[00:00:02] Speaker A: This is Short Term Rental Management, the show that is all about short term rental property management with your host, yours truly, Luke Karl.
All right, Short Term Rental Management, we have a real treat today. We have one of the founders of Price Labs and it's, it's been quite a journey for me just using Price Labs over the years. I can't even imagine what your journey has been like. Mr. Richie, how you doing, man? Tell us a little bit about yourself.
[00:00:34] Speaker B: Y Firstly, thank you so much for partnership over the years. The journey over the last few years has been so many emotions.
It's been good, bad, ugly, but mostly great.
We started off Price Labs now almost 12 years ago, wanting to make revenue management and pricing easier for everyone.
Because when we started 12 years ago, there were no similar tools. The only tools that existed were things that Hyatt or Marriott would use or like United Airlines would use.
And that was just too complex and plus prohibitively expensive for anyone to use. And so we started on this journey to make it easier for anyone to do revenue management. And Journey's been great. Today we price a little over 700,000 homes around the world and so can't be more thankful for everything that has happened, including the fantastic employees that we have and partners that we work with.
[00:01:55] Speaker A: Yeah, I remember when you first came out and it was a friend of mine is still we. I know this guy a very long time. We have a very long history of, of in this business together, et cetera, even partnered on a few deals together. And he's like, man, you got to check out this thing called Price Labs that'll help you price your properties. And, and again, this was way before, like this, like softwares didn't even really exist yet. You know, I mean, the, the management softwares didn't really start coming around until like 18.
I mean, you had Escapia, you know, you had some way back in the day, but yeah. And you guys were what officially, like, when did you launch?
[00:02:35] Speaker B: We launched in August of 2014, officially only for Chicago market, though.
We, we were living in Chicago at the time. My founders still lived there.
And so we launched it for Chicago market and largely because my property was based out of Chicago. And so I wanted to price it. And that's kind of how we got into it. And so we launched in August of 2014 for Chicago and then by December of 2014, we were like in most major markets. Okay, almost world.
[00:03:06] Speaker A: And what was it like back then? Because again, the software space was a lot different at the time. Right. And was it difficult to get into an Airbnb account. Like, I can't imagine that was a very easy thing to do.
[00:03:23] Speaker B: So. No, it was not.
What I would do is I knew a couple of Airbnb folks, so I would go to their home.
At first, I would, like, sit next to them. We'd connect our laptops, and then their Airbnb account would open and I would start pricing their account. And then at some point, they gave us their login and passwords, right? And so I would sit at home and manually type in everyday rates that I. Because we were printing rates that we wanted, right? The next 300 days of rates that we wanted. And then we'd go in and manually log in and type everything in.
And then eventually we built a connector, which. Which made it easy, but it would still fail. I think I remember this one night when we were. When we were at the time pricing, I want to say maybe 30 properties, right? So 20 or 30 properties. So not crazy, but something about the connection broke and we realized it and. But now it was like 30 times 300 rates that we needed to update. So 9,000 clicks that we. And for everything, I think it required three clicks. So you had like 27,000 clicks. And so you're just like going crazy, sitting in full night, like for the next three to four hours, just, like typing things in 27,000 times and just making sure that you're copying the right thing over.
But yeah, fast forward to now.
Now it's all integrated.
You don't have to type anything in. You come, you connect, everything flows.
So I'm great now.
[00:05:06] Speaker A: Yeah, but you were like, you were, you know, walking on in new territory. It was like, you were like a revolutionary at the time, you know, and now it's totally normal now. You got all these different ways to connect to different platforms and Airbnb and vrbo, et cetera.
But back then, man, it was. It was a different world, you know, so. Bravo.
[00:05:30] Speaker B: Yeah. It was what you called the wild, wild West.
[00:05:32] Speaker A: Yes, 100%. Yeah. I have to imagine that the platforms. Not to name any names, but, you know, the platforms themselves, the OTAs themselves had to have been a kind of a pain in the rear end to deal with and that kind of thing, but it's gotten a lot easier, honestly.
[00:05:49] Speaker B: They were also figuring it out right. Back in 2014.
Like, they were also like Airbnb, I want to say, came around in 2009 or so. I don't know exactly. No, 2008 or 2009, I want to say.
And so they were also kind of figuring it out also. Right.
And so same with some of the other platforms, etc. Right. So all of, all of the platforms were just figuring it out at the time. And which is why I say it was the wild wide west. Everyone was trying to.
Trying to figure out and largely do the right thing.
[00:06:21] Speaker A: Okay. Love it. Well, fast forward to today and now you have. It's much easier to integrate and we have all these awesome features in price labs, and I really just don't see any reason not to use it. I say that all the time, you know, like, and, and now we have the advancement of all the management softwares and some of them are doing their own pricing and things like that. But to me, if you're, if you're serious about this business, you. You have, you really have no choice. I hate to put it that way. And Richie, I'm not going to give anybody a coupon code at the end of this podcast or anything like that. This is all just honest testimonial here. I'm a, I'm a fan and I use it every day. And the pricing for me is. That's my favorite part. I feel like, you know, you got left brain and right brain. You got the right brainers that are really into designing the home and making it look pretty and great at customer service. And then you got guys like me and you obviously were.
I lean more towards the pricing and making sure all the numbers on this, on this, 365 of them a year are where they need to be. And thanks to you, we can do that more easily.
[00:07:28] Speaker B: Thank you.
I feel like you're giving yourself a little less credit because I see that beautiful sunset photo in the background.
[00:07:38] Speaker A: My daughter made that.
[00:07:39] Speaker B: Yeah. Okay, so, okay.
But she must have picked it up from somewhere.
Good taste.
But no, absolutely. Right. Right. Like some folks are right brained, some folks are left brained. Right. I don't think hospitality works without the design aspect. The customer experience aspect like that absolutely has to be there.
[00:08:02] Speaker A: Right.
[00:08:04] Speaker B: But I also don't think it works without the math side of it. Right. Because at the end of the day, you do want to make money. You do want to be profitable, whatever level of profitability you're looking to achieve, but you do want to be profitable. You don't want to be to make money. Right. And so both, I think, almost like yin and yang or the left brain, right brain, like you're saying. And so absolutely both need to exist.
Yeah. And I'm glad that there are a bunch of folks in the world that are like you, who are. Right. Brain math. Like it. Right. But having said that, there are a lot of hospitality professionals that aren't like that. Right. They don't like it still. Right. And so we are constantly figuring out how can we make it easier for them. Right.
So that it becomes. Yeah, any hospitality entrepreneur can very easily adopt price labs and make the revenue management or pricing decisions easier for them.
[00:09:13] Speaker A: Do we use this for hotels as well?
[00:09:16] Speaker B: Yes.
Yeah, absolutely. You can use it for hotels. We largely serve small hotels.
So when I say small hotel, you're thinking 50 to 70 room kind of hotel. So anywhere from zero rooms to 50 rooms. 70 rooms, right. We have a bunch of those on the platform today using it. We don't go above 70 rooms because at that point you start having some complications. You start having group bookings as a complication. You maybe also have a restaurant on site and you're trying to cross sell between them.
Maybe you have a event suite in your thing and you're trying to say I want to sell a conference and so I want to figure out how do I do like the conference plus room night, plus food plus all of that pricing together. Right. But if you're a hotel with largely room nights to send be support.
[00:10:10] Speaker A: Okay, we're looking for guests.
Are you a professional short term rental property manager?
Perhaps a co host or a host that has a fantastic story that you want to share with others?
We would love to have you shoot us an email at
[email protected] that's
[email protected] let's talk about some new stuff going on. The Listing Optimizer came out that not that long ago. I'm using it, I like it a lot. Can you tell us a little bit about that?
[00:10:52] Speaker B: Yeah.
So the genesis of Listing Optimizer, firstly. What is Listing Optimizer? Listing Optimizer is essentially we are looking at your Airbnb storefront, like your Airbnb listing page. And we are trying to say how well is it made written for it to convert really well. Right. So that's ultimately what we're trying to solve. For the genesis of this, Luke is our data science team that is heavily involved with our customer support and actually does customer support as well. Anytime a bunch of customers would reach out to us and say, hey, the pricing isn't working out for us. And we'd often go look at the pricing and we'd like everything feels right. And then we'd go into their account.
And by account I mean their say Airbnb listing page and we'd be just like, this does not have, like, things that we expect to see. Right. Maybe the photos won't be great. Maybe the description would be whatever. The title would be off.
All kinds of things would happen. And we'd just be like, this has nothing to do with pricing. This is like your, your setup does not exist. Right, Right. And then second thing that happened is a couple of years back, I was in Paris for Olympics, watching Olympics, and it was a hot summer, and we were trying to find an accommodation with air conditioning in it.
And a lot of the places in Paris don't have inbuilt air conditioning like we are used to, because these are older homes possibly, and they don't have inbuilt air conditioning. So what they do is they bring in this temporary unit in, you know, like, this is the, like they wheel it in and then it has a pipe that just like, you know, a duct that throws air outside and then keeps cooling the room.
But it works.
But the challenge was that when we tried to filter down in Airbnb to saying, hey, I want air conditioned homes before adding the filter. Let's say they were like in the area that we wanted 300 homes after adding the filter. There were like three or five.
But the reality was that a lot of the others had wheeled in the, you know, the rolling unit, but they're just not gone in and updated the filter. They may have added a text on it, they may have added a photo, but they may not have updated the filter or they may have updated the filter but may not have added the photo or whatever. All of the things like this exist. And so our team came together and we run something called as a hackathon inside price labs every year where team works on ideas that they want to work on. And so one of our, like, our lead data scientists said, hey, I've seen this happen so often with our customers where they're pricing right, but they're not getting bookings. And it's largely due with what's happening on their listing page. And so we built Listing Optimizer. Sorry for the detour on all of this, but ultimately what a listing optimizer is is it's trying to optimize your storefront so that when a guest comes to book, they're able to get. Your filters are all set up right. Your description is great. We give you recommendations on when the photos don't work. We give you recommendations on when you're looking at reviews. Like customer reviews don't match with your description.
We give you all of those things, we run it multiple times a month on your property to tell you, hey, this is off. Please fix it. And we also give you a ranking based on how you're doing relative to your market comp set. And then lastly, we also give you search rankings to saying, hey, where do you rank in your area for when someone's looking to search? Right. So we started with dynamic pricing, saying we should price you. Right, but you could be right priced, but if you're not visible or when someone looks at your property, it feels like, oh, I shouldn't convert here.
So that's where we got into. So that's what ultimately Listing Optimizer is launched at the end of this year, and I think the reception on it has been pretty good.
And a lot of people find value when they quickly see, like, mismatches across their portfolio.
[00:15:16] Speaker A: Yeah, it's one of those things where, like, you know, you get busy, everybody gets busy, and then you. And if you're. Especially if you're growing and more properties, and if you're a property manager, next thing you know, you got a hundred units and it's hard to remember to click that air conditioner button, you know, on 100 units.
[00:15:31] Speaker B: Yeah, 100. 100, yeah. And sometimes it's just like, you forget, right? Like you, you forget that you need to do this. Right?
[00:15:42] Speaker A: And I, and I do really feel, I mean, I hate to say it, but a lot of the competition, a lot of my competition as a manager, like, you know, they don't really care that much. They're not going to go to the extent to do these things. So I'm going to do it because then I can smoke everybody else and I want to smoke everybody else.
[00:15:56] Speaker B: There you go. Yeah, yeah, yeah.
And we are trying to make it easier for folks like yourself to identify the gaps and fix them so that ultimately the guests that are looking for places find them. What you see.
[00:16:11] Speaker A: Absolutely. And then now we're coming out with an AI situation on Price Labs, which I'm very excited about, if you don't mind talking about that. I know it's in beta right now, but if you could maybe show us how it's. What it does, and that'd be wonderful.
[00:16:26] Speaker B: Yeah, yeah, yeah. So it's in beta, but everyone has access. So if you're using Price Labs, you have access to it. Right?
You can go into your settings and let me see if I can bring it up while I'm chatting as well. You can go into your settings and you'll find the MCP details to Connect to if you have a Claude, if you have a Grok, if you have a ChatGPT, whatever. Right.
You find details in there, which is, think of it as a key that you go in and you connect to your CLAUDE account, for example. So there's something called as an MCP, which is Model Context Protocol, which allows AI tools like Claude or ChatGPT to talk to service providers like ourselves.
So you go in, you connect Price Labs to CLAUDE using an mcp.
This is where all the jargon stops. And after that, you're communicating in your language, whether that's English, French, Spanish, whatever, but your language. Right. The jargon stops at this point. You simply go into Price app settings.
You'd see MCP connector, you grab the key from there, go to your claude, search for connectors, search for Price Labs, and then that's all, that's all that needs to happen.
And once that's done, then. Oh, there you go. Oh, thank you. Yes.
[00:17:56] Speaker A: Click on here.
Yeah, GROK is a little above my pay. I don't know what that is, to be honest with you, but how do I like if Chat GPT I want to. I just click this one and add it to it.
[00:18:07] Speaker B: Yeah, Chat GPT. I'll. I'll actually tell you that like there is, There is a full setup guide for it, but yeah, the direct connector, if Chat GPT does not exist here today, it's coming soon.
[00:18:18] Speaker A: Oh, I see. So it will be here soon.
[00:18:21] Speaker B: Yeah, very. Similarly, GROK is Twitter's AI tool. Not. Not Twitter's, but like the Elon Musk, similar thing as Claude. Claude is anthropic, ChatGPT is OpenAI, Gemini is Google. And Grok, which is the other popular one is Twitter or Elon Musk's.
[00:18:44] Speaker A: I got you.
[00:18:45] Speaker B: Okay. Yeah.
[00:18:46] Speaker A: So if I don't have Chat GPT here yet and I'm a Chat GPT person, maybe I should wait a few days or a month or.
[00:18:55] Speaker B: Can we circle back on this?
Let me, let me, let me figure that out.
[00:19:01] Speaker A: Right, okay, no worries. And then also, do you have a preference? Like, let's say, you know, I have a choice between three or four options is one of them or is just whichever one I prefer?
[00:19:12] Speaker B: Whichever one you prefer. We don't have a preference. We don't have a preference at all across all of this. Right. So whichever one you prefer, you can go.
Go use it with. Right.
But once you, Once you have done this. Actually, I'm just seeing this. You can connect. Let me.
Can I share my screen?
[00:19:38] Speaker A: Yes, please do.
[00:19:39] Speaker B: Yeah. So if you're in Price Labs, and if you go to Set Settings, if you go to Settings and then like Luke, you were showing, you'll see all of these things. You can go to AI Connector. You see this Claude and Grok built in. But what you can also do is click this Learn More button.
Do you see also my cursor?
[00:20:02] Speaker A: Yes, sir.
[00:20:03] Speaker B: Yeah. If you click Learn More, it'll open this screen. It may open it here or here somewhere. But if you go to connectors, you'll see various connectors and you'd also see chat GPT. So if you go to ChatGPT, here are your instructions on how to connect price Labs to ChatGPT.
Yeah, beautiful.
Once you've connected, there are bunch of jargons here, which is like, hey, I can like bunch of tools that we connect to on an mcp. But here's the interesting part. We've added something called as a cookbook. A cookbook as any culinary fans or anyone will be familiar, right? It's. It's recipes. And so that's what we've done. We've given you some recipes. But what's happening is you can type in once your chatgpt or Claude or whatever else that you're using is connected to Price Labs, you can ask your Claude or ChatGPT in your natural language, whatever you want to ask or whatever you want to find, right? Or whatever you want to analyze, whatever terms you want to use, right? So as an example, let me say here I have, right, a cookbook which is like, see exactly where you sit in the market. It's something that we call as like, it's an analyze. I want to analyze where I sit in the market.
We have written a prompt at this point, I imagine a lot of us are familiar with prompt, but we've written a prompt to saying, hey, if you use this with this prompt, it will.
It will start to answer what's happening with your property. Oh, as an example, let me open this up. I. My, my. This is my Claude account. Do you also see my cloud account?
[00:21:57] Speaker A: Yes, I'm sorry, this is just a separate browser. You're getting a little over my head.
The. The Claude account is. I'm just going to Claude's website or the app on my computer.
[00:22:07] Speaker B: It's like ChatGPT app or Cloud app, right? So I'm in my cloud app, but
[00:22:12] Speaker A: it's connected to my Price Labs.
[00:22:15] Speaker B: It is connected to my Price Labs by following the steps that we had here.
[00:22:20] Speaker A: Okay, So I just go to the ChatGPT website. And it knows about my Price Labs,
[00:22:25] Speaker B: basically because you've connected the two.
[00:22:28] Speaker A: Right. Okay, sweet. All right, go ahead.
[00:22:30] Speaker B: Right.
So it does not know about it, but it knows that when you say, hey, for my property or for Price Labs, it knows to reach out to Price Labs and say, hey, Price Labs, Luke is asking me this information. Can you give it to me? Right? And so Price Lab says, via this mcp, Price Lab says, yes, for sure. Have you connected the two? I see. Yes, it's connected. Then I give ChatGPT that information, and then ChatGPT then takes that information, writes it in English. Because we send numbers and whatever, right? Numbers, graphs, charts, etc. Writes it in English, and then presents it back to you. Does that. Does that make sense?
[00:23:11] Speaker A: I love it. It's fascinating. You gotta understand, Richie, I'm in my upper 40s here, but I do. I love it. You know what I mean? Like, I feel like I'm getting a little old for this kind of thing. But can you imagine this in 2014, when you were starting Price Labs, did you. Did you ever dream of such technology?
[00:23:31] Speaker B: Fundamentally, no, absolutely not. But I think, Luke, what this does is, I know it feels scary as to what I'm saying right now, right?
But you're in Price Flaps all the time, Luke, and you look at all of these numbers and charts, and you're looking at it and you're like, oh, my God, I love this. Right? But there are also equal amount of people who look at those numbers and charts and graphs and go, just like, what the hell? I don't look. Want to look at graphs and charts ever again, right?
I have done enough of my 10th grade math and no more, right? My wife is one of them. Unfortunately, not. Unfortunately. Let me take that back, because she might hear to this. Listen to this podcast.
[00:24:16] Speaker A: We hope that she will.
[00:24:18] Speaker B: No, but no, she's one of those who's just like, no, I don't want math, right? I'm great. Like, but she's a great communicator. She's very clear about, this is what I want to know, right? And so if this is what you want to know, you don't need to look at the graph.
You can just ask AI Tool to say, hey, go to Price Labs. This is what I want to know. Ask this question, get that data, polish it, and tell me what. What's happening, right? And so that's what's happening here, right?
And so. So, like, I can ask this question.
[00:24:49] Speaker A: I want to see some examples. I'm all fired up now. Like, can I say, can you tell me why this property is not doing as well as the other properties? And. Or like, is it because of my listing or is my price too high? You can ask it all these things.
[00:25:02] Speaker B: You can ask it all these things, right?
You can ask it all these things. Now, you do have to be smart about looking at the answer to some extent, right? Because all of us know that AI tools hallucinate. Right. Sometimes they may not get the answer right. Right. But it does cut the work down into like, if, if it was going to take you an hour to look at things, it is going to look at everything and then summarize it down to you. So now you're looking at things in 10 minutes, if that makes sense.
[00:25:32] Speaker A: Yeah. For me, the AI is only as smart as you are. Like, you have to know when the AI is not giving you the right answer. And if you can't tell that, then you shouldn't be using it, you know?
[00:25:41] Speaker B: Yeah, yeah, yeah. So. So for example, Luke, I give you one example, right? Like, see exactly where you sit in the market. But I could also ask full picture on one listing.
[00:25:53] Speaker A: Can you share screen again on that Claude, is that possible?
[00:25:56] Speaker B: What am I sharing right now or am I not sharing anything?
[00:25:59] Speaker A: No share.
[00:26:00] Speaker B: I'm not sharing anything. Do you see my screen now?
[00:26:03] Speaker A: Yes. Beautiful. And I like the cookbook because that gives people an idea of what to copy and paste and.
[00:26:08] Speaker B: Yeah.
[00:26:09] Speaker A: And like, you know, because it's a starting point. Yeah, it's beautiful. I love it.
[00:26:14] Speaker B: Yeah, it's a, it's a starting point. And then, then you can, of course, then you can do like, you can create your own magic in your, in your AI account, right? But this is the starting point, right? So as an example, like now I have give me the full picture on one listing, right?
I have a dummy account created here. But let me start with something very basic, which is I want to just ask, tell me now I am in my cloud account, right?
Tell me how many listings do I have and name each one of them with listing id.
So it's going to look at my account, right? And it's going to find all of the listings, right? So it's like I said, right? It's gone into my account and it's, it's asked price labs to saying, hey, what listings exist now? Let me just say I'm here, I want to ask full picture.
And so let me just copy paste this prompt, come back to my cloud account, copy paste this right here. And instead of listing ID picture for I'm Just going to say, which one am I going to pick? Let me pick.
Stay, Mark, contact marquee on.
Let me just say.
Dummy pms. Right? So, okay, so I'm going to ask it. Hey, give me a full picture of my account. But what does that full picture really mean? I've given it. I've given it some output, a brief with five sections, market pacing versus last year, plus my own listings history, weekend versus weekdays, where I set upcoming high days. And then rules. I've defined some rules here. Right.
But I do want to caveat before I run this stem. Marquee is on a dummy pms. So it does not take bookings or anything like that. So it's a dummy property. I have no idea what it's going to say.
But let's run this. Right, but you can imagine you can ask the same question for anything and it's running in the background. Let's, in the meantime go back to the cookbook and we'll circle it back here.
But you can also ask, for example, owner one pager.
You know, like, owner, like you want to send your owners a report of whatever you want to do, like whatever's happening. And so you can create an owner one pager. Again, we've given a custom prompt, but you could change it to say whatever you want it to say. And you could probably also add, hey, this homeowner likes mathematical graphs and charts. So add graphs and charts. This owner likes reports.
Add that and then add maybe these five, four things. Five, six things. And so it'll include that kind of stuff as well.
Luke, are you with me?
[00:29:18] Speaker A: Yes. I love it.
[00:29:20] Speaker B: All right, so it's asking me for always allow.
And so it's, it's. See, so Claude's now thinking. Claude's thinking. Claude saying, okay, I found a tool called listing catalog, which through which it got the information for listings. Then it found a tool for compare nearby and then found a tool for reservations. And then now it's doing everything. Now it's here saying, here's the full picture of market facing returned an error. So like I said, this is a dummy property management system. Property management system. So it does not have anything weekday versus weekend demand price.
It found something key takeaways. Tamarki is a dummy PMS test listing, so cannot sync to real market data.
But hopefully that gives you a starting point to saying, if I use this, I could get real information from Claude.
Does that, does that resonate?
[00:30:22] Speaker A: Yes.
[00:30:23] Speaker B: How do you feel?
[00:30:24] Speaker A: I feel a little.
Inadequate because this is, this is some, some high level Stuff here, but I love it. I love it.
Inadequate as a human is what I mean.
[00:30:41] Speaker B: But yeah, but no.
[00:30:45] Speaker A: Can I ask it? Can I say, hey, Property XYZ does not have enough bookings. Can you adjust my base rate down 15?
Yes, and it will adjust my base rate down $15 from ChatGPT.
[00:31:01] Speaker B: Yes, but you can. You, you don't just have to say this, right? Because you know what you said. You just said, Property XYZ does not have a booking, so adjust my base rate $15. You don't have to say this. You can also say, look at my property, see if it has bookings or not. If it does not have bookings.
Oh, if it, yeah. If it does not have bookings, drop my base rate by 15%.
[00:31:25] Speaker A: Does it have bookings?
[00:31:27] Speaker B: Don't really report it.
[00:31:28] Speaker A: I love it. Does it have limitations? I hate to cut you off. I'm just so excited about this. Does it have limitations? In other words, if I have a custom seasonal profile for the month of July or fourth of July, whatever, can I say, please adjust the base rate in my custom seasonal profile for July down $15.
[00:31:53] Speaker B: I want to say, yes, but here's the answer. If you. If that doesn't happen, right, reach out to us at supportricelabs Co and we will try to enable it.
[00:32:04] Speaker A: Okay.
[00:32:05] Speaker B: Right. So I'm going to go back to this like the. Where I had the cookbook and all of the documentation. And if you want to find it, it's developers pricelabs Co. So that URL. Right.
But what we also have is this change log right here. And what you do is almost every day we are adding, adding new tools. Right? So if you said, hey, I wanted to drop my customization, like, sorry, custom seasonal profile, price down. And Claude responds, sorry, this is not. Or ChatGPT response, sorry, this is not possible. Send us an email.
[00:32:41] Speaker A: Okay.
Because that's something I do often. I'll say, you know what, Because I have a lot of seasonal profiles. And I'll say, maybe like, you know, like Christmas, you know, like I got a Christmas seasonal profile. Can you lower every Christmas seasonal profile in my Pro in my dashboard by $20?
Yeah, that would be. You have no idea how much time that would save me.
[00:33:05] Speaker B: Exactly, exactly, exactly. Right.
So yes, you want to be little careful about that prompt. So you want to first say, hey, for this property, do this. And then you want to visually verify if it does it right, what you want it to do. And then you go in and then say, hey, do it for all of my properties or Whatever you want it to say, right? But then you should also always ask it to saying, do all of this and report back everything that you have done, right? So that you're just asking it for confirmation. So in case it missed something, you can, you can double check it.
[00:33:45] Speaker A: I love it.
[00:33:46] Speaker B: Does that make sense? Yeah.
[00:33:47] Speaker A: Yes. It's fascinating. It's fascinating. Can you have, do you think of any other examples, like some of those things that you've put in for the, like the daily things that people have asked to add to this?
[00:33:59] Speaker B: Yeah, like so, for example, let's see, let me share.
And some of this will automatically start to make sense, right?
For example, people wanted all kinds of metrics access, right? So in price labs you can see all kinds of metrics access, right? And we didn't have those metric access till July 20, so we added them on July 20.
In price labs we have nudges which tells you, hey, you should change your base price or you should change your minimum price now, right? But for that you have to go inside price labs, see it, change it right now you can ask your tool, hey, does price labs have any active nudges for me? And if it does, it will tell you, hey, these are the active nudges. And then you can decide to take action or not. Right? Again, inside the tool, inside the charge itself, right? To saying, hey, yes, please do it.
We added a tool like booking report tool.
So for example, you can filter all the booked things, etc. Right? So again, you can ask things like for any tool that we add. Also we have things like show me all the bookings in my Miami listing for 30 days.
Get canceled bookings with check in dates in next 30 days, right? How many of my bookings are coming for. Let's say you have a bunch of listings in your account and you have tagged them with some names, right? Say in this case, I've tagged them as luxury. So how many bookings have come in in the last month for my luxury target tag listings, right? How many bookings have come in? Whatever you want to ask, right? So the world's your oyster in this, right? Just anything that you think of, just ask and let it, Let it tell you no. Sorry, Candle.
[00:35:50] Speaker A: This is the future, man.
Again, you're a cowboy. You're a cowboy. You're in the Wild west, because next thing you know, everybody's gonna have this, but you're ahead of it and it's necessary for the pricing of the property. I love it. I love that I can just talk to it like it's Almost like it's an employee.
[00:36:11] Speaker B: Exactly. Exactly. It is. Exactly. Right.
It's.
[00:36:15] Speaker A: It's.
[00:36:16] Speaker B: And especially if you had a process of this is what I want to do, or this is what I do every day. Like you're saying, right? Hey, I go into Price Labs and look at my custom seasonal profile for Christmas and drop it by $15.
Just ask it to do it. Right. And report back to you if it's done it right. And then you want to verify some part of the work because AI does hallucinate sometimes. Right.
And we don't control what chatgpt or Claude does. Right. But you can just go ahead and try it.
And the way to think about it is we think of.
In terms of prompting, you can think of three things you can think of finding. I want to find this information in Price Labs. So you can always ask ChatGPT to find it. Right. Or I want to analyze this information. Right.
So find is which of my weekends are unbooked as an example. Right. Go ahead and find it.
Analyze how my listing is doing, analyze how this listing is doing compared to another listing, or analyze how my whole portfolio is doing. And then ACT is again, the example that you gave. Hey, drop all my Christmas profiles down by $15. Right. So that's ACT. So you're always thinking of finding, analyzing ACT. So if you think of those three things, and that's kind of how you use Price Labs as well, Trying to find something. I'm trying to analyze something and act on something. Right.
And so anything that you do against those three, you can do it in ChatGPT. Right. And the beauty is you can also merge all of that together into one statement. You can say, find this.
If you find it, analyze it. And if the analysis says X, then do Y.
And so whatever's in your brain, whatever you were going to do before you. Before you open the Price Apps account, you can have an employee do it.
That's all that matters.
[00:38:34] Speaker A: You just made my life a lot easier, man. Thank you.
[00:38:37] Speaker B: There you go. Okay.
I hope you and a lot of your other listeners will give it a try.
We're still in early stages of figuring all of it out, how people use it. Where do we. Maybe there'd be things that you run into and you tell us, hey, I want to do this, but I can't do this. Right?
And so we'll try to figure out and see how we can. How we can get it to work, man.
[00:39:02] Speaker A: I love it, dude. For real. I'm like, over here, I'm on the side like trying to hustle and figure out how to hook all this stuff up while you're talking. And I'm like, I don't want to be rude, but I can't wait to dive into this thing.
[00:39:12] Speaker B: Let's do this. Okay, cool.
Yeah. But, like, just word of caution. Anytime the AI tool does something right, you want to.
You want to read it, what they've done. You don't just want to say, it must be correct. Right.
I often tell my team that you want to treat the AI as an intern in various cases. Right.
It's like a very smart intern who knows everything to do. Right. But you still want to check its work time and again.
[00:39:48] Speaker A: Absolutely. No. 100%. And it's. Again, I do that all day, every day because I'm constantly asking it questions. It's really, you know, it's fancy Google at the end of the day, but it's.
You do need to be smart enough to know whether it's telling you good stuff or not, you know, so. Yeah, yeah, Very, very good point there. But.
But, man, this is really cool. Very good stuff. Very good stuff. Anything else we need to know? Richie, so grateful to have you, but anything else you want to talk about?
[00:40:16] Speaker B: No, no, no. This is.
Go ahead and try it.
We're also working on several tools that will make life even more easier. I don't want to talk about it today, but if, Luke, you and I have a chance, maybe in two months we chat again and then you'd hopefully be even more overjoyed.
[00:40:43] Speaker A: I would love that. Yes, I would love to have you as a regular appearance on the short term rental management program. And that would mean the world to me. Again, been a fan since day one. And again, I do want everybody to know I am not going to give some sort of coupon like affiliate code. I just want everybody to know that this is an honest opinion from yours truly and from the short term shop.
And I use your product multiple times a day for a decade now.
[00:41:12] Speaker B: So thank you, thank you, thank you for being a customer because without that, we won't have a business.
[00:41:25] Speaker A: All right, well, I just can't tell you how much I appreciate you and hope to have you on again soon. So thank you very much, Richie from Price Labs. And as always on short term rental management, don't overthink it.
[00:41:45] Speaker B: Sa.
