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
- Property pricing - base rate and fees
- Discounts based on nights rented
- Property fees and policies
- Channel rate multiplier
- Agency pricing periods
`1. Property pricing - base rates and fees
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.
You can overide 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
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.
3. Overiding nightly rates and min stays
You can override the values set for minimum stay and price on a per night basis by navigating to the pricing tab and selecting
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.
4. Channel Rate Multiplier
The Hostfully Property Management Platform also offers the ability to adjust prices depending on the booking channel. 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 display the standard commission rate and also 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: