Understanding the PriceLabs Neighborhood Data feature

Listing Neighborhood Data

When pricing any listing, there are always several questions that come up:
  1. What is the average price in your area?
  2. How are prices compared to comps? How does occupancy compare?
  3. How are listings priced in the next months? Are they getting booked?
  4. Are there certain dates that are getting booked more than others? Are other listings in your immediate neighborhood increasing prices for peak demand?
The Neighborhood Data feature can be used to investigate the answer to some of these questions. Even though there are a number of other factors that can affect how rates are set, we hope that this hyper-local data will be a convenient place for PriceLabs' users to explore local trends.

To access it, click on the "Neighborhood Data" tab on the Review Prices view from the Pricing Dashboard for one of your listings to view useful information about other listings in your locality. Note that all prices will be in the same currency as your listing.  (Watch Video)


Starting at the top of the view, you can see a bedroom filter, click and drag to filter out your selected bedroom range -



Data Source

You can now choose between 2 different data sources for your neighborhood data analysis.
The two options are:

1. Nearby Listings
      Default

  1. You can Select any of your active dashboards as the data source
    1. Then choose a bedroom category or a comp set
    2. The summary table will render Booked Prices along with Percentile prices if Market dashboard is the data source
    3. Compare Competitor Calendar will work across data sources, i.e., the options will depend on the data source, but once selected, they will stay till removed. You can compare listings between VRBO and Airbnb.
  2. If you have no Market Dashboard subscribed to
    1. You will see a prompt asking to create a Market Dashboard, the 'Create One Now!' link will redirect you to Market Dashboard page.
  3. If Market Dashboard is selected as a data source, but later the subscription for Market Dashboard ends, we'll automatically default to nearby listings.
Important Notes:
  1. Market Dashboard is a separate product, and we will charge extra for these dashboards. More information here.
  2. After creating a compset, make sure to view the compset first on the Market Dashboard so you can access it as a Data Source. Otherwise, it will take overnight to load before you can access the compset from the list of Data Source.

What this enables:
  1. Customers who create curated comp-sets in MD and want to compare rates against it for a new unique property in ND (frequently, these customers would do this in PA, but until they had a reservation, PA wouldn't work) - this could be properties with pools, professionally managed, etc.
  2. Customers who want to include comps in CCC (Compare competitor calendar) from a wider area that wasn't close enough in ND will be able to do that now.

Future Prices Chart

The Future Prices chart shows you your Last Seen Price (dotted line) and Final Prices (solid line), along with the 25th-50th percentile range (Gray), 50th-75th percentile range (Dark Pink), 75th-90th percentile range (Light Pink) of daily rates for the next year.
(Watch Video)



When you hover over the chart, you will see your actual last seen and final prices for that date with the 25th, 50th, and 75th percentile prices (the low, average, and high for your locality). Be sure to pay attention to each field as you move through the year; your last seen and final prices will move depending on where they fall compared to competitors' prices. 


When looking at the Future Prices Chart, keep in mind that your Last Seen Price is the price we saw from your listing on your PMS, channel, or channel manager; this is updated any time a sync or Save & Refresh is done. If this listing has been syncing with PriceLabs for at least a day, this is usually yesterday's rate. The Final Price is the price currently shown on your PriceLabs calendar. If you're seeing a slight difference between the last seen and final pricing lines and haven't made any changes to your base price or customizations, you are likely seeing the difference between yesterday's and today's rates. 

Booking Data:
This data overlay allows you to see the Average Daily Rate of your upcoming and last year's bookings along with your future prices.
This is only available for integrations wherein the Portfolio Analytics is available. You can check our list here.
  1. Your Upcoming bookings (green) - this data shows your ADR for your upcoming bookings in the next 12 months.
  2. Your Last Year bookings (blue) - this data shows your ADR and the booking dates during the same period in the previous year.
    future prices
For multi-unit listings, booking data is currently NOT available.

Price Evolution Data Feature:
  1. We offer the ability to view what prices we suggested 1, 2, 7, or even 30 days ago for any future date.
  2. Our long-term users will be able to see the prices that were suggested at the same time last year, which can be convenient when looking at the price recommendations we are making for 2024 and to see what we have recommended for 2023.
  3. You can enable it by checking the “Price Evolution” box under the More Options button in the Future Prices chart under the Neighbourhood Data tab.
         
How does the 'Price Evolution' option help?
  1. This feature helps users understand the evolution of our pricing recommendations.
  2. With this, users can track the prices we recommended in the past, offering a clear view of how our price suggestions have changed over time.
  3. This not only provides valuable insights into your property’s pricing trends but also demonstrates our commitment to transparency and user empowerment in pricing decisions.

Market Booked Price
This is available inside the "More Options" on Future Prices chart. When this option is selected or checked marked, it adds a line on the Future Prices chart in dark brown color.
  1. For every date, it tells the median (50th percentile) price at which the listings in the market got booked at.
  2. This can give you an idea for the date of your interest ( especially holidays/events etc.) about the median price at which market got booked at, and depending on how far the date is, how you should make adjustment to your revenue management strategy (if needed)
Its only available if the date has at least 5 bookings.

Market Booked Price

Prices Before PriceLabs
Upon importing your listing to PriceLabs, we also fetch your listing's current and past prices from your PMS or Booking channel. By checking "Add prices before PriceLabs to graph" box under "More Options", you will see a red dotted line on the Future prices graph that represents how your pricing setup looks like before using PriceLabs. This is a great way for you to compare our recommended rates and your current rates on your PMS/OTA, and make necessary adjustments if needed. 

This option is only available for newly imported listings. 

Adding Markup / Markdown to Prices

Some property managers apply a markup on booking channels to offset the fees or commissions charged by these channels. For example, they might add a 15% markup to their prices on Booking.com and an 8% markup on Vrbo. This results in different final prices on various platforms. If you apply these markups outside of PriceLabs then it is difficult to gauge how your final prices compare with the market in our Neighborhood Data tab.

The Markup/Markdown feature for Future Prices and Competitor Calendar graphs lets you visualize your prices by adding a either a fixed or percentage price adjustment. This enables you to see how your listing price compares in the overall market. This way, you can simulate different scenarios and see in which percentile your nightly rate plus markup will fall.

By applying these markups or markdowns in the Future Prices chart, you will start seeing a new line in the chart. Also, a row will be added in the Competitor Calendar table view with these adjusted prices.  This gives you a clearer picture of your competitive position for your properties and allows an apples-to-apples comparison.


Markup / Markdown Feature in Neighborhood Data

How to Apply Corrections to Final Prices
  1. Click on the filter icon on top of the Future Prices chart
  2. Under Markup/Markdown to simulate 'Final Price', select Percentage or Fixed from the dropdown
  3. Enter a numerical value in the field below
  4. Click Apply
  5. In the Future Prices chart, you will start seeing a light blue line
  6. To reflect this in the Competitor Calendar, click on the Update Data button
    1. Table view: A new row will appear below Your Listing row
    2. Graph View:  A light blue line will show up in the graph

Occupancy Chart

The Future Occupancy Chart shows you the average occupancy in your area for each date over the next year in grey, overlaid with any existing blocked dates for your listing in red.


Data Overlay:
  1. Add Last Year Data
    1. Last year today - This data shows the current market occupancy last year on the very same day. With this data, you can better evaluate whether bookings are coming in slower, faster, or at the same pace as last year.
    2. Last Year Final - This data provides the final occupancy of the past year, which can also provide insights on the occupancy level for far-out dates. For example, in the graph below for July 4th, the 2023 (red) data shows very low market occupancy; however, in last year's data, the occupancy is at 51.30% thus, this means that the occupancy can still pick up, and you can expect more bookings to come in the next few months.


  2. Add Pickup
    1. This data illustrates how many bookings have come into the market in the last 7 days. For example, in the graph below, For the Jan 30th stay date, the market occupancy is 13.4%. Out of this, 8.3% came in the last 7 days. This 8.3% is similar to the pick up we saw same time last year (which was 8.2%, so this year it is about 0.1% higher!)

Competitor Map 

The map view shows you the approximate location for the listings in your neighborhood along with the average daily rates for the next 360 days. You can zoom in to see more detail on listing locations, and hover over any bubble to see the average rate. The color of each dot is determined by the  listing's average rate. The map also contains listing name and min stay in hover tool tip (Airbnb listings only).

Competitor Calendar

This feature allows you to compare your listing with other specific listings in your neighborhood (up to 10 listings). You can see the following information in the feature - 
  1. Your Listing's Daily Future Price: The prices are shown in bold, unavailable dates are greyed out and clicking on listing name in table will take you to the listing on portal
  2. Competitor's Daily Future Price: The prices are shown in bold, unavailable dates are greyed out and clicking on listing name in table will take you to the corresponding Airbnb/Vrbo link of the listing
  3. Availability: Any date that is striked-off is not available or booked and the prices shown are the "booked prices" (prices last seen when the dates were still available).
  4. Cleaning Fee: This is only available for Airbnb listings. You can see how much your competitors are charing for cleaning fee. Its the extra amount on top of the nightly prices.
  5. Airbnb Service Fee: This is only available for Airbnb listings. This tells you about the airbnb service fee structure of the listing in consideration. It can either be Split-fee or Host-only fee.
  6. Prices Last Refreshed: This tells you about the last time prices were refreshed. Please note that availability, cleaning fee, and airbnb service fee are refreshed on a different frequency.
Other Features
  1. You can switch to a Graph view using the "Table/Graph" toggle, but that will only have Daily Pricing information.
  2. You can download the data for your own analysis using the "Download CSV" button on the top-right.
  3. The listing's drop-down also indicates the bedroom category, and the distance of the competitor from your own listing.


How to use?
To select the listings, first click on the "Pick Listings" button and select up to 10 listings - 


After you have selected the listings, click on "Update Data" to see your competitor's rates:


Minimum Stay Settings



The Minimum Stay Settings chart offers a preview of the stay restriction settings that have been applied to your listing for the chosen time frame. You can also view which rule is being applied on a specific day by selecting "Show Reasons".

            

CompSets Overview

The CompSets Overview chart provides the precise count of listings by the number of bedrooms and displays the average low, mid, and high prices for these listings, considering their prices over the past 180 days and for the next 180 days. Among the 230 three-bedroom listings in this area, the average prices were $290 per night at the lower end, $410 - $581 per night in the middle range, and $9 per night at the higher end of the pricing spectrum.

Download CSV

You can also download all the data in this tab in a CSV file.

Notes:
  1. Neighborhood Data shows aggregated data from a limited number of listings in the immediate surrounding area, and it is not intended for market research.
  2. This aggregate data might contain listings with different fee structures - fees are usually added on top of the prices used for this analysis, but not always. Therefore, there is some uncertainty in the data, and these numbers should be interpreted as trends.
  3. Rates on the Map and Compare Competitor Calendar are updated every 48 hours, while new listings are added and refreshed every 15 days.

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