What are minimum, base and maximum prices- How to set them up?

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 listing. You should consider even the slowest seasons while setting this price. This would be the least recommended rate from Pricelabs for the listing, no matter what customizations are applied. 
However, a fixed Date Specific Override  for the listing can cancel the effect of the minimum price, meaning the minimum price is then bound to be the override. 
For instance, the minimum price is set at $100, and a fixed override rate of $80 is set for some specific dates, so now the override will take precedence over the minimum.

Base Price

We talk a lot about the base price and why it is crucial to set up. 

Base price is the average rate that a property manager charges across the year. All market factors, demand patterns, and customizations are applied to the base price to come to a recommended rate for a particular date. This rate will fluctuate based on the quality of your listing.

Picking an optimum base price is relatively important for your revenue. Fret not. We’ve got you covered! Our base price help tool, which can be accessed by clicking ‘Help me choose a base price’ on the review prices page, has all the information you need to choose the right base price. 

Please go through this article to learn more about the base price help tool and optimize the base price.

Maximum Price

The maximum price is the highest price one sets for their listing. This price acts just like a minimum and won’t let the recommended rates go above the maximum value set. So even with multiple customizations on your base price, the pricing will not go above the max price. 
Note, you can keep this blank as well.

How to set Minimum, Base, and Maximum Prices

Now that we’ve talked about these terms, you should also know where and how you can set and control these rates on Pricelabs.

You can set these values at multiple levels on Pricelabs:-
1. The first is at the ‘Review Prices' page on the left of the listing’s rate calendar. You can individually click ‘Review prices’ for any of your listings to see or edit the min/base/max rates for your listings.

2. From the ‘Manage Listings' page:- If you are a property manager managing listings in bulk, it might be helpful to keep track and edit the Min, Base, and the Max rates for all the listings on a single page.

Click the ‘Dynamic pricing’ dropdown on the top menu, then the ‘Manage listings’ button to land on this page. 

Pro tip: You can also download and upload CSV from this page to bulk manage your listings.

3. Last but not least, using the ‘Multicalendar' page on Pricelabs.

To access the Multicalendar page, click on the ‘Dynamic pricing’ dropdown, and select ‘Multicalendar’.
While we strongly recommend setting up minimum and maximum rates for your listing, you can leave the fields empty if necessary

We believe this article must have helped you understand the use of Min, Base, and Max prices for your listings.

Please do not hesitate to reach out to our support team if you have any questions- Click here to access Pricelabs Support 👈

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