What is Dynamic Pricing and how to use it?

What is Dynamic Pricing and how to use it?

Dynamic Pricing: 

This provides automated daily rate and minimum stay updates based on market data and your listing performance. You can deep dive into how it works here.
  1. We analyze each listing and recommend daily rates based on several factors.
  2. We control the algorithm to fit your pricing strategy and knowledge of the market.
  3. We will update optimized rates directly in your PMS / Airbnb, or VRBO calendar daily.
  4. DYNAMIC MINIMUM STAYS: Optimize each listing’s availability with dynamic min-stays

How much does it cost?

  1. PriceLabs is full of features and bells and whistles, but the one thing we've kept simple is our pricing plans; there are no commissions, and in every billing cycle you only get charged for the listings you use PriceLabs for.
  2. Free trial: You get a 30-day free trial for our Dynamic Pricing product. You have access to all our features of Dynamic Pricing and no payment information or credit card is needed to access our free trial. 
  3. Continuing after your free trial: Once the free trial is over you get to choose if you want to continue or not. To continue, enter your payment information on your billing page.
  4. Price calculator: You can find out your total monthly charge based on the number of listings here


How to learn more about Dynamic pricing?

New users start here for dynamic pricing

1. Creating an Account and Importing Listings

  1. The first step to start using PriceLabs is creating an account and importing your listings. You can import your Airbnb, VRBO, and Houfy listings or can integrate any PMS you are using with PriceLabs.
  2. Please check the list of total PMSs we integrate with on the link here
  3. To know the steps on how to import listings in PriceLabs, please check the article here

2. Understanding Your Pricing Dashboard

  1. From your Pricing Dashboard, you can see your imported properties from all the different accounts you've connected to PriceLabs.
  2. In addition, you will notice multiple columns and a search field that you can use to quickly find the listing you want to look at -- very useful if you manage dozens of listings!  
  3. To view detailed information on understanding your pricing dashboard, click here

3. Understanding the Pricing Calendar

  1. The calendar shows recommended prices for each available night in the future.
  2. You might notice that each day has a different price - and this is the magic of dynamic pricing! In general, the prices fluctuate around the base price (either calculated by us, or provided by you) based on the following factors, and you should be able to see those in action:
    1. Season (time of the year, peak vs. lean season)
    2. Day of week (weekends vs weekday depending on the location)
    3. Supply and demand fluctuations due to a holiday or event
    4. How far out a date is (close in dates get a last minute discount)
  3. To view detailed information on understanding your pricing calendar, click here
  4. You can also view the YouTube playlist for Pricing calendar here

4. Understanding the PriceLabs Multi Calendar

  1. The Multi Calendar page allows you to view and set pricing customizations and overrides, toggle sync on or off, perform a manual sync, or save and refresh your listings.
  2. Using this page, you can perform most actions from the Review Prices and Manage Listings page for multiple listings at once, all from one place!
  3. To view detailed information on understanding Multi-calendar page, click here
  4. You can also view the YouTube playlist for Pricing calendar, here

5. Understanding Manage listings page

  1. The Manage Listings page lets you easily modify and oversee your listings from one convenient location. You can map or un-map your listings, hide them from view, permanently delete them, or update them in bulk.
  2. To view detailed information on understanding Manage listings page, click here
  3. You can also view the YouTube playlist for Manage listing page, here

6. Performance Metrics on PriceLabs Dashboard and Multi Calendar

  1. Metrics are the backbone of measuring success and finding areas of improvement. With the new performance metrics, you can easily sort, filter, and view listings across 7+ useful metrics that you get out of the box
  2. The Performance Metrics (earlier known as Listing's Health) helps you stay more informed about how your listings are performing relative to the market easily and also helps in making adjustments to your settings.
  3. This is available on the Pricing Dashboard and Multi-Calendar pages.
  4. A lot of this information was already available in our Neighbourhood Data Tab, but with the revamped Performance Metrics, that information is available at a glance for all your listings!
  5. To view detailed information on understanding Performance metrics, click here

Customizations

  1. To make your pricing/stay restrictions easier and automated according to your requirements, we have a variety of customizations that you can make use of in PriceLabs.
  2. The categorization of the customizations is done as below:
    1. General Customizations
    2. Advanced customizations
    3. Bulk Customizations
    4. Seasonal and minimum prices
    5. Stay Restrictions
    6. Other useful customizations

How is the pricing calculated?

  1. Our algorithm integrates multiple factors, customizable inputs, and controllable settings alongside data-driven analytics, to deliver enhanced results. 
    You can find more information on this here
  2. Neighbourhood Data:
    When pricing any listing, there are always several questions that come up. The Neighborhood Data feature can be used to investigate the answer to some of these questions.
    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?
      You can find more information on Listing Neighborhood data       here
  3. Hotel Data:
    In case where you want to price your listing partially/completely relative to Hotels in your area, you can make use of our hotel data tab. You can even create comp sets of hotels specifically to use them for your listing's pricing.
    You can find more information on the Hotel data tab here
  4. Pacing Factor: 
    The pacing adjustment has been put in place for some markets where the projected demand is deviating significantly from historical seasonal trends. This deviation is calculated by considering how much ahead or behind your market occupancy is this year compared to previous years.
    You can find more information on the Pacing Factor here
  5. Percentile Distribution: In PriceLabs, percentiles are essentially used to show the prices with respect to a number of properties distributed in a certain area. 
    You can find more information on percentile distribution here

Available Integrations

1. Guide for using both Airbnb and VRBO with PriceLabs

  1. In case you already have listings present on Airbnb and VRBO you can import them in PriceLabs and then Sync them in PriceLabs. This will allow us to push prices to these channels directly.
  2. To better understand this, please check the article here

2. Available PMS Integrations

  1. PriceLabs currently has integrations with the following channels and property management systems. 
    Tap here to check the list of Available Integrations
  2. You can also connect your own booking website with us through Customer API.
    Tap here for more information on Customer API
  3. If you are a PMS or PM with a custom PMS looking to integrate with PriceLabs, We have a different API for integrations.
    Tap here for more information on dynamic pricing API

Hyper-local pulse (New Algorithm)

Why is Hyper Local Pulse better?
  1. Hyper Local Pulse is a superior version of our existing algorithm. It uses cutting-edge techniques to do demand forecasting and elasticity estimation at a hyper-local level to price your listing. Interested in learning how the algorithm works?
  2. With Hyper-Local Pulse, we expect better fluctuations in pricing and better demand forecasting. Specifically, you will see improvements in the following aspects -
    1. Seasonality fluctuations (it's also hyper-local now)
    2. Day of week fluctuations
    3. Event Pricing
    4. Holiday Pricing
    5. Market Driven Defaults (for Last Minute Prices and Far Out Prices customizations)

  1. To view detailed information on Hyperlocal pulse, click here.

  2. To know the steps on Migrating to Hyper Local Pulse (less than 10 listings), click here.

  3. To know the steps on Migrating to Hyper Local Pulse (more than 10 listings), click here.


Trainings

Every day, we do PriceLabs trainings where we cover how to use PriceLabs and best practices! We run Market dashboard trainings as well. During this session, we will discuss how to use PriceLabs Market Dashboards to build a profitable business.

PriceLabs Basics | Account Set Up |

If you recently created a PriceLabs account, this 45-minute onboarding will help you start by setting up your listings for success. We recommend that you do this session in your first week of using PriceLabs (and also, as a refresher, maybe after 3-6 months of using PriceLabs).
Please find the link to registration for our PriceLabs basics training sessions here - PriceLabs Basics | Account Set Up |

Advanced PriceLabs Features | Pricing Strategies |

This training session is to make your pricing strategy more efficient and is for those who are looking for more manual control on how to use PriceLabs.  The prerequisite for this session is that you have either attended PriceLabs basics training or are familiar with most basic concepts covered during that session.

Please find the link to registration for our Advanced PriceLabs Features training sessions here - Advanced PriceLabs Features | Pricing Strategies |


    • Related Articles

    • Seasonal Pricing Customizations (aka Pricing Profiles)

      What are Pricing Profiles and how can they help you? "Pricing Profile" is a feature that we have introduced to solve for specific use-cases for seasonal markets. A "Pricing Profile" is a user-defined set of configuration of Pricing Customizations. ...

    • PriceLabs Dynamic Pricing: Billing, Subscription, and Invoices

      How does PriceLabs calculate your invoices? PriceLabs is full of features and bells and whistles, but the one thing we've kept simple is our pricing plans; there are no commissions, and in every billing cycle you only get charged for the listings you ...

    • Understanding the Pricing Calendar

      (Watch our Pricing Calendar Playlist here) The calendar shows recommended prices for each available night in the future. You might notice that each day has a different price - and this is the magic of dynamic pricing! In general, the prices fluctuate ...

    • Training Sessions on How to Use PriceLabs and Get the Best Out of it!

      Every day, we do PriceLabs training sessions during office hours where we cover how to use PriceLabs and best practices! These trainings are held in English, Spanish, French, and Portuguese. We run two levels of training sessions. You can find the ...

    • Pricing Beyond 1.5 Years

      For most of our listings, we default to sending prices for a period of 1.5 years (540 days). However, we have observed that not many bookings are made more than 1.5 years in advance, which can make it challenging for our system to detect events. For ...