Overview

Understanding market performance is crucial for making informed revenue management decisions. In PriceLabs’ Report Builder, market values such as Market Occupancy, Market ADR, and Market RevPAR  and other market metrics provide valuable insights by comparing your listings to their competitive set. This article explains how these market values are populated and introduces a new feature that allows mapping Market Dashboards (MD) and Compsets to specific groups or cities.

How Market Values Are Derived in Report Builder for a listing level report (Header row is 'Listings')

For Market values in Report Builder when a listing level report is being created we use the selection the user has done on Neighborhood Data tab as the 'market'. In Neighbourhood Data tab, this could be one of the below- 

1. Default Nearby Listings Set (System-Defined) - By default, PriceLabs uses the Nearby Listings Set defined in the Neighborhood Data (ND) section. This is automatically populated with listings geographically close to your property. The system calculates market metrics like occupancy, ADR, and RevPAR based on the performance of these nearby listing

Please note that changing the bedroom count for 'Nearby Listings' does not change the market definition in Report Builder reports, we continue to use the default selection of BR count independent of the selection here.

1. Custom Market Dashboard Compset (User-Defined) - You can create and manage their own Compsets by navigating to Market Dashboards. When a Compset is defined for a listing in ND, the Report Builder uses this data as the source for market values. This flexibility ensures that your market insights are based on the most relevant competitive landscape for your property.

Market definition for Groups, Cities, and More

When creating aggregated reports in PriceLabs Report Builder (e.g., at Group, Subgroup, City, or Bedroom Count levels), you can define the "market" values in two ways:

1. Aggregate of Listings' Markets (Default): Market values are determined by averaging the market data of each individual listing in the selected category (e.g., Group or City).

2. Manually Defined Market: You can specify market values directly. To do this:

   • Go to the "Define Source for Market Values" section on the Report Builder homepage.
   • Select a specific category (Group, Subgroup, City, or Bedroom Count).
   • Use this defined source (Market Dashboard Compset) for market data when generating your report.
     

Please note that this is a request only feature. If you wish to manually define your market, please reach out to us at support@pricelabs.co so we can enable it for your account.

For example:

• If a Group is mapped to a particular Compset, the market values in reports will automatically reflect the data from that Compset for all reports with Header row as Group.
• If no mapping exists, the system will default to aggregate of listings' market as the market and average market values to come up with final market values for the Group.

Conclusion

The combination of default Nearby Listings Sets, user-defined Compsets, and the new mapping feature makes PriceLabs’ Report Builder a powerful tool for benchmarking against the market. By understanding how market values are populated, you can create reports that provide actionable insights and help optimize performance.

For questions or support, feel free to reach out to support@pricelabs.co!