Online Pricing Tools for Your Vacation Rental
A common mistake vacation rental business owners make is picking a rate and sticking with it, forever. Things change over the course of a year, month, and even week. Peak season comes and goes. Holidays pop up. Local events draw people to your city. Weekends are higher in demand than weekdays. As a vacation rental owner, you want to make sure your rental price is constantly on the pulse of supply and demand and responds to the highs and lows of travel trends. So how do you do this? Setting aside time every day to check up on prices, research local competition, and analyze business performance to price your rental home is time-consuming and all too demanding. Instead, opt for pricing tools that automate pricing strategy based on extensive data that is otherwise difficult to gather and analyze all on your own.
Pricing software solutions do the heavy lifting for you. Online pricing tools analyze local prices, occupancy rates, booking trends, historical data, minimum stay rules, and other factors to make sure your prices are constantly responding to the changes in market value. Implementing a dynamic pricing model will ensure that your vacation rental properties are consistently priced at the most optimal rates for booking.
To begin, you want to understand the market that you’re in. There are numerous data analytics companies that provide market information and analysis to help vacation rental business owners get an idea for the competition and price their homes accordingly:
AllTheRooms Analytics provides valuable data insight vacation rental owners and property managers need to stay on top of their pricing strategy. AllTheRooms aggregates and catalogs every available rental space on the planet, which means its data reports are the most comprehensive reports out there. AllTheRooms Analytics provides a snapshot of any market at any time or place. Users have access to a 12-month analysis of key performance indicators including occupancy rates, supply, demand, and gross revenue. Their flexible reporting details travel industry trends of the past and present all compiled in one concise and convenient PDF document.
In a sense, AllTheRooms Analytics provides you with an invaluable vacation rental market cheat sheet. Know your market, keep up with trends, and price your homes with the most relevant data in mind.
Transparent is another data reporting option for vacation rental managers and property owners. Transparent currently tracks 3.9 million listings in North America, 10.5 million in Europe, 3.9 million in Asia, 1 million in South America, 377,000 in Africa, and 542,000 in Australia. Transparent partners with property managers, hoteliers, and real estate companies. Track competition, analyze demand and events, and monitor supply with Transparent’s industry-trusted data analysis.
A pricing tool that helps Airbnb hosts optimize their pricing strategy, AirDNA is a dynamic platform that offers data analytics with the feature, MarketMinder. MarketMinder tracks the business performance of over 10 million vacation rentals across 80,000 cities around the world. The database contains the short-term rental industry’s data over the past three years, which provides users with a rich historical account of how the industry is evolving and will continue to change. Compare your existing rentals to past and present competition, understand market changes, and get a better sense of how to price your vacation rental properties every day.
Meanwhile, these online pricing tools automatically adjust your rates to help you stay on top of your pricing strategy:
Outswitch is a data solution that boosts short term rental revenue by 40%. Outswitch provides users with both channel and revenue management in one platform. Users can create Smart Rules based on events, seasons, and length of stays. Prices automatically adjust according to the Smart Rules you have set. Outswitch also provides market analysis reports and a complementary channel manager. Outswitch seamlessly integrates with the tools you already use, including Lodgify, BookingSync, and Kigo.
Beyond Pricing is a dynamic pricing tool for Airbnb and VRBO. Beyond Pricing utilizes real-time market data to ensure their price recommendations maximize revenue and occupancy for our hosts. Their services help owners and managers boost revenue by 40%. It’s incredibly simple and user-friendly. Hosts make an account, sign in, review pricing recommendations, turn on automatic pricing, and that’s it. Beyond Pricing takes into account local prices, occupancy rates, nightly rate, and many more factors to make sure they recommend nothing but the most optimal prices. Beyond Pricing currently dynamically prices more than 150,000 listings in more than 7,000 cities worldwide with a whopping $1B in bookings priced.
A dynamic pricing tool like Beyond Pricing will help you improve your pricing strategy and secure bookings at your best price.
Pricelabs.co is a revenue management solution for vacation rental owners. Pricelab’s automation rules and customization options allow users to manage pricing and minimum stay rules in order to save time and increase profits. Users import listings to the Pricelab dashboard, review and customize price recommendations, and sync prices to Airbnb and property management systems daily. Their data-driven pricing approach takes into account events and holiday peaks, seasonal and weekly trends, local travel trends, and more. Pricelabs offers a free one month trial to start.
Wheelhouse is another great online pricing tool for short-term rental owners and managers. Wheelhouse offers an all-in-one approach, with features that cover dynamic pricing, provide powerful insights, and allow for personal customization for your business needs. Wheelhouse offers more than 240 unique rates per year with price updates for up to every day.
The short-term rental industry is constantly evolving and it can be hard to try to keep up on your own. Utilize online pricing tools like data analysis companies like AllTheRooms Analytics and AirDNA to get a better understanding of the vacation rental market at any time of the year. Automatic pricing solutions are essential business tools to help your vacation rental business grow and change as the market changes. Integrate automatic pricing programs to make sure your rental properties are always being listed at the best price.
About the author: Emily Russo is a writer based in New York. She loves traveling, meeting new people, reading, and being outdoors. She hopes to travel to Italy 500,000 more times in her lifetime.