Introducing our new blog series where we get (professionally) personal with our internal team members and listen to their honest experience of using PriceLabs to manage their rental portfolio. We firmly believe that real-life accounts from those who have seen considerable benefits from our product make for the best reviews.
In this edition, we chat with Daniel Zammata and get his candid insights.
About Daniel Zammata
Daniel has been with PriceLabs for over a year. Before joining PriceLabs, he worked in companies such as CNN in New York. He started his own Property Management Company (HostTonight) with operations in 11 cities and over 300 properties under his portfolio.
He has been using PriceLabs for nearly 2 years to manage the revenue of 15 listings in Bogota, Colombia. 7 of them are single apartments, 8 are arbitrage units, and 6 are hotels. He directly manages the pricing via PriceLabs and has automated the entire pricing engine for the apartments and the arbitrage units. For the hotels, he works with a revenue management company that recommends the pricing fluctuations, which he automates within PriceLabs for accuracy and customizations.
Tips from an expert user
Read on to learn how to get the best out of PriceLabs, like Daniel:
How does PriceLabs empower Daniel:
- Basic customizations changes
- Base price change once a month
- Basic overview of the entire dashboard
- Check his top 6 KPIs on Portfolio Analytics
- Neighbourhood data analysis
Features that Daniel swears by:
Minimum Stay Recommendation Engine
Minimum Stay Recommendation Engine provides data-driven recommendations for your Minimum Stay settings. You can accept the suggested minimum length of stay restrictions or customize them.
Date-Specific Overrides
Date-Specific Overrides can help you make exceptions and adjustments to your pricing for specific days. You can enable this feature when your goal is to enable different pricing for specific dates without altering your pricing for the entire calendar.
Portfolio Analytics
Pricelabs Portfolio Analytics includes a real-time reporting system that tracks important financial metrics for your property, providing you with quick insights into its performance. With deeper analysis at the listing level, you can use our data to make informed decisions when setting your pricing strategy.
Base Price
Base price is the average rate that a property manager charges across the year. All market factors, demand patterns, and customisations are applied to the base price. This rate will fluctuate based on the quality of your listing.
PriceLabs reduced the time spent on operational tasks
Managing a vacation rental property involves several operational tasks, including managing amenities, monitoring competitors, and overseeing expenses. Together, these tasks create an extensive to-do list for the property owner.
Daniel found these tasks time-consuming and overwhelming to do manually.
Spending too much time on operational tasks makes it difficult to focus on other essential aspects of the business, like sales and marketing and pricing strategy optimization.
An accurate pricing strategy can impact the business’s bottom line significantly. However, doing everything manually makes keeping up with market trends and booking patterns challenging, leading to an improper pricing strategy.
PriceLabs helped Daniel take a ‘load off his shoulders’ and focus on other important aspects of his business.
PriceLabs helped with revenue optimization and maximization
Having up-to-date data to support your pricing decisions can boost your confidence in implementing strategies. Daniel was not hitting revenue maximization goals because they could not adapt their pricing strategies accordingly.
PriceLabs Dynamic Pricing leverages real-time data to provide pricing recommendations. By analyzing historical and current booking data, market supply and demand, seasonal and day-of-week trends, special events and holiday predictions, and days left to book a property.
Airbnb hosting tips and attention to small details can enhance guest experience and create lasting memories. We provide a complete list of Short Term and Vacation Rental industry events, conferences, and expos to help hosts with the right knowledge.
Increased length of stay using Customizations
Daniel, who owns properties in the urban market, needed to optimize his pricing strategy for longer stays. PriceLabs’ Minimum Night Restrictions allowed him to manage his booking trends effectively. He mentioned that having control over his bookings was crucial for their success.
Daniel stated that after using PriceLabs for a while, one could notice patterns in rates and occupancy and customize the pricing strategy to maximize occupancy and revenue. He also mentioned that he had not found a pattern that requires customization unavailable on PriceLabs.
Pricelabs Portfolio Analytics includes a real-time reporting system that tracks your property’s important financial metrics, providing quick insights into its performance. With deeper analysis at the listing level, you can use our data to make informed decisions when setting your pricing strategy.
Daniel suggested that property managers should utilize PriceLabs’ Market Dashboard and Neighborhood Data to gain valuable insights into the market and property pricing. They can use this data to make informed decisions on where to invest their money and evaluate the effectiveness of their past investments. Property managers can also use this information to support their strategies and demonstrate the performance of the properties they are managing to their clients, the property owners.
About PriceLabs
Established in 2014 and headquartered in Chicago, PriceLabs is a leading provider of innovative and easy-to-use Dynamic Pricing and revenue management solutions for the accommodation industry. PriceLabs provides a data-driven approach, automation rules, and customizations to manage pricing and stay restrictions that help property owners and managers increase revenues efficiently and easily. With over 90 integrations and a growing list of channels and property management systems, PriceLabs’ automated revenue management solution is built to serve the needs of large property managers to single-property owners.
Conclusion
How did PriceLabs help Daniel, a property manager, and a host:
- PriceLabs reduced the time spent on operational tasks
- PriceLabs helped with revenue optimization and maximization
- Increased length of stay using customizations
How does PriceLabs empower Daniel:
- Basic customizations changes
- Base price change once a month
- Basic overview of the entire dashboard
- Check his top 6 KPIs on Portfolio Analytics
- Neighborhood data analysis
Features that Daniel swears by:
- Minimum Stay Recommendation Engine
- Date Specific Overrides
- Portfolio Analytics
- Base Price and Base Price Help
- Minimum Stay Settings
Want to know more about how PriceLabs can help you in your short-term rental business? Fix a call with us. An executive from our team will take you through the software and answer all your queries.
Fix a call here – https://bit.ly/42NNvMJ
