If you know more about your listing's potential, historical data will help you anticipate the future by learning from the past. But, what exactly is Historical Data? In this article, we will go over that it is and how we can use it to our advantage.
Historical Data
This is the information gathered from past bookings and trends experienced by your own listing or the market. This is helpful in making informed pricing decisions. This data typically includes booking patterns, rate and its changes, occupancy, and other information.
PriceLabs uses these data to adjust your prices or help you understand your market better depending on which service you are subscribed to.
Dynamic Pricing
Pricing Market Factors
One of the factors accounted for when determining your recommend prices are the Market Factors. These are your market's seasonality, demand, and pacing.
Seasonality
Seasonality is based on how the demand at a broader market level varies with season or time of the year. For example, if your listing is near a beach, historical data is likely to show that both prices and occupancy for listings in your market are high during the summer in the past. Thus, we adjust your prices to accommodate this trend in the past.
Demand Factor
Similar to Seasonality, Demand Factor accounts for the variation on the trends of your market. However, Demand Factor is more specific. This can include things like holidays, events, day of week fluctuations, as well as last-minute discounts or far-out premiums.
Pacing Factor
Pacing Factor, on the other hand, applies when the when the projected demand for your listing does not align with the historical seasonal patterns. An adjustment applies based on how much the current market is deviated from the pattern of the previous years.
Listing Neighborhood Data
Aside from allowing you to compare your listing's prices and occupancy against your market's, Neighborhood Data also allows you to compare your current prices, occupancy, and bookings to your current prices, occupancy, and bookings from the previous year.
Portfolio Analytics
Portfolio Analytics is a free service that PriceLabs offer which allows you to review and compare your listing's current performance against its past performance.
KPIs & Historic Reports
This sections allows you to select two specific date ranges and see how different metrics increased or decreased in performance. There are also graphs that allows you to see different years and show you how the trend was on different metrics for each years in the past.
Pacing Reports
Pacing Report allows you to overlay your current listing's performance against your market's or your own listing's past performance. This allows you to gauge whether your listing is lagging or in line with previous trends and make adjustments as needed.
Market Research
Market Research consists of two different service: Market Dashboard and Revenue Estimator Pro. Both of these uses historical data to help you better understand your market.
Market Dashboard
Market Dashboard uses the market's data in terms of revenue, pricing trends, occupancy rates, and market demand over the last years. This can be helpful in understanding investment potential or if you want to use your market's performance as benchmark to adjust you own listing.
Revenue Estimator Pro
While much less complex, Revenue Estimator Pro allows you to get an idea of your listing's or a specific address' potential income based on the income the market has been generating over the past year.