Challenges of Automated Pricing Tools in a Pandemic

[Cliff H.]

How many out there are using automated pricing tools (BeyondPricing, PriceLabs, etc) for automating your STR prices? How many of you have continued to use them through the current pandemic? Other than the obvious tweaks of raising min pricing or base prices, any other ideas/suggestions those of you using them can share to manage the seemingly broken algorithms we're now seeing due to locks owns, STR bans, and cross-border travel restrictions?

I've been using using BeyondPricing for a while now (after months of testing PriceLabs), but am finding myself spending a lot more time "managing the manager" by manually tweaking what are bottom prices because BP thinks I need to lower rates because my state's just now coming out of state-wide bans on STRs, which BP's algorithm interprets as low demand. 

Manually tweaking pricing is also not great timing since I'm now seeing a massive pent-up demand as folks come off quarantine and are frothing at the mouth to get out of Dodge and indulge in regional staycations away from urban hotspots. 

What are the rest of your seeing?

[Michael Baum]

Hey @Joey Morea, yeah people have told me that a bunch and I understand. Actually some have sent me a PM or 2 calling me stupid.

It is a personal thing with me. I have used both HomeAway/VRBO and AirBNB quite a bit and I can't stand the feel of a bait and switch. I put in the dates and the prices change. Sometimes a HUGE amount. Frankly I hate it.

So, I don't do it. I am sure I can make a few bucks more, but I have run the numbers more than once. I wouldn't double my money or anything by doing it.

I am willing to do it so people can plan their vacations accordingly without surprises.