Last April 2015 we wrote an article on how some clever start-ups were helping you to optimise your rates the automatic way. The article sparked quite a few comments on LinkedIn: “No single property is the same, they cannot be compared!” “Easter is unpredictable. How do you price that?“. Forward a year later and it seems our industry is now more open to adopt dynamic pricing, even if not 1 solution is perfect. Without a doubt it is one of the big topics of 2016. So we had another look at the yield management softwares that are making the news.
Outswitch yield management solution is very much targeted to property managers that use a property Management System. The software allows you to create smart pricing rules for groups of properties and use historical data to improve your pricing. Each property has rules set based on:
- seasonal (flat price for specific dates)
- day to day (adjustment to week days)
- last minute rule
- length of stay
- matrix rule (from very simple to very aggressive templates)
- gap algorithm – discounting gaps
The price also reacts based on your occupancy rate. And best of all by signing up with Outswitch you get the Rentals United channel management tool. Well worth a try!
We were lucky enough to meet the whole team at Airdna during the last Vrtech event and were most impressed with their current expansion. They cover 4,250 cities globally, have tracked 30 million Airbnb reservations and analysed 2 million Airbnb listings to offer consulting to improve your airbnb listing plus custom consulting and investor support. A report for Barcelona is USD $79.99 with 100% money back guaranteed.
Everbooked.com is an automated pricing engine for your Airbnb rental properties. Connect your Airbnb account and Everbooked will monitor demand for your properties – raising prices when there’s more demand, and lowering them when there’s less. Plans start at $20 + 0.75% of gross revenue.
SmartHost, provides market intelligence and dynamic pricing for vacation rental managers that advertise on HomeAway, VRBO, and Airbnb. Track your competition prices and occupancy rate up to 1 year in the future. The software allows you to add and remove the rentals you think you should compete with. Price start at $19/month per rental type.
PriceLabs allows you to upload your prices to your listing and also provides various market intelligence reports: an Airbnb report for your area, a HomeAway report that covers the competitive landscape and future trends + a hotel report showing future hotel prices to understand what the hotel industry’s outlook looks like. Starts at $19.99 per month for 1 property.
Beyond Pricing works with Airbnb, VRBO and Flipkey listings. It promises to increase your revenue by 40% with their data-driven pricing algorithm. The set-up is really easy and they bill you 1% fee at the end of the month. If you work with one of their partners you can get a discount.
PriceMethod has a team of PhD data scientists developing their algorithms. They currently offer pricing recommendations and automated pricing for Airbnb, with other major platforms coming soon. Currently, it’s free to use PriceMethod.
MyRateManager, still in BETA as of April 2016, takes reservation (current and historical) and evaluates for fluctuations on demand and adjusts in real time to changing market conditions. It also take competitive factors into consideration. The software displays easy to understand information from a current, historical and future performance perspective. It can be used on a standalone basis or in conjunction with a property management system.
Did we miss out on anyone? Please let us know in the comments below!