Wheelhouse now predicts high demand pricing periods better than ever!

Thanks to your feedback — and a deep dive into the data — the Wheelhouse Pricing Engine just got a lot better!

Wheelhouse has been working fervently to provide you, our customers, with more responsive pricing predictions for high-demand periods — helping you earn more revenue! These periods include holidays like Thanksgiving, Christmas, and New Year’s, as well as big events in your local market.

Here’s how it works.

Our recommendation engine is based on two important factors:

(1) The prices at which particular dates are offered and booked across the entire market, and…

(2) The level of demand for particular dates (based on bookings across the market for those dates).

With this latest update, we’ve improved our analysis of the second factor — especially for dates further into the future — and increased its impact on our pricing recommendations. As a result, we’re able to identify high demand periods earlier, provide more accurate rates, and help you earn more revenue!

To see the impact of this change, the Wheelhouse Data Science team ran an analysis of what the new average prices look like for the San Francisco market. Below is a look into how the model will adjust prices for elevated demand periods for the next 12 months (as June 20, 2018), and how they impact pricing recommendations. The new approach is in red and the old approach is in blue.

In both the old and new approaches, you can see that we adjust prices for San Francisco listings on a daily basis. However, with the new approach, this adjustment is higher for peak activity periods where bookings are coming in more rapidly.

The new approach is particularly impactful when looking well beyond the immediate future, specifically for major events. In the chart above, you can see the adjustments are significant for periods where demand is already picking up. You can spot the biggest jump in the calendar for Dreamforce — the largest technology conference in the world — in late September 2018. These spikes will increase overall pricing recommendations for those dates, given guests are more likely to book but have fewer options available.

It’s not just the big, familiar events that will get higher price recommendations, however. The new approach also helps pick up lesser-known events far into the future, like the J.P. Morgan Annual Healthcare Conference in San Francisco in early January. Wheelhouse ensures that you’re always getting the right price recommendations for all periods where higher-than-normal demand is detected so that you’re always earning as much revenue as possible.

Not to worry though — if your property doesn’t get booked up as a particular date approaches, our algorithm will reduce your prices to encourage reservations, just as it always has.

To sum up, this new model ensures that we’re pricing high-demand periods for the entire upcoming 12 months more effectively than ever before. If there’s elevated booking activity in your market, Wheelhouse will start pushing prices upwards — sooner — to encourage higher booking rates. This will ensure you don’t miss out on earning higher revenue for high demand dates!

If you have any feedback about these latest Wheelhouse Pricing Engine updates, please let us know! Reach out to us at hello@usewheelhouse.com or contact us via our chat icon in the bottom-right corner.