Note that for market driven far out premium, the earliest start can be 60 days from today, and maximum premium is capped to 20%.
     

When to modify the far-out premiums: If your preference is to lock in revenue farther out, our far-out premium customization can help you achieve.
This customization is a by-request feature, however, if it is suggested in the Smart Presets, it will automatically be enabled for your account.
Please email us at support@pricelabs.co to enable this customization for your account if you cannot see it already.

Customize

Once enabled, this customization is available under  "Advanced Customizations" as seen below.
There are 3 options available (4 if your listing is on Hyper Local Pulse) if you want to apply your own customization for either discounts or premiums:
  1. % Gradual - You can set a maximum premium/discount value, and specify the number of days you would want to achieve the maximum in. For example: If you specify a 10% premium after 90 days, over 60 days, then the 150th day would have a 10% premium.


  2. % Fixed - You can decide on a fixed percentage, say 30% premium (or discount) that would be applied over the specified days, beyond a certain point, as shown below: 


  3. No far-out premium - You can choose this option if you want to completely turn off the far-out premium.


  4. Market Driven [if listing is on HLP]: This is the same as default setting if your listing is on Hyper Local Pulse algorithm.

If you prefer more elaborate rules, you can enable the toggle and select "No Far Out Prices", then use the Occupancy Based Adjustments to set your custom far-out premiums.

Group/Account Level

PriceLabs Determined

If at group or account level, the toggle is turned off, then (as shown below)

  1. If your listing is on Hyper Local Pulse, Market Driven defaults will be applied
  2. If your listing is on Old Algorithm, regular defaults (gradual 20% premium over seven months after 30 days from today (about 0.1% per day), after 240 days rates a flat 20% premium) will be applied

Customize

The options are same as listing level customization options.

If you prefer more elaborate rules, you can enable the toggle and select "No Far Out Prices", then use the Occupancy Based Adjustments to set your custom far-out premiums.

Video Tutorial


    • Related Articles

    • Occupancy Based Adjustments

      Occupancy Based Adjustment is a customization that enables our system to analyze the horizontal occupancy of your listing and make appropriate rate adjustments. This innovative approach allows us to consider not only market conditions but also your ...

    • Pricing Beyond 1.5 Years

      For most of our listings, we default to sending prices for a period of 1.5 years (540 days). However, we have observed that not many bookings are made more than 1.5 years in advance, which can make it challenging for our system to detect events. For ...

    • Pricing Customizations

      At PriceLabs we strive to recommend the best data-driven prices for your vacation rental and Airbnb listings to get bookings and drive revenue. While that works for most hosts and vacation rental managers, we recognize that you may want to customize ...

    • Using a PMS/Channel Manager to list prices to multiple OTAs

      At PriceLabs, we have hosts/managers who not only list on Airbnb (which is one of the popular short term rental distribution "channels") and use our integration there, but also those who list their properties on multiple channels (think Booking.com, ...

    • Last Minute Prices

      You can use this customization to fine-tune your prices for last-minute dates. If you want PriceLabs industry first Market Driven Discounts, please move your listings to Hyper Local Pulse (new algorithm). Listing Level PriceLabs Determined If your ...