PriceLabs Integration With Houfy: Dynamic Pricing for Vacation Rentals

Learn how to integrate PriceLabs with Houfy for dynamic pricing of your vacation rentals. Maximize your revenue and stay competitive with data-driven pricing strategies.

If your vacation rental pricing strategy looks more like a gamble, it's time to take a step back. As a property manager, setting nightly rates can be tricky. You want to secure high occupancy rates without leaving money on the table. This is where a revenue management tool can help.

At Houfy, we're thrilled to announce our new PriceLabs integration, making dynamic pricing for vacation rentals a breeze. Say goodbye to second-guessing your rates and welcome a concrete pricing strategy to increase profitability. In this guide, we'll delve deeper into everything you need to know about this new partnership.

Why Do Property Managers Need Dynamic Pricing?

Here are the most important benefits of using a dynamic pricing tool like PriceLabs:

• Maximize revenue: adjust your prices to earn the highest profits during peak season and a consistent income even during lower seasons.
• Stay competitive: a set-it-and-forget-it approach won't work with vacation rental rates. Dynamic pricing lets you adjust your rates and make your property stand out.
• Increase occupancy: fill vacancies by lowering your rates during the off-season, ensuring a steady stream of bookings.
• Adapt to market conditions: seasonality, supply and demand, local events, and other market dynamics can influence your pricing strategies, and you should be ready to respond.
• Automate manual tasks: instead of manually updating prices multiple times a year, save time and reduce the hassle with a revenue management tool.
• Optimize rates for different stays: easily adjust pricing for different booking lengths, early-birds, or last-minute bookings to cater to the needs of a broader audience.

PriceLabs offers smart pricing for vacation rental hosts

What is PriceLabs?

PriceLabs is revenue management software specifically designed for short-term rental businesses, helping homeowners set competitive prices. Based on data analysis, PriceLabs scans the market to understand past and future supply and demand and provides optimal nightly rates. This not only saves you time from tedious admin tasks but also gives you confidence that your pricing is competitive.

What Are PriceLabs' Key Features?

PriceLabs comes with various features for vacation rental hosts. Here are the most important ones:

1. Dynamic pricing: simplify your workflow by tracking upcoming prices, reservations, and market trends from a single calendar. Determine the base price and optimal minimum length of stay for your vacation rental and dynamically adjust last-minute discounts or far-out premiums.
2. Customizable pricing rules: set specific pricing rules and stay restrictions on your calendar. Master each season with different settings in advance, and always be one step ahead of the competition. You can also automatically configure minimum stay restrictions and price adjustments based on orphan days.
3. Market insights: compare prices with other hotels in your area or specific competitors and see your market standing. Make informed decisions about your pricing based on actual data and eliminate the guesswork.
4. Portfolio analytics: access real-time reporting about your business, such as length of stay or monthly revenue. Compare your prices and occupancy rates against data from your Market Dashboards and evaluate your listing performance based on competition.
5. Revenue Estimator PRO: get instant insights about your vacation rental in any location in the world, as well as accurate monthly or annual earnings projections. PriceLabs gives you occupancy estimates by comparing your property with nearby Airbnb listings.
6. Integrations: PriceLabs integrates with various booking platforms, helping you sync your pricing across different listings. This gives you peace of mind that double bookings won't be an issue while minimizing manual work for updating your listings on multiple channels.

PriceLabs offers a minimum price per stay

How Can Houfy Hosts Connect With PriceLabs?

Here's how to connect your Houfy account with PriceLabs:

1. From your Houfy account, fetch your API key from Menu > Privacy & Settings by clicking "Show" and copying the key.
2. Head to your PriceLabs account and click the "Add your listings" button. Select Houfy from the drop-down menu, paste your API key, and click "Connect."
3. That's it! You should now see your Houfy listings on your PriceLabs dashboard.

When you're ready to sync, toggle on the sync switch for your listing and wait for our regular nightly sync, or click the "Sync now!" button to update rates on Houfy immediately. Once a successful sync has happened, you can find your PriceLabs rates and minimum stay settings on:

• The public listing page by hovering over a date to see the rate and minimum stay
• The individual listing calendar by clicking "Manage Listings" from the main Houfy menu

When syncing with Houfy, PriceLabs will update daily rates and minimum stay requirements for dates up to one year from today, along with check-in and check-out restrictions. Existing last-minute weekly and monthly discounts set in Houfy will continue to apply once PriceLabs is connected. However, PriceLabs will overwrite all seasonal and calendar rates each time an update happens.

PriceLabs dynamic pricing tool for vacation rental platform

FAQs

How Much Does PriceLabs Cost for Short-term Rental Hosts?

PriceLabs' monthly fee is set at $19.99. You can also start a 30-day free trial to test the waters. For more information, head over to their website.

Will PriceLabs Coordinate My Calendars Across Listings?

If you are syncing to Houfy and other channels, like Vrbo and Airbnb, from PriceLabs, PriceLabs will not coordinate calendars between listings. You must create an iCal connection between each channel to make sure reservations booked on one platform appear as blocked dates on the other.

You can also map your listings together so that you are not double invoiced for the same property (check PriceLabs' guide). Once listings are mapped, you can use the pricing offset customization to account for the difference in commissions between channels.

How Does This New Integration Benefit Houfy Hosts?

This new integration with PriceLabs marks a new era for Houfy hosts, who get to maximize their rental income, attract more guests, and fill their vacancies. No more basing your pricing on luck or under-selling your provisions. With PriceLabs, you can make smart choices about your properties and maintain consistent pricing across different booking platforms.