As we enter 2023, we want to thank you for your support throughout the past year. We are excited to introduce new ways to support you in growing your business this year.
Understanding how to take advantage of demand and booking patterns can significantly impact your bottom line. But we understand how tricky it can get, and in this article, we will show you how to plan a successful vacation rental pricing strategy using PriceLabs.
Get your business ready for 2023 with PriceLabs in 4 simple steps
Step 1: Analyze your properties’ performance during 2022
As much as we’d like to get started with this year’s planning, its important to take a step back and understand how your portfolio last year – what worked well, what did not work well, which properties are not profitable – to be able to build a much more effective strategy for this year.
PriceLabs Portfolio Analytics is a free-to-use tool that can help you get an overview of your portfolio performance, identify underperforming listings, and compare your performance with the market. This way, you have detailed information about your properties you can use to build an informed pricing strategy.
Learn how to use PriceLabs Portfolio Analytics efficiently by joining our monthly training session.
Or, watch the recording of the previous session:
Step 2: Study the market performance and trends
Once you have enough data on your portfolio’s performance, the next step is to look at what others are doing and how the market is performing. With insights into current trends, you can ensure that you don’t miss out on any opportunity to increase your revenues while building your strategy.
Use PriceLabs Market Dashboards to access listing-level data from anywhere in the world.
Find out how your local market’s performance changed between two periods by comparing the Key Performance Metrics (KPIs). This gives your a view of market trends and is a good way to spot seasonal changes in guests’ booking behavior.
Create a comp-set with nearby listings that are similar to your properties. You might find out additional amenities that your competitors are providing, enabling them to charge more, or, you might be charging less cleaning fees than others in the area. Insights like these can help you better price your listings.
With our recent update, you can also use the comp-set created by you to compare your own performance within Portfolio Analytics.
Join our latest training session on Understanding Market Dashboards to make the most of this tool.
or watch the recording of the previous session:
Step 3: Grow your network and connect with like-minded people
In-person events and conferences are a great way to build your network, learn about new resources, and spark inspiration.
These events are places where you can interact with your peers and find solutions to the problems you might be facing in your business. You can improve your knowledge, get inspired, and learn from experienced professionals. You never know; you might just find your next big idea with these interactions!
To help you keep track of all the events happening this year, we have compiled a list of all the events in various regions.
P.S.: Our team will be attending many of these events. Please stop by and say hello. 👋
Step 4: Make the most of PriceLabs using tips from your industry peers and experts
How to leverage Market Dashboard to spot 2023 events in your market
This Rental Scale-Up article’s graphs and video show that preparation for 2023 demand peaks is crucial for short-term rental professionals to secure maximum booking prices. The author shows how to use PriceLabs’ Market Dashboards to see upcoming bookings for sports events such as the Australian Open in Melbourne, Super Bowl in Glendale, and the Rugby World Cup in Paris.
What works for sports events can be applied in your market with local festivals and bank holidays. Imagine seeing such a graph and discovering that demand is rising for an event you had not heard of. Using such forecasting tools, you can predict future demand and anticipated pricing levels.
Build your 2023 revenue management strategy: Real-life best practices and costly mistakes to avoid
What levers can you pull while building your pricing strategy for the year? What are some mistakes to look out for to avoid losing potential revenue?
As the 2023 year gets underway, hospitality professionals must be armed with the information they need to build an effective pricing strategy.
Fausto Silva, Strategic Accounts Manager at PriceLabs, is here to help. Before joining our company, he was a revenue manager and now talks with around 50 property managers monthly.
His real-life advice on best practices can provide valuable insights that will help you achieve success in growing your vacation rental business throughout the coming year.
Thinking about adding PriceLabs to your secret weapons in 2023?
Discover how one of our customers started with PriceLabs.
In 2023, if you are thinking of using PriceLabs, or are in a free trial of our products, you can see how WelcomeHost got started. Nasos Apostolopoulos – Director of WelcomeHost, was in your shoes a few months back and pricing was a laborious, time-consuming manual process. In this customer story, he shares what he changed and how he made it possible when he decided to give PriceLabs a try.
Six months into using PriceLabs, Nasos has been able to accurately set higher prices while still maintaining high reviews, leading to increased revenue.