Unlock STR success in 2024!
How PriceLabs' HLP helps boost revenue management
Meet Hyper Local Pulse (HLP), our revolutionary dynamic pricing algorithm. As evident from the name – it harnesses a hyper-local data set to optimize your rates to maximize revenues. HLP ensures unparalleled precision and adaptability in pricing strategies.
- Within three months of using HLP, new PriceLabs users experience an average 26% boost in RevPAR (Revenue per Available Night)
- Our experiments show that the new algorithm improves revenues by 9% on top of what the old algorithm already did
What Our Users Are Saying About Hyper Local Pulse (HLP):
“The new algorithm has really taken an already stacked pricing tool to the next level! The way the new algorithm updates daily to changing market conditions is truly amazing. Grand Welcome has entered 50+ new markets in the last 2 years with another 20+ markets going live before the end of 2023. This is going to save us around 75% in setup time for new markets and allow us to put more focus on the areas that matter.”
– Jon S | Business Intelligence Manager at Grand Welcome
“The reduction in manual overrides is a game-changer for us. With the new algorithm, we find ourselves relying less on manual interventions, allowing us to efficiently scale our portfolio without sacrificing accuracy or control.”
– Adrienn Janics | Revenue Management at Angelhost
“The new algorithm better leverages PriceLabs’ built-in seasonality & demand adjustments to optimally set up your pricing calendar. Not only have we seen an improvement in Day-of-Week pricing, but we’ve also seen an improvement in peak demand date pricing.”
– Fabio Castiblanco | Head of Revenue & Analytics at SoSuite
HLP’s Key Features And Benefits:
- Hyper-local Relevance: Leverage hyper-local comp-sets for pricing decisions, enabling unmatched precision and relevance in adjusting for seasonality and specific days of the week.
- Improved Event and Holiday pricing: Our system has been enriched with a four-way event detection. It looks at the pacing from the previous year, picks up early demand signals for upcoming dates, takes cues from future competitor pricing, and incorporates hotel price indications.
- Rapid Market Adaptability: The swift response mechanism guarantees you seize the full potential of responsive seasonal and event pricing.
- Time-saving: Enjoy a significant reduction in the need for manual pricing interventions.
- Transparency: Our data science team has published how the algorithm was conceived and what data is used.
A Quick Look Under The Hood Of Our New Pricing Algorithm
The switch to HLP has been a two-year exercise in the making. HLP has been enabled by some game-changing technical improvements we have made. Here’s a summary:
If you want to know more about how HLP works, you can read this in-depth overview from our data science team.
US vacation rental market data and trends webinar
PriceLabs is hosting a live discussion about US market data and trends to help you compare your performance with key markets. Book your free spot for this interactive session, where you can access our exclusive market data report and ask our in-house US market experts any questions on what they see in your state.
