I don’t understand at all what the PriceLabs algorithms are deriving from or how I'm supposed to trust them.
I have two rooms that are the same size and right next to each other in the property. But the rates that Pricelabs set for each of them are totally different from each other.
Also, the rates it sets are totally different between the OwnerRez listing per each room and the airbnb listing per each room.
It comes across to me as totally arbitrary and, frankly, untrustable.
I am working on getting on other platforms and to get my website to where I'm ready to go public and to work to draw traffic to it. Nevertheless, since I started using PriceLabs, my bookings have dropped.
Any light that can be shed on this?
I don't have details on the PriceLabs algorithms and how they work -- I'd recommend contacting their support to see if they can fill you in and look at the differences between rooms. There are a lot of knobs and dials you can configure on their side to nudge the prices in different directions.
I did ask them last night, and no reply yet. I was interested to see if other PriceLabs users had some of their own thoughts and insights on this.
I have not tried price labs, but I did try extensively (1.5 years) Beyondpricing and Wheelhouse. In my market I found Wheelhouse to be more realistic. Unfortunately Wheelhouse works only with airbnb and TA, it does not work with vrbo any longer.
I find your assessment borderline naive. When you start using a complex piece of software, it is your responsibility to research, understand and configure it to your needs. PriceLabs is like OwnerReservations. There was a lot of thought that went into setting OR up.
PriceLabs or any other dynamic pricer may or may not be present in your market. Did you determine that?
How did you determine your base price?
Did you deeply dig into the PriceLabs help and instructionals and use their support to optimize and configure it to your situation?
Do you truly understand prices for your market? Across all seasons and days?
Do you understand all the variables that go into pricing? events in your area or nearby?
Do you really think Airbnb pricing is reliable? It is roundly hated on many other forums, often cheapening listings just to generate commissions.
Do you understand how to use the min night optimization there also?
How do you know "bookings have dropped?" Do you understand yield management? Supply and Demand?
untrustable?? How in the world do you know?
the rates are different? of course they are!!! This is called dynamic pricing!!! This is not a science, sometimes max revenue is achieved at a lower price with higher occupancy or a higher price with a lower occupancy on a razor's edge - and the decision might be applied to similar properties the same day.
The user is going to be totally responsible for using it properly. Right now, heading in the wrong direction... Most people properly using correct dynamic pricing, that works in their market, will see a 5-30+% yield increase. And sometimes they will tweak the pricing if they know of the occasional huge event or anything that creates a surge in their area,
JTVR, you seems almost hostile to someone who is trying to answer your question by sharing their experience with Price Labs by just trying to "shoot the messenger". Seems like you already know all the answers, so why ask then?
This is not my question/thread. I consider the OP doubts about the product were likely the result of not doing proper research, understanding, due diligence. It, OR, and other similar functions are not pushbutton.
Substitute OR for PL and that is my point.