Base Price Help 2.0 – Neighborhood Trends At Your Fingertips
Updated on March 12, 2020
We're super excited to be announcing a big improvement over our older base price help section - if you hadn't been using it, you should now!
Base Price is the starting point for all price recommendations in PriceLabs. However, it can be a challenge for property managers to tune this parameter because there are so many factors that go into it:
What is the average price in your area?
How are prices compared to comps? How does occupancy compare?
How are listings priced in the next months? Are they getting booked?
Are there certain dates that are getting booked more than others? Are other listings in your immediate neighborhood increasing prices for peak demand?
This new Base Price Help can be used to investigate the answer to some of these questions. Even though there are a number of other factors that can affect how Base Prices are set, we hope that this hyper-local data will be a convenient place for PriceLabs' users to explore market trends.
To access it, click on the "Base Price Help" on the Review Prices page of one of your listings to open up a screen with four useful charts (screenshot below). Note that all prices will be in the same currency as your listing's.
Average Price And Occupancy
The first two plots show the average price and occupancy for listings in your area in the next 180 days.
- The first plot shows the breakdown across different listing categories and how they are priced: as an example, from the picture below, we find that 9 3BR listings whose average price over the next 6 months is between $260 and $310.
- The second plot shows the occupancy of listings in the same category/price-range as in the first chart: as an example, over the next 6 months, the 9 3BR listings in the $260-$310 range are booked 59% - note that the eventual occupancy of those 6 months might be larger.
One feedback we got from a lot of users last year was that on the higher end properties (4BR or 5+ BR in this example), the price ranges were not small enough.
The "Number of Bedrooms" menu filters the data by the number of bedrooms across all charts, and can be used to drill down on the neighborhood data and gain some mode resolution. If you wanted to see a particular bedroom category, and it is not available, it might be because the number of listings in this category in not significant in this area.
This is the big addition to this section! The next two plots show price and occupancy trends over the next 6 months, and can help you identify where there are demand surges (though our algorithm will automatically adjust your prices to it), and when others are raising their rates. You can use this to apply date specific overrides if needed.
- The price trends show the 25th, 50th and 75th percentiles of prices, which indicates what's considered a low price, average price, and high price for listings in your area. Note that if you use the filters to drill down, then the prices will be for that category.
- The occupancy trend shows how occupied each category is on a particular date.
- Base Price Help shows aggregated data from a limited number of listings in the immediate surrounding area, and it is not intended for market research.
- This aggregate data might contain listings with different fee structures - fees are usually added on top of the prices used for this analysis, but not always. Therefore, there is some amount of uncertainty in the data and these numbers should be interpreted as trends.
If you have a question, user experience or feedback for us, send a mail to email@example.com. We love hearing from you.