Automated Pricing/ Price Labs

[Brady Ascheman]

Hi everyone, I recently bought a lake place for the sole purpose of doing short term rental. This first summer has done pretty well but I wanted to make sure I am not leaving any money on the table due to what I set my price at. I would love some tips other short term rental owners use. I have heard price labs is a good option and I am currently using that. I am unsure if I set everything up correctly on price labs also so if anyone uses price labs and has had good success would also appreciate some tips on how to set that up! Thank you!

[Ian Tyndall]

Brady, 

Your setup depends on your business strategy.  I can share my settings with you, and you can see how my settings are setup to try to meet my goals.

My objective is to get about 60% occupancy with higher paying guests.  I price my calendar higher for advance reservations.  I have a 2 night minimum as my standard stay requirement, but this changes as time starts to decay on my calendar.  Most of my bookings are between 45-60 days in advance.  That is my sweet spot for pricing.

So here is what I have as my settings:
Last Minute Prices = 30% discount within 35 days (Gradual)

Orphan Day Prices = Weekday: 35% Weekend: None Discount for gaps between 1 and 5 nights applied within 0 and 8 nights

Min Stay Update 
Default :
Fixed Weekday: 2 nights Weekend: 2 nights
Last Minute :
Weekday: 1 night Weekend: 2 nights within 17 nights
Far Out :
Weekday: 2 nights Weekend: 3 nights beyond 90 nights
Weekday: 3 nights Weekend: 4 nights beyond 180 nights

Min Far Out Price 
40% premium of base price on weekdays and 55% premium of base price on weekends outside of 120 days

Occupancy Profile = Default

Rounding 
Last digit by 4 or 9

If I could get the pricing to actually go up to my full base price within 3 days, that would be ideal...  

I hope this helps.  If you have specific questions, feel free to DM me.