Are you a short-term rental operator testing platforms like PriceLabs? Don’t waste your one free credit—make it count and uncover game-changing insights that can help you double your revenue!
Here’s how we did it:
• Pinpointed the Perfect Market: We selected Cleveland, Ohio, and tailored our Market Dashboard to analyze seasonal trends, pricing strategies, and local competition.
• Identified Opportunities: Using just one credit, we uncovered actionable insights to reverse declining revenues during off-peak months.
• Optimized for Impact: By aligning dynamic pricing tools with proven methods, we saved time, boosted efficiency, and refocused efforts on strategies that generate results.
If you’re a short-term rental operator navigating seasonal dips or market challenges, this post is for you. Stay tuned as we dive into exactly how to use your free tools effectively to unlock your rental business’s full potential!
Selecting the Dynamic Pricing (Revenue Manager)
Yes, you need to create the dashboard first to pull the Market Dashboard report in PriceLabs. Since you only have one credit, here’s a step-by-step guide to ensure this report is valuable and insightful:
Step 1: Define Your Dashboard Parameters
When creating the Market Dashboard, carefully select the following:
1. Location:
• Cleveland, Ohio: Pinpoint the operator’s specific geographic area.
• If the properties are scattered, choose the central area with the highest concentration of rentals.
2. Property Types:
• Match the properties in the dashboard to the operator’s inventory (e.g., single-family homes, apartments, etc.).
Our target area with less than 5,000 listings may suggest a 19.99 a month package would suffice. But, if you do 2 areas, than you are already past that threshold.
3. Radius:
• Select a relevant radius (e.g., 5–10 miles) around the primary properties to capture comparable competitors.
4. Competitor Filters:
• Set filters like the number of bedrooms, amenities, or occupancy types to ensure relevant comparisons.
5. Dates:
• Pull data covering a significant time frame:
• Seasonality Insight: Look at the last 12 months (including peaks and dips).
• Future Trends: Include the next 3–6 months to evaluate market expectations.
Step 2: Use the Dashboard Credit
• Once you’ve finalized the settings, create and generate the dashboard. It will cost one credit.
Step 3: Analyze the Data
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Once the dashboard is created, we adjusted the filter for the type of rooms most popular to our client. The individual Rooms (R) comprise 75% of the clients inventory. Next we will compare the values shown in the market research with the values given by the clients’ Channel Manager. Why? We need to confirm our client’s baseline performance for the same indicators. Are they expecting more or less than 8,000 per room listing in 2025, and how they have performed per room listing in 2023, and 2024?
Look for the following key insights:
1. Seasonal Trends:
• Identify if the dips in November and January are consistent across the region or unique to the operator.
2. Occupancy and Revenue:
• Compare the operator’s performance metrics to similar properties in the area.
• Look at average daily rates (ADR), occupancy, and revenue per available room (RevPAR).
3. Pricing Strategies:
• Review how competitors adjust prices during low-demand periods.
• Note any seasonal discounts, promotions, or strategies.
4. Demand Shifts:
• Check if demand fluctuations align with broader trends, such as local events or economic factors.
5. Supply Changes:
• Understand if new supply in Cleveland is impacting demand for established operators.
Step 4: Save and Export the Report
• Once the dashboard generates, export the data for offline analysis. This ensures you can revisit it without reusing a credit.
Step 5: Plan Adjustments Based on Insights
• Use the data to refine your case study with specifics:
• “Market data shows similar operators experiencing a 30% drop in November, highlighting the importance of proactive revenue management strategies.”
• “Competitors are leveraging early booking discounts, resulting in a 10% higher occupancy during off-peak months.”
Let me know if you want additional tips to fine-tune the dashboard setup or interpret the results after pulling the data!