Anyone using PriceLabs for Dynamic Pricing on MyVR?
@jess-milligan Thanks, but I’ll be totally honest, I don’t think I’ll renew after my sub expires so probably not worth investing the brain bytes on my part or MyVrs.
Just bumping this up - has anyone used BOTH PriceLabs and Beyond Pricing? If so, can you compare the two? I’m thinking of switching from Beyond Pricing to PriceLabs due to the price difference, but wondering if I will lose anything?
@jenny-oest Jenny, I used BeyondPricing for about eighteen months, and then moved to PriceLabs just recently. With multiple properties, you can do side-by-side tests (i.e. keep some properties on BeyondPricing and try others on PriceLabs.
BeyondPricing is great, but it’s expensive for what it does: As far as I can see, PriceLabs offers much of the same functionality for a flat fee, instead of a percentage of booking. Its interface is not as pretty as BeyondPricing’s, but it seems to offer just as much customization (if not more), and generally tracks a similar demand curve to BeyondPricing.
You can see a good discussion of BeyondPricing, PriceLabs and Wheelhouse here:
@John-Bennett - thank you! That’s very helpful. I actually ticketed with both in parallel last week and this week started syncing with PriceLabs. Definitely a savings!
We have just one property and have been doing our own “dynamic pricing” based on our experience, previous year booking rates and being competitive with similar units throughout the season. Want to understand more about the success others are having with these tools and your recommendations. We’re not disappointed with our revenue but wonder if we might be leaving some money on the table. Any updates or additions to the posts above?
I also have only one (1) property so hopefully my opinion will help in your decision process.
I too was doing my own “dynamic pricing” for several years using an excel spreadsheet that I would input our historical booking numbers as well as using up to three (3) local area “comps”. This process worked fairly well for us and we have always been one of the most rented properties in our area.
About 2 year sago I started looking for software that might make this process a bit easier and more “dynamic” as I was only updating the spreadsheet maybe 4-5 times per year.
After doing a lot of research I found PriceLabs online and reached out to them with several questions. The staff are GREAT, quick to answer your questions/concerns, they work with you hand-in-hand to resolve any issues that might occur between MyVR & PriceLab software, etc. and their the best price for this software out there.
With MyVR a “channel manage” both HomeAway/VRBO and TripAdvisor/FlipKey but handle AirBnB myself. With PriceLabs you can set-up one listing for your MyVR account and then create a “child” listing for AirBnB or some others so you only pay one (1) fee for the MyVR listing and an additional $1.00 for each “child listing”.
Since using PriceLabs, our bookings have not slowed at all and in most cases, the rental fees are returning higher prices (albeit small by design) so we are extremely happy. You have a lot of customization features available to you with PriceLabs, you can choose your “lowest”, “base” and “highest” rates, can overide any “special weeks” pricing if needed, etc. and again, if you have a question or situation…they are wonderful and willing to quickly work to find solution.
I think everyone who uses MyVR as their rental platform should consider using PriceLabs for their dynamic pricing needs.
As mentioned in the thread above, several folks were using Beyond Pricing but have made the switch to PriceLabs. Jenny Oest is probably one of (if not) the sharpest operators using MyVR and she recently made the shift to PriceLabs. I’m sure if you reached out to Jenny she would share her experience with both PriceLabs and Beyond Pricing.
@John-Hughes Thanks! @jim-knape - When I switched from strictly manual self-pricing to Beyond Pricing, my revenue jumped significantly, especially in peak season. I was shocked to see how much money I was leaving on the table. So Revenue Management in some capacity is probably going to be beneficial for you.
Recently, I started a trial of PriceLabs (it ends in a few days) and while it provides a similar tool and benefits, the price is much lower. It’s a flat fee, vs. the % of revenue. There are a few other things worth noting: The customization capabilities are more extensive with PriceLabs, but as a result, can be a little more challenging to follow down the rabbit hole at times (As John can attest with his recent challenge). But PriceLabs also tends to be a little more volatile than BeyondPricing was, which means more intervention. PriceLabs also tends to run a little too low in the peak season too soon for me, and stays too high in the off weeks. Again, this requires some manual intervention.
MyVR just announced a partnership with Rented.com and their Revenue Management Services, to handle the “tweaking” that I find I do at least weekly and need to do more often. I’m starting a trial for that to see how it helps. It’s more expensive than BeyondPricing (but they pay for the tools), but if it takes my labor out and increases revenue, then I can weigh those pros and cons at the end of the day. So check back with me in about 45 days for my thoughts on that.
Jenny; I thought that the integration with Rented.com is for PM’s with at least 20+ properties? Jim Knape & I are single property owners so if I understand the integration correctly, Rented.com would not be of benefit for us. Did I miss something?
@john-hughes - I believe that’s true at the moment.