Welcome to Boostly Podcast Episode 389. This is a recap of my Facebook live where I talked about how Price Labs has dramatically increased profits for this host.
Here's the audio for this episode:
Here's the video for this episode:
Timestamp
00:00 Start
00:40 Why Price Labs
01:50 Length of stay
Whilst you’re here
Follow Boostly on the following channels to get more tips, tactics and knowledge on how you can increase your direct bookings
Visual – YouTube
Audio – Boostly Podcast
Transcript from the Episode
It's a must, it's got to be something that you're put into business. And the reason being is if not, you're leaving money on the table. I ran for two years, probably without any dynamic pricing software. And that was by checking the local prices, making sure that we were high on key dates and I always thought that we had it kind of right. As soon as we plugged in, switch to hostfully plugged in the dynamics, pricing software through price labs, the rates just went up to prices, which we wouldn't necessarily always put on there. But I realized when the highest demand weekends are so it would adjust the price depending on demand, you can have it if you're uncomfortable with the prices as well. So you've got so much more control. Even if you're not worried about you know, increasing your prices, which I mentioned, most people will want to if the options there.
Length of stay
The other benefit is the length of stay. So one thing that we've always struggled with is we of course like all hosts, we want the longest stays available. The trouble is that you don't want to have a minimum of six nights days, you know, coming up within the next week, if you've got a gap. What price labs allows you to do is to adjust the number of nights but depending on how far in the future. So for us at the moment, we'll allow six nights a stay at between 30 and 60 days out anything over 60 days out and we'll actually be looking for a minimum of 10 nights stays, you know, like I get them big chunky book comes in. And anything. You know, as the time gets closer, it goes down to the two nights stays, so anything any gaps within 10 days, and we'll drop it down to the two nights stay minimum.
The other thing it allows you to do is to capitalize on nights, which may not have sold otherwise. So if you're in the week, you've got a stay of three nights and starting the week. And towards the end of the week, you've got a couple of nights, you've got a stay in the middle, which is less than your minimum life success or two nights and your minimum three nights, what the software will do will automatically open up your calendar providing you for the last two nights, even if it's further off. So it means that you can really capitalize on the amount of occupancy, you can get higher night these days. And also you don't need to spend time one of the biggest things for me is freeing yourself from the business not spending time looking at prices. It's not a case of switching on forget, but you can just daily have a quick check. And then you know the software is doing this job. You can make adjustments if you need to. It's so much quicker and you'll save so much time.
Before you leave
Please go and rate, review and subscribe on iTunes, Spotify Google Play or Anchor or visit Boostly Hospitality Podcast for the full list of episodes!
If you have enjoyed this post and want to feed my caffeine addiction you can “Buy me a coffee” ️
