Smart pricing is essential for the success of your vacation rental business, and with the right short-term rental management software, you can optimize your rates without spending hours on research. That’s why we’re excited to announce our new integration with Pricelabs, one of the most powerful dynamic pricing tools on the market.
With Hostex and Pricelabs integrated, you can run your short-term rental business like a pro, by applying dynamic pricing and minimum stay rules across all your connected channels, including Airbnb, Vrbo, and Booking.com, and keeping your rates competitive and optimized for maximum revenue.
If you haven’t tried Hostex yet, now is the time to join!
How Hostex and Pricelabs Can Help You Optimize Your Short-Term Rental Pricing?
If you use Hostex, you are already on the right track to success. As Hostex is the ultimate scalable solution for vacation rental hosts and property managers looking for comprehensive short-term rental software. With Hostex’s powerful features and exceptional automation tools, you can save a significant amount of manpower and time costs.
Pricelabs is an advanced web-based revenue management and dynamic pricing software designed for short-term rentals. Their data-driven approach, automation rules, and customizations to manage pricing and availability settings help short-term rental hosts worldwide increase revenue and save time.
Let’s delve deeper into how Pricelabs generates its pricing suggestions and how you can leverage them to your advantage through our partnership.
1. Streamline pricing management with data-driven automation
To automate vacation rental pricing management based on data-driven insights, Pricelabs analyzes price-influencing factors such as:
- Basic price: analyze each listing’s historic and future performance to calculate a base rate. This base rate is the price level onto which all further adjustments are applied as a percentage change. Utilize our data and your knowledge of the market to adjust the price level of each listing at any time.
- Seasonality: analyze historical trends in vacation rentals in the location where the property is located and provide proactive and competitive pricing based on the average price of surrounding listings.
- Day-of-week trends: analyze future occupancy patterns in your hyper-local area to determine day-of-week trends.
- Lead time: analyze the booking date in advance and make last-minute and far-out adjustments to ensure you are maximizing your revenue potential while maintaining high occupancy rates and not leaving any money on the table.
- Holidays & Events: analyze your hyper-local area to determine what dates are in high demand. We also maintain a calendar of holidays to determine dates when prices should be kept higher irrespective of demand.
This way, you don’t have to be a data expert or hire one to set the right pricing for your short-term rental and tweak it in response to market fluctuations.
2. Effortlessly manage multi-listing pricing across channels
For short-term rental hosts who manage multiple listings on multiple channels, Hostex and Pricelabs make things exceptionally easy. When Pricelabs provides dynamic pricing for a particular property based on market conditions, Hostex receives the price in real-time and synchronizes it to each channel according to the ratios you’ve set, ensuring that each listing’s price meets your requirements.
3. Maintain full control of your vacation rental pricing
If your properties behave differently from the market or if you have specific strategies you want to deploy – maintain full control of your rates using our full suite of customizations!
- Minimum prices: set different minimum prices for weekends or far-out dates or by seasons to ensure that our pricing algorithm does not go below a certain rate.
- Last-minute adjustments: adjust your last-minute discounts or add premiums to suit your operations. Select from the three last-minute pricing structures to match any pricing strategy.
- Orphan day prices: supply discounts to fill smaller gaps in your calendar or, apply premiums to charge more for shorter stays.
- Occupancy-based adjustments: adjust rates based on your listing and portfolio’s own performance. Set discounts and premiums, which automatically kick in when a listing’s occupancy crosses a set threshold. Choose from four pre-loaded profiles, or customize your own for endless functionality.
How to Enable Pricelabs Integration in Hostex?
To enable the connection between Pricelabs and Hostex, you must first have an available Pricelabs account. If you haven’t registered for Pricelabs yet, you can sign up here.
Before connecting, make sure that the properties you manage in Hostex have accurate geographical locations. This information is crucial for Pricelabs to generate accurate pricing suggestions and availability settings. You can do it here.
Once you’ve selected the right locations for your properties, follow the steps described in this how-to article to start using the integration.
Once you’ve successfully enabled the connection between Pricelabs and Hostex, go to your Pricelabs dashboard to check the rates suggested by the tool. If you find these suggestions reasonable and wish to update your listings with the new rates, toggle the sync switch in your PriceLabs dashboard and wait for the regular nightly sync, or click on the ‘Sync now!’ button to push your rates and minimum stay settings to Hostex.
In conclusion, Hostex’s integration with Pricelabs is a game-changer for short-term rental hosts looking to maximize their revenue potential. With automated pricing management based on data-driven insights, managing prices for multiple listings at once, and optimizing availability to avoid vacancies, short-term rental hosts can save countless hours of work and increase their revenue.
At Hostex, we’re continually developing new product enhancements and growing our partners’ network to help short-term rental hosts become even savvier in their management software and increase their ROI. If you’re not yet a Hostex customer, we invite you to try our software for free with a 15-day trial to take your short-term rental business to the next level.
