What is Dynamic Pricing

Dynamic Pricing is an intelligent, automated pricing strategy used in the short-term rental industry. It uses real-time market data and advanced algorithms to automatically adjust prices based on factors such as seasonality and days of the week.

It is particularly beneficial for those who have multiple properties, as it saves time and reduces the complexity of manually managing each property's pricing.

Why should I use Your.Rentals' Dynamic Pricing?
Can Dynamic Pricing guarantee me higher earnings?
How to set up Dynamic Pricing for PriceLabs in Your.Rentals?
How to setup Dynamic Pricing for AirDNA in Your.Rentals?
How long are the Dynamic Prices applicable to the selected listing?
Is it possible to disable Dynamic Pricing once it has been set up in Your.Rentals?
Frequently Asked Questions

Why should I use Your.Rentals' Dynamic Pricing?

Dynamic Pricing helps you with:

Maximising revPAR (revenue per available room)
Getting 20 - 30% more bookings
Saving time researching market supply and demand and manually updating prices per property.
Avoiding guesswork on setting up competitive pricing for your property.
Saving time and complexity as no need to use a third-party Dynamic Pricing vendor - it's already included in your Your.Rentals service fee.
“Set and forget" - know that the AI is adjusting your prices every day.

With Your.Rentals

You don't need to create an account and pay the vendor separately.
It's right inside Your.Rentals and its included in your service fee!
You can try multiple vendors to see which works best.

Can Dynamic Pricing guarantee higher earnings?

While Dynamic Pricing employs advanced algorithms and real-time market data to optimise pricing and maximise earnings, it does not provide a guarantee of higher income.

The impact on earnings can vary based on a range of factors, including location, property type, quality of service, guests' preferences, time spent on putting accurate pricing for your property.

In our early test, we have seen that booking rates have increased 3x for the properties using Dynamic Pricing vs the properties not using Dynamic Pricing. By ensuring your pricing is competitive and dynamically adjusted to market conditions, Dynamic Pricing significantly increases the net RevPAR(revenue per available room).

How to setup Dynamic Pricing for PriceLabs?

Log in to your account: Visit the Your.Rentals homepage, and sign in using your username and password.
Navigate to the Calendar: From your calendar, select the listing you wish to implement Dynamic Pricing for. A side panel will appear with the “Dynamic Pricing” setting.
Click “Dynamic Pricing” in the side panel to start setting up your Dynamic Pricing.
Learn more about Dynamic Pricing if you want more information, you can click “Learn more”.
Select one of the available providers. We recommend using PriceLabs for most of our listings. If you want to use AirDNA instead, click here
If you select PriceLabs as your provider, follow next steps. If you select AirDNA, click here
Click “Select”
Configure your Rate settings:
1. Set you Base rate
  1. When you enable PriceLabs dynamic pricing for the first time, we auto generate a base rate based on your historical nightly rates and location.
    
    However, each property is unique and you as a Property Manager/Property Owner are the best person to set a base rate according to the quality of the property, amenities, and location. Feel free to adjust the suggested base rate accordingly.
  2. Base rate can be more than minimum rate but cannot be more than maximum rate
2. You can set your “Minimum rate” and “Maximum rate”. Simply put, these two rates will tell the algorithm not to go below the minimum rate (required) and not go above the maximum rate (optional).
  
  When you have learnt more about the optimal market price, then you can always come back and change this setting.
Save and verify changes: After setting your preferences, click “Enable”. Your new prices will be calculated instantly. You can review these prices and make adjustments if necessary.
Dynamic Prices applied: When you hover to the calendar, you will see the chart icon that indicates these prices are Dynamic Prices.
Remember, the above is only applied to the single listing you selected. The rest of your listings will have the basic or seasonal rate you have set in the listing builder under “Basic rates” before.

How to set up Dynamic Pricing for AirDNA in Your.Rentals?

Log in to your account: Visit the Your.Rentals homepage, and sign in using your username and password.
Navigate to the Calendar: From your “Calendar”, select the listing you wish to implement Dynamic Pricing for. You’ll see a side panel popping up, with an option of "Dynamic Pricing.
Click "Dynamic Pricing" in the side panel.
Select one of the available providers. Select AirDNA
Set up your Rate strategy: Here you'll have options to customise your Dynamic Pricing settings. You can choose
1. High occupancy: Prioritise occupancy over price, with Dynamic Pricing not going below the "Minimum rate" (required) you set.
2. Balanced: Balances occupancy and price.
3. High ADR: Prioritise price over occupancy, with Dynamic Pricing not going above the “Maximum rate” (optional) if you have set it.
Configure your Rate settings: You can set your “Minimum rate” and “Maximum rate”. Simply put, these two rates will tell the smart algorithm not to go below the minimum rate (required) and not go above the maximum rate (optional).
If you are unsure about how high your prices should go, then you can leave the “Maximum rate” blank, and let the Dynamic Pricing suggest it for you.
When you have learnt more about the optimal market price, you can always come back and change this setting.
Save and verify changes: After setting your preferences, click “Save”. Your new prices will be calculated instantly. It is recommended to review these prices and make adjustments if necessary.
Dynamic Pricing applied: When you hover to the calendar, you will see the chart icon that indicates these prices are Dynamic Pricing.

How long will the Dynamic Pricing be applicable to the selected listing?

Once you enable Dynamic Pricing, they will be applied to your listing for the next 365 days, starting from the day of activation.

The Dynamic Pricing will overwrite the Basic Rates or Seasonal Rates you've set. If you go to the builder, you will see:

However, please note if you have set “Custom Rate”, then your custom rates will overwrite your Dynamic Pricing.

Is it possible to disable Dynamic Pricing once it has been set up in Your.Rentals?

You can easily disable the feature from your Your.Rentals account.

Navigate to the “Calendar” tab for the specific listing and click on “Manage Dynamic Pricing”.

And when you toggle it off, a pop-up will reconfirm with you if you are turning off the Dynamic Pricing.

And you will not see any Dynamic Pricing chart icon on the calendar dates anymore.

Frequently Asked Questions

Is there an additional charge for utilising the Dynamic Pricing feature?

No, there is no additional cost of using Your.Rentals Dynamic Pricing, it is included in the Service fee that you pay to use Your.Rentals.
Are there any pre-conditions to using the Dynamic Pricing feature?

Using PriceLabs? - There are no pre-conditions to use Dynamic Pricing for PriceLabs. Using AirDNA? - Your listings must be published to Airbnb via Your.Rentals. This means there shouldn't be any calendar sync with your own Airbnb host account and Your Rentals account.

If you have your own host account in Airbnb and you wish to use Dynamic Pricing in Your Rentals with AirDNA, you can request for your Airbnb account takeover to Your.Rentals by contacting support@your.rentals.
If I publish my listings on Airbnb and activate Dynamic Pricing, will those rates be applied across all channels?

Yes. When it comes to those listings, all the channels that you have chosen to activate in the channel manager will be automatically updated with these Dynamic Pricing.
Is Dynamic Pricing available on the Your.Rentals mobile app?

You can easily view the Dynamic Pricing you have set on the Your.Rentals mobile app. However, to configure the Dynamic Pricing, you need to access our platform through your desktop or laptop.
Base rate
1. What is a base rate and why should I set it?
  Base rate is the average price per night of your property that you are willing to charge across the year. PriceLabs uses this generated base price as a starting point and applies all market factors, demand patterns, and seasonality on top of this.
  Configuring base rate helps to estimate the dynamic price more accurately that helps you to maximise your earning potential.
2. What should my base rate be?
  When you enable PriceLabs dynamic pricing for the first time, we auto generate a base rate based on your historical nightly rates.
  However, each property is unique and you as a Property Manager/Property Owner are the best person to set a base rate according to the quality of the property, amenities, and location. Feel free to adjust the suggested base rate accordingly.
3. What is a recommended base rate?
  After 14-21 days of regular syncing with PriceLabs, we monitor your listing’s occupancy and market performance and ‘recommend’ a base rate that might be higher or lower than your current one.
  You can either choose to use the ‘recommended base rate’ or ignore the suggestion.
4. What happens if I don’t set up the base rate?
  If you do not set up a base rate, PriceLabs will calculate one for you based on the price of the property at the time of enabling PriceLabs in Your Rentals.
  Since this base rate might not be accurate, we highly recommend you to review and set a price you’re comfortable with.