As the average traveler looks at around 30 properties before booking, they quickly catch on to the patterns in pricing and how it can dramatically vary – not just by property but also throughout the year.
By adjusting your prices regularly, you can use the guests’ behavior to your advantage. But, unless your strategies for this are automated, revenue management requires significant ongoing work. So much so that it can almost be a full-time job in itself!
As a result, more and more property managers are using dynamic pricing tools to get a competitive advantage by optimizing pricing and availability to maximize revenue.
We’re excited to announce that our latest integration with PriceLabs brings smart pricing to Lodgify. PriceLabs uses industry data and analytics, along with your own personal preferences and customizations to automate your revenue management.
Let’s have a closer look at what this new integration means for Lodgify users.
What is PriceLabs?
PriceLabs is a revenue management solution for vacation and short-term rentals, helping hosts to dynamically and intelligently price their properties based on multiple factors, including competition, occupancy, etc.
Using predictive analytics and machine learning, PriceLabs’ data-driven approach helps increase vacation rental revenue and save owners time when managing their pricing.
How does the Lodgify-PriceLabs integration work?
PriceLabs will import all properties and rental types from your Lodgify account into their system to enable smart pricing.
With this new integration, any changes you make to your rates and minimum stay in PriceLabs will be automatically imported into Lodgify. In addition, these rates can also be sent to all your connected channels such as Expedia, Booking.com, Airbnb etc.
Activating this connection will mean that rates and minimum stay will now be managed centrally from PriceLabs and exported to your Lodgify account and website.
Why is the Lodgify-PriceLabs integration so great?
The key benefit of this integration is that while you can activate dynamic pricing for your properties, you are still in control of how your overall pricing looks.
For example, you can:
Easily adjust overall prices for all future dates
Make changes for certain peak dates or seasons
Provide a minimum and maximum price range
Create dynamic minimum night strategies that suit your operations.
Besides this, by exporting rates to other channels as well as your Lodgify website, you can benefit from dynamic pricing across all your advertising platforms. This helps to maximize occupancy and revenue across the board.
What does it cost?
PriceLabs plans start from $9.99 for a single listing. All users have access to a one-month free trial with no credit card required.
How can I set up Lodgify and PriceLabs?
In order to set up this connection, you will first need to have a Lodgify account with your properties assigned to a website. Then, you can sign up for a new account with PriceLabs. You can activate the integration from inside your PriceLabs account following the steps outlined in our Knowledge Base.