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 show vacancy rates).
We are now piloting a new setting that allows you to set certain price adjustments made in different time windows, and 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).
- 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 time ranges, or the % adjustments based on what your occupancy targets look like.
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.
If you think this might be useful, do drop us an email at email@example.com. These settings are currently available from the backend on request, and will be available on the UI soon.