One of the starting points of thinking about pricing your property, even before thinking about dynamic pricing is – what should the base price be.
From both users of PriceLabs, and from numerous enquiries, we learnt one thing – individuals were looking for data to understand what should their base price be. As a first step, we had introduced market intelligence reports, that gave user an understanding of their competition.
Today we are happy to introduce a new feature "Base Price Help" that helps you assess what the base price of your listing should be. Just click on the link on the left panel (screenshot below) when you login to review prices,
And you can now see how other listings are priced and occupancy levels vary by nightly rate in your neighborhood for the next 2 months. For example, in the screenshot below, the price bucket 105-150 (in the same currency as the listing you're seeing base price help for) includes all the listings where the average price for the next two months is between 105 and 150.
- In the above image you can see "number of listings" graph which gives you an idea of how many listings are present in various price bracket. E.g., there are 35 one bedroom listings in the price range 105-150.
- In the next "Occupancy Levels" graph, you can see occupancy levels by price brackets.
The two combined can help you understand how the market around you is priced and performing. This information, coupled with the performance metrics on your dashboard can help you understand which listings might need an adjustment in base price. For example, if your 2BR is not getting many bookings, and the base price help shows that 80% other listings around your area are priced below your own listing, you might want to reduce your base price to place more in the middle of the pack. Once the bookings pick up and you get great reviews, you can revise this in future.
We hope you'll enjoy this new feature!
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