Setting Your Prices in Price Labs

Hello everyone! Now that your listing has been imported into Price Labs, it's time to start setting your prices. Follow this step-by-step guide to get started.

Access Your Listing

1. From the Pricing Dashboard, click on the Review Prices button to access your Review Prices page.

2. Locate the Configure Prices section in the upper left-hand corner of the page.

Setting Up Your Base Price

The base price is the starting price for your property, the average rate you'd typically charge throughout the year. Consider it as the foundation of your pricing. From this base price, Price Labs adjusts your rates based on factors like market demand, special events, and any custom settings you've applied.

Example

This listing currently has an imported base price from Airbnb, which is $1,500. On the fourth line, you'll see base price $1,500, then market factors, price customizations, and so on are added on top of this.

How to Set Your Base Price

As a new host, your main goal is to attract bookings and gather reviews quickly. To achieve this, it's best to start with a conservative base price. Aim for a base price that's slightly lower than the average to stay competitive while still reflecting the value of your property.

Identify the Best Base Price

1. From the Configure Prices section, click on the Help me choose a base price button to pull up the base price help tool.

2. Under the Market-Based tab, identify your property category (Economy, Upscale, Midscale).

3. Choose your competitor set. For a one-bedroom property, consider studios, one-bedroom properties, and two-bedroom listings as your competitors.

4. Notice how the average price changes as the selection changes. This average base price places you at the 50th percentile of the market.

5. Set a slightly lower base price if the listing is new. For example, if it suggests $1,778, you might set $1,600.

6. Click on Save and Refresh to apply the changes.

Monitoring and Adjusting Your Base Price

Within a 14-day period after importing your listing to Price Labs, we monitor its performance against the market. We recommend whether to elevate or reduce your base price based on demand and booking trends.

Base Price Nudges

We employ a system called base price nudges to communicate suggestions. If there's a significant disparity, specifically over 5%, between your current base price and the system's recommendation, we will alert you.

1. In a separate account, you may see a base price nudge suggesting a change.

2. Click on it to either reject or accept the suggestion.

3. For more information, click on Learn More to understand the reasoning behind the suggestion.

Base price nudges are an invaluable tool to ensure your base price remains competitive with market conditions. We will continuously monitor your listing and provide recommendations based on your listing's performance.