How did this property manager from Lindsborg, Kansas increase his revenue by 55% with PriceLabs Dynamic Pricing?

Company

Lindsborg Vacation Rentals in Lindsborg, Kansas handles 100+ vacation rentals, including studio apartments and stand-alone houses in “Little Sweden”.

Keep reading to know more about how they find PriceLabs helpful in terms of the features that we offer and the revenue output.

Studio apartments, stand-alone houses

Lindsborg, Kansas

“Little Sweden”

Jim Prugh owns Lindsborg Vacation Rentals, a small family-owned business in “Little Sweden.” He started using PriceLabs Dynamic Pricing and increased his revenue by 55% and bookings from Airbnb and Vrbo by 60%. Read what Jim has got to say about PriceLabs below.

You should also take a look at how to convince your property owner to use PriceLabs Dynamic Pricing Solutions if you aren’t already on board.

Tell us about your properties. 

Lindsborg Vacation Rentals is a family-owned local small business based in Lindsborg, Kansas. Several years ago, we fell in love with “Little Sweden”. We have vacation rentals that suit the needs of every traveler. Small families and couples will enjoy our large studio apartments found right along Main Street. Larger families will have plenty of room in our stand-alone homes, with two to five bedrooms. These are just a short walk from downtown Lindsborg’s unique boutiques.

How did you manage things before PriceLabs?

As I created my vacation rental business, many factors were at play: location, furnishings, amenities, property management, maintenance, and marketing. Pricing was an afterthought. 

Competition in my small market encompasses bed & breakfasts, chain motels, and a handful of other vacation rentals. These are located locally and in two larger cities, each about 25 miles away. For many years, I compared my nightly rate to that of the best bed & breakfast in town. I set a standard price throughout the year, discounting by an arbitrary 25% discount in winter, our slow season. Since guests were booking through my OTAs (Airbnb and VRBO), I thought that I knew what I was doing.

Then I discovered dynamic pricing! 

Other property managers who have used PriceLabs Dynamic Pricing to increase their revenue during Covid-19 also have a lot to add to this discussion.

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For many years, I compared my nightly rate to that of the best bed & breakfast in town and set a standard price throughout the year, discounting by an arbitrary 25% discount in winter, our slow season. Since guests were booking through my OTAs (Airbnb and VRBO), I thought that I knew what I was doing. Then I discovered dynamic pricing!

Jim Prugh, Owner, Lindsborg vacation & Executive Rentals

How did you Discover our Platform?

I started working with the excellent team at PriceLabs in June 2021. When I understood the concept of dynamic pricing, I reached out to major dynamic pricing companies that support vacation rental owners and managers. PriceLabs was the only company that catered to my city and started a conversation with me. 

PriceLabs is globally available in markets around the world and is not restricted to just popular vacation markets. That means that property managers like me, in niche markets around the world get access to the same powerful dynamic pricing and market data as anyone else.

When I understood the concept of dynamic pricing, I reached out to major dynamic pricing companies that support vacation rental owners and managers. PriceLabs was the only company that catered to my city and started a conversation with me. 

Jim Prugh, Owner, Lindsborg vacation & Executive Rentals

Tell us about your experience with PriceLabs Dynamic Pricing

PriceLabs Dynamic Pricing tool looks at other vacation rentals in the area and adjusts nightly rates according to the laws of economics: supply and demand. Of course, it’s far more complicated than that. 

During their demo, I learned that their default radius was not enough. There weren’t many vacation rentals located within that radius for their algorithm to work correctly. PriceLabs extended its radius to 25 miles so that data from larger cities nearby would reflect in the Market Dashboard. 

With dynamic pricing, I realized that even during low-demand periods, the guests would book. It is because the nightly rates during that period were lowered accordingly. Similarly, my nightly rates were increased when the demand was high which allowed me to generate more revenue.

With PriceLabs I started setting upper and lower limits on nightly rates, minimum stays, higher rates for weekends, discounts for last-minute stays, and so much more.  I greatly benefitted from their advanced customizations that allowed me to better manage my properties.

With PriceLabs, my combined revenue through Airbnb and VRBO through October 2021 has increased by 55% over the previous year and the number of bookings through these OTAs increased by 60%.  

Jim Prugh, Owner, Lindsborg vacation & Executive Rentals

How did PriceLabs Dynamic Pricing help you?

My combined revenue through Airbnb and VRBO through October 2021 has increased by 55% over the previous year. The number of bookings through these OTAs increased by 60%. With PriceLabs, I have more bookings and more revenue – a “head in a bed” is always better than an empty vacation rental.

 

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