Short YouTube video by Mark Simpson explaining how dynamic pricing tools (specifically PriceLabs) adjust short-term rental rates using market data and event signals. The speaker gives an anecdote that his prices rose when Taylor Swift came to town, illustrating event-driven increases and likening the approach to Uber/Lyft surge pricing. The tone is informal and practical.
That's a pricing algorithm that's taking into consideration other things that are going on in your market. It's comparing to people. If there is no other short term rentals, price might not be the best because it's, it's taking data from hotels, it's taking data from other houses and all these things that are happening. But it like is in control for you. You still get to control a lot of things. You got to pay attention. But like last summer when Taylor Swift came to town, like everybody knows Taylor Swift comes to town. Everybody's going to that concert. Well, my prices rose because Taylor Swift was coming to town. I don't have to follow the news. I don't have read about these kinds of things. Hotels already do stuff like that. So pricing or price Lab specifically takes that stuff into consideration. And it's kind of like surge pricing on Uber or Lyft or whatever you might use for an app wherever you are on the planet. But it just takes into consideration these things that we don't like. I'm not, I'm not planning to research who's coming to town.
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