This month, PriceLabs introduces an array of innovative updates and features designed to transform your revenue management strategy. From our game-changing Nudges framework, including the Base Price nudge, to the Orphan Day Gap Filler, we’re committed to helping users optimize pricing decisions and maximize revenue. Additionally, we’ve improved our listing filters, enhanced the user experience across multiple products, and expanded our integrations with a new PMS: Hosty. Dive into this article to learn how these updates can boost your bookings and streamline your operations.
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The Next Frontier of Revenue Management: PriceLabs’s Game-Changing Nudges Framework – Introducing the Base Price Nudge
Nudges are small suggestions or prompts that help users take specific actions. At PriceLabs, we use nudges to make optimizing your pricing strategy a breeze. Our nudges are based on data and patterns, making it simple for you to make smart decisions and reach your revenue goals. For example, our first nudge focuses on Base Price – we’ll remind you to check it and suggest changes if needed. Using nudges will save time, make informed choices, and get better results for your listings.
What are nudges?
Nudges have gained popularity across various industries as a method to steer users toward better decisions. They encourage better choices by offering gentle reminders or suggestions.
In the fitness sector, nudges promote activity and healthy choices. For instance, Fitbit sends reminders to users to walk after periods of inactivity or celebrates their fitness achievements.
In the travel industry, tools like PriceLabs’s Nudges are similar to the “Opportunities” feature offered by both Booking.com and Airbnb. Opportunities assess a property’s performance, compare it to nearby properties, and provide tailored improvement suggestions, such as price adjustments, amenity additions, or description enhancements. Both Booking.com and Airbnb use Opportunities to nudge hosts to update their listings or provide discounts to attract more bookings.
How PriceLabs’s Nudges benefit users of all sizes
PriceLabs’s brand-new Nudges framework is a powerful tool that can be used to provide customized recommendations for every PriceLabs user across various revenue management metrics.
For example, for new hosts entering the industry, Nudges tackles the intimidating aspects of revenue management. It provides actionable advice that guides users toward manageable and impactful actions. These recommendations result in higher occupancy and revenue.
For revenue managers handling numerous listings, Nudges alleviates the challenge of staying on top of their portfolios. It pinpoints listings requiring attention and provides tailored advice based on unique characteristics. This automated assistance boosts efficiency, reduces effort, and enhances the bottom line.
Introducing PriceLabs’s First Nudge Feature: Effortless Base Price Recommendations
Understanding the Importance of Base Price:
Base Price is a crucial aspect of revenue management, as it sets the foundation for a listing’s price, significantly impacting occupancy and revenue. Properly adjusting the Base Price is essential for attracting bookings and optimizing revenue, but constantly reviewing and updating it to align with market conditions can be time-consuming.
Base Price Help: An Intelligent Solution for Setting Base Prices:
PriceLabs developed Base Price Help, a smart tool that recommends a Base Price for each listing based on market data, providing a solid starting point. This tool ensures tailored recommendations by analyzing nearby listings and considering factors like the number of bedrooms, listing performance, occupancy, and past base prices.
Introducing the Base Price Nudge:
While Base Price Help is effective, Nudges streamline the process, making recommendations more accessible and actionable. PriceLabs’s Nudges feature alerts users when a listing’s Base Price requires adjustment. If the current Base Price deviates by more than 5% from the recommendation, a nudge prompts users to realign with market conditions. This allows for easy review and acceptance of recommendations without manually checking each listing.
Check your nudges today
Nudges are a powerful way to help users reach their goals more effectively and efficiently. With PriceLabs’s innovative Nudges feature, users receive personalized recommendations based on data and patterns, simplifying the optimization of their revenue management strategy. By automating part of the process, Nudges saves users time and effort while achieving improved occupancy and revenue.
If you’re a vacation rental owner or short-term rental manager, we invite you to log into PriceLabs and check the Pricing Dashboard page for any Base Price nudges awaiting your attention. Reviewing and accepting these recommendations ensures that your listings are priced competitively and effectively, helping you attract more bookings and maximize your revenue.
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Boost Your Bookings with the Orphan Day Gap Filler
Orphan Days: The Hidden Drain on Your Revenue
Short-term rental managers and hosts face the challenge of filling those pesky orphan days – the unbooked days between two reservations in a rental property. These gaps in the booking calendar can lead to lost revenue, as they often don’t align with the typical booking patterns of potential guests.
Orphan days can be of varying lengths, ranging from a single night to several days, making it difficult to establish a one-size-fits-all pricing strategy. As a rental property manager or host, you need a flexible, customizable solution that helps fill these gaps with attractive pricing for potential guests while maintaining profitability.
Say Goodbye to Vacant Days: Tackle Your Orphan Day Woes with our Gap Filler
Introducing the Orphan Day Gap Filler, a game-changing feature in PriceLabs that revolutionizes how you manage and optimize pricing for orphan days.
With this innovative tool, you can create multiple pricing rules based on the duration of the gap and the time range for which the pricing rule should apply. This customization is crucial because each gap length may require a different approach to encourage bookings. By setting multiple orphan day pricing rules for different gap durations, you can optimize your pricing strategies to accommodate varying guest preferences and booking patterns better, helping to minimize vacancy periods and maximize revenue.
Orphan Day Pricing: An Example for Property Managers Who Prefer 4-Day Stays
A property manager has a rental property that typically welcomes 4-day stays. However, they have noticed a few orphan days shorter than their preferred minimum stay length. They want to encourage bookings for these shorter stays over orphan days, even if it means offering discounts for stays of 2 or 3 nights. Nevertheless, when it comes to 1-night stays, this property manager would only accept them for a premium over the expected night price to make up for the operational and cleaning costs. They use the Orphan Day Gap Filler to create pricing rules for different orphan gap durations.
Orphan gap: 1 night
- Rule: Apply a 20% premium
- Reason: The property manager is not a big fan of 1-night stays but would accept them for guests ready to pay a premium. The increased price could also compensate for the operational and cleaning costs.
Orphan gap: 2-3 nights
- Rule: Apply a 10% discount for both weekdays and weekends
- Reason: By offering a moderate discount, the property manager can make these gaps more attractive to guests looking for short stays or weekend getaways, encouraging them to book a minimum stay of 2 or 3 nights.
By setting orphan day pricing rules, the property manager can encourage bookings meeting their minimum stay preference while optimizing their pricing strategy for different types of orphan gaps. This approach helps to minimize vacancy periods and maximize revenue without compromising the manager’s desired minimum stay length.
With the Orphan Day Gap Filler, property managers can tailor their pricing strategy to meet the specific needs of their rental property and improve their overall booking performance.
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PriceLabs Introduces Enhanced Listing Filters to Streamline Management Across Multiple Products
As a property or revenue manager, managing dozens of listings across different products and listing views on tools such as a PMS, a channel manager, an OTA, or dynamic pricing software can be tedious and time-consuming. PriceLabs understands these pains and is here with a solution.
Our listing filters have received significant upgrades, making them powerful, user-friendly, and, more importantly, present across multiple products like Review Prices, Multi-Calendar View, Portfolio Analytics, and the Manage Listings page, so you can work with ease regardless of which listing view you’re in.
With our enhanced filters, you can filter out options based on specific criteria, such as PMS name, city, group, sub-group, sync on or off, tags, and many more. Our filters enable you to quickly find what you need through our intuitive process and easily save it for future use.
So what are the benefits?
- Streamlined workflow: Our enhanced listing filters bring a more efficient workflow to your listing management process, saving you time and ensuring you’re working with the listings you need without the hassle of scrolling through irrelevant listings.
- More organization: The ability to filter out options based on specific criteria leads to better organization of your listings. Using group and sub-group filters, you can view listings that belong to a particular group or sub-group, making it easy to manage listings efficiently.
- Better decision-making: Our filters enable you to focus better, making it easier to make decisions and adjustments for your listings.
To find out how to create and save a filtered view, read our related Knowledge Base article.
Our enhanced listing filters are present across multiple products, making managing and analyzing your listings easier while saving you time. With the ability to build and save these filtered views, staying organized and efficient has never been easier. Try out our enhanced filters today and take the first step in unlocking efficiency in your property management!
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PriceLabs is now integrated with a new PMS: Hosty
We’re thrilled to announce that PriceLabs has expanded its integrations to include a new Property Management System (PMS): Hosty. This exciting development allows its users to leverage the powerful dynamic pricing and revenue management capabilities of PriceLabs alongside the seamless functionality of Hosty. We aim to empower property managers and hosts with the best tools for maximizing revenue and streamlining operations. Don’t miss out on the benefits of these new integrations – explore them today!
