PriceLabs

PriceLabs allows you to minimize routine tasks of monitoring your calendar, looking for vacancies, and then visiting all the OTAs to manually input reduced prices to fill in those days. Now you’ll have to simply adjust the price once on your dashboard, and this change will be implemented across all OTAs in just a click. Plus, PriceLabs will select the best prices for you after analyzing millions of data points such as historical data, competitor pricing, events, and more. This means you’ll not only reduce time changing the nightly rates, but also doing the research.

PriceLabs algorithm considers a number of factors – some inputs and settings that you can control, and their data-driven analytics layered on top of it. When you review prices for a listing for the first time, PriceLabs will estimate a base price for the listing for you based on its attributes and current performance. PriceLabs then applies historic demand trends (seasonal, weekend vs. weekday), future looking supply and demand data (occupancy levels and prices for vacation rentals and hotels for future dates), and how far a date is (last minute discounting, far our premium, etc.). Reducing or increasing the base price will reduce or increase the price recommendations. In addition, you can also set your own lowest price, highest price, last minute discount/premium customization, as well as date specific overrides (for example, to further increase prices for New Year’s eve by 20%). You can read about their pricing algorithm in more detail in their Revenue Management Starter Kit, and the details of their default discounts and premiums.

Once you turn on the sync prices switch for a listing, the price will be updated every night (GMT). If you want to sync prices right away (if you made a change to settings, or for a new listing), there is a Sync Now button you can click.

Yes! The PriceLabs team is generous enough to offer the Portfolio Analytics tool FREE for LIFE for Hostfully customers. More info here.

We’re glad you asked! Here’s our help article detailing it step by step.