Updated: September 14, 2023
As we sit ready to click buttons to announce the current Breakthrough Release, we are reminded of the quote, “Milestones are not destinations, but assurance that we are on the right track!”
PriceLabs’ journey started nine years ago, but the current release is a journey we started about two years ago. We were a team of roughly 30 folks in 2021 (now nearing 150) who had recently gone through significant market shifts – COVID and then the VR boom in the US and had collected enormous amounts of data.
During this phase, we realized that the way we and many other solutions price accommodation rentals does not quite work. We released our first algorithm in 2014 and, over time, had made significant improvements to it, but it was time to step up and create something to better serve the needs of our growing customer base!
Over the last two years, we spent an enormous amount of time overhauling most things at PriceLabs, from Data Collection, Storage, Computational models, Algorithmic models, engineering stack, etc. To say that it’s been a journey would be selling it short.
But these changes (plus sweat, tears, and frustration) bring us to our current Breakthrough Release! We are excited to introduce what we think is a paradigm shift in how Vacation and short-term rentals price their properties!
The New Algorithm: Hyper Local Pulse
The new algorithm is a revolutionary change in how revenue management algorithms have worked in the past. HLP delivers a 26% lift in RevPAR!
What’s the secret? Our top-of-the-line engineering and data science team.
Over the past several months, HLP has consistently proven to be a game changer through experimentation testing.
HLP uses hyper-local comp sets, as evident from the name, along with state-of-the-art forecasting and dynamic programming to deliver these results.
For all new users, this is automatically live. We’ll be making this gradually live for existing users, as some of you’d need to change some of the existing settings to use the new algorithm (and we want to make the transition process easy!).
You can read about how the algorithm works here and the benefits it delivers here.
As a part of this update, we also announce several new data, intelligence, and analytics-related features. Some of these are below:
- Market-driven Last-Minute and Far-Out Customizations
- Seasonality Customization
- Performance metrics
- Customizations for Multi-Units (Hotel Weights, Hotel Compsets)
- Pacing charts and booking charts in PA – released earlier this year
- Hotel Data with LOS- released earlier this year
- STR Index and Revenue Estimator
All of the above have come as a precursor to or as a result of the work that we have done for HLP. There are many more things in store. Combined with HLP, these serve Property Managers and Hosts alike because they reduce manual intervention and provide analytical tools to understand your market and intervene quickly.
We have been jointly delivering several solutions focused on large property managers who use PriceLabs. Some of these are below:
- Team Management
- Sub-groups
- Data access via CSVs and API
PriceLabs has been the preferred solution for large property managers for its flexibility, and we are adding many more capabilities. We have dedicated onboarding consultants looking to build solutions tailored to large PMs.
Whether you are new to PriceLabs or have looked at PriceLabs in the past, we urge you to take a fresh look at this Breakthrough release. You can find more about it:
- By visiting the Release Page
- Or registering for our Webinars
This milestone is only possible and is complete with our customers, partners, and team. This is a journey, and we are only getting started.
Thank you for all the support and love! – Anurag, Richie, Sana
