The base price is one of the key inputs that goes into our pricing recommendations, and most users periodically change the base price based on the performance metrics on the dashboard (which shows vacancy rates).
We are pleased to release a new customization that allows you to set certain price adjustments based off of occupancy rates of a listing within different time windows (note that this is done at a listing level, and we're not talking about your portfolio's occupancy levels). An example is provided below:
- These adjustments are applied on top of our price calculations (which include seasonality, day of week, event/holiday, and last-min/far-out factors) and your adjustments (last-min discounts, orphan day discounts, date specific adjustments, etc).
- Even after these adjustments are applied, the prices will not go below a minimum price or above a maximum price you set.
- If you put in an fixed price override at listing level (or a "% of base-price" override at group/account level), then those prices are final and none of our calculations are used.
- All the numbers in the table are adjustable - you can provide the day ranges, or the % adjustments based on what your occupancy targets look like.
- Blocked dates are considered booked for the purposes of calculating occupancy rates
These adjustments can be really useful in many ways, including:
- if you have two similar listings next to each other with the same base price, but for some reason one is getting booked while the other isn't (maybe a bad review, search rank, or some other reason), this will automatically lower the price to attract more bookings. This is especially useful if your listings are from different owners and you'd like a more equitable distribution of bookings across the portfolio.
- if there is a new listing that has no bookings, this will automatically lower the price for next few days till the listing gets some bookings, and then bring it back to normal once the listing has enough bookings.
To use the Occupancy Based Adjustment Customization:
Start off by editing the customizations (either for a listing, group or account!), going to "Occupancy Based Adjustments" and toggling the switch-button located on the right-side of the customization.
If the switch is in an off position, then a default profile (which is in the screenshot above) will automatically be used. If the switch is on, then you will be prompted with several different profiles to choose from, as shown below:
You'll see the following profiles in there:
- Default: these are the default settings used by our system if you haven't enabled any customization here. Choose this option if you want to tweak our defaults.
- Aggressive: these more aggressive settings than our default settings - a lot of our customers have beta tested those and have seen good results!
- Step-last min discounts: Use these if you want to setup a step-wise last min discount instead of some of our regular last min discount options
- Far-out premium: Given how customizable these tables are, you can even use these to setup far out premiums so increase prices for dates beyond a certain window!
- Custom: Any of the above can be tailored into a custom option, and this is the option you'll see selected if you edit and save one of the other templates.
- None: Need a tight control on prices and don't want this automation? Use this option so our defaults don't kick in!
Each profile can be customized to your liking by clicking on the "Edit Profile" button. After clicking on the button, you will be prompted with the entire table and will be allowed to specify the exact values for your profile.
When customizing your profile, make sure to follow the following rules:
Each day range must be smaller than the preceding day ranges, as shown below:
Each occupancy-based percentage in the left-hand column must be smaller than all preceding occupancy-based percentages.
- All percentages in the table must be within the range of -50 % to 500 %. These percentages, as mentioned above, will be applied on top of our pricing calculations.
When finished editing your custom occupancy-based profile, be sure to click on on the Save Profile button.
This will redirect you back to the previous customization menu, where you can finalize all customizations by clicking on the Save Customizations button.