One of the best ways to maximize your vacation rental profits is to optimize your pricing. And the easiest, most effective way to optimize your pricing is to use an Airbnb pricing tool. In this post, we’re reviewing the top 3 dynamic pricing tools to help you choose best one for your business.
Though often referred to as Airbnb dynamic pricing tools, most can also optimize and automate your pricing on Vrbo, Booking.com, or Tripadvisor, and can be used with many popular vacation rental management software platforms (e.g., these vacation rental channel managers).
Here are the 3 main vacation rental pricing tools on the market:
- Beyond Pricing – Best for optimizing pricing on multiple channels like Airbnb, Vrbo, Booking.com, or for use with a Property Management System (PMS). Charges 1% of all bookings.
- Wheelhouse – Best for hosts only listing on Airbnb (or a compatible PMS). Flexible pricing plan options available.
- PriceLabs – Best for property managers with several properties. Charges a flat monthly rate.
Why Use a Vacation Rental Pricing Tool?
If you’ve ever wondered how to price your vacation rental, you should have some idea of the potential benefits of an automated, dynamic pricing tool. Rather than constantly monitoring competitor pricing, seasons, events, and spending your time testing rates, you can automate your pricing with an Airbnb pricing tool.
You could, of course, use Airbnb’s Smart Pricing Tool. But one problem with using Airbnb’s built-in pricing tool is that Airbnb’s incentive is to offer guests the lowest price possible. Compared to a paid dynamic pricing tool (which proves its value by maximizing your profits), Airbnb is going to be less concerned about getting you, the host or property manager, the maximum nightly rate.
Having your vacation rental pricing automated by a pricing tool is the easiest and most effective way to optimize your pricing, thereby maximizing your profits and freeing up more of your time.
The Best Vacation Rental Pricing Tools
Because all three of these companies have good customer support and fairly similar features, the main differences to look for are their cost (pricing structures) and integrations (which OTA channels and PMS software they integrate with). Here’s a quick comparison of these pricing tools.
As you can see, Wheelhouse has the fewest integrations, which may limit your ability to use it if you’re already using a PMS. Fortunately, whatever PMS you’re using can still most likely grab your Wheelhouse updated pricing straight from Airbnb (see this explanation from Uplisting).
And now let’s go over each of these pricing tools in more detail.
Pricing: 1% of all bookings
Free Trial: 30 days (charges for bookings made during free trial when your trial ends)
Beyond Pricing is the original dynamic pricing tool for vacation rentals, and still one of the best. They integrate with an impressive number of channels and PMS software platforms, and some of the best coverage, so it’s more than likely available in your area. Beyond Pricing also has its unique Health Score, so you can see how well your pricing strategy is working.
The 1% per booking pricing works well for a smaller number of properties and bookings, but can become expensive for larger property management companies.
Integrations: Airbnb, Booking.com, Track, Vrbo, Guesty, Streamline VR, Escapia, Kigo, Barefoot, Brightside, Ciirus, Direct, Hostaway, Hostfully, LiveRez, Lodgix, Smoobu, SuperControl, VRM, Vreasy, Zeevou, OwnerRez, Your Porter, Rentals United (More)
We recommend Beyond Pricing for hosts and property managers (small to mid-sized) who want to list on multiple channels (Vrbo, Booking.com, etc.), or use a PMS not supported by Wheelhouse.
Visit BeyondPricing.com to learn more.
Pricing: Starts at $2.99/listing/mo + 0.75% per booking (Or sign up for the Pro plan for 0% per booking)
Free Trial: 30 days (Also have an indefinite Free plan with limited features)
Wheelhouse is one of the newer pricing tools on the market, but it’s growing rapidly, with over 40,000 customers. They claim to help their users increase revenue by 10-40%, and have plenty of customer reviews to back it up. They offer different pricing options, so you can choose to pay a percentage of each booking, or pay a flat monthly rate per listing.
Wheelhouse also emphasizes customization. There are 10+ pricing adjustments you can set, and you can choose a ‘conservative,’ ‘recommended,’ or ‘aggressive’ pricing strategy. Overall, Wheelhouse is an excellent solution to optimize your Airbnb pricing.
We recommend Wheelhouse for hosts and property managers only listing on Airbnb, or who are using one of their available PMS integrations.
Pricing: Starts at $19.99/mo for 1 listing (price per listing decreases as number of listings increases)
Free Trial: 30 days
Last but not least is PriceLabs. With their bulk adjustment options and 0% fee pricing structure, they’re a great fit for larger property management companies with lots of properties and bookings. They also have an impressive number of integrations, including most of the options on our list of best vacation rental channel managers.
Integrations: Airbnb, Lodgify, Smartbnb, Uplisting, Guesty, Fantastic Stay, Hostfully, iGMS, Hostify, Lodgix, MyVR, Smoobu, Tokeet, Uplisting, Zeevou, Streamline VR, Kigo, OwnerRez, Your Porter, Rentals United, and more (More)
We recommend PriceLabs for larger property management companies who want to pay a flat monthly rate, rather than pay a percentage of every booking.
Visit PriceLabs.co to learn more.
Summary & Recommendations
If you’re a host or property manager who’s only listing on Airbnb, we recommend Wheelhouse. They have a flexible pricing structure, and offer tons of customization options to control your dynamic pricing settings. They also do integrate with a number of other vacation rental management software platforms, so there’s a chance they integrate with yours.
If you want to optimize your pricing on Airbnb as well as Vrbo and Booking.com, or use a PMS that doesn’t integrate with Wheelhouse, we recommend Beyond Pricing.
And if you’re a larger property management company, handling lots of bookings, we recommend PriceLabs for their 0% booking fee pricing structure, and bulk management options (or the Wheelhouse Pro plan, if you’re using a PMS that integrates with Wheelhouse).
Using a dynamic pricing tool is one of the best ways to maximize your vacation rental profits, and it will more than likely pay for itself many times over. We hope this post has helped you choose the best pricing tool for your business.