Using PriceLabs like a Pro – A Feature Checklist and Pro-tips
Updated on March 12, 2020
Note: If you are new to PriceLabs, part I of this series - Beginner's Guide - is highly recommended.
Over the last two years PriceLabs has evolved with the needs of the users who use us as a dynamic pricing provider for their vacation rentals. This wouldn't have been have been possible without all your feedback that goes into making us better - we sincerely thank you for that!
As we release regular feature updates, we wanted to maintain a checklist of all features so that long-time as well as new users can refer to make sure they are getting the most out of PriceLabs. Bookmark this page, because we'll keep adding all the new features (and we have a lot planned for the next few months) here!
- Manage all min/base/max prices from one place. Another cool feature of the Manage Listings page (we call it the page that keeps on giving)! You can view and edit all the min, base and max prices from this one page. Pretty cool when you have a ton of listing to manage.
- Date Specific Price & Min-Night Overrides. Allows you to override our recommended prices and min-night rules on certain dates. As simple as clicking and dragging on the calendar! Learn more about custom pricing. In addition to setting a fixed price, you can also specify a % by which our recommended prices should change (can be positive, or negative). This can be done at a listing, group, or account level.
- Min-Night Rules Automation. Setup rules that will automatically update your min-night settings based on how far a date is, whether it's a weekend or weekday, and whether there's an orphan day that wouldn't book without a min-night override.
- Pricing Customizations. We know one mold doesn't fit all! Tailor certain aspects of the algorithm to suit your hosting style with pricing customizations. Available for each listing, as well as for groups of listings and the entire account.
- Base Price Help. Understand how your competition is priced for the coming two months and gain insight into setting your base prices.
Pro-tip: use this neat feature when yout have any listings that aren't performing well. It could be that you are priced too high comparatively, and might need to reduce the base price.
- Sync Now! A useful feature when you make a change to base price or set custom pricing, and want the changes to be updated immediately.
- Rate parity for listing on multiple channels/PMS. Easily maintain price parity accross multiple listings of the same property using mappings and child listings. Learn more about mapping your listings together.
- Groups. The Manage Listings page isn't just useful when you have listings on multiple channels/PMS. Use this to assign listings a tag (for easy searching on the dashboard) or a group (for copying customizations and date specific overrides)!
- Market Intelligence Reports. Get a deep understanding of your competition, or understand how different neighborhood are doing with the market intelligence reports.
- Listing Performance Dashboard. Look at how your listings are doing in one quick glance on your dashboard.
- Understanding your dashboard. Your dashboard will show your imported properties from all the different accounts. You will notice a multiple columns on your dashboard, as well as a search field that you can use to quickly find the listing you want to look at - very useful if you manage dozens of listings!
- Listing Id: the identifier for the property on your channel/PMS. This is a hyperlink that takes you directly to the listing page (you may need to be logged in depending on the PMS). The small colored bar in the top left corner indicates whether a listing is currently listed/available or not.
- Listing name: the title says it all! In addition we also show the channel/PMS and account this listing belongs to.
- Group: a useful feature if you have multiple properties. Assign each listing a group name so that you can work on a group of properties in one session. Examples of groups could be anything you fancy - location ("East London") is a common one, but users also use it to enter the address so they can search based on that
- Min: The lowest price that you have set for a listing (we'll show how to set it shortly). Our recommendations will never go below this value.
- Base: The base price you have set for a listing. If you don't set a base price, we calculate one for you. We also provide you with intelligence on how to set the base price. More on that later!
- Max: The highest price you have set for a listing. We will never go above this price
- Last updated at: This gives you an indication of when the listing was last updated. For new listings, it should say "Not yet synced"
- Sync price: Toggle that shows the current status - if this is green, then we will update prices every night, and if it's red, then PriceLabs will not change prices on this listing.
- 7, 30 and 60 day availability: A quick snapshot of how your listings are doing. The number shows the % of open days in the next week, month, and two months. The color codes help you quickly get to the listings that need attention. Note: these may take up to 4 hours to update after you have imported new listings.
- Review prices: Button that takes shows you the our recommended prices, and allows you to set parameters around your pricing. More on that below!
- Search, Sort and Filter. Don't want to scroll through all your listings to find that one that you want to review? Type in what you're looking for in the search box above your dashboard, and we'll find any listings where the listing id, listing name, account name, channel/PMS, or group name matches. You can also sort by any of the fields that show a tiny triangle next to them, and filter based on PMS, whether a listing is available or not.
Pro-tip 1: You can choose a complex group name such as "London-Airbnb-221 Baker". Now you can search by location (London will show all London listings), channel/PMS (Airbnb will show all Airbnb listings), or address ("221 Baker" will show all listings at that address).
Pro-tip 2: Once you have mapped listings across PMS/channels from the mapping page, you can use a filter to hide child listings so that you don't see the same property twice. You can still copy any custom pricing or base price changes when you change them in the parent listing!
- Calendar vs. Graph View. While the calendar view is an extremely intuitive way of look at your price recommendations, many find the graph view useful for understanding long term pricing trends at a quick glance! The calendar view can be accessed by clicking the "Recommended Pricing Graph" tab when you are reviewing prices.
- Download CSV. A little known feature used mostly by data buffs (we plead guilty!) - useful when you want to download the prices and toy around with them. Find the button on the bottom right when you review prices.
- Deleting listings. Have listings in your account that you don't manage anymore? You can hide listings from the dashboard, or delete them from your account.
Did you have a pro-tip that others could use? Let us know at email@example.com, and we'll be happy to put it up here! And keep the feedback coming - we look forward to adding a lot more to this list :)