Automate your pricing by leveraging local market data, and by keeping control of your strategy.
To celebrate our partnership between Kigo and PriceLabs; we sat down with the revenue management tools provider team, to talk about how Kigo clients can leverage local market data to automate their pricing while keeping control of their strategy, so it matches their way of doing business. The PriceLabs team also explains how all Kigo clients now have free access to a tool called Portfolio Analytics, which shows listing level performance and metrics against local competitors.
What is PriceLabs bringing to Kigo clients?
By using PriceLabs, Kigo clients access an online revenue management tool that automates their pricing, helps maximize revenues, and saves hours of work time each week. Property managers can leverage PriceLabs’ unique pricing algorithm and access to local market data while keeping control of their strategy by adding their own settings and customizations to match their way of doing business.
Our company has been around since 2014. Over 150,000 properties in 110 countries rely on PriceLabs to update their pricing daily. We’re excited to welcome Kigo clients and start helping them maximize their short-term rental listing revenues.
How does dynamic pricing help property managers? How can they keep control of the pricing algorithm?
PriceLabs tracks vacation rental data from around the globe to identify booking trends. Then, it generates prices for every day of the year based on what is happening in your local market and how well each of your listings is doing. Using various pricing customizations, you can create your pricing strategy and implement it on top of our AI-powered intelligence. This way, you keep control of your final prices while leveraging our market intelligence through an easy-to-use interface.
Our most prominent product is our Dynamic Pricing tool. It identifies local events and trends and helps you manage prices and availability efficiently with data-driven insights and automation rules to save time.
Here’s how it works:
Your import your Kigo listings into PriceLabs in one easy step.
Then, we analyze each listing and recommend daily rates based on factors such as booking trends in your local market and the current performance of your properties.
You can stay in control of the final prices by adding your own customizations to the recommended prices, such as a minimum or a maximum price for a certain period.
Finally, we send our optimized rates directly to Kigo, which then uploads them to the booking platforms you’re using (e.g., Airbnb and Vrbo).
Market Dashboards: Short-term rental (STR) markets are dynamic and, in the wake of Covid-19, more volatile than ever. Market Dashboards are fully-automated personalized dashboards that can help you track your location’s STR booking data through easy-to-digest graphs and insights.
Portfolio Analytics: This can be used for various purposes, regardless of whether you use PriceLabs Dynamic Pricing or not. Portfolio Analytics is a real-time reporting system that shows important vacation rental KPIs and listing-level performance data. You can use it to get a high-level overview of how things are going, build your revenue strategy, identify underperforming listings and compare against the market.
Can you tell us more about Portfolio Analytics, the free online tool that any Kigo client can start using today to understand how well or how badly their listings are performing compared with their local competitors?
Sure, we’re super happy to announce that all Kigo clients, whether they choose to subscribe to our Dynamic Pricing product or not, now have access to our Portfolio Analytics tool.
With Portfolio Analytics, property managers have a real-time reporting system that surfaces high-level metrics about the business, such as monthly revenue or length of stay information. Executives will find the reporting helpful to get a quick snapshot of their business!
Portfolio Analytics exposes listing level performance and metrics, using which property managers can make informed decisions when setting up rate strategy. Want to go a step further and compare your performance against the market? Well, now you can.
How can PriceLabs help us understand whether to enter a new short-term rental market?
Before entering a new vacation rental market, property managers need to have a good grasp of the number and types of properties there, their location, how well they’re performing, and what KPIs such as rates, length of stay, and average occupancy are.
This is where our product, called Market Dashboard, shines.
How to get started with PriceLabs?
To get started, all you have to do is sign-up for a free trial with us at hello.pricelabs.co.
Our Portfolio Analytics tool is completely Free to use. All you have to do is add your listings to the PriceLabs account. You simply pick a market based on an address, choose a radius of up to 50 km around it, and then you can start getting amazing insights in a few minutes.
For instance, you can get data such as:
This is very handy for monitoring your existing or future markets. Market Dashboards help you get a sense of what your competition is doing. Armed with these insights, you and your team can decide on a new pricing or investment strategy.
How can Kigo clients get started with PriceLabs?
It’s easy to import your Kigo listings into PriceLabs to get started.
First, you must fill in a form requesting to the Kigo team the API key needed to start the integration.
Then, go to PriceLabs at https://hello.pricelabs.co/ to create an account. From there, select Kigo as a PMS, and we’ll start importing your listings. When you start using PriceLabs, your first 30 days are free. Then, you pay a monthly fee for each listing.
You also get a 30-day free trial for 1 Market Dashboard when connecting a property to PriceLabs. After that, Market Dashboards start at $9.99 monthly.