Weekly and Monthly discount

Weekly and Monthly Discounts

Discounts are a key part of any rental property's price strategy, especially for those looking to extend their visitors' stays. A "Weekly and Monthly Discount"  is a frequent name for this arrangement.

As a revenue management tool, you can now consolidate your discounting into one platform since the working idea here is that, when set in PriceLabs,  we transmit these discounts to the PMS when generating a booking quote for stays of this duration (if the weekly and monthly duration are triggered when a guest is booking)


How do these discounts work?

👉🏼 Let's say someone has set a 20% monthly discount, we will send the usual daily rates to the Property Management System, and only if there is a reservation for more than the specified duration in PMS, a 20% discount will apply to the total amount of the daily rates. This can lead to an average daily rate after the discount is less than their minimum price in PriceLabs.
Reason: The discounts are applied on top of daily rates, and the net price can be lower than minimum

It totally depends on PMS how they use our weekly monthly discounts /discounted rates. For Tokeet as example, we push weekly & month discounted prices and tokeet prorate this price for a booking greater than 7 or 30 days.

Weekly/Monthly Discount - feature availability

While we want this to be supported by all our PMS and OTA, currently, we only have them for the below list;

PMS/OTA
Weekly Discount
Monthly Discount
365Villas
Yes - set in PriceLabs otherwise PriceLabs will overwrites
Yes - set in PriceLabs otherwise PriceLabs will overwrite
Bookerville
Yes
Yes
BookingSync
Yes
Yes
Guesty
Yes
Yes
Hosthub (syncbnb)
Yes
Yes
Hostify
Yes
Yes
MyVR
Yes
Yes
Rentals United
Yes - set in PriceLabs otherwise PriceLabs will overwrites
Yes - set in PriceLabs otherwise PriceLabs will overwrite
Tokeet
Yes - set in PriceLabs otherwise PriceLabs will overwrites
Yes - set in PriceLabs otherwise PriceLabs will overwrite
VRBO
Yes
Yes

How to set them in PriceLabs?

  1. On the Pricing Dashboard, click the "Review Prices" of the listing you want to set up.
  2. Next is the "Edit" of the Customization panel.
  3. Under the General tab, enable the toggle for Weekly Discounts and/or Monthly Discounts, then set your preferred value.
  4. Click "Save Changes" when you're finished, and then click "Sync now" if you want to immediately apply the changes. Otherwise, the changes to your listing will be loaded during the schedule automatic sync.


Notes;
  1. There is no default value set.
  2. Discount % value can be a range of 0 to 75 only. 
  3. No need to indicate the negative sign " - " because the function will specifically use the number as a discount.
  4. The discounts are applied on top of daily rates, and the net price can be lower than the minimum.

Setting up Weekly/Monthly Discount on PMS that allows LOS Pricing (Length of Stay Pricing Adjustments)

There are PMS that supports LOS Pricing and in order to set Weekly and Monthly discount, you have to configure it using Length of Stay Pricing Adjustments. For further details on this, check our guide here.

FAQ;
1) What is the difference between "Yes" & "Yes - set in PriceLabs otherwise PriceLabs will overwrite"?
Answer: This means that for PMS with a note of "set in PriceLabs otherwise, PriceLabs will overwrite," it is highly recommended that you set them up in the PriceLabs platform to reduce or minimize error on this discounting.

2) "What if my PMS or OTA is not listed above?"
Answer: Please set it up on your PMS or your listing channel.

The details on the above table may change at any time, as we will be updating for more PMSs in the coming months.
If you don't see your PMS on the list o would like to confirm the information - please reach out to us at support@pricelabs.co

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