Renting out your vacation rental(s) at the right price is an art. Technology has made this dream come true. Dynamic pricing tools help you automatically set prices for your properties to optimise your costs, grow your revenue, maximise your occupancy, and ultimately stay ahead of the competition.
Let’s take a look at the top 5 dynamic pricing tools in the market.
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Wheelhouse is one of the most powerful revenue management and market insight tools that can help you run your vacation rental business more efficiently. The company is located in San Francisco and supports thousands of entrepreneurs in 475+ markets across 10+ countries.
This software enables you to increase your income up to 40%. It offers three pricing approaches which are “More Conservative,” “Recommended,” and “More Aggressive.” The “Recommended” option is a balanced approach that considers occupancy and earning potential. Indeed, your personalised strategy is built with a wide range of settings such as minimum price, last-minute discount, seasonality adjustment, etc.
The real-time analysis of Wheelhouse allows you to automate your pricing every night and remain competitive year round with more than 240 unique rates per year. The real-time data is built by PhD Data Scientists.
Wheelhouse offers two pricing plans; the first is 1% per booking, and the second is $19.99 per listing per month.
This dynamic pricing tool integrates with Airbnb and other channel managers and PMS platforms.
Beyond is one of the best revenue management platforms and dynamic pricing solutions for short-term rental businesses. The company was established in 2013, with its headquarter located in San Francisco. It has helped 340,000 listings in over 7,500 cities.
Beyond’s dynamic pricing algorithm automatically sets the optimum price based on multiple factors, including local demand, seasonality, and day of the week. In addition, the software enables you to manage your portfolios and also gives market-based health scores for each of your properties. This score displays the condition of your rentals on the market.
As the company’s name illustrates, Beyond offers more options than dynamic pricing. It also provides market insights, OTAs syncing, and a website builder.
Beyond connects seamlessly to Airbnb, Booking.com, and Vrbo and also integrates with an impressive number of PMS providers.
The software pricing is 1% of all bookings, and a 30-day free trial is available.
PriceLabs is an easy-to-use revenue management tool for small or large vacation rental businesses. The company was founded in 2014 and is located in Chicago. It has active users in over 100 countries, and they claim their software has helped the users increase their revenue up to 40%.
PriceLabs, as a dynamic pricing tool, analyses each listing and recommends daily rates based on market supply and demand, base price, seasonality, day of week trends, and lead time adjustments. It also allows you to apply a full suite of customisation to develop your specific strategy and take control of it. For instance, you can set dynamic rules for the minimum stays.
You can analyse your portfolio’s health with specific performance indicators and adjust bulk prices. This is an excellent option for large companies running multiple properties.
PriceLabs connects directly to more than 50 PMSes and channel managers, including Airbnb, Vrbo, and Houfy.
The pricing plan starts at $19.99/mo for users in the USA, Canada, and Europe and $9.99/month in other countries. As the number of properties increases, the monthly subscription price decreases. Also, a 30-day free trial is available.
DPGO is a dynamic pricing tool designed for property managers and Airbnb hosts. This company is located in Los Angeles, California. DPGO applies AI-driven algorithms to analyse more than 200 market data parameters to maximise vacation rentals’ occupancy rate up to 90%.
DPGO sets the right prices based on daily market insights and analysis of large volumes of data. You can set your strategy to expand the AI-recommendation. These strategies include “More Aggressive,” “Recommended,” “ More Conservative,” and “Custom Strategy.” The “Recommended” strategy is a balanced one that considers aspects of other strategies.
DPGO allows you to benefit from flexible adjustments of discounts, seasonality, and weekend rates and helps you stay ahead of the market by analysing market supply and demand. In addition, you can take advantage of the growth performance feature. This will help you monitor your listing’s success and improve its different aspects.
DPGO offers two pricing options; the first is 0.5% of the booked price, and the second is $1 per booked night. Both packages comprise all the DPGO’s features, with a 30-day free trial available.
AirDNA is a leading provider of short-term rental data, which has developed its own dynamic pricing tool called Smart Rates. This tool is free for MarketMinder subscribers. The company was founded in 2014, with its headquarter located in Denver, Colorado.
This tool prices your Airbnb based on 20 different factors, such as real-time future demand, historical market seasonality, past property, comp performance, and amenities. Indeed, the new Recommended Rates calendar compares the performance of your properties in the past and future with the broader market to generate price recommendations. The software also enables you to measure the health of your property’s future performance using some metrics, including future occupancy, booked rate, and lead time.
The MarketMinder subscription starts at $19.95/month and increases based on your active listings.
Please share your thoughts below if you’ve had some experience working with any of the dynamic pricing tools introduced here. Questions are also welcome!