Do you frequently change your base price to react to certain occupancy metrics? Or maybe 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. - for example, your listing might have been doing fine, but for some reason is not getting as booked during a certain period. Either something changed in your market, your listing changed in some way (OTAs ranking it lower than usual, got a bad review, etc.) Are you property manager with listings from different owners and you'd like a more equitable distribution of bookings across the portfolio?
No matter what your unique situation is, savvy PriceLabs users want more control of how their prices look last minute and far out and the occupancy based adjustment customization is a perfect solution tool to achieve just that! It allows you to set certain price adjustments based on the occupancy rates of a listing within different time windows.
Consider a listing that has just three out of the next 15 days booked and remaining 12 nights are open. The occupancy rate will be calculated as 20%, which would result in all the next 15 days getting a 15% discount if the table above is used. If a 3-night booking comes up over the next weekend, then the next time we update prices, we'll see the occupancy rate has changed to 40%, and the discount will now change to 5% (lowered since now you're more occupied).
Sound useful? Read on to see how to set this up!
Start off by opening the customizations window for the listing, group, or account you want to work with. Scroll down to "Occupancy Based Adjustments" and toggle the switch located on the right-side of the customization to the "ON" position.
If the switch is in an off position, then a default profile (which is in the screenshot above) will automatically be used.
Once the switch is on, then you will be prompted with several different profiles to choose from, as shown below:
- Default: these are our default settings. Choose this option if you want to tweak our defaults.
- Aggressive: these are aggressive settings than our default settings - a lot of our customers have beta tested this & have seen good results!
- Step-Last Min Discount: 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 to increase prices for dates beyond a certain window!
- Coronavirus: We've developed a new setting that is more aggressive than our aggressive setting - likely the need of the hour for some regions. Here is detailed article on it.
- 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 f 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!
Want to add a far-out premium on to one of the other profiles? Use the "Add Column" feature to tack additional date ranges!
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 enter 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
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.
A few things to note:
- The occupancy is calculated at a listing level in a given time frame, and we're not talking about your portfolio's occupancy levels on a certain date.
- 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 the minimum price or above the 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 currently considered booked for the purposes of calculating occupancy rates
We hope you enjoy the added functionality that this customization brings - we think this will make a lot of difference!