PriceLabs is a dynamic pricing solution that will set your prices based on market data and other rules. OwnerRez is integrated with PriceLabs via API. Once you enable the connection, PriceLabs will update OwnerRez pricing by populating Spot Rates with calculated prices.
Spot rates "paint on top" of the seasonal rates and override the nightly rate and (optionally) minimum nights rule for the applicable nights. You can still set seasonal rules (and even seasonal rates for rates not covered by PriceLabs), as well as any surcharges like guest fees or cleaning fees.
To connect PriceLabs to your OwnerRez account, follow these steps:
Go to the Properties section in OwnerRez and review your properties to make sure that the address, latitude, and longitude are populated for each property.
Property address and latitude/longitude are required for this integration. PriceLabs uses this information in its pricing algorithms to understand trends and demand fluctuations in the surrounding area.
If a property doesn't have them yet, go to the Location tab of the properties and populate them before continuing.
- Check the rates and make sure there is at least one rate in OwnerRez. PriceLabs uses the rate from OwnerRez to calibrate their algorithm initially, and at least one rate is required. If you haven't configured any rates in OwnerRez yet, go to Settings > Seasonal Rates and add a nightly rate for the property, set for "All Seasons".
- Go to your PriceLabs account.
- Click the Add your listings button.
- Select OwnerRez from the dropdown
- Hit the "Connect with OwnerRez" button. This will take you to a screen where you will authorize the PriceLabs connection.
- Once you authorize the PriceLabs connection, PriceLabs will download the properties from OwnerRezand populate them in PriceLabs. Once that download is complete, you'll be able to manage the connection in PriceLabs.
WARNING: discounts are still applied with spot rates. If you use a pricing tool to set spot rates, make sure to remove any last minute discounts etc. so you don't double discount.
To test and make sure the prices are updating through from PriceLabs into OwnerRez properly:
- Make sure Sync Prices is enabled for the listing in PriceLabs.
- Click on Review Prices in PriceLabs for the listing and hit the Sync Now button to ensure the prices have been sent to OwnerRez.
- In OwnerRez, open Settings > Spot Rates and filter the list to the property you just synced. That will show you all prices sent from PriceLabs.
NOTE: spot rates don't currently show on rate table widgets or the property overview page -- those show seasonal rates only.
- Open Tools > Rate Tester (to run a test quote) or Tools > Rate Checker (to check nightly rates for a longer period) and run some test quotes to see the new rates.
If you have added a new property in OwnerRez and already had PriceLabs set up for your old properties, you need to import the new property into PriceLabs by clicking on "Add New Listings" in your PriceLabs dashboard. If your new property isn't visible in that list, this is because PriceLabs doesn't automatically refresh the list of properties you have in OwnerRez - you have to specifically authorize and trigger that.
Click the big blue button on your PriceLabs dashboard to open the popup with the list of systems that PriceLabs integrates with.
Once you've done that, you should see your new properties on your PriceLabs dashboard, where they can be configured, and PriceLabs can push rates to OwnerRez for all of them.
PriceLabs has many settings, but they are mostly used internally to PriceLabs itself to control the rates they are setting. They are not transmitted to OwnerRez. The only data transmitted from PriceLabs to OwnerRez is the specific new Spot Price for affected dates, and (optionally) minimum nights rule for the applicable nights.
For more on PriceLabs, see the Getting Started With PriceLabs Guide.
In certain markets, PriceLabs offers "child listings" to reduce your monthly costs. This is invisible to OwnerRez - your properties can be connected just the same way, whether or not they are "child listings" in PriceLabs. So if this saves you money, go ahead!