Customer type: Host
Property Type:Short-Term Rental
Region: South America
Products: Dynamic Pricing
Number of Listings: 1-5
PMS:Airbnb
Executive Summary
Patrik Strebel owns a two-bedroom vacation rental in Puerto Vallarta. He shares how the use of PriceLabs has not only paid for his subscription multiple times but also significantly increased his nightly rates. With 220 booked days a year, Patrik shares his journey from flat rates to optimized dynamic pricing, and offers advice for other short-term rental hosts.
About Patrik Strebel
Patrik Strebel works in the IT industry and manages a partner ecosystem for autonomous driving cars. He owns a single property located right on the waterfront in Puerto Vallarta, Mexico. Although he lists the property on Vrbo, most of his bookings come from Airbnb. To maintain a personal touch, Patrik and his wife enjoy the place themselves for some days of the year.
Challenges Before PriceLabs
Before implementing PriceLabs, Patrik relied on guesswork. He manually set flat rates for his rental, with minor adjustments during the holiday seasons. This lack of dynamic pricing led to potential losses in revenue, as rates did not reflect market demand accurately. “I’m sure I left money on the table” recalls Patrik.
Finding PriceLabs
Patrik learned about PriceLabs through a recommendation in an Airbnb host group. Intrigued by the potential benefits of dynamic pricing, he decided to try the tool for a month and quickly realized the advantages.
PriceLabs as a Solution
PriceLabs provided Patrik with a tool to adjust his pricing in accordance with market conditions, which he hadn’t been able to do when manually setting prices. The automated adjustments made by PriceLabs meant Patrik could charge more precisely for his rental, leading to significantly higher rates for bookings.
Patrik likes that PriceLabs adjusts prices every day and he doesn’t have to go around looking for market data and performance.
“I saw that some of your price recommendations were significantly higher than what I would have in my flat rate. Then I said, what the heck? I let it go. And so far, the experience has been great!”
– Patrik Strebel
Results
With PriceLabs, Patrik’s rental income increased substantially. The profits from these bookings alone were enough to cover the cost of using PriceLabs for many years. Patrik was particularly impressed by how the tool adapted pricing to earn him significantly more on the same rental days compared to his previous strategy. He also appreciated the customer service offered by the support team.
“I think the next ten years of subscription for PriceLabs is already paid for!”
Advice to Other Owners
Patrik advises other rental hosts to “take the plunge” of trying out dynamic pricing through tools like PriceLabs. He believes the investment pays off.
