Understanding Metrics and KPIs in Pricelabs

To be successful with Pricelabs, it's crucial to understand the metrics and KPIs associated with your properties. These KPIs, or key performance indicators, help you track and optimize your property's performance.

Initial Setup

When you start with Pricelabs, it sets up the following metrics for you:

• Total occupancy over the next 7 days

• Total occupancy over the next 30 days

• Total occupancy over the next 60 days

If you wish to customize these metrics, you can do so by clicking "Add Metrics." This allows you to reorganize and add new metrics based on your needs.

Available Metrics

• Total Occupancy: Includes blocks in the calculation.

• Adjusted Occupancy: Excludes blocks like owner's stay or maintenance.

• Weekday and Weekend Occupancy: Useful for markets with different occupancy trends on weekends.

• Total Revenue: Tracks overall revenue.

• REVPAR: Revenue per available night, combining occupancy and ADR.

• ADR (Average Daily Rate): Average rate over a specific period.

• Minimum Price Hitting Days: Ensures rates aren't too low during low seasons.

• Recommended Base Price to Base Price Ratio: Suggests base price adjustments.

• Last Book Date: Tracks the last booking date for a property.

• Nights Booked: Number of nights booked over a period.

• Bookings Pick Up: Tracks overall bookings.

• Market Penetration Index: Your occupancy divided by the market's occupancy.

• Total Occupancy Selected Dates: Custom date range occupancy.

Customizing and Analyzing Metrics

For example, you might add the Market Penetration Index over the next 60 days and the Last Book Date to your metrics. After updating, you can view these metrics to analyze your property's performance.

Interpreting Metric Colors

• Blue: Indicates performance significantly above the market.

• Yellow: Indicates performance in line with the market.

• Red: Indicates performance below the market.

• Green: Indicates slightly better performance than the market.

Adjusting Pricing Based on Metrics

If your occupancy is significantly higher than the market, consider increasing your base price to capture more revenue. Conversely, if your occupancy is lower, reducing your base price might attract more bookings.

Thank you for using Pricelabs to optimize your property management strategy!