Pricing customizations to personalize your price recommendations!
Updated on August 23, 2019
At PriceLabs we strive to recommend the best data driven prices for your vacation rental and Airbnb listing to get bookings and drive revenue. While that works for most hosts and vacation rental managers, we recognize that you may want to customize certain aspects of the prices recommendation based on your preferences and what have observed. For example,
We apply last minute discounts to help get bookings for dates that are very close and have a reduced chance of getting booked. However, you may not want last minute discounting because you want advanced notice to prepare for a guest. Or, you really don't mind, and would be ok going more aggressive to get any bookings you can.
From a revenue perspective we give a discount for orphan days (one or two days gaps of open days between two bookings) because bookings on these days are harder to come by. But we understand that you may not always want to fill orphan days at a discount, since it means turning the place around (whether you use a cleaning crew or do it yourself) in a short time.
You might want to adjust weekend price trends, apply a separate minimum price for far out dates and weekends, or even change what weekends mean to you!
If these sound like something familiar, read on! You'll notice a new box on the left panel when you review prices for a listing. It looks something like this:
Click the "Edit" link, and a popup opens up,
You'll see that there are a few different kinds of pricing customizations - last minute prices, orphan day prices, day of week adjustments - available in addition to minimum stay customization. We'll focus on the price related customizations here - you can find a more detailed discussion on minimum stay updates here.
Last minute discounts: By default we apply a gradual discount that varies depending on your location. There are three options available if you want to apply your own customization for either discounts or premiums:
- % Flat: For example, if you specify 30% flat discount within last 7 days, then a 30% discount will be applied for days 1 to 7, where day 1 is tonight.
% Gradual: If you specify 35% gradual discount within last 7 days, then: for a date that is 7 nights away, the discount will be 0% and everyday that it gets closer, we keep adding a 5% (=35/7) discount such that on the same day the discount becomes 35%.
This results in a more gradual discounting rather than a step change.
- Fixed: If you specify 70 USD (or the currency your listing is priced in) within last 10 days, then we'll set the prices to 70.
- %: As an example, if you specify 30% discount for 2 days gaps, then a 30% discount will be applied for all gaps of 2 or less days between two bookings.
- Fixed: As an example, if you specify 70 USD (or the currency your listing is priced in) for 2 days gaps, the price for all gaps of 2 or less days between two bookings will become 70.
Day of Week Adjustments : Our dynamic pricing recommendations already account for day of week trends. We recommend most users to not use this customization, but there might be times where you observe different trends for your listings (as an example, corporate housing accommodations in a city might see more demand during the weekdays even though there are more "vacationers" during the weekends. To adjust your pricing recommendations for something like this, you can enter a % adjustment that applies on top of our price recommendations. The value of the percentage can vary between -40% and 300%, and leaving a box blank implies no adjustment. You can apply these at listing, group and/or account levels.
Minimum Far-out Price : This customization can be used to make sure that the prices for dates beyond a certain horizon don't fall below a certain threshold (even though it might be low season in the middle of the week). Note that having this min-price to be below the listing lowest price will not have any effect (as our prices will not go below the lowest price anyways).
These can be useful in allowing two levels of min-price settings: You could set an overall min-price of 120, but a far out min-price of 160 outside 15 days. This means that our prices will go below 160 only for last minute bookings.
Minimum Weekend Price : This customization can be used to make sure that the prices for weekends don't fall below a certain threshold (even though it might be last-minute in low season). Note that having this min-price to be below the listing lowest price will not have any effect (as our prices will not go below the lowest price anyways).
Define your own weekend : Our algorithms use Friday and Saturday night as the default weekend days for various customizations, like minimum weekend price and dynamic minimum-stay. With this customization, you can change that! This can be very useful if:
- You're in destination locations where people come for longer stays (so you might want to define weekend as Thu-Fri-Sat, or Fri-Sat-Sun, or Thu-Fri-Sat-Sun)!
- You're in a location where weekends are shifted, like Thu-Fri in middle-east Asia.
Using these customizations and checking how they show up!
Now let's apply some customizations and see what happens! To do this, turn on the switch on the pop-up and edit the values to what you want
As you hit "Save Customizations", we'll recalculate the prices using the new settings. You'll notice this in two places:
- If you hover over the dates that should be impacted, you'll see the reason being specified.
- The panel on the left will specify the customizations you have set
Lastly, you will see additional minimum-stay update options here. You can learn more about these in our post about minimum-night settings.
Bulk updating customizations for the whole account or groups
And that's not all! If you want to apply a certain customization for all listings in your account or groups of listings, you can use the customization page. For listings that have their own specific customization, the group/account level settings will be ignored. The account level settings can be set for each PMS/channel that you use. This page also lets you quickly review and update customizations on each listing individually.
These features are based on feedback we have been receiving from you - we hope these will give you more control as you continue to use PriceLabs! As usual, feel free to email email@example.com if you have any comments or questions.