Vacation property owners and select property managers partnering with RedAwning can now use RedAwning Smart Pricing to optimize pricing and occupancy with daily rates updated at least once a day, based on market data and property specific data including seasonality, day of the week, special events, market occupancy, property occupancy, and market demand. For destinations with higher hotel inventory availability, hotel occupancy and pricing is also included in the algorithm. The RedAwning team will work directly with each owner or manager to configure Smart Pricing to best suit the needs of each property.
“PriceLabs is excited to partner with a powerful marketing platform like RedAwning. We understand pricing algorithms and revenue management levers. With RedAwning’s marketing platform, a fully integrated commercial strategy can come to life,” said Anurag Verma, Co-founder of PriceLabs.
RedAwning will instantly process these daily updated rates to present them on every major channel where guests shop for travel. Smart Pricing adds to the industry’s most comprehensive suite of tools and solutions made available as part of RedAwning’s short-term rental hospitality platform.
“In the world of global distribution and instant booking, where hotels and short-term rentals compete for the same customer, having dynamic, market-appropriate rates is a necessity to maximize revenue. This requires both a sophisticated team and a sophisticated technology ecosystem. By combining RedAwning’s global marketing platform with PriceLabs revenue management system capabilities, we’ve created the most seamless and powerful toolbox to maximize revenue for each and every home. With the right price and the right distribution and promotional merchandising, our properties are set up to succeed more than ever before,” said RedAwning CMO, Heather Richer.