With the travel industry in constant flux in the post-pandemic economy, it is crucial to anticipate market trends and understand competitors’ strategies. PriceLabs recognizes this need and is excited to introduce our latest product updates.
Here are the takeaways from this month’s updates.
- PriceLabs has improved its comp sets to provide better accuracy and revenue performance for properties.
- A new Pacing Tab in Portfolio Analytics enables comparing your performance against last year and the market. In addition, Booking Curves help you understand the build-up of key metrics
- As a reminder, pacing data is now available in Neighborhood Data, and Market Dashboards.
- Neighborhood Data now offers market pacing information for each listing.
- For those who don’t have a listing in a market of interest yet, Market Dashboards provide similar historical and pacing information.
- PriceLabs is now available in Spanish.
- Easier-to-read competitor data helps you stay ahead of the curve.
- Users of the Barefoot and Cloudbeds PMSs can now connect to PriceLabs.
Our upcoming live webinar is the perfect opportunity to learn more about these exciting new features and how they can benefit your pricing strategy. Register now for a detailed explanation of the updates and an opportunity to ask questions. Take advantage of this chance to take your pricing strategy to the next level with PriceLabs!
1. Refined Comp Sets Lead to Better Price Recommendations
We have made some changes to improve the accuracy and effectiveness of our comp sets, which has led to significant improvements in our Neighborhood Data tab and Dynamic Pricing product. We’ve focused on properties with a similar number of bedrooms to your listing. We refined the set of listings to compare your performance. This approach ensures that we offer more precise comparisons for your property.
This change has led to two significant enhancements:
- The Neighborhood Data tab now displays more comprehensive and relevant comparable data from similar-sized properties.
- This change has also been integrated into our Dynamic Pricing, further refining and improving our price recommendations.
Our team has already implemented these changes, and you can now benefit from their effects without taking any action.
2. PriceLabs gives you Pacing data at your finger’s touch – in Portfolio Analytics, Neighborhood Data, and Market Dashboards.
In 2023, the short-term rental market may seem daunting. Yet, PriceLabs has introduced new pacing curves and data to make the process easier for hosts and managers. These additional features offer valuable insights and tools that allow users to stay ahead of the competition, optimize rates, and maximize revenue.
Moreover, these features are included in every PriceLabs’ dynamic pricing and market report products at no extra cost to current users. For those not yet using PriceLabs, the free Portfolio Analytics product is worth considering as it provides access to pacing data for their market without extra cost. This presents an excellent opportunity to see how pacing can benefit their business.
Our data science team diligently works behind the scenes to improve the data quality, cleansing process, and integration into our tools. This is often done without any explicit announcement, but it results in better analysis, forecasting, and pricing predictions for you.
2.1. A redesigned Portfolio Analytics page
Our redesigned Portfolio Analytics page offers valuable insights into the performance of your rental listings. With two tabs – “KPIs and Historic Reports” and “Pacing Reports” – you can get a real-time comparison to last year’s data and market trends. Additionally, our new Booking Curves feature allows for visualizing booking trends over time. These powerful analytics tools support informed decision-making and can drive the success of your hospitality.
Let’s explore the new Pacing tab
With the Pacing tab, you can now compare your current performance to the same period last year and how the local market is doing. It will help you stay up-to-date on your progress and make informed decisions for your rental business.
Compare Your Performance to Last Year
The new Pacing tab allows users to compare their listings’ performance from this year with the same period last year. This feature shows three graphs for Occupancy, ADR (booked), and RevPAR. Each chart displays how selected listings are currently performing compared to their performance on the same day last year.
Compare Your Performance Against the Market
If you’ve purchased one or several Market Dashboards, you can select them in the Pacing tab to compare your listings’ performance against the market. This feature adds last year’s and this year’s market occupancy to the Occupancy graph. Additionally, the Listed Price graph displays market prices for the next six months.
Booking Curves: Analyze Changes and Visualize Booking Evolution
The recently launched “Booking Curves” feature is entirely new and provides an overview of the evolution leading up to the current state. This feature allows customers to visualize how specific changes they made might have influenced bookings and when some factors were beyond their control.
For instance, the default view displays the revenue, occupancy, ADR, and RevPAR for upcoming months. Additionally, users can customize date ranges based on their preferences. Those interested in year-over-year analysis can select the custom dates option.
2.2 More pacing information for each of your listings within Neighborhood Data
Within the Neighborhood Data tag, the Future Occupancy Chart helps you visualize the occupancy trends in your area. It displays the average occupancy for each date over the next year in grey and any blocked dates for your listing in red.
To further assess how your listing is performing, you can now choose to view additional pacing curves on the chart.
- The first set of curves shows last year’s market occupancy, with the “Last Year Today” curve indicating the occupancy on the same day last year and “Last Year Final” revealing the previous year’s final occupancy. These curves provide insights into whether bookings are coming in slower or faster than last year.
- The second curve, called Pickup, shows how many bookings were made in the market during the last 7 days for each day on the graph.
2.3 More historical market data in Market Dashboards
We have recently introduced a new feature to our Market Dashboards that allows users to compare current market trends with those of the previous year. It helps identify any potential slowdowns in a specific market, regardless of whether or not you have a listing in that area (unlike with Neighborhood Data).
For example, in the “Future Occupancy, Bookings and Cancellations” graph, we offer additional curves such as Occupancy Last Year Today and Occupancy Last Year Final. These curves provide valuable insights into whether bookings are coming in slower or faster than last year.
Users of the Market Dashboard could already include the 30-day pickup curve on the “Future Occupancy, Bookings and Cancellations” graph. This curve displays the number of bookings made in the market over the past 30 days for each day represented on the chart.
3. PriceLabs is available in Spanish!
PriceLabs has recently launched a Spanish-language version of its dynamic pricing and revenue management software for the hospitality industry. This localized version will enable users in Spanish-speaking countries to understand better and use the product.
The result is increased host revenue, improved job performance for property management company employees, and a better user experience for everyone involved. PriceLabs is proud to offer this new feature that caters to a broader audience, allowing them to benefit from their innovative software.
Today, you can take action to change the default language of PriceLabs from English to Spanish. (Note that you can do it later or revert to English anytime).
Here’s how to do it:
- Click on the red circle with your user initials in the top right corner of your browser.
- In the dropdown menu, click on Settings.
- In the Profile Settings page, scroll down to Preferred Language.
- By default, the choice is English.
- Click on “English” to open the dropdown menu. Select “Spanish”.
- The interface will automatically switch to Spanish.
- At any time, you can come back here to revert to English.
4. Clearer Neighborhood Competitor Analysis
In the Neighborhood Data tab, you can select and handpick listings that directly compete with yours. Once you have made your selections, you can view your competitor’s prices and availability for each listing in the “Compare Competitor Calendar” table.
We’ve just made it easier to read this table. Unavailable dates are now crossed out, and the price displayed is the “booked price,” which is the last seen price when the date was available. These changes make it simpler to compare your prices and availability against your competitors quickly.
5. PriceLabs welcomes more PMS users!
Barefoot x PriceLabs
With the integration of PriceLabs and Barefoot Technologies, users of the Barefoot PMS can now benefit from dynamic pricing and advanced revenue management features.
This integration allows users to automate their pricing strategy and adjust rates in real time based on demand, seasonality, and other factors.
Additionally, users can access PriceLabs’ extensive data analysis tools to gain insights into market trends and optimize their revenue performance. This powerful combination of Barefoot and PriceLabs allows vacation rental managers to maximize their profits while minimizing the effort required to manage prices manually.
Cloudbeds x PriceLabs
We are thrilled to announce that the integration between PriceLabs and Cloudbeds is now live! If you manage a hotel, hostel, bed & breakfast, or short-term rental using Cloudbeds, you can now access PriceLabs’ innovative, dynamic pricing and revenue management solutions.
PriceLabs is an ideal choice for Cloudbeds users since it offers a comprehensive solution that caters to all hospitality professionals, ranging from hoteliers and Airbnb hosts to vacation rental managers and hostel operators. Regardless of their needs, PriceLabs has Cloudbeds users covered.
Don’t miss out on learning more about PriceLabs’ recent updates and how they can benefit your pricing strategy. Register for our live webinar now to reserve your spot and get a detailed explanation of the new features and an opportunity to ask any questions you may have. Join us and take your pricing strategy to the next level with PriceLabs!
