Take your revenue management to the next level with PriceLabs (Ep593)
Summary
This podcast episode discusses the new features and algorithm of PriceLabs, a dynamic pricing tool. Hosts can now access hyper-local pricing based on 350 similar listings, new dashboard metrics, and a desktop app, helping hosts better understand and manage their pricing strategies.
Key Insights
- •The new PriceLabs algorithm uses a hyperlocal approach, analyzing data from the 350 closest units to your listing instead of broader market areas, allowing for more precise pricing.
- •The new PriceLabs dashboard allows hosts to select and view a range of performance metrics beyond occupancy, including booking pickup, ADR, and RevPAR.
- •New PriceLabs users are seeing an average 26% uplift in RevPAR.
Action Items
- ✓If you use PriceLabs, update your dashboard to include the metrics that are most important for your properties and monitor them regularly.Effort: lowImpact: medium
- ✓If using a dynamic pricing tool, understand the comparable listings being used to price your property, and ensure they accurately reflect your local market characteristics.Effort: lowImpact: medium
Tools & Resources
- →PriceLabs: PriceLabs is a dynamic pricing tool.
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