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Custom Pricing Factors to Adjust Prices for Events and Seasons!

We've had the custom pricing feature in place ever since we started - it allowed you to select a range of dates and set a manual override to our price recommendations. From that point on, while the custom price was in place, we would only use the price you set.

This feature worked very well in many cases - most importantly when you had personal preferences that we wouldn't know of (you may not want to host anyone over the New Year's Eve unless there's a 3x premium that'll pay for your next year's gym membership, for example!), or for holidays when you think we aren't increasing our prices enough (or increasing too much!). While this flexibility was great, it was limited to using a fixed price that wouldn't change over time (no last-minute discounting, for example) or wouldn't work for longer periods since all the days would have the same fixed price.

Custom pricing has had a new added feature since last week to change that, as you can see in the screenshot below!
Custom Pricing

You can now enter a percentage increase (up to 300%) or decrease (up to -40%) instead of a fixed value. In addition to allowing you to give your preferred prices for an event of holiday, the new feature also works great if you want to change prices for an entire season - for example, you may want to increase all June prices by 20% while still keeping them dynamic!

The new rule you setup will be shown on your calendar just like before. Once you set a rule up, you will have to hit save/refresh to see the effects of the new rule come into action.
custom pricing effects

Account level custom pricing rules : Many of our users have hundreds of listings, and making date specific min-stay and pricing adjustments for holidays or events to each listing one by one might be too time consuming. In such cases, we highly recommend using the account/pms level custom price settings - you can find this on the customization page (Menu bar on top > Dynamic Pricing > Customizations). Click on the link that says "Date specific custom rules"

This opens up a calendar where you can click and drag over multiple dates to date specific settings:

  • Custom pricing factors to adjust prices for events and seasons
    • % of base price
    • % of recommended price
  • Custom min-stay value for events and seasons. Note that these settings can be overridden in case there is an orphan day gap and you have setup a rule for that. As an example, if you setup min-stay of 4 for a season, but a gap of 2 unbooked days gets created due to other bookings, this gap can be filled with a 2 day minimum if you have set it up that way.

Once entered, the calendar will look like the image below.

Now when you review prices for a listing, you can hover over these dates on the calendar, and the popup will show that you have an account level custom pricing factor being applied (you might have to click "Save/Refresh" button to recalculate prices using the newly set rules).

As always, if a date has both account level and listing level custom prices, then the listing level rules are used.

We're confident that this new feature will make using PriceLabs an even smoother experience for you. As always, feel free to drop in your suggestions at support@pricelabs.co - we have many improvements in the pipeline, and would be happy to hear your thoughts and incorporate them!