We’ve done it again! We won Shortyz in 2020, but our excitement is no less this time. As founders, we think about how to stay at the cutting edge of innovation and solve what customers need.
This past year, we had two key product launches that made PriceLabs’ Dynamic Pricing product multi-fold better and easy to use!
We introduced intelligent and analytics-based tools, namely – Base Price Help and Min Stay Recommendation tool. These tools make adopting PriceLabs technology for new owners and property managers a breeze! Before introducing these tools, setting base prices or minimum stay restrictions before releasing these tools was difficult and time-consuming.
Base Price Help: To help set the right base price
Our Base Price Help tool uses market data and machine learning algorithms to analyze thousands of market data points specific to each property. This helps us provide intelligent recommendations for a listing’s base price starting point. The tool considers hundreds of similar listings in the area and market data for comparable properties. The users can refine these recommendations according to their strategy or indicate if the property is high-end.
MinStay Recommendation Engine: World’s first intelligent minstay engine
After setting the base price, determining minimum stay restrictions is crucial for effective revenue management. Our Min Stay Recommendation Engine considers the seasonality, lead time, gap length, adjacent days, and more factors to recommend dynamic min-stay settings that maximize revenue. With this tool, we suggest what those settings might be for each listing. As a result, it makes it easier for property managers to manage their listings effectively.
Focus on innovation and ease of use
Our innovative tools are unique to PriceLabs. We design them to make pricing and revenue management tasks as easy and accessible as possible. For example, Base Price Help and Min Stay Recommendation Engine offer intuitive interfaces. These allow users to refine and adjust recommendations according to their strategy easily.
At PriceLabs, we’re proud to have won the Shortyz award for the Best Ancillary Service for our innovative tools, Base Price Help and Min Stay Recommendation Engine. These tools solve the challenges of determining a property’s base price and minimum stay restrictions, streamline revenue management tasks, and increase profitability for property managers. This recognition highlights our commitment to innovation and dedication to helping property managers succeed in the short-term rental industry.
This milestone is only possible and is complete with our customers, partners, and team. Thank you for all the support and love!
– Anurag, Richie, Sana
About the Shorty Awards and Best Ancillary Service Provider Award
The Shorty Awards is a globally recognized award for the short-term rental industry. It celebrates the best companies and products in the travel and hospitality industry. Winning the Best Ancillary Service Provider award acknowledges the significant impact of PriceLabs in the industry with our innovations.
The Best Ancillary Service Provider Award is open to businesses that have introduced a new service or product in the last two years. The said service delivered significant benefits to the short-term rental sector in general. These benefits include improving the guest experience, enhancing competitive advantage, or increasing efficiency in administrative tasks. This award recognizes companies significantly impacting the short-term rental industry through innovative products and services.
Established in 2014 and headquartered in Chicago, PriceLabs is a leading provider of innovative and easy-to-use dynamic pricing and revenue management solutions for the rental industry. PriceLabs provides a data-driven approach, automation rules, and customizations to manage pricing and stay restrictions that help property owners and managers increase revenues efficiently and easily. With over 90 integrations and a growing list of channels and property management systems, PriceLabs’ automated revenue management solution is built to serve the needs of everyone, from large property managers to single-property owners. Learn more at www.pricelabs.co.