Release Notes | Sept 19th, 2019
Important: daily pricing does not affect current rate structures. Daily pricing is a revenue management tool that is a layer of adjustment to be used in conjunction with existing seasonal rates.
What Is Daily Pricing:
- It is a revenue management tool that allows PMs to make nightly overrides to an individual unit’s rates, length of stay requirements, arrival/departure, and additional occupant charges.
- It is the source of truth for the rate for a rate type on a unit on any given night. The Daily Pricing spreadsheet will reflect both seasonal pricing and any overrides of that pricing.
What Are The Benefits:
- Making adjustments on any given night for any given unit without having to change seasonal rates gives any revenue manager full control to take advantage of opportunities.
A few of the nearly endless use case examples are:
– A unit normally has 3 night minimums throughout the year. There are two orphaned nights. that unit can have the mlos dropped to book the orphaned nights without disrupting the other units on the same season.
– There is a concert for the upcoming weekend and walking distance to venue occupancy is skyrocketing. The PM can drop their mlos for units likely to book to 1 night to ensure concert goers can book for the night of the concert and can raise the rate for the night because of demand as well as charge additional for more adults as maximizing unit occupancy is more common on one night event stays.
– A unit has a 7 night minimum Sat – Sat booking rule. The upcoming week has not booked and the owner is ok with a 3 night stay to fill the nights. Due to housekeeping schedules checkout must remain on Saturday. To encourage a booking to fill the vacant nights the mlos can be dropped to 3 nights and Sun – Wed can be opened to arrival. This would allow any bookings for the empty week that are 3 nights or longer and still check out on Saturday.
- The daily pricing API provides universally acceptance to all current and future major OTAs integrations.
- Having daily pricing allows PMs using automated rate management tools (example: Beyond Pricing) to take full advantage of the data based adjustments and fully leverage those programs.
Channel Selection In Rate Types:
In each rate type there will now be an option to make that rate type available to all channels (default) or only specific channels. This feature will allow for channel specific rates, mlos rules, arrival/departure rules, and additional occupant charges.
What Are The Benefits:
- Ability to customize LOS to take advantage of booking tendencies of a particular OTA consumer base.
- Ability to utilize rates that include padding for OTA fees.
- Ability to make adjustments to encourage direct bookings without opening those same pricing and LOS advantages to the greater OTA marketplace.
Derivative Rate Types:
Important: this feature is being released in Beta and will be hidden behind a feature flag. If you are interested in being included in Beta testing please reach out to email@example.com.
What Are Derivative Rate Types:
- Derivative rate types are rates and LOS that are generated based on calculations from a parent rate type.
- The derived rates will update based on the parent rate type changes.
- The derived rates are their own rate and not a rate adjustment layered upon the parent rate type. Because of this important distinction daily pricing and los modifications can be made without having to take into account an adjustment layer.
What Are The Benefits:
- This is significant in distribution platforms that the derived rate becomes a real rate. Most other software use rate adjustments to reflect rates like this, so the unit being distributed actual has the original rate and then an adjustment as a separate entity in the feed. This is not always recognized in the platforms or leads to rate display inconsistencies between pages on the platforms.
- Derived rate types can have nightly overrides as like other rate types. Because the derived rate is an actual rate for the rate type and not a continually calculated adjustment the override will not be subjected to further adjustment calculations.
- Nights not overridden will continue to update in relation to the parent rate type.
- This rate type can configurable to apply only to specific channels.
- Corrected issue where unit or node text, if too long, was being replaced with … in property management navigation.
- Added a new report for Amenities mapping for channels. The report, located within the “Units” section of the PMS Reports.