Final Step: Optimal Price Setup with Pricelabs

Hello, everyone. We've reached our final step in ensuring you have the most optimal price setup. This step is a bit tricky compared to the rest.

Understanding Pricelabs Features

Pricelabs offers a plethora of features, customizations, and options to tweak and fine-tune your pricing as much as possible. While you might be tempted to dive into all the options available, it's important to exercise caution.

• Do not excessively customize your pricing unless you have a very specific requirement.

• The essential steps are setting up the base price, minimum price, and minimum settings.

• Trust the algorithm to handle everything else.

If you're experiencing issues such as too many or too few bookings, or if the prices are not working out, revisit and fine-tune your base price. Your base price is the key to success.

Exploring Your Pricelabs Account

Now, let's take a look at our Pricelabs account. The first thing you should notice is our customizations panel on the left. Ideally, most of these should be default or market-driven.

1. Click on Edit E, then on Smart Presets.

2. If the toggle of any customization is off, it means the default setting is being applied.

3. Market-driven settings such as a 24% discount for same-day bookings and far-out prices are applied automatically.

4. Occupancy adjustments are also default Pricelabs settings.

The term market-driven refers to the algorithm's continuous data collection from all neighboring listings. It tracks all market movements and adjusts your discounts and premiums in real-time to optimize your revenue.

Avoiding Conflicting Customizations

Ensure there are no conflicting customizations, especially in the context of minimum stay updates. It's important to ensure there are no unbookable nights on your calendar.

• When setting up a date-specific override or overriding any of the pricing that Pricelabs recommends, select the correct fields and input the right value.

• For example, if you wish to change the price for a particular date, ensure you enter it in the Price section, not the Minimum Stay section.

• Double-check and be cautious when customizing and changing things in your account.

Conclusion

That concludes our guide on ensuring your setup is correct. We hope you've found this course informative. If you have any questions, please don't hesitate to contact us at support@pricelabs.co. Thank you.