We’re excited to introduce another of our integration partners, PriceLabs. PriceLabs is an easy-to-use revenue management system designed for accommodation providers. We chatted with the team at PriceLabs to discuss the integration and discover some revenue management tips for 2022.
What is PriceLabs?
PriceLabs is an easy-to-use revenue management solution for vacation and short-term rentals. Our most prominent product is our Dynamic Pricing tool. Our system analyzes historical and current booking data to generate pricing recommendations based on market supply and demand, seasonal and day-of-week trends, special events and holiday predictions, and the number of days left to book.
Our team has several years of experience in revenue management, travel distribution, technology, and analytics, and has put all that experience into making a leading revenue management solution for the vacation and short-term rental industry. Founded in 2014, PriceLabs has priced over 100,000 listings in 95+ countries globally. We also offer two more products to help you understand the market trends better and keep track of your listing portfolio performance:
Market Dashboards: Short-term rental (STR) markets are dynamic, and in the wake of Covid-19, more volatile than ever. Market Dashboards are fully-automated personalized dashboards that can help you track your location’s STR booking data through easy-to-digest graphs and insights.
Portfolio Analytics: This can be used for various purposes, regardless of whether you use PriceLabs Dynamic Pricing or not. Portfolio Analytics is a real-time reporting system that shows important vacation rental KPIs and listing-level performance data. You can use it to get a high-level overview of how things are going, build your revenue strategy, identify underperforming listings and compare your listings against the market.
What are the main benefits of NewBook users using PriceLabs?
With the NewBook and PriceLabs integration, property managers can increase revenue by automating their pricing, minimum-stay, and other restrictions, using the extensive customization options we offer. Using market data, users can build an effective revenue strategy by keeping a close tab on their competitors. This helps property managers increase revenues and save hours in the process.
What are the benefits of Dynamic Pricing vs Static Pricing?
The demand for short-term rentals is increasing rapidly, but listings are not growing by the same amount. Pandemic also played a role in pushing this demand growth. STRs checks all the boxes for today’s traveler; flexibility and safety are the top two. But the competition in this space is fierce, with bigger hotels benefiting from advanced technology by spending millions of dollars. Hence, having a solid revenue strategy is the key to ensuring that your short-term rental is profitable.
Dynamic pricing automatically adjusts your pricing, considering market factors, such as seasonality, events, etc., and your own performance. It lets you charge more during peak demand periods and less during low demand periods.
If you are not using dynamic pricing, you are leaving a lot of money on the table that you could have earned by charging higher to increase profits and lower to increase your occupancy when the demand is less. A dynamic pricing tool will also save a lot of time for you to do things that matter, like focusing on underperforming listings, improving the guest experience and safety, etc.
PriceLabs tracks vacation rental and hotel data from around the globe to identify trends in bookings, which are then used to generate prices for every day of the year based on what is happening locally and with your listings.
Are there any costs involved?
Our Portfolio Analytics tool is completely Free to use. All you have to do is add your listings to the PriceLabs account.
Dynamic Pricing has a 30-day free trial. After the trial is over, the Dynamic Pricing tool starts at $19.99 per month. For more listings, check our Dynamic Pricing calculator. You also get a 30-day free trial for 1 Market Dashboard when connecting a property to PriceLabs. After that, Market Dashboards start at $9.99 monthly. Visit our help center to learn more about Market Dashboard pricing.
Top revenue management tip for property managers in 2022?
As we saw in 2021, the demand was inconsistent throughout the year compared to prior years. It was crucial for property managers to stay on top of their pricing. Those who did, earned big.
In 2022, we expect a similar trend. With Omicron, we can expect some cancellations, more domestic travel but later this year, we’d once again see the pent-up demand for travel. Property managers should stay on top of market changes to adapt their pricing and operational strategies to handle such requirements.
Ready to get started? Click here to find out more about NewBook’s integration with PriceLabs.
You can discover all of NewBook’s third-party integrations, by visiting https://www.newbook.cloud/us/software-apps/channel-manager/