Are you a property manager juggling multiple listings and seeking a comprehensive strategy for maximizing your revenue? Whether you have clusters of properties in the same vicinity or even within the same building, and you wish to adjust prices based on their collective occupancy, just like hotels do, we have the ideal solution for your specific needs. Our customization tool empowers you to achieve precisely that, offering a tailored approach to revenue optimization.
The Portfolio Occupancy Based Adjustments feature lets you set price adjustments based on the total occupancy rate of your group of listings within specific time windows.
How does it work?
Table 1: Portfolio Occupancy Based Adjustment (short booking window profile)
Table 2: Portfolio with 5 listings and occupancy data for the next 10 days
Consider the portfolio of 5 listings outlined in Table 2 and managed through a customization Group in PriceLabs. The effect of using the Portfolio Occupancy Based Adjustments on Table 1 is that a 25% discount for next day bookings (i.e. Day 0), because occupancy is only 20% for that date. On the other hand, since the portfolio is already 80% booked on day 5, the customization raises prices on that date by 10%.
Sound useful? Read on to see how to set this up!
Setting Up Portfolio Occupancy Based Adjustment
- Navigate to Dynamic Pricing > Customizations
- Go to the Groups tab, and click "Edit" on your preferred group customization
- Under the Advanced Customizations section, enable the toggle for Portfolio Occupancy Based Adjustment
- Select your preferred profile or click "Edit Profile" to create your custom settings
- Short Booking Window: targets a 50% occupancy at a booking window between 11 and 20 days.
- Medium Booking Window: targets a 50% occupancy at a booking window between 16 and 30 days.
- Long Booking Window: targets a 50% occupancy at a booking window between 31 and 60 days.
- 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? This has the same effect as toggling this customization OFF.
Rules to remember:
- Each day range must be smaller than the preceding day range (0 < 15, 16 < 30, and so on)
- 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 %. As mentioned above, these percentages will be applied on top of our pricing calculations.
- Once done, click "Finish Profile" and "Save Changes"
- The occupancy is calculated as the average portfolio's occupancy on a certain date.
- These adjustments are applied on top of our price calculations (which include seasonality, day of the 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 a fixed price override at the listing level (or a "% of base-price" override at the 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 your occupancy targets.
- Blocked dates are currently considered booked to calculate occupancy rates except for the following PMS/Channel Managers (where the calculations are only applied to actual booked nights):
365Villas, Avantio, Beds24, BookingSync, Brightside, Direct, Elina PMS, Eviivo, FantasticStay, Hospitable, Hostfully, Hostify, Hostaway, iGMS, Kigo, Lodgix, Lodgify, KrossBooking, LMPM, MyVR, Octorate, OwnerRez, Rentals United, Rentlio, ResHarmonics, Smoobu, Stays, Streamline, SuperControl, Track, Uplisting, VReasy
- Only listings with the sync switch ON will be counted when calculating overall group occupancy.
- In cases where listings with different pricing windows are in the same group, the smallest date range will be used to calculate portfolio occupancy. For example, if one listing has a pricing window of 365 days and another has a window of 520 days, both listings will have occupancy adjustments for 365 days. Keep in mind that this is the length of time PriceLabs sends rates, not the listing booking window.
Portfolio Occupancy for Multi-Unit Listings
Currently, this customization only works at the group level, so there are two ways to set up portfolio occupancy for multi-unit listings
- If you have connected PriceLabs to a PMS that supports pricing for multi-unit listings, you will need to create a group for your multi-unit listing in PriceLabs. Though the group will appear to have only one listing, the availability for all units assigned to that unit type within your PMS will be used when calculating occupancy for any given day.
- If you have connected PriceLabs to a PMS that does not support pricing for multi-unit listings, then you will need to add all listings of the same type into one group and occupancy will be calculated from there as long as the listings have the sync switch ON.
We hope you enjoy the added functionality that this customization brings - we think this will make a lot of difference!
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