⭐ Airdna or pricelab which one to choose?
In this video I answer this question that I am often asked. Thank you Alan for talking about it live again last week, this is the opportunity to respond to everyone in this video.
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Hello, and welcome to the I'm posting full channel, the channel that helps seasonal rental companies, professional sub-renters and seasonal rental concierge services to become serene and ultra-profitable entrepreneurs.
Today, I'm answering a question that was asked to me last week by Alan, during a live, who said to me: "Élise, should we choose Airdna, or should it that you should choose Pricelab? » I found the subject really interesting, and since it's not the first time I've been asked the question, I thought we'd answer it together today. I will be able to give you all the answers to this question.
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Thanks to Chris who sent me a nice message before the live even started. I thank you Chris, it’s super nice: “Hello, Élise, thank you again for this new live”. Thank you. It's really nice. I didn't even know, in fact, that you could put comments on the live before it even started. It's YouTube that allows this. I see you're watching me on YouTube. Thank you so much. It's super nice.
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Hello to you. Welcome. How are you ? I know you are loyal to our Lives. Thank you.
We're going to answer Alan's question who asked me last week: "Should we choose Airdna, or should we choose Pricelab?" » They are completely different tools in reality. I understand that the misunderstanding may be quite obvious. It is quite possible, in fact, to misunderstand these tools, because we see tools that help us make pricing decisions from the outside. In reality, basically, they are two tools that have completely different functionalities and uses.
Airdna is a tool that will help us to have a market trend. It is a tool which will allow us to understand, which will allow us to understand our city, to understand the performance that competitors manage to obtain in our city over time, that is to say over previous years, but also with information about the future. So, that's really the point of Airdna, the point of this tool, basically. What questions do we answer when we look at Airdna and subscribe to Airdna? It is a tool that will be able to help you when you are hesitating when investing. If you are hesitant to invest in an apartment, a house, a lodge, a guest house and you want to know the performance on these, the location you are considering, well, Airdna, it is the perfect tool that will help you to have an estimate of the financial potential that this location may have. Be aware that there are competitors to Airdna, including a site called Transparent, the site is transparent.com. But, it's true that I talk a lot about Airdna on this channel, because it's a tool that has excellent value for money. It's a tool that we use on a daily basis in the team to be able to optimize the turnover of clients who entrust us with their apartments and their homes. So, Airdna can help us before investing, before launching your project, your lodge, your guest house or buying an apartment or a house. So that helps us at this point. It will also help us determine our pricing strategies, because thanks to this tool, we will be able to understand when there are periods of high demand, when there are less, overall, what are the differences that are possible in this city between a studio, a T2. We have a really keen understanding, not just, of what's available for sale, because when you look at Airbnb, there are people who are super expensive. Yes, but they are never sold. So, actually, it's not that fair. This will allow us to have a vision of what is actually being sold. This is for Airdna. It really allows us to be more precise, sharper in our understanding of the potential once we have invested in the project, and we want to build a pricing strategy for this property, for this gîte or for this house.
And then, the last moment where it will help us is also later, once we have already built our pricing strategies, we have launched the activity, and we are in the heart of season. We look at the periods to come, and we say to ourselves: “Ah, there are periods which go better than expected, there are periods which go less well than expected”. And in these cases, when we try to diagnose where the problem comes from, is it the city that is currently in difficulty. So it's not just me. Or conversely, am I the problem? Because precisely, I was too pessimistic about prices, because I perhaps have other problems with my settings. In any case, should I question myself or not? Well precisely, during the season, when we are in these situations, to know whether or not we need to question ourselves, Airdna and its tools, like that, for monitoring market trends, are precisely tools who will give us the resources to know how to question ourselves, and to know how to question ourselves, to know in any case whether it is up to us or not to question ourselves, is that the whole city which currently has a lack of demand or is it really us who are missing out on the demand that there is in the city, because we anticipated things poorly. So there you have it. Airdna is a tool for monitoring market trends, which we use in three ways. It helps us upstream to know what we can expect, which we use to build a first pricing strategy, a first revenue management strategy. It will help us during the season to be able to either say: “Is it the whole city that has a problem? Is it just me? », and therefore, have the best decisions made during the season, to continue to optimize its turnover and financial performance. So, that's for Airdna.
I think I already have messages. Thank you. Hello Maxime. Welcome. “Hello, Élise, thank you for offering us this great content” Thank you, it’s really a pleasure to read this. That's why I do it. So, I thank you for telling me again and again, because I believe you had already shared it in the past as well. But thank you.
Hello Melanie. Welcome. I hope you're well. Hello to you. I don't see your first name. “Thank you for this content.” Well, please. Thank you for taking the trouble to tell me.
So there, we just saw Airdna. Now, we are going to talk about Pricelab, because Pricelab, I tell you, it is a tool as I told you which, in fact, basically, is totally different, because Pricelab is a system which is an algorithm. In fact, it is a pricing algorithm, that is to say that the system will calculate for you the price to position on a day-by-day basis. It will be based largely on market trends, market performance. Besides, it seems to me — you have to correct me, if I'm saying something stupid, if you have this precise information — but it seems to me that Pricelab also uses Airdna statistics to provide a certain amount of market information as well. in the system, so check. I'm not 1000% sure. I know they give market stages, it seemed to me it was on Airdna, but to be confirmed. In any case, basically, the profession and what one could subscribe to the Pricelab system for, it is not to have an idea of the market, it is rather to subtract this part of pricing strategy and revenue management strategies which is a robot that does it for us and therefore this is exactly what Ptricelab offers. It is a robot which will determine for you the prices for each of the nights which are currently available in the system. After my opinion on Pricelab and these systems, I have already had the opportunity to share plenty of times so, if you are faithful to our videos, I will give you a summary again. I find that these are good tools, but not for everyone and not all the time. These are tools that can be very good for someone who has little unity, for example, and who doesn't want to have to look at it at all and who doesn't want to have to deal with these subjects at all. -there. And in which case, it can be a solution, in fact, not having to do anything. And then, it also works very well, since we have several hundred apartments, and we have a revenue management analyst in our team who cannot constantly produce prices for 365 days of the year out of 800 apartments. So, in these cases, we need, in fact, Pricelab which positions prices everywhere and then we have business routines for the revenue management analyst who will come and reprocess, in fact, and readjust what Pricelab does over time. of the year. So there you have it, it’s a tool that can be very good. Now, it's true that I'm not distorting my thoughts, I remain convinced that we must also add a layer of human intelligence and train ourselves to make sense in order to be able to pilot well. So there you have it, for me, the human brain today is still very efficient and much more efficient than a robot when it comes to good management. But, they are tools that make a lot of sense in many situations and can also help a lot of people.
So, the important nuance to have between Airdna and Pricelab is that Airdna gives you an idea of the market and allows you to have the analytical figures to analyze well, to form convictions in many situations. Pricelab will do things for you on the price grid section and will replace a price for each day, on your short-term rentals. So, when we ask the question, the famous question: should we take Airdna or Pricelab? Well, for me, they are two totally different things, they are two different needs in two different contexts and that's it. For me, there is no necessarily a trade-off between the two.
Now, I bring a nuance to this, because Airdna recently implemented a pressing system, pricing algorithms, in fact, quite simply a bit like Pricelab. It's quite new. They started launching it, setting it up to help, making recommendations on pricing. Now, what you need to know is that, well, it's necessarily less old in terms of expertise than what Pricelab does, since Pricelab still has many more years of experience on the subject. . That's the first thing. And the second thing is that Airdna, this day maybe it will change over time, maybe it has already changed, I haven't seen it, but it seems to me that it is, This is not yet the case, Airdna will not be connectable to a channel manager, once again points to be confirmed. It seems to me that this is not the case today. What Pricelab does, therefore, it is true that in a dynamic of professionalization, if you want to start for your first concrete apartments, Preslab, it is really very important that it is connectable to a channel manager. Which is not the case with Airdna today. In both cases, I find that the pricing algorithms – and well, obviously, I am playing my old role as revenue management experts – but the pricing algorithms are, in my opinion, always very opaque on the reasons which lead to setting this price. I think it would be really virtuous, if they go through this and watch this video, to make things much more transparent for the user in order to support the user, to correct them when necessary. amounts proposed. We saw it during the pandemic, there were many moments where for reasons x or y, prices skyrocketed and where prices were broken. In these cases, it's a shame not to give more visibility to the user so that he can be accompanied by the tool in a better revenue management strategy and ensure that it doesn't end up in prices, which sometimes may not be the right ones. There you have it, the little flash effect, if they ever go that way.
In any case, I hope that this was able to enlighten you on this famous question of should we Airdna, should we Pricelab? Or in any case do we have to choose between one or the other? In my opinion, to be very clear on this question, there is no choice to be made between the two, because they are two different things.
So that’s a very good question that I’m also often asked. Maybe I need to make a video about this. In any case, for and on this question, Frédéric, in fact the functioning of Airdna is, in fact, the result of scrapping, that is to say a collection of information on the Airbnb site. So that's their data source. Now, what Airdna is selling us is not only this little robot that will collect information on Airbnb, it is selling us a two-step process, that is to say it is selling us the robot and it also sells us the fact that afterwards it has an algorithm which will reconstruct the total performance of the advertisements, so basically, which will estimate in the light of what I manage to collect on Airbnb such was the overall performance for this advertisement, if I consider all the sales that could have been made on the apartment. And so, that's actually what Airdna sells to us and that's why we use it for our daily work, because it's not just the harvest of a pure and hard Airbnb, it's an estimate in light of what they saw in Airbnbs, but an estimate of the total performance of the ads. That's what we use it for. They are, moreover, controlled at five points on the quality of their data. But, moreover, I would like to take this opportunity to remind you, this is also why, as it is a reconstitution algorithm, it is important that you have a sufficient number of announcements in your city, to ensure a sufficiently robust accuracy of the data you are looking at. We say, so, it's a bit, there you go, it's a bit arbitrary, but we say at least 50 announcements, that's a solid base to still have sufficiently robust data. If you can have at least 100, it's true that it's much better. But there you have it, from 50 announcements, we would still have a certain robustness on the data we are looking at.
Look, the live is maybe a little shorter than usual. I hope this could have helped you. If you have any questions, don't hesitate to ask me in the comments. You can also put it down afterwards while watching this video in replay without any problem. I make sure to answer all questions. On YouTube, I have a little interface that helps me do this, because I immediately see the comments to which I haven't given a response, so be sure to have a flawless response. And on Facebook, I try to go back to the Lives to make sure that I haven't forgotten any questions and that I can provide an answer even after the Lives. So, don't hesitate to ask me your questions, with great pleasure. If you are not subscribed to the channel, as I said, "subscribe", don't delay, subscribe, also click on the bell to be alerted when I go live like that. It's nice. We can chat together and it's always much more lively than a video that I would make alone behind my computer. And then, if you have not yet received the free bonus, well, just download it, below you will see, we have done a nice little thing well presented which is quite educational, which allows you to at least avoid six pitfalls when you make your prices, six most frequent pitfalls that we have already seen. So, don't hesitate to download it.
That's it, I'll see you Thursday for the next live. Frédéric said to me: “Thank you”. Listen, please. I hope my answer was able to help you. I'll see you Thursday noon for the next live, either on YouTube or on Facebook. Take care of yourself.