PriceLabs Updates: Our Listing Scored 7.6/10

I’ve been recording some videos for pricing training for hosts, and part of this training is about PriceLabs.

In short, I’m a big fan of their product. It has been invaluable to us so far for the 6 homes Rod and I actively manage.

By the way, I’m not affiliated with PriceLabs in any shape or form, so this is praise as pure as it can be.

One thing that stands out to me in any software is whether the tools provided solve the exact problem in an intuitive way.

Typically this happens when the founders of such software either use their own product themselves or listen closely to their customers.

I don’t know for sure, but it feels like that’s what the PriceLabs team is doing.

PriceLabs relatively recently released new reporting functionality under Portfolio Analytics tab that allows you to slice and dice your data in many ways.

For example, you can compare YTD performance of your listing(s) across several years. You can zoom in and zoom out on timelines, compare lots of different metrics like ADR, RevPAR, occupancy, etc.

It’s an awesome reporting functionality, and I felt like a kid in a candy store when I first tried it.

The next cool functionality of PriceLabs that was just released is the Listing Optimizer. You can connect one of your listings (or all of them), and they will quickly analyze different sections of your listing plus give you an overall score.

So of course I connected one of our listings yesterday!

We got 7.6/10 on this one, and here are the scores for each section:

Let’s take a closer look at each one that has recommendations:

I didn’t notice any negative/positive effect from the pipe symbols, so I can’t comment on that.

Regarding character length, valid point. On the other side of the scale is maximizing the title space.

And I don’t agree with the “Entire home”/“Private home” suggestions. To me those are wasted words. I prefer titles that focus on amenities that help differentiate you from competitors.

I like our photos, but the perfectionist in me wants to make them better and refresh them.

Regarding the amenity “pool” (for which I believe we got a C), we actually don’t have a pool in this one. I think the AI read our wallpaper with water as a pool or something similar might have happened.

It would be nice to have a “Fix” option where the host can clarify in PriceLabs if the AI misunderstood something.

I really like this suggestion about improving the listing description by elaborating more on the Italian-themed home, since it’s one of our main differentiators.

Love the points about the BBQ grill, outdoor furniture, and fenced backyard.

We already mention cameras and the smart lock in the available selections.

Good catch on the spelling error!

We don’t have a pool, that’s just the wallpaper, most likely.

We do need a picture of a crib, yes! Staged! Noted.

Overall, I think it’s a great additional helper for your property that can find opportunities for improvement. Since it was just released and knowing how well PriceLabs rolls out updates, it will likely get better and better.

Have you tried this one yet?

And I’m also curious: if you don’t use PriceLabs, which tool do you use instead?

Just hit the “reply” button to respond. I read every message. Would love to hear from you!

That’s all for today.

Till next week, dear readers!