We're happy to announce that we've partnered with Perfect Price to offer its customers the industry’s first AI-based dynamic pricing solution. Perfect Price brings something unique and compelling to the industry and wanted to offer the best to OwnerRez customers.
Perfect Price is more than just dynamic pricing. Perfect Price is about complete revenue management.
What is revenue management?
Successful property managers know that optimizing pricing is crucial. But there’s more to revenue management than just prices. Revenue management can be summed up as "constant vigilance". Successful revenue managers keep a close eye on bookings and revenue coming in. They keep an eye on the market and what comparable properties are doing. They know when events and holidays are, and adjust prices (or make sure they are adjusted) to meet demand. In fact they’re constantly adjusting pricing based on demand – implementing strategies, like lowering the price to pick up last minute bookings, or capturing more value from people who plan ahead.
Revenue management goes beyond dynamic pricing. Successful property managers use dynamic minimum stays to prevent short bookings from blocking long ones, to pick up last-minute bookings, to maximize revenue at peak times, or to fill gap nights between longer bookings.
"In the aftermath of COVID-19, property managers need the best tools to return to growth and profitability. With OwnerRez and Perfect Price, you can automate daily tasks that might be going undone today – that will yield revenue immediately," said Alex Shartsis, founder and CEO of Perfect Price.
"OwnerRez users already know how much additional revenue can be wrung out of vacation rentals with the use of better technology and automation. This integration with Perfect Price pushes that automation even further with smarter rates that take full advantage of the leading algorithms in the pricing industry," said Paul Waldschmidt, CEO of OwnerRez. "The days of just doing seasonal pricing with a simple table of weekly rates are long over!"
Intelligence, Transparency and Control
Leading property managers choose Perfect Price because of its intelligence, transparency and control. The most advanced AI algorithms, coupled with an easy to use interface built for professionals, enables anyone to experience success.
Intelligence means smarter pricing, with the AI automatically finding comparable properties, detecting seasonal and day-of-week fluctuations, and more. It also means intelligent dashboards, showing you exactly what is going on in your business – revenue, bookings for each month and how that compares to last year and your comparable properties.
Transparency means knowing what’s going on under the hood. You can see the performance of Perfect Price and your business on an easy to read dashboard. See what the AI thinks your comparable properties are – and edit them if you disagree; it’s not hidden behind opaque and inaccurate market averages. Know every calculation that went into a price, so you can adjust as you see fit.
Control comes from working with some of the largest brands in travel, understanding how their professionals work. However accurate the AI, everyone will from time to time want to take control. Through a sophisticated rules engine, or simple overrides, you can implement exactly the strategy you want.
By combining intelligence, transparency and control Perfect Price has a unique offering that is different from other dynamic pricing providers on the market.
Can’t be easier to try
Thanks to OwnerRez's robust and capable APIs, it’s easy to try Perfect Price and OwnerRez together. Simply sign up for an account at PerfectPrice.com, and choose OwnerRez as your PMS. You’ll be walked through a guided tour and given a free trial on the spot.
Or take a look at our support article on how integrate your Perfect Price account with OwnerRez.
7 Comments (add yours)
Paul, can you tell us what Perfect Price will charge after their “free for the rest of 2020” deal is over?
I'm afraid not - we don't have any special insight into their pricing. Wouldn't hurt to ask them though, they may know what their 2021 pricing will be already.
Hm. You know me. I'm always intrigued by anything that involves AI and better automation. :) And I like the transparency and direct comparison to actual comparable properties; that's something that I've liked about HomeAway's MarketMaker and the lack of that info is something I haven't loved about Wheelhouse and PriceLabs.
Also, saving $112/month across my 8 properties during this time of lean revenue certainly wouldn't hurt. :) Unfortunately, not a lot of detailed info/reviews on their service around the Interwebs (of course, that's expected, since they seem new), and in any case, their site is mildly buggy and just shows me a blank screen on the page I'm supposed to connect my PMS. I'll definitely be looking at this with interest, though!
FYI, I talked to our contacts at PerfectPrice. They think they found you in their logs and will be reaching out. Or, if it's OK with you, I can give them your contact information so they can know for sure who they need to talk to. Obviously, it's kind of important to them for OwnerRez clients to actually be able to hook their service up and use it. :-)
Yes, that’s fine. I did already reach out to them through their intercom chat function, but feel free to share my info.
I have done so. I expect you'll hear from them before too long. Please update us with the resolution! It's not impossible that you've run into a bug of some sort, or some other random glitch as is common with any new software implementation.
Just to update, it was indeed a bug, and it was resolved very quickly--within a couple of hours of contacting them, so kudos to their support and their dev team.
I've just switched over from PriceLabs to PerfectPrice and I like the UI. I'm still analyzing their default pricing recommendations compared to PriceLabs--they're higher, but I'm not absolutely sure that's a good thing in these times, but they are more transparent about how they come up with the price and they let you see the rates of comparable properties more easily, so that is helpful.