The solution combines the revenue management expertise with a data-driven pricing algorithm and automation rules for the short-term rental industry.
Vacation property owners and select property managers will now be able to use RedAwning Smart Pricing to optimise pricing and occupancy with daily rates updated at least once a day, based on market data and property specific data including seasonality, day of the week, special events, market occupancy, property occupancy and market demand.
For destinations with higher hotel inventory availability, hotel occupancy and pricing is also included in the algorithm. The RedAwning team will work directly with each owner or manager to configure Smart Pricing to best suit the needs of each property.
RedAwning aims to instantly process daily updated rates to present them on every major channel where guests shop for travel. Smart Pricing adds to the industry’s most comprehensive suite of tools and solutions made available as part of RedAwning’s short-term rental hospitality platform.
RedAwning CMO Heather Richer said: “In the world of global distribution and instant booking, where hotels and short-term rentals compete for the same customer, having dynamic, market-appropriate rates is a necessity to maximise revenue. This requires both a sophisticated team and a sophisticated technology ecosystem.
“By combining RedAwning’s global marketing platform with PriceLabs revenue management system capabilities, we’ve created the most seamless and powerful toolbox to maximise revenue for each and every home. With the right price and the right distribution and promotional merchandising, our properties are set up to succeed more than ever before,” she added.
PriceLabs co-founder Anurag Verma said: “PriceLabs is excited to partner with a powerful marketing platform like RedAwning. We understand pricing algorithms and revenue management levers, and with RedAwning’s marketing platform, a fully integrated commercial strategy can come to life.”