Lay My Hat

I see great reviews for PriceLabs etc and wondered whether they are worth the huge fees they charge for setting prices. Does anyone here use dynamic pricing?

We used to be on Wyndhams dynamic pricing but found it was damaging.

They would discount prices to get maximum letting but they were discounting prices which in the past had shown to go to late bookers.

We have moved away from DP and have seen about an 18% increase in income overall and occupancy levels have not suffered.

They would do things such as discount a peak summer week if it was still available 8 weeks before, we now increase weeks like that and the highest price is if booked within 2 weeks.

Premium weeks always go and it has taught our regular guests to book early.

DP may be useful if you are in a saturated market but it doesn't suit us.

There's also Wheelhouse and Beyond Pricing but we haven't tried them.

newtimber wrote:I see great reviews for PriceLabs etc and wondered whether they are worth the huge fees they charge for setting prices. Does anyone here use dynamic pricing?

I'm wondering if New Timber went ahead with dynamic pricing? And how huge were the huge fees? Anyone else embraced dynamic pricing? If you believe the dynamic pricing companies sales pitch we'll all be using it soon! I'm in the early stages of exploring RPG (Room Price Genie) but have no idea how or what they charge yet. I can understand that the big hotel chains have their own dynamic pricing models and that smaller hotels would use the likes of RPG and PriceLabs, but does can it scale down and work for individual vacation rentals?

We started with Beyond Pricing in January and love it! Takes care of a lot of the work and it’s been very profitable for us even with the 1% they take. I think PriceLabs set monthly fee would be less expensive. Going in , I thought our property was at the high end of the price range for comps , but there were many nights in summer where it booked at up to 50% more than what we’d had it priced at.