Take your revenue management to the next level with PriceLabs
Summary
This article discusses dynamic pricing strategies using PriceLabs, emphasizing the importance of not over-customizing pricing and understanding local market conditions. It also highlights the significance of using comp sets and the new 'Hyperlocal Pulse' algorithm for more accurate pricing recommendations. Additionally, the article discusses the importance of having a revenue management routine for your STR.
Key Insights
- •The new "Hyperlocal Pulse" algorithm takes into account the unique characteristics of a property's immediate surroundings to ensure pricing accuracy.
- •PriceLabs curates a comp set of 350 similar listings to help hosts understand their market better.
- •The article highlights the importance of not over-customizing pricing strategies, suggesting that hosts should make adjustments only when they have a deep understanding of their market and data.
Action Items
- ✓Hosts should explore the educational resources offered by PriceLabs, including webinars and training sessions, to understand and maximize the platform's capabilities.Effort: lowImpact: medium
- ✓Hosts should consider using the "Hyperlocal Pulse" algorithm to improve their pricing strategies.Effort: lowImpact: medium
Tools & Resources
- →PriceLabs: PriceLabs is mentioned as a dynamic pricing tool.(pricelabs.com)
- →Freewyld Foundry: The article suggests hosts to get a free revenue review with Freewyld Foundry.(freewyldfoundry.com/report)
Common Mistakes
- ⚠The article warns against over-customizing pricing strategies without a deep understanding of the market data.
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Curated by Learn STR by GoStudioM