To help you manage your revenue and occupancy better using our recommendations, this month, we made several key changes!🦾
💡Market Adjustments: Our base price suggestions are more relevant for current market
We have made key changes to how we calculate the “recommended base price”. Given the economic uncertainty (we did a webinar recently on this topic), historic performance was not a good indicator of the future prices. The Base Price Help tool now gives more importance to future trends to recommend a relevant base price. We expect this to result in better pricing recommendations.
Head to the Review Prices tab and select ‘Help me choose a base price’ to see the new recommended base price. Once you save the new base price, your calendar will be updated with the new prices.
🆕Customized Comp Set:
The Neighborhood Data (ND) tab within Dynamic Pricing tool lets you compare your performance against the competitors in your area.🗺️
But your properties may be unique🏊, and your neighborhood competitors may not be relevant enough to provide a correct picture of your performance in that market. Say you have a villa in a locality with apart-hotels. In such cases, you might want an option to be able to make your own set of competitors for bench marking.
We had always allowed custom comp set creation in Market Dashboards and you could previously use this in Portfolio Analytics.
Note that the comp set allow you to compare your property's performance with similar ones. This does not impact the comp set we use to calculate prices for your property
🗒️Other Useful Updates
1. If you are in a market with high lead time, i.e., you get bookings months in advance, you can now use our minimum stay recommendations for the next 6 months and more, which were earlier limited to only 90 days in the future.📅
2. If you are using Newbook as your PMS, you can now access our Portfolio Analytics directly from Newbook for free.
3. KigoPro PMS is now enabled in PriceLabs, so new users can now use the KigoPro connection for their Kigo account. Learn how to connect PriceLabs with KigoPro.