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PriceLabs introduces pacing reports feature for operators

Worldwide: Dynamic pricing and revenue management solution provider, PriceLabs, has introduced a new pacing reports feature that equips short-term rental hosts and managers with the insights and tools to navigate an uncertain market ahead in 2023.

The features are designed to provide up-to-date analysis on local markets and comparative insights into performance versus last year, all included in each of PriceLabs’ dynamic pricing and market report products. Hospitality professionals will therefore be able to use the reports to optimise their rates and maximise their revenue while staying ahead of the competition.

The concept of pacing focuses on setting reference points, typically in the form of pacing curves.

From now on, hosts and managers will be able to more easily identify whether their listings, local competitors, or an entire market are slowing down or accelerating compared to the previous year. In addition, they can keep track of rates, occupancy and reservations on forthcoming dates straight from each of PriceLabs’ tools – market dashboards, portfolio analytics, and neighbourhood data – at no added cost for current PriceLabs users.

While traditional vacation rental markets surged ahead in 2021 and 2022, travellers are becoming increasingly price sensitive so far in 2023, even if sea, mountain and rural destinations continue to attract high demand.

PriceLabs data shows how Lake Tahoe’s winter tourism declined [- nine per cent], but a slight increase [+ six per cent] is expected for 14-15 July. Meanwhile, Wisconsin Dells’ bookings have remained stable, pacing ahead of 2022 [+7.5 per cent].

Cities are experiencing a resurgence in demand too, in particular in Europe, with varying recovery rates; Bordeaux, France, is an example, with a decline from January to March [-2.5 per cent], followed by a surge on 9 September [+28 per cent], potentially due to a Rugby World Cup match around that date.

In response to these shifts, property managers and hosts are using comparative data to reduce uncertainty for their urban and non-urban short-term rental businesses.

PriceLabs co-founder Richie Khandelwal said: “Our new pacing reports are designed to be of interest to a wide range of hospitality professionals. From vacation rental managers and serviced apartment operators to managers of urban short-term rentals and luxury villa rental owners, these innovative features offer insights and tools that will help them navigate the uncertain short-term rental market with ease.

“These comprehensive reports provide comparative insights into the performance of listings versus last year and up-to-date analysis on local markets, anywhere in the world,” he added.

At the same time, PriceLabs has also released its dynamic pricing and revenue management software for the hospitality industry in Spanish. The localised version will offer an enhanced user experience that is set up to increase revenues for hosts and improve job performance for employees at property management companies, while highlighting the significance of vacation rental tech products providing local versions of their products.

Khandelwal continued: “We want to make our software more accessible to hospitality businesses worldwide. That’s why we’re excited to offer a Spanish version of our product.

“This will make it easier for customers in Spanish-speaking countries to use and understand our dynamic pricing and revenue management platform, which should help them improve their listings and increase productivity. Our first localised version is a big step forward for us, and we plan on creating more versions in the future, including French, Italian and Portuguese,” he added.

Established in 2014, PriceLabs compiles and analyses market data from sources such as Airbnb and Vrbo. The process provides unique insights into each short-term rental market, which are then presented as graphs and metrics.

Last July, PriceLabs raised $30 million in a minority growth investment from global alternative investment firm Summit Partners – its first financing round to date.