Our default pricing setup already accounts for seasonality based on market data (and you can set seasonal price and min-price settings using date-level overrides
). But these new settings are a great addition if you:
- are in a heavily seasonal area and have a higher end portfolio, and our market seasonality wasn't capturing this as well
- manage properties where you don't have as much flexibility in pricing
- you have luxury properties with very small comp-set
- or, you just need more control of your pricing but still want all the automation that comes with PriceLabs!
These settings can be accessed at listing, group, or account level in the customizations menu as shown below - turn on the switch, and click the edit button to start entering the information as shown in the first screenshot below!
One important things to note here is that
You now have an option of creating random seasons, as any restrictions associated with day ranges that existed before are now removed.
Example, if your season is starting on 15th January and ending on 20th March, another season can start anytime after the first season ends, and not necessarily on 21st March.
You can even download a CSV of the seasons you create to replicate those on other listings, or make mass edits and re-upload those instead of doing it on the UI.
Deciding between modes: Fixed or Percentage?
Setting fixed values on the Custom Seasonal Profile allows you to directly configure seasonal min, max and base prices - this is recommended when using this setting on a listing level. On the other hand, when used on a group level, it can be more convenient to set up seasons as a percentage, since listings in a group can have different min, max and base prices. In this case, the percentage value configured in the profile is applied as a "% change" to the listing-level values. For example, a percentage value seasonal base price of 20, for a listing that has a base price of $100, will result in a Seasonal Base Price of $100 * 1.2 = $120.
If you want to set a negative percentage change, you'll need to enter the ' - ' (minus) before the number, as shown in the screenshot below:
Can a listing have multiple Seasonal Base Profiles?
No. As with other PriceLabs' customizations, if a Seasonal Base Profile is active at the group or account level, and the listing level, only the listing applies (you can read more about our customization hierarchy here
). This also means that percentage values set up on a group level are not applied to seasonal values set up on a listing level, percentage values are always applied as a percentage of default min, max and base prices configured on a listing level.
- If a season's min/base/max price are left empty, the listing level min/base/max price will get used.
- Once you've set seasonal min/base/max prices, the listing's usual min/base/max prices will be ignored whenever the seasonal price is filled in.
- Our default seasonality factors (that are obtained from our market data) will still continue to apply. If you want to turn these completely off and manage everything from your seasonal settings, please let us know by submitting a support ticket.
- Seasonal profiles set at the listing level do not automatically copy from parent to child listings.
Creating seasonal minimum stay restrictions
There are markets where depending on the season, you might want to have a different (and still dynamic!) min-stay setting. This can be achieved by editing your Custom Seasonal Profile and selecting a min-stay profile for each setting. If you leave any season with "None" as the min-stay profile, it'll default to the listing/group/account level setting as appropriate. More information on minimum stay here
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 ...
2020-02 (Feb): Custom Seasonal Profile
Custom Seasonal Profiles let you set different minimum, base, and maximum prices for different seasons throughout the year, giving you full control over each listing’s seasonality. Our default pricing algorithm already implements seasonal ...
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. ...
How Are the Price Recommendations Calculated?
Our algorithm considers a number of factors, some inputs and settings that you can control, and our data-driven analytics layered on top of it. When you review prices for a listing for the first time, We estimate a base price for the listing you ...
What are minimum, base and maximum prices- How to set them up?
We’re sure you must have seen fields for Min, Base, and Max prices over a few places within Pricelabs. This article will explain what these terms are along with their purpose. Minimum Price The minimum rate is the lowest price a user sets for their ...