Customizations which allow Below Minimum Prices

As explained in this article, "the minimum rate is the lowest price a user sets for their listing" -- and as the name suggests, would be the 'minimum' or the least possible recommended rate from PriceLabs for the listing, no matter what customizations are applied. 

However, in this article, you'll learn that there are a some customizations that are considered exceptions to this. This simply means that the effect of the minimum price is cancelled or overridden.

Date-Specific Overrides

With PriceLabs, you can create Date-Specific Overrides for certain dates (or a range of dates); but only a Fixed DSO can go outside the lowest (or highest) price boundary since you're entering your own price - these pricing adjustments will no longer apply to a date with a fixed price override in place. 

When setting a fixed price override, you will see the following warning/message - just click on "Yes, Confirm" to proceed:

So for the example above, even with a minimum rate of 100, the fixed rate (80) still overrides it:

Custom Seasonal Profiles

This customization which is used to set seasonal minimum, base and maximum prices throughout the year will override your listing's standard minimum rates (as well as base and maximum) depending on when these Custom Seasonal profiles take place and its duration.

For example, if you set the following Custom Seasonal profile with a minimum price of 80 (June 1 - July 31), then that minimum price will be in effect for that whole duration of that 'season':

 

Note: If you leave the base and maximum prices blank, the listing's standard rates will be used.

Fixed Last Minute Prices

Only a Fixed Last Minute discount will go below the minimum rate, which means that it can override the effect of the Minimum threshold set for any listing (the % Flat & % Gradual Last Minute respects the minimum rate).

For instance, in the below example, setting a Fixed Last Minute rate of 80 will go below the Minimum rate of 100:

Pricing Offsets

The Pricing Offset customization allows you to set a Fixed or Percentage change (discount/premium) on top of your listing's recommended price so this customization can potentially lower your listing's final price below the defined minimum price.

For example, in this image below, the listing's minimum defined price is at 150 but the Pricing Offset is able to lower the listing's price to 120:

Monthly and Weekly Discounts

Monthly and Weekly discount is a pricing strategy that encourages guests to book for a longer duration, typically a full week or month. The idea behind offering a weekly/monthly discount is to attract guests who are looking for extended stays and to provide them with a cost-saving incentive

Let's say someone has set a 20% monthly discount, we will send the usual daily rates to your connected platform and if you get any bookings with a duration of more than or equal to 30 days, a 20% discount will apply to the total booking amount.

Average daily rates can be lower than the set minimum price in PriceLabs due to Monthly/Weekly discounts. This is because Weekly and Monthly discounts are applied on top of our recommended rates. 

• Related Articles

• Advanced Minimum Price Settings

  Important Note: For any date minimum price rules will be applied according to our general customization hierarchy. This means that it is possible to use date-level overrides, for example, to decrease the price below a listing's set lowest price. ...

• Setting your base price

  What is the base price? Base price is the average rate you would charge across the year. We use the base price as a starting price and apply all market factors, demand patterns, and customizations on top of this. The base price includes the quality ...

• Pricing Customizations

  At PriceLabs we strive to recommend the best data-driven prices for your vacation rental and Airbnb listings to get bookings and drive revenue. While that works for most hosts and vacation rental managers, we recognize that you may want to customize ...

• Seasonal Pricing Customizations (aka Pricing Profiles)

  What are Pricing Profiles and how can they help you? "Pricing Profile" is a feature that we have introduced to solve for specific use-cases for seasonal markets. A "Pricing Profile" is a user-defined set of configuration of Pricing Customizations. ...

• Safety Minimum Price

  What is Safety Minimum Price (SMP)? The Safety Minimum Price (SMP) is a feature designed to ensure that your minimum nightly rate never drops below a certain threshold. This threshold is based on your historical booking data, specifically the Average ...