Seasonality
What is Seasonality?
Seasonality in accommodation rental industry is how the demand at a broader market level varies with season or time of the year. For example - consider a small town which is famous for their Ski Resorts, it will see huge influx of travelers (and hence increase in demand for rentals) during the Ski season (typically late November to early April in the United States).
PriceLabs automatically calculates this number on a city/region level (if you are on Old Algorithm), and at the HyperLocal level (if you are on Hyper Local Pulse, aka New Algorithm). If you feel your seasonality is off, do reach out to us or play with the seasonality customization explained below to make it work for you! If you are on Old Algorithm, in most cases - switching to New Algorithm will improve the Seasonality.
Seasonality Customization
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.
To access this setting, click "Edit" on the Customizations > Seasonal & Minimum Prices, and toggle the switch for Seasonality.
The available options are as follows:
- Recommended: By default, the recommended settings is applied in our pricing algorithm.
- Conservative: This option tones down the PriceLabs determined seasonality. In general if you think PriceLabs seasonal factor is too high, you can experiment with this option to reduce the seasonal factors across the year. Lowering prices a bit during high season, and raising prices a bit during low season. This can also be helpful for Mid-term rentals, and hotel like properties, for eg. ApartHotels.
- Aggressive: This option tones up the PriceLabs determined seasonality. In general if you think PriceLabs seasonal factor is low, you can experiment with this option to increase the seasonal factors across the year. Increasing prices further during high season, and decreasing prices more during low season. This can be helpful for properties that are in highly seasonal markets.
- No Seasonality: This option turns off the Seasonality factor we apply in our algorithm. Use this option only if you are adding your own Customer Seasonal Profile or are a hotel-like property which operates in a market where the business is not seasonal.
Video Tutorial
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