We started PriceLabs with the mission to make AI and analytical tools often restricted to large companies available to all in the vacation and short-term rental industry. Over the course of the next few months, we are looking to double down on this mission and move further in our goal of “PriceLabs for everyone.”
To make its dynamic pricing system available for all vacation rental hosts, PriceLabs has announced the launch of its Open API for Dynamic Pricing. This self-serve API will allow Property Management Systems (PMS) and Channel Managers (CM) of any scale to provide their users with access to PriceLabs’ state-of-the-art pricing technology.
What is an API?
An API is a software intermediary that enables two software to interact with each other. APIs allow the flow of information between applications. They allow companies to access and use each other’s data effortlessly. APIs are becoming increasingly popular among software companies. They use them to reveal business data, functionality, and services to their trusted partners. More and more, companies are willingly crossing the internal borders that traditionally existed between them. Therefore, they are providing an enhanced experience to customers on both sides.
Why the new Open API?
Dynamic pricing has been gaining traction with vacation and short-term rentals property managers over the last couple of years. As more and more properties are booked online, the value of Dynamic Pricing is easy to see and realize. This trend has been further accelerated as travel demand patterns shift due to COVID.
The new PriceLabs’ Dynamic API will allow any PMS to easily integrate with PriceLabs and leverage its state-of-the-art dynamic pricing platform.
To send our prices to booking channels, we need to work with PMS’ and Channel Manager to send our recommendations. To make our reach wide, we integrate with over fifty (50) property management systems and channels.
However, there are hundreds of property management systems, and several property managers use custom PMS to manage their vacation rentals. These previously could not integrate with PriceLabs due to a lack of engineering resources at our end.
As more systems looked to integrate with PriceLabs, the team devised an open API framework. Now, anyone could integrate and not be limited by PriceLabs’ resource bandwidth. With this new development:
- Each PMS can focus on delivering the core functionality that its users need.
- Can leverage the market data and pricing models that PriceLabs has created over the years.
- Compete with other systems that offer dynamic pricing capabilities or integrations.
What do early adopters say about the API?
We now have four PMS’s – Hospiria, SIBO, SuperHote, and Syncbnb who have successfully integrated their platforms with PriceLabs. In addition, eight other PMS’s are actively working towards integration to give their users access to a dynamic pricing solution.
“Dynamic pricing was one of our most requested features, and I personally have been using PriceLabs for a while. So when we heard about the new PriceLabs API, we jumped quickly with SuperHote. The integration process was seamless, and we now have customers actively using the new PriceLabs API. We are a fast-growing Channel Manager / PMS. The ability to offer world-class solutions for our users is definitely a game-changer.” Says Mat – CEO of SuperHote.
The traditional approach to pricing doesn’t work for property managers anymore due to the high variability in the market. Dynamic pricing has become the need of the hour. PriceLabs has been seeing significant interest in PMS and Large property managers wanting to build an integration to its platform. With the launch of this API, the revenue management software has made it seamless to develop to PriceLabs and access their pricing solution. This launch will enhance the speed of integrations as either party can integrate.
“As a property manager ourselves, we know the importance of having the best tools in the market to be able to manage and distribute properties effectively. But we also realized that many other property managers either lacked these tools or were overwhelmed by the sheer complexity of the number of systems needed. Most Property Management Systems provide standalone software, but we found many property managers were looking for a full-service solution that combined software and service – platform, revenue, and reservations management all managed for you.
And so, Hospiria was born – the one platform that integrates marketing, distribution, bookings, pricing, and operations management in one system by bringing the best technologies under one roof, with an additional service provision on top. We have been using PriceLabs for UnderTheDoormat for several years now, and integrating PriceLabs new API framework into Hospiria was a no-brainer. The integration was seamless, the technology is robust, and the team has been really receptive to new developments as we build our own solution. I am looking forward to PriceLabs being a key part of the Hospiria platform over the coming years, “said Richard Bridger, COO Hospiria.
How to get started?
To begin with the integration process, a Property Management System can go to the Dynamic Pricing API page. There they can read an overview of the API’s functionality and how to use it effectively. On the same page, they will find API Documentation with all the steps required to integrate their platform with PriceLabs successfully. They’ll also find contact details for any technical assistance they may require during the integration. The PriceLabs development team is here to help anyone working through the integration.
Summary
Technology plays a pivotal role in advancing the short-term rental industry. It is enabling organizations to evolve to meet the evolving needs of their users better. The role of APIs in this digital transformation is more crucial than ever. Users around the world are starting to demand world-class toolsets from their property management systems and channel managers. The cost of switching a property management system is very high for a user but not impossible, and when users are not able to access the latest technology, they are forced to make a move.
With the launch of our dynamic pricing API, we hope property management systems will be able to provide their users with the tools that they need to grow and build their revenue, all while retaining their customers.
