Updated : Jun 20, 2023
At PriceLabs, we are passionate about helping vacation rental business owners accelerate their success. We strive to make managing your rental simple and profitable while freeing up your time to focus on what matters most.
Learn about our latest product updates, including new features, enhanced performance, and smoother user experience – no matter if you’re a long-time user or just discovering us.
Attend our free webinar and learn how to get the most out of our latest product updates. These webinars are available in English, French, Spanish, Italian, and Portuguese.
Refined Dynamic Pricing Recommendations
More pacing data in our dynamic pricing algorithm
Pacing indicates how quickly bookings are coming in for a given arrival date. Rather than using hypothetical data or estimates, pacing uses actual booking information from the upcoming months in your market to create a projected image of the future. Comparing past and future data can help you determine whether your market demand is likely to be lower or higher than during the same period last year, based on occupancy.
Pacing data allows our algorithm to adapt more quickly to changes in your market compared to the previous year. We are now considering more pacing data when pricing listings so that our recommendations reflect occupancy rate changes quickly and accurately. This ensures that prices for listings remain competitive at all times.
For instance, the pacing chart above shows that this market is getting fewer bookings than last year for most dates. So, in this case, the correct action may be to lower prices for a while to boost occupancy.
Smoothing and Rounding: Offer Attractive Prices for Your Prospective Guests
We know our users have wanted the ability to quickly and easily adjust final prices generated by PriceLabs for marketing purposes. With our newly released Rounding and Smoothing functions, we’re happy to announce that we’ve made this possible.
Rounding – Showing prices that end with a specific digit (e.g., $99, $109, or $299) can appeal more to some travelers. Our Rounding feature enables you to customize the ending of these prices to your liking and create the perfect look for your pricing!
Smoothing – With our Smoothing feature, you can ensure that travelers will always see uniform pricing across multiple nights. For example, if you have an overnight stay over a weekend with PriceLabs recommending a price of $123 for Friday and $107 for Saturday night, Smoothing will enable you to show an average price of $115 for both nights. This way, you can provide travelers with a consistent and easy-to-understand pricing structure.
Find this option under the Advanced Customizations tab in the Customizations window.
Recommended Base Price revisited
Staying ahead of the curve is essential. That’s why we suggest all PriceLabs users check their Base Prices at least every three months. This way, you can ensure your prices are up-to-date with local market trends and remain competitive.
We make it easy for you to pick the right Base Price with our Base Price Help tool. As announced a couple of months ago, we’ve recently incorporated more future trends into our pricing algorithm. As a result, please check whether our Base Price recommendation has changed for your listing.
Head to the Review Prices tab and select ‘Help me choose a base price’ to see the new recommended base price.
How do you select a Base Price for your listing? This article covers all the information you need to make an informed decision.
Actionable Data Insights to Shape Your Pricing Strategy
Improved Price Tooltip to help you understand how we calculated each price in your calendar
How do we determine the prices for each night in your pricing calendar on PriceLabs? We’ve made it simpler for you to discover and comprehend what goes into the pricing of each night with our newly redesigned Price Tooltip.
Hover over the price on any date in your calendar. A tooltip will appear, revealing the various factors considered when calculating the rate.
You will be able to understand how we added to your Base Price the impact of the following:
- Market factors we detected (e.g., seasonality, pacing),
- Price customizations you set up (e.g., last-minute),
- and Thresholds you defined (e.g., minimum price).
On a computer, just hover a price in the calendar. You can access the tooltip on a mobile device by selecting and holding the pricing cell.
Learn about the factors in the Tooltip that affect the pricing.
Pacing curves and data added to Neighborhood Data, Portfolio Analytics, and Market Dashboards
Take your revenue management strategy to the next level with Pacing – a feature now available within each of PriceLabs’ dynamic pricing and market report products.
Quickly identify whether your listings, local competitors, or an entire market are slowing down or booming compared to last year. Then, keep track of rates, occupancy, and reservations on forthcoming dates straight from each of our industry-leading tools, Market Dashboards, Portfolio Analytics, and Neighborhood Data – all at no added cost.
With forward-looking pacing insights, you’ll stay one step ahead of the competition. PriceLabs’ new feature is timely as individual hosts and hospitality professionals are uncertain about changing market conditions where they operate.
Plus, short-term rental managers can share their findings with owners via our downloadable PDF reports, which now include pacing metrics.
Easily access PriceLabs Portfolio Analytics for free directly within iPro PMS
iPro users can now access our Portfolio Analytics tool directly within their PMS. Portfolio Analytics is a free-to-use tool that allows you to gain an in-depth understanding of your property portfolio performance by analyzing it from your PMS.
See the entire list of PMS where you can use PriceLabs’ Portfolio Analytics for Free.
Faster execution: Save time when managing multiple properties
Speed Up Your Workflow with Our Redesigned Bulk Editing Features
We’ve made bulk editing on our “Manage Listings” page faster and easier to read. Now, you can visually assign tags, hide/unhide, and assign groups to multiple listings together – along with added ways to manage mapped listings..
Get things done faster while Managing Multiple Listings with the Redesigned Multi-Calendar Page
Perform bulk actions like ‘Save & Refresh’, and ‘Sync Now’, and update overrides and tags on the redesigned Multi-Calendar page, making it easier and faster to manage multiple listings.
Our ‘Base Price Help’ and ‘Neighborhood Data’ are now visible on the page to make it faster to make changes.
Read this article to understand how to use Multi-Calendar effectively.
Bonus: We have also made the page load faster to save you extra time.
A faster and smoother Price Review flow
Navigating the Pricing Dashboard is now a breeze. The pricing calendar screen loads immediately when you click the ‘Review Prices’ button on the Pricing Dashboard. This means no more scrolling through your whole list.
Additionally, we have enhanced this page with new features such as tags and better navigation to other listings.
Your invoices now arrive directly in your inbox
You no longer need to log into our interface for your invoices. Instead, our new feature will attach invoices to your monthly billing email for a streamlined, time-saving experience.
Customize Reports with Your Logo
Our Market Dashboards and Portfolio Analytics products now feature customizable PDF reports. This new feature allows you to add your company logo to the reports, helping to bolster your brand recognition and showcase your work.
Register for a Free webinar to learn more about these new features and share your thoughts. We host these webinars in English, Italian, French, Spanish, and Portuguese.
We hope you explore these enhancements and find them helpful. You can contact support@pricelabs.co if you want help understanding these changes or have any feedback.
