Is Price Labs a User Friendly Dynamic Pricing Tool?

Question

I'm new to having an STR and dynamic pricing tools and just tried a Price Labs free trial for a few days. I didn't think the application was very user friendly and there is no number to dial for customer service if you get stuck. I see a lot of positive posts about the application, so maybe I'm missing something? Any tips as I definitely need some help on dynamic pricing and my STR isn't renting near as much as it should be. I just have one STR so I'm open to whatever is easiest to use with the easiest learning curve. Is Beyond Pricing any easier to use? Other apps I should consider? Thanks in advance for any advice!

Lauren Kormylo · Answer

It is not very user friendly, it's very difficult to understand a lot of what it can do and what each setting means.  I don't like the calendar either, it's visually hard to tell what's going on.  But it is definitely worth subscribing to.  It's helped me make more money.

I did have a big problem last week where it set my summer prices on Airbnb at $100+ per day lower than on Vrbo and Houfy, and that caused me to lose $600 on a 5 day booking.  I had to hurriedly raise my Airbnb prices (added fixed prices for those open days) and contact Pricelabs by email - their chat wasn't working.  In the meantime, I tried reconnecting the calendars and resynching.  They got back to me within 15 minutes, and by then my calendar had fixed itself.  Their data science crew determined it was a glitch on their end and apologized.  So it's not foolproof or set-it-and-forget-it.  You'll have to check every so often on it.

Brooklyn McCarty · Answer

Dee, don't give up. It can be intimidating when you are starting out. PL has ALL the bells and whistles. You can do as much or as little in there as you want. After 4 years there are still functions that I don't know how to use. PL has a really great Youtube channel and they often hosts townhalls or meetings when they put out updates. The best thing you can do is get in there and stick with it. Work on setting your min/base/max first and then go into the customs for tht property and get your nightly mins etc set. PL in my opinion is def worth the money. Before using it, I use to go in and manually change the prices daily on two properties, when we started using PL we saw instantly higher rates and it took alot off my plate. You got this!

Ken Boone · Answer

I just recently started using it and I will tell you this -  If you start a chat support session with them they are extremely helpful.  They will answer all your questions and show you where to go to do different things.  Even though you don't see a phone number, their support has been very good though chat.

Craig Jones · Answer

I also have only a single STR and I swear by PriceLabs.  At first I had a hard time trusting -- the prices it set for high-demand periods seemed impossibly high, and the prices for low demand shoulder seasons seemed way too low.  But then those high demand times got booked even with those high prices, and during the shoulder seasons my calendar was full when competitors' were pretty empty.

I've played with Wheelhouse and Beyond Pricing as well, but IMO PriceLabs has the best product in this space.

It does have a bit of a learning curve, but I think it's worth investing a little time.  There are a lot of customization options, but the updates they rolled out a few months ago automated most of them, so there's little reason to touch them now except in really oddball cases.

I'd be happy to jump on a Zoom or Google Meet if there's anything you're stuck on.

Michael Baum · Answer

Hey @Dee Bral, you are going to have to play with it to get the hang of it.

I don't use it personally, but I did help someone else set it up and it is a bit cryptic.

Here is the Getting Started page - https://help.pricelabs.co/portal/en/kb/articles/getting-star...

There are more links off that page that should help.

Dee Bral · Answer

Thank you so much for the encouragement and offer of assistance. Don't be surprised if I come back to you and take you up on that!!

Is Price Labs a User Friendly Dynamic Pricing Tool?

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