How to price your property Post Covid-19 🚀

In episode 28 of the Boosted podcast series 8 I invited on Price Labs are a very, very funky, very cool everything and we're going to talk about the future. We're going to look at post coronavirus, we're going to look at what's happening there. Not only that, let's sit back, relax and enjoy this interview with Anurag of Price Labs.

Hi everyone, I'm Anurag Verma, one of the co founders at Price Labs. We started about five years before Price Labs. I was doing something similar for United Airlines. So building pricing and revenue management tools there.

From what you've seen on your records and data, how much has the sort of the new bookings changed over the course of say the past month? Let's just say since March 14, if.

You get a monthly stay then it's guaranteeing you 30 book days. So it's a good thing versus if you only took short term bookings, maybe you're going to have five unbooked days. So maybe there was some merit to giving a 15% discount to say hey I'll get about the same amount. Second, was now talking about recovery. So all of this partly touched on it. So last minute discounts are kind of also saying that, that right now there is a lot of supply. So last minute discounts become important.

Yeah. So basically with Price Labs, like we say, you get the first five reports absolutely free, which is fantastic, which will help a lot of people. And you get access to that for six, 60 days again, which is superb. You can see the discount is a lot higher and then as it slowly gets more full or as it slowly goes out for a bigger date range, that discount is decreased. Now the question that I have is if we were to do all of this, do you automatically sync up to property management softwares and channel managers? So it can all be done automatically where we don't have to do this manually ourselves. And and if so, how many PMSs are you currently thinking and working with as a partnership? First question Anurag, if you could be isolated or on lockdown with one celebrity or famous figure, it could be alive or dead. Just one, who would that be? Over the past six months, what has been your best purchase? Your most recommended purchase under 100 final one final final one, which is one that I love to ask everybody specifically from the hospitality world, is what is your number one p of advice that you could pass on to anybody listening who would like to increase their direct bookings?

1 have a good website. 2 Market like think of if you do end up having a good website. Now the commission, the 15% commission that you used to give to whatever OTA, you can at least try putting a part of that into marketing and see if you. I mean, so this is going to be different because now on OTAs you only get charged that 15% if you get a booking versus marketing. It's a bit of you're trying something and you might not get a booking out of that marketing dollar. But it's something worth trying, even with a small budget.

Do you have YouTube channels? LinkedIn, Facebook? Where's the best place for somebody to start the journey?

We have a ton of content now on our YouTube channel. I know last time we spoke we were talking about how we don't market too well, but been trying to get better at putting content out. A lot of content there. We also, if you just go on our landing page, you'll see there is a section with one Covid but also a section about webinars where you'll see a lot of stuff there.

Audio doesn't matter, just go and subscribe. Go tell somebody about it. You know, we can do all of this, but we need.