PriceLabs' new Pacing reports provide up-to-date analysis of local markets and comparative insights into performance versus last year. Hospitality pros, from vacation rental managers to Airbnb hosts, can now use this data at their fingertips to fine-tune their pricing strategy.
PriceLabs' pacing report
Screenshot of one of the revenue management pacing reports from dynamic pricing solution provider PriceLabs
CHICAGO, March 1, 2023 (Newswire.com) - Navigating the uncertain short-term rental market of 2023 can be intimidating - but it doesn't have to be. With its new pacing reports, PriceLabs provides hosts and managers with the insights and tools they need to stay ahead of the competition, optimize rates, and maximize revenue. With these innovative features, hospitality pros get up-to-date analysis on local markets and comparative insight into their performance versus last year -all included in each of PriceLabs' dynamic pricing and market report products at no extra cost to current users. The Portfolio Analytics product is worth trying for those not current users as it is free forever. This feature allows access to pacing data for their market without any cost. It's an excellent opportunity to see how pacing can benefit their business.
2023 Short-Term Rental Market Trends show the need to use Pacing reports.
Traditional vacation rental markets saw an incredible surge in 2021 and 2022, but 2023 differs. Sea, mountain, and rural locations still thrive, but travelers are more price sensitive. Lake Tahoe's winter tourism declined (-9%), but a slight increase (+6%) is expected for July 14-15. By contrast, Wisconsin Dells' summer bookings are pacing significantly ahead of 2022.
Cities are experiencing a resurgence in demand with varying recovery rates; Bordeaux, France, is an example, with a decline from January to March (-2.5%), followed by a surge around September 9 (+28%), potentially due to a Rugby World Cup match.
Moreover, the #Airbnbust trend on social media indicates that some Airbnb hosts might see fewer bookings per listing than before; therefore, measuring current performance against the same period last year can help them determine if they are affected.
Analyzing and Optimizing Listing Performance with PriceLabs' Pacing Tools.
Fortunately, PriceLabs' new Pacing feature allows hosts and managers to set reference points using pacing curves based on historical or current market data, eliminating uncertainty about their performance.
Hosts and managers can now easily identify whether their listings, local competitors, or an entire market are slowing down or accelerating compared to last year. In addition, they can keep track of rates, occupancy, and reservations on forthcoming dates straight from each of PriceLabs' industry-leading tools, Market Dashboards, Portfolio Analytics, and Neighborhood Data - all at no added cost for current users.
See how your listings are pacing today - for free.
Current PriceLabs users will immediately find the new pacing and historical tools available within Market Dashboards, Portfolio Analytics, and Neighborhood Data.
If you are a user yet, get a risk-free 30-day trial at Pricelabs.co with flat-fee pricing and no lock-in contract. Enjoy free access to Portfolio Analytics and pacing data beyond the trial period.
About PriceLabs
Established in 2014 and headquartered in Chicago, PriceLabs provides dynamic pricing and revenue management solutions for the hospitality industry. Its data-driven approach, automation rules, and customizations help accommodation owners and managers increase revenues efficiently and easily. With over 90 integrations and a growing list of channels and property management systems, PriceLabs' automated revenue management solution is built to serve the needs of everyone from large property managers to single-property owners. Learn more at www.pricelabs.co
Contact Information:Thibault Masson
Head of Product Marketing
[email protected]
Original Source: How Will 2023 Pan Out? PriceLabs' Pacing Reports Let Short-Term Rental Operators Research Their Markets in Minutes
