The PriceLabs Breakthrough Release isn’t just a step forward—it’s a giant leap for hosts. This release introduces more than 20 new tools and features. Fueled by cutting-edge data science and user feedback, this Breakthrough Release marks a pivotal moment for us, our suite of products, and our community of users. You can read our founders’ perspective on this launch here.
While some new features like Team Management are more tailored towards property managers with many listings, individual hosts aren’t left out.
This article spotlights the key information, products, and advantages of the Breakthrough Release that most benefit our users who manage between 1 and 10 listings. For an in-depth look at each component of the release, check out the article we crafted for larger property managers.
With the combined power of more than 20 groundbreaking product features, we’re helping hosts increase revenue and save time like never before. Our innovation ensures:
- Enhanced Precision & Relevance in Pricing: Leverage our Hyper Local Pulse algorithm and Nudges Framework for prices that respond faster to changes in your market.
- Efficient & Streamlined Operations: Speed up your listing setup with Smart Presets and tailor the algorithm to fit how you run your business.
- Swift Access to Critical Metrics: Work faster with the improved Pricing Calendar and use the new Performance Metrics for real-time insights.
- Industry Recognition and Innovation: Benefit from our award-winning breakthroughs powered by our world-class data science team.
- Global Solutions for Short-Term, Mid-Term, and Multi-Unit Rentals: Data for every market in the world from sources such as Airbnb, Booking, Vrbo, and Key Data, available in five languages.
Let’s delve into the innovative tools featured in the Breakthrough release.
Breakthrough Release’s star feature: Hyper Local Pulse (HLP) Revolutionizes Dynamic Pricing
Meet Hyper Local Pulse (HLP), our revolutionary dynamic pricing algorithm. As evident from the name – it harnesses a hyper-local data set to optimize your rates to maximize revenues. HLP ensures unparalleled precision and adaptability in pricing strategies.
After three months with the HLP algorithm, new PriceLabs users experienced an average 26% boost in RevPar (Revenue per Available Night). This marks a 53% revenue improvement compared to the prior algorithm.
HLP’s Key Features and Benefits:
HLP redefines how we understand and respond to short-term rental dynamics by harnessing hyper-local market trends.
Benefits:
- Precise, localized pricing for unmatched relevance.
- Swift adaptability to ever-changing market conditions.
- Maximize revenue potential with proactive market foresight.
If you want to know how HLP works, you can read this in-depth overview from our data science team on how the pricing algorithm works.
Availability and Migration
We invite you to experience the HLP difference, a testament to PriceLabs’ commitment to innovation and excellence. To find out whether your listings are already running under the new algorithm or how to switch to it, read this article.
Four More Release Highlights For Hosts
Performance Metrics
Effective revenue management depends on prompt decision-making. If you’re a host with a single listing, identifying areas for improvement is crucial.
Here comes Performance Metrics: Choose from over 40 metrics tailored to meet your monitoring needs. By concentrating on the metrics most pertinent to your listing, you can effectively evaluate its performance and make necessary adjustments.
Benefits:
- Gain insights with clarity.
- Efficiently focus on listings needing attention.
Smart Presets
PriceLabs’ HLP algorithm maximizes revenue, but we understand each host has unique risk perceptions, hence the need for customization. While PriceLabs offers 30+ options, it can be overwhelming for new users.
Enter Smart Presets. This tool simplifies adjusting PriceLabs to suit your short-term, mid-term, or multi-unit rental property. It provides suggestions for optimal customization settings.
Benefits:
- Define your listing type for a recommended set of customizations.
- Focus on key settings to save time and maximize PriceLabs usage.
- Easy and user-friendly navigation through various settings with Smart Presets.
Enhanced Pricing Calendar
The pricing calendar now displays booking data and check-in dates.
Benefits:
- Time-Saving Convenience: You no longer need to switch back and forth between PriceLabs, your Property Management System (PMS), and Airbnb to manage your bookings and calendar. All the vital booking data, such as check-in dates, are now available right on your PriceLabs listing calendar, saving you valuable time and reducing complexity.
- Clarity and Simplified Decision Making: With the ‘Unavailable’ and ‘Unbookable’ mentions, it’s easier for you to understand why certain dates might be blocked and where to make adjustments if needed. Also, color-coded demand levels give you a straightforward visual guide to the expected demand for your listings.
Comp Sets usable across PriceLabs
Create market-wide or hyper-local Custom CompSets to benchmark your performance against competitors, thanks to our improved powerful filters. Select properties based on specifics like bedroom count, amenities, and more. You can then save these CompSets and use them in various parts of our revenue management platform.
Benefits:
- Consistent Analysis: The ability to use the same CompSets across products like Market Dashboard, Neighborhood Data, and Portfolio Analytics means you get consistent, comprehensive insights.
- Market Understanding: By comparing against competitors, you gain a deeper understanding of the market trends. This helps you make informed pricing and marketing decisions.
- Strategic Planning: With these insights, you can devise strategies to enhance your competitiveness and increase profitability.
Dive Deeper: Other tools and features hosts should know about
Market-driven Last-Minute and Far-Out Customizations:
PriceLabs has created a unique method for HLP users that adjusts your property’s pricing based on what’s happening in your local market. This means it can dynamically change discounts for last-minute bookings and premiums for far-out bookings, which is a first in the industry.
Benefits:
- Better Pricing Strategy: This feature uses detailed market data to suggest competitive prices for your property, helping you stay relevant even when market conditions change.
- Control Over Pricing: While PriceLabs provides automated suggestions to help increase your earnings, you have the final say and can adjust pricing according to your preferences.
Please note this feature is only available to users of the HLP algorithm.
Enhanced Min Stay Recommendation Engine
PriceLabs has an enhanced tool that calculates the best minimum stay restrictions for your listing, potentially boosting your earnings by 5-10%. It provides yearly and seasonal suggestions based on your property’s performance and market trends. Adjusting your minimum stay for optimal revenue is now straightforward and quick.
Benefits:
- Increased Revenue: By optimizing minimum stay restrictions, you could boost your earnings by 5-10%.
- Ease of Use: The tool provides tailored recommendations, making adjusting your minimum stay simple and maximizing your revenue.
Seasonality customization
With HLP, we can offer additional flexibility to users via our Seasonality Customization (formerly called Custom Seasonal Factor). You can now easily select between 4 out of the box pricing strategies based on your preference:
- Conservative: This setting moderates the calculated seasonality, slightly reducing prices in the off-peak season and raising them mildly during peak season.
- Recommended: The default setting utilizes the standard seasonality determined by our HLP.
- Aggressive: Intensifies the PriceLabs’ seasonality by significantly raising prices during high-demand periods and lowering them more during low-demand times.
- No Seasonality: Ideal for properties catering to consistent demand, like those serving business travelers year-round, this option deactivates seasonal pricing adjustments, maintaining a steady rate year-round.
Base Price and Minimum Price Nudges:
We’ve introduced ‘nudges,’ our smart data-backed notifications, to fine-tune your pricing strategy. These nudges include:
- Base Price Nudge: Gives you a heads up when an adjustment to your base price might be needed. The Base Price Nudge ensures that your listing’s base price remains in sync with current market trends, enhancing the likelihood of consistent bookings.
- Minimum Price Nudge: Helps ensure your listings remain attractive, especially during off-peak seasons or slower markets. Sometimes, even if you lower your Base Price, you might still not get bookings if it’s too close to your Minimum Price. Our new nudges ensure a balance between your base and minimum price, optimizing your chances of getting booked.
Desktop App
Our Desktop App is designed to streamline your workflow, even with a slow internet connection.
- Easy Access: Download the app on your computer for quick, browser-free access to PriceLabs.
- Increased Efficiency: The app utilizes your computer’s power for faster, smoother operation, enabling easy navigation and management of your listings.
Compare Competitor Calendar
Located in the Neighborhood Data tab, the “Compare Competitor Calendar” tool allows you to compare your listing prices with up to 10 local competitors, offering insights for a 365-day timeframe.
Benefits:
Informed Pricing Strategy: By directly comparing with neighboring listings, adjust your rates competitively.
Spot Trends: Detect pricing patterns and booked nights among competitors.
Detailed Insights: Direct access to competitors’ Airbnb listing pages provides a comprehensive view of their offerings, from photos to amenities
Choose Your Calendar Start Day
Some people like their calendars to start on a Monday, while others prefer Sunday. We’ve heard you! Now, you can pick which day you want your pricing calendar to start on.
Benefits:
- Set your calendar as you’re used to seeing it, making planning a breeze.
- Same Look Everywhere: Whether checking one date or looking at the whole year, your start day choice stays consistent across our platform.
STR Index
Access free market reports with PriceLabs’ STR Index, a one-stop shop for global short-term rental data. No matter your area of interest, STR Index keeps you updated with the latest trends.
Benefits:
- Broad Coverage: Get detailed insights into global short-term rental markets.
- Tailored Insights: Use filters to focus on specific areas for relevant data.
- Versatile Dashboards: Analyze data in multiple ways with sections like Compare, Trend, and Pacing, enabling you to track changes, visualize trends, and predict future performance.
Revenue Estimator
The Revenue Estimator lets you estimate a property’s revenue potential simply by inputting its address. It is a free and simple tool to use. For a more detailed report on potential revenue and local market conditions, create a Market Dashboard.
Benefits:
- For investors and property managers, this is a data goldmine when evaluating a new property’s viability for their portfolio.
- Make informed decisions based on essential metrics estimating a property’s revenue potential.