1. Add/Reconnect Properties 
   
2. Select property type 
   
3. Define Base Price  
   
4. Define Minimum Stay Restriction  
   
5. Connect Rate Plans  
   
6. Map Room Types
   
7. Create Groups and Subgroup 
   
8. Adding Pricing Offset
   
9. Teams 
   
10. Hotel Rate Shopper  
    
11. Syncing Prices
    
12. Multiple Syncs per day
    

1. Add/Reconnect Properties

1. Begin the set-up process by creating an account and adding your property’s rooms. Select your PMS and import rooms using the Add/Reconnect Properties option. Once done, all your room types will appear in PriceLabs, labeled with your property and room type names.
   
2. For the full list of PMS integrations, please see Available Integrations and for a step-by-step guide on importing rooms Creating an Account and Importing Listings.
   

1. We show this pop-up to determine your property type and personalize PriceLabs accordingly. For hotels, select Multi-Unit Rental, then choose Independent Hotels or Group Hotels based on your property. 
   
2. Your selection helps PriceLabs provide tailored features, smart presets, and recommended settings for your property. For more details, refer this Smart Presets.
   
   

3. Define Base Price  

1. The Base Price is a crucial starting point for our algorithmic pricing. Think of it as the average rate you would charge throughout the year. If you already know your desired base price, you can select the 'Custom' option to enter it manually or use the 'Imported Base Price', which reflects the prices that got synced when your property was first connected to PriceLabs.
   
2. Once your property has been syncing prices consistently for 14–21 days, you can consider using the 'Recommended Base Price', which is automatically generated by PriceLabs based on the room type’s performance, and how it is performing relative to short-term rental market trends.
   
3. You may also explore 'Market Based Pricing' to get an idea of how to set your base price based on short-term rental market data. 
   
4. Please see Setting your Base Price.

5. Connect Rate Plans  

1. Hotels usually offer multiple rate plans, such as refundable rates, corporate rates, and breakfast-included packages, to attract guests and optimize revenue. For these cases, you can import all rate plans linked to a room type into PriceLabs and set price adjustments (percentage or flat value) between them.
   
2. The final price for each rate plan is calculated by applying these adjustments to the recommended rate and then pushed to your PMS. For more information, you can check: Rate Plan.
   

6. Map Room Types

Manage Parent & Child room type relationship

1. Most hotels use a rate management style where a basic room type is set as the 'Benchmark' or 'Parent' room. Other room types or similar room types are linked to the Parent room with defined price rules. The Parent room acts as the base for pricing all other rooms.
2. Example: The Standard Room is the parent, the Standard Double Room (child) costs the same as the parent to follow rate parity, and then we have the Deluxe Room (child) costs $10 more, and the Superior Room (child) costs $20 more.
   
3. In PriceLabs, you can set up such room type relationships using the Mapping function. Simply assign a base room type as the parent and others as children, then set an offset value between them. Now, you only need to manage and apply customizations on the parent room type—child room types will automatically inherit those settings.
   

Manually map rooms to a room types

1. Some hotel systems or PMSs do not support ‘room type’ creation. When PriceLabs connects to such systems, each room is added as a separate line item, making it difficult to manage.
   
2. To address this, PriceLabs offers the ability to map all the rooms that belong to the same category as parent and child, creating a structure similar to room types and its rooms. Child room types automatically adopt the settings of their parent, so you only need to manage the parent.
   
3. For the step by step guide to mapping or more information, please see: Multi-unit Mapping.
   
   

1. Hotels commonly group room types into categories or classes to simplify inventory management and pricing. For example, the 'Deluxe' category may include Deluxe King and Deluxe Twin. 
   
2. Similarly, PriceLabs lets you group similar room types and manage customizations at the group level, making it quick and easy to handle multiple room types at once.
   
3. Recommended guidelines for creating groups:
   
1. Group all the room types in the property
   
2. Group the 'similar room types' in the property
   
3. Group similar room types from different properties, if you manage multiple properties
   

Sub-Group 

1. We also offer a feature called Sub-group, which lets you create sub-categories of room types and manage specific customizations for them.
   
2. For example, say you have two groups with their own customizations: Standard Rooms (grouping all standard room types) and Suite Rooms (grouping all suite room types). If one room type from each group shares the same occupancy pattern, you can create a sub-group with just those room types and apply occupancy-based customizations specifically to them.
   
3. For more information as well as how to set it up, please see: Group-Level Customizations.
   

8. Adding Pricing Offset  

1. With the Pricing Offset feature, you can set a fixed or percentage price gap between individual room types or groups. This is especially useful for managing Parent & Child room type relationships using the Mapping feature.
   
2. This ensures that a specific room type or room category always has a higher/lower price than others. For example, you can set your Deluxe king room type  to always be 10% more expensive than Standard king room type , or Suite category rooms to always be 30% higher than the Standard category rooms.
   
3. For more information, you can check Pricing Offsets.
   

9. Teams 

1. If your hotel’s revenue management is taken care of by multiple team members, setting up users in PriceLabs with different access levels might be a great way to ensure that your team only has access to the things they need, and actions taken by your team members are logged, so it's easier for everyone to know who made the changes.
   
2. For more information, you can check Teams.
   
   

10. Hotel Rate Shopper

1. Knowing how hotels and short-term rentals are performing in your area is essential because potential guests consider both options when planning their vacations. 
   
2. Keeping track of both types of accommodations allows you to stay competitive in your market. Our Hotel Rate Shopper (powered by better quality data from booking.com) will provide you with more functionalities to analyze your hyperlocal market.
   
3. For more information, you can check Hotel Rate Shopper.
   

11. Sync Prices

1. When the initial setup is nearly complete, turn on the ‘Enable Price Sync’ toggle to send PriceLabs prices to your PMS. This toggle also shows the last update date and sync status. For more information, you can check: How Often Are Rates Synced & How to Sync Listings?
   

12. Daily Syncs and Multiple Syncs per day

1. By default, PriceLabs synchronize prices every 24 hours but as the hotel market might need to be a bit more dynamic, you can add automatic additional syncs (up to 3 per day) in your Settings → Sync Settings → and “Specify Your Own Time”. This option comes with an additional cost of $1 per month and per room type. 
   
2. You can also check: Scheduling more than one daily sync.