Pricelabs for MTR?

Question

Wondering if anyone has used dynamic pricing for MTR's or if it's even necessary?

Just launching our first MTR so trying to figure out all the software needed.

Thanks!

Erin Spradlin · Answer

@Bonnie Low - Agree with Bonnie on this. Midterm Rental calculators don't exist because the mass data is hard to pull right now. I price my midterm rentals in Denver and Colorado Springs through a blend of rentometer.com, checking out the competition and paying attention to the season. It's still a bit complicated to get MTR pricing.

Allen Duan · Answer

We've been doing our prices manually but have a few properties set up in Pricelabs with some specific custom pricing as an experiment to see if PL works for MTRs. It's worked ok so far but I haven't decided to get all our properties on PL yet.

Bonnie Low · Answer

I don't know if Pricelabs would work for MTR. I believe it is gathering STR data which is only partially relevant. Everyone is looking for a market predictor tool for MTRs and so far no one has produced one. Pricing for MTRs is just as labor intensive as market research is as of now. Hoping this changes soon!

Sylvia Santelli · Answer

I've come to the same conclusion for my properties when it comes to dynamic pricing tools. I use pricelabs as a guide but it takes time "in the market" to see how guests are responding to pricing. Thanks everyone for your feedback on this.

Jamie Banks · Answer

I was using Pricelabs for my portfolio but after awhile I realized that it's better for me and my staff to review the MTR prices monthly and adjusting them as needed instead of using a dynamic pricing tool.

Pricelabs for MTR?

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