Do I need to connect my listings to PriceLabs to look at these dashboards?
No, these dashboards are separate from our dynamic pricing product.
Do you cover my area?
Absolutely yes! We track short term rental markets globally. Users define the area they want to track by defining an address and radius around it, and our flexible technology starts delivering insights from any location within minutes. However, it is necessary to have other listings in the area that you have selected for us to give you more accurate and insightful data.
Why is there a disparity in the numbers provided by PriceLabs than those provided by others?
There are a few reasons for differences to exist between different providers:
- Area considered: our reports tend to be very localized (we take an address and radius from you, and cover 1000, 5000 or 10,000 listings, based on the plan you purchase).
Other services might be giving data at a city, zip code or based on other geographic boundaries. This means that the listings being tracked might themselves be different.
- Our reports are currently only based on Airbnb or VRBO data - other data providers might use different OTAs, or in some cases other industries (e.g., hotels) as well.
- All providers that use scraped data need to identify and remove blocked dates. These techniques are unique to each data provider and can result in differences as well.
What is the ideal number of listings that should be considered for my STR?
We recommend creating dashboards within the market of at least 300 listings. Having too few listings will result in very noisy data.
Is there a fee for the dashboards?
The charge to have a dashboard update each day will be $9.99 per month for 1000 listings, $19.99 per month for 5000 listings and $39.99 per month for 10,000 listings.
How do you remove the dashboards?
To stop a dashboard from refreshing and a new charge from being generated, simply toggle off the refresh switch from your main Dashboard Page. To remove a dashboard from that page, click the file box icon to archive that dashboard. Archived dashboards can be retrieved by clicking the "Show All Dashboards" button at the top of the page.
How can we edit the radius for market dashboards once created?
Simply click the small pencil icon that appears next to the radius you would like to change and you can adjust it to better fit your needs, as long as it remains between 0.1 Km and 50 Km.
How can you buy more credits to continue using the product? What would be the price?
Credits will be purchasable in the future, the full cost to update a dashboard daily will be $9.99 per dashboard per month.
Are the prices on the Dashboard based on what the guest is paying or host charging? Does it include service provider charge/fees (fees Airbnb charges for example) and does it include cleaning fee etc.?
The prices you see on the market dashboards are the nightly calendar prices prior to commissions, taxes, cleaning fees, etc. so you can use the graphs to help adjust your own price prior to any extra fees.
How do you differentiate between bookings and blocks?
We use several algorithmic techniques to remove blocks from the data. Across all the listings, there are various patterns that are being observed.
Along with the median prices, is there an option to see the median booked prices on the Future Prices chart?
There is an option to show the median booked price in black. By default, it does not display, but if you click the legend on the right-hand side it will show.
When you look at the number of bookings on a particular date, does it indicate the number of bookings that have been made on that very day?
No. The number of bookings on a particular date indicates that many bookings have been registered by our system for the last 7 days.
One important point that should be kept in mind - It usually takes 1 to 2 days for new data to flow in, so that number might increase. We are updating this, but generally it is a good idea to look at the column for 2 days before today.
What do the prices in the future price graph on the dashboard mean? Are they what the guest will pay including all fees and taxes, or is it what they set as a base price for the apartment?
For the Future Prices graph, the light pink, dark pink and grey lines are the percentiles for the listed base price for those dates. No extra fees or taxes are taken into consideration in this graph. In the legend, you will see another option in black (greyed out by default), if you click that, it will show the median booked price for those dates. If you are looking for information on extra fees such as cleaning fees and extra person fees, charts for those are shown on the Policies and Fees tab.
How can one see specific prices on important event dates or weekends where there are price surges?
Currently, there is a future-looking price graph where you would be able to see prices for specific dates. If there are event-related price surges or weekday variations they should show up here.
Why is the median price not moving as much as it should in spite of heavy fluctuation in the demand?
The majority of listings aren't using dynamic pricing, so the median price might not be moving relative to the change in demand. We also see that for major events very far out, many times the cheaper properties get booked first, and the more expensive bookings happen later.