The problem
Many B&Bs set two or three seasonal rates and leave them: race days, graduations and festivals sell out months ahead at the normal price, while quiet midweek nights stay empty. If 15 room-nights a month could have sold for $27£20€24A$38C$38 more and 5 empty nights could have sold at $106£80€95A$154C$150 that's $399£300€357A$576C$564 + $532£400€476A$768C$752 = $931£700€833A$1,344C$1,316 a month missed.
What the AI does
PriceLabs is a dynamic pricing service. Its pricing page says it makes automated daily rate and minimum stay updates from market data and your own performance, with demand and seasonal adjustments, last-minute discounts and minimum stay recommendations, and integrations with Airbnb, Booking.com and many property management systems, including Beds24. You set a base price, a floor you won't go below and your own rules, and it updates your rates once a day. Check its prices weekly until you trust them.
A worked example
A 6-room B&B in York uses Beds24 and Booking.com. The owner connects PriceLabs, sets a floor of $100£75€89A$144C$141 a night and checks prices every Monday.
Before
Fixed seasonal rates: event nights sold at the normal price and about 5 room-nights a month left empty
After
About 15 room-nights at $27£20€24A$38C$38 more ($399£300€357A$576C$564) and 5 extra nights at $106£80€95A$154C$150 ($532£400€476A$768C$752): $931£700€833A$1,344C$1,316 a month more in bookings
What it's worth
About $698£525€625A$1,008C$987 a month in profit, at an assumed 75% margin after breakfast, laundry and commission on $931£700€833A$1,344C$1,316 of extra bookings. The extra nights and higher prices are assumptions; a quiet month can bring less. PriceLabs is about $45£34€40A$65C$64 to $93£70€83A$134C$132 a month for 6 rooms: $44.99 (about $45£34€40A$65C$64) as one multi-unit listing (1 at $19.99 plus 5 at $5), or 6 separate listings at $15.49 each, $92.94 (about $93£70€83A$134C$132), from its calculator.
How to set it up
- Start the 30-day free trial and connect it to Beds24 or your channel manager.
- Set a base price, a floor and a ceiling for each room type from your costs and last year's bookings.
- Add your own rules, such as a 2-night minimum on event weekends.
- Check every proposed price weekly for the first month before leaving it to run.
- Compare takings and occupancy with the same month last year before deciding to keep it.
What goes wrong
- Ask PriceLabs how your rooms are counted, as one multi-unit listing or separate listings; it roughly doubles the price.
- Without a sensible floor, last-minute discounts can sell a room for less than breakfast and laundry cost.
- Regular guests may notice prices moving. Decide how you'll treat repeat bookers before you start.
- Prices are in dollars plus taxes; the standard plan syncs once a day, and extra syncs cost $1 a listing a month.