Pricelabs review
This is a review of Pricelabs.
What is Pricelabs? Pricelabs is a third party system that helps you set pricing for your Short Term Rental. It works with Airbnb, VRBO, Vacation Rentals, BNB’s Apart-hotels, ad serviced apartments. Pricelabs is a full revenue management platform. Pricelabs has been around since 2014 and they have priced over 100K properties and are in over 100 countries.
Pricelabs collects their own data.
Strengths
The algorithm identifies local events and trends. They are able to anticipate and implement price increases based on demands. This is a very powerful feature and can increase your rates quite a bit. They recommend prices based on market supply and demand, seasonal and ay of week trends, special events and holiday predictions.
Bulk Adjustments, you can adjust prices in bulk, using groups, so if you have multiple locations, they can be impacted at once.
Min-stay rules. This is pretty cool, You can set your minimum stay higher further out and have them automatically lower as you get closer to dates.
Pricelabs syncs platforms so you only need to make changes on one (parent) platform and it will transfer across other platforms.
Pricing: Dynamic Pricing USA, UK, Canada & European Countries
| 1 unit | 2-5 Units | 6-15 Units | 16-30 Units |
|---|---|---|---|
|
$19.95/Month |
$14.99 each listing |
$10.99 each listing |
$6.99 each listing |
Rates per listings go down as you have more.
When you enroll with Pricelabs, you have the opportunity to get on a Zoom Call with Pricelabs staff, where they go over how to get set up, and how to use the program. It is a very nice feature, and adds a lot to the product.
Pricelabs has a pretty good demo of what they offer.
Here is a video on getting started.
The process is basically:
1. Set up your account(s) in Pricelabs, you need to set up for each platform.
2. Set up a Base Price and a Minimum Price
3. Set up Dynamic Minimum Stays
4. Set up Maximum price (optional)
5. Link Pricelabs to your platforms.
Pricelabs sets rates in your area, based on market data, and changes in the market.
Base Price — Average price for the entire year. Pricelabs makes a recommendation, which you can edit and will adjust for the year. There is a help button to set this price based on number of bedrooms and occupancy.
Minimum Price — Minimum price you will accept.
They pull roughly 300 listings around you. When they see spikes, they raise prices, and the automatically increase prices. If demand is lower, they lower prices.
Rates are only connected directly to Airbnb and VRBO.
Here is a screenshot of what the pricing page looks like.
Pricelabs gives you information on percentage your place is listed in 7 days, 15 days and 30 days. You can also see how you are doing based on the market. (if you are above or below what the market has booked)
Pricelabs will give you an idea on where you are as far as future prices.
Pricelabs gives you the option to override specific dates for both prices and minimum stays.
Mimimum stays. You can set up minimum stays.
Pricelabs will allow you to lower costs as you get closer to the booking. (Last Minute Bookings)
You can set Minimum Stay for Far out Bookings.
This is pretty amazing and will help you fill your bookings.
You can see all your calendars on one screen to help you view what is going on.
Bonus: You get a weekly email that updates you on your KPI’s (key performance indicators) You can filter to your bedroom quantity and see Average Revenue, Average Occupancy, Median Booking Window and more. It is a ton of useful information.
Summary
In my experience, Pricelabs is a great value for the money. At $20.00 per month it reduces the amount of work I need to do greatly, and increases my rates. I would highly recommend.
Click here to go to Pricelabs and sign up. if you use this link, you get a $10.00 discount, and so do I!!
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