Welcome to 2020! Have you started planning the places you are going to visit this year? Chances are your guests have too!
At Beyond Pricing we automatically update your rates nightly based on the changes in demand we see in the market. However, we understand that there are times you may like to customize your pricing further. There also may be times you would like to adjust your minimum night stay requirements to capitalize on people taking longer vacations over holiday weekends.
With this in mind, we'd like to share a couple tips we have for ensuring your listing is set up for success for the holidays for the year ahead.
Seasonal Minimum Price
Seasonal Minimum Pricing can be used to ensure that your prices don't go below a certain amount during a specific period, such as a holiday weekend, or to allow prices to fluctuate below your Annual Minimum for low season, for example.
If you have a price in mind that you aren't willing to go below for a holiday weekend, but you have your Minimum Price low enough to ensure fluctuation during low season, then setting a Seasonal Minimum Price is for you!
Setting a Seasonal Minimum Price is easy. Head to your Beyond Pricing Dashboard --> Listing --> Customize Tab --> Minimum and Maximum Prices --> Seasonal Minimum Prices. Here's an example of setting a Seasonal Minimum Price for Christmas 2020:
Check out the article How can I set a Seasonal Minimum Price for a specific period of time? for more information.
Seasonal Minimum Night Stay Requirements
In general, we don't recommend putting too many restrictions around Minimum Night Stay requirements. At Beyond Pricing we specialize in setting the best nightly price regardless of the length of stay.
Having said that, in most markets Sundays can be a difficult night to fill. The exception to this, of course, is during a holiday weekend.
If you have your Annual Minimum Night Stay set to two nights, for example, you may wish to set a Seasonal Minimum Night Stay of three nights to capture that longer stay over the holiday weekend. As the date of stay approaches, if the weekend isn't booked, you can remove the Seasonal Minimum Night Stay.
Setting a Seasonal Minimum Night Stay is easy! Head to your Beyond Pricing Dashboard --> Listing --> Customize Tab --> Minimum Stays --> Seasonal Minimum Stays. Here's an example of setting a Seasonal Minimum Stay of three nights for Memorial Day Weekend 2020:
Check out the article What are Annual/Seasonal Minimum Stays and Gap Fills, and how do I use them? in our Support Center for more information.
Please keep in mind that not all holiday weekends are big drivers of vacation rental traffic in all markets. In San Francisco, for example, Labor Day Weekend is traditionally a period of low demand. Here's an example of the Market Data for a two bedroom listing in Downtown San Francisco:
When making decisions on Seasonal Minimum Pricing and Stays we recommend checking out the Market Data Tab for your listing. You can find more information in our Support Center at How do I use the Market Data Tab to understand demand trends in my market? (VIDEO).
Check out our Support Center for more tips, tricks and best practices for managing your listing. We are looking forward to seeing what 2020 brings!
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