How Dynamic Pricing Impacts Reservationists
How long should I honor a rental quote?
Most Vacation Rental Managers use same day quotes or honor quotes for up to 24 hours. Beyond Pricing updates prices as often as once daily, around midnight local time, which works well with a policy of honoring same day quotes. Telling potential guests that you can honor the rate for 24 hours creates a sense of urgency to book today.
Snowbirds Pricing Policy
We recommend you create a discount policy for Snowbirds off of the nightly rate for stays between mm/dd/yy to mm/dd/yy for stays greater than 28 nights.
Repeat Guest and Travel Agent Pricing Policies
Now that you are using Beyond Pricing, rates will increase automatically and change daily all while creating a new booking lead time. We recommend you create a policy that authorizes Reservationists to give a discount to the guest if they ask about the price changes (increase in price year over year). Advising repeat guests to book as far in advance as possible or as last minute as possible for the best deal allows your team to create a flexible pricing policy that works with the guest.
When Travel Agents reach out asking for a commission spilt or discount on a property for their client we recommend you formalize what your Reservations Staff is authorized to provide.
Common Responses to Guest Objections
- Similar to how airlines and hotels have been pricing their inventory for decades, we price our listings using proprietary systems to change prices based on market wide supply and demand.
- We drop prices based on demand as much as we raise prices, but if you are interested in this unit you should book today because the rate might slightly change if you come back in two weeks time.
- Prices change year over year based on market demand, but we love our repeat customers and are happy to offer a discount for valued return guests.
- Discounting is applied to the nightly rate, so you are indeed already receiving a discount if you are booking in the near future.
Note: Daily price change rarely more than 5% on any given night, unless the revenue manager makes a major change to the Base Price.