Related article: Setting up Dynamic Pricing
The Hostfully Property Management Platform offers several configurable pricing tools that can be used to adjust pricing at the property and company (agency) level. This includes:
Setting up a base rate for a property
Extra guest fees / Security deposit / Cleaning fee
Setting up pricing periods for all properties (at the company level)
Changing prices depending on booking channel
Setting up discounts for stays of different lengths and/or check in days of the week
In this article we provide an overview different areas where pricing can be configured. There are two areas where pricing can be configured at the property level. There are also two ways that managers can configure pricing at the company level.
Areas of pricing configuration
`1. Property pricing - base rates / fees and availability
The first place to set up pricing is at the property level. Navigate to Our Properties and select a property. On the Main Settings tab, you will see several areas where you set up your nightly base rate, weekend rate adjustment (for Friday and Saturday nights), tax rate, base guests, maximum guests, extra guest fee, security deposit, cleaning fee, and cleaning fee tax rate.
Base rate must be between US$10 - US$25,000.
Extra guest fee must be between US$5 - US$300 or just "0" if none.
The cleaning fee must be between USD$5 - [USD$600 + 25% nightly price for Airbnb] or just "0" if none.
Security Deposit must be between US$100 - US$5,000 or just "0" if none per this Airbnb help article. Here is an excerpt of it:
Failure of above 3 notes may result in incorrect pricing sync as Airbnb will not validate all other pricing settings.
- Minimum stay (if Min. Wknd Stay is 0) is applicable to all 7 days of the week
- Minimum stay (if Min. Wknd Stay is not 0) is applicable to only 5 days of the week, and Min. Wknd Stay is applicable to Friday & Saturday
You can override the nightly rate and minimum stay for a particular date or set of dates by navigating to the Pricing Tab for the property. Click on a date, or click and drag to select a group of dates.
This pop up will appear and allow you to set daily rate, and minimum stay for that specific date, or date range:
2. Discounts based on nights rented - aka "Length of Stay" discounts
The second area to configure is also at the property level. Navigate to the Pricing tab in Property Settings, and you will see a calendar showing the base price for the property for each night. Scroll to the bottom of this page, where you will find Pricing Rules. Here is where you can adjust pricing depending on length of stay.
PMs still have access to "Promotions" in Airbnb even when connected to a PMP. This includes length of stay discounts. This means they are not bound by the pricing rules we have in Hostfully for length of stay discounts and can also use the functionality on Airbnb as well.
If you are integrated with a 3rd party pricing provider, they control almost all the pricing and send over daily rates, the only exception is length of stay discounts. Those need to be configured in Hostfully with our pricing rules at the bottom of the pricing page. There are 3 of them, one increase and two decrease.
In short, we push those dynamic daily rates to the channels. We push the length of stay discounts from Hostfully, and that discount can also be managed separately on Airbnb.
3. Property Fees & Policies
If you would like to add additional fees to a property, you can do that on the Fees and Policies tab. Reminder that these fees will be set at the property level.
You can refer to this article on Fees, Taxes and Policies for more details.
4. Channel Rate Multiplier
The Hostfully Property Management Platform also offers the ability to adjust prices depending on the booking channel. This can help offset the different commissions each channel charge. To configure this, navigate to Channels from the top menu, where you will see the list of active and inactive channels. Each active channel will have a Rate Multiplier on the bottom right. Click on Edit to adjust the Rate Multiplier for that channel. This can help you adjust pricing to compensate for the commission amount that the booking channel is capturing.
5. Agency Pricing Periods
To set up seasonal pricing periods, you need to set up your Agency Pricing Periods. This is covered in a separate article.
Additional documentation - Dynamic Pricing
To setup Dynamic Pricing, please refer to these other help articles: