Setting pricing customizations in PriceLabs

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 certain aspects of the pricing recommendations based on your preferences and what you have observed about your listings. For example, we apply last minute discounts to help get bookings for dates that are close-in 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 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 in a short time (whether you use a cleaning crew or do it yourself).

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!

Take a look at the left panel when reviewing prices for a listing. It looks something like this:



Click the "Edit" link, and a panel pops 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. In this article, we'll focus on the basic price-related customizations, you can find a more detailed overview on our minimum stay updates here.

Available Customizations

Last Minute Discounts

By default we apply a gradual 30% last minute discount over the next 15 days from today (whichever day today is). There are three options available if you want to apply your own customization for either discounts or premiums:
  1. % Flat: For example, if you specify 25% flat discount within 5 days, then a 25% discount will be applied to days 0 through 5, where day 0 is tonight.
  2. % 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 day 0 the discount becomes 35%. This results in a more gradual discounting rather than a step change.
  3. Fixed: If you specify 70 USD (or the currency your listing is priced in) within 10 days, then we'll set the prices to 70 for days 0 through 10.

Orphan Day Discounts

By default we apply a 20% discount to gaps of 1 or 2 open days between bookings. There are two options available for you to override our recommendation:

  1. %: As an example, if you specify 30% discount for 2-day gaps, then a 30% discount will be applied for all gaps of 2 or fewer days between two bookings.
  2. Fixed: As an example, if you specify 120 USD (or the currency your listing is priced in) for 2 days gaps, the price for all gaps of 2 or fewer days between two bookings will become 120.
Please note that if an Orphan Day also becomes a last-minute day and discounts are set for both customizations (or both defaults are in effect) the system will use the larger of the two discounts, they will not both be used.

Day of Week Adjustments  

Our dynamic pricing recommendations already account for day of week trends, any adjustments made with this customization will be used on top of our defaults not replace them as with the two previous customizations. We recommend most users to not use this customization, but there might be times where you observe trends for your listings that differ from our default adjustments -- 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 percentage-based adjustment that applies on top of our price recommendations. The value of the percentage can vary between -75% and 500%, 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 minimum price anyway.

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 days. 
If you click the drop down here, you'll see three options: 
  1. Fixed: This allows you to enter a flat rate to be used for your far-our minimum price.
  2. % change on base price: This will set your far-out minimum price to be a percentage of your base price, you can enter either a positive or negative number here. 
  3. % change on min price: This will set your far-our minimum price to be a percentage of your set minimum price, this can also be a positive or negative number. 
Please note that if you enter discounts using the % change options your rates will not drop below your listing's set minimum price. 

Minimum Weekend Price 

This customization can be used to set a different minimum price for your weekends (even though it might be last-minute in low season), leaving your existing minimum price to be used for weekdays. Again, 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 anyway.
Please note that if you are using both the Minimum Far Out Pricing along with the Minimum Weekend Pricing, if you use % based options then both adjustments will be used for far-out weekends. 

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:
  1. 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)!
  2. You're in a location where weekends are shifted, like Thu-Fri in the Middle East.

Occupancy Based Adjustments

If the switch is off we will automatically adjust daily rates based on your listing's occupancy based on the default profile, but you can toggle on this customization to adjust the percentages by which your rates are adjusted, or select from a few different pre-loaded profiles designed to implement various pricing strategies. 
You can read our full guide to the occupancy based adjustments here.

Custom Seasonal Prices 


This customization can be used to set seasonal minimum, base and maximum prices for your listings throughout the year. You must create a profile that spans the entire calendar year as rates will carry over year to year. If you leave any price field blank, the system will take the listing's price. You can read our full set of instructions on custom seasonal prices here

 

Putting Customizations in Place

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:
  1. If you hover over the dates that should be impacted, you'll see the reason being specified.
  1. The panel on the left will specify the customizations you have set


Account and Group-Level Customizations 

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. You can read more about bulk updating using account and group level customizations here


Non-Standard Customizations

There are some customizations that are not shown by default but that may be helpful for you. Please reach out to support if you would like these options added to your account.
  1. Adjacent Day pricing customization
  2. Portfolio occupancy adjustments
  3. Extended pricing window
  4. Pricing offsets for mapped listings

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! 

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