PriceLabs Integration with Host Tools
We’re excited to announce yet another new integration to Host Tools!. We’ve recently integrated with PriceLabs to make pricing your short-term vacation rentals easier than ever. PriceLabs will easily provide dynamic pricing across your listing and secure you more income. This blog post will cover what PriceLabs is, why you are going to love using it, how this integration will help you get more bookings and how to link PriceLabs into your Host Tools account.
Host Tools provides an automated, unified calendar for short-term rental hosts, allowing you to seamlessly list on all major channels. Start your free trial today!
What is PriceLabs?
PriceLabs is a highly sophisticated web-based dynamic pricing tool. In short, PriceLabs uses deeply effective artificial intelligence to automatically price your vacation rental based on the property’s history, day of the week trends, seasonality, holidays, and much more. PriceLabs is one of the most effective pricing tools on the market – much more effective than Airbnb Smart Pricing.
Why do you want to use PriceLabs?
Correctly pricing the nightly rate of your Airbnb is vital to a successful Airbnb strategy. Manually setting prices for your listing is both time consuming, and leaves room for a large margin of error. PriceLabs will do the hard work for you, and analyze copious amounts of pricing data effectively. PriceLabs considers the following when pricing your listings:
Dynamic Pricing Factors:
Base price: PriceLabs generates a recommended base price for your listing by looking at the past performance of your listing to predict future trends. If the system sees your property underperforming at the current base price, it will automatically adjust its recommended nightly rate.
Day of the week trends: A benefit of PriceLabs is its ability to analyze the occupancy rate of a hyper-local area. This means that it can look at how many people are coming to your exact city, what other properties are charging, and what people are booking.
Seasonality: Are you a snowbird getaway? Does your property light up around ski season? Whatever the draw to your area is, PriceLabs will understand and predict when to lower and raise your prices based on supply and demand.
Holidays and events: Summer homes in Appalachia may be booked solid through the 4th of July. Or, perhaps your city is hosting the superbowl. PriceLabs knows when holidays are approaching or large scale events, and can automatically raise your nightly rate to make sure you aren’t losing out on any holiday or event related income.
Lead time adjustments: You want your booking calendar to be as full as possible. If you have last-minute cancellations or bookings far in advance, PriceLabs will price the property accordingly so you will minimize the chances of having unbooked days. For example, if you have a last-minute cancellation PriceLabs will lower the nightly rate to attract a guest quickly.
Combining PriceLabs technology with your expertise as a host means you can still maintain full control of your listing. If you want to experiment with pricing, or make changes based on other external factors, PriceLabs allows your a full suite of custom options:
Minimum price: Easily set a minimum price that the algorithm will never list your price under.
Last minute adjustments: Did you find a guest for a last-minute booking and want to offer them a discount? PriceLabs lets you change a nightly rate without jumping through any hoops.
Orphan days: Orphan days are a small number of unoccupied days between bookings. Hosts want to keep their calendars as booked as possible, so PriceLabs will automatically adjust pricing to fill these days and avoid holes in your calendar.
Occupancy based adjustments: Does your rate change depending on the number of guests in the unit? PriceLabs lets you set predetermined thresholds to automatically make these price adjustments depending on the number of guests in the unit.
What does a PriceLabs and Host Tools integration mean for you?
Our integration with PriceLabs is yet another way to effectively automate your short-term rental business. Once you’ve linked your account, you can choose Price Labs as the "base price" instead of a channel, or a flat fee you select.
If you know your area well and don’t mind doing the set-up, you could also use Host Tools’ rule-based pricing tool to customize your own prices.
This integration provides you the following benefits:
- All of your listing’s dynamic pricing options will be managed in one place.
- PriceLabs will only charge you for each Host Tools listing, instead of charging you for every channel you list on.
- Host Tools will automatically update your prices on all connected channels based on the price PriceLabs sets.
- Utilize incredibly effective analytics and machine learning based pricing to optimize your pricing strategy.
- Quick and easy set-up.
Ready to link PriceLabs to your Host Tools account?
Are you ready to take advantage of this great integration? Read this step-by-step guide and follow the instructions.
5. Save, and you're finished!
The Host Tools integration with PriceLabs will save you money and make pricing your vacation home listings easier than ever. PriceLabs will generate dynamic pricing for your listings based on day of the week trends, holidays and events, seasonality and much more. PriceLabs is a leader in the industry, and the Host Tools integration will be yet another effective way to fully automate your Airbnb and keep your booking calendar full.
Host Tools provides an automated, unified calendar for Airbnb and Vrbo hosts, allowing you to seamlessly list on both channels. Start your free trial today!