Probably the biggest news in this update is the fact that from now on you can see and manage multiple rate plans on the calendar.
Up until now it was possible to manage standard rate only and the restriction on this rate was minimal stay, but now there are much more options available.
🚨Few important notes:
- What happens with other rate plans that were already set up in the background by our support team manually, and what about the rules that were set up as well when we connected them with the channels (for example setting up a Non refundable plan which was connected to Standard price list)?
👉 No change what so ever, everything will work as it did before. On the calendar you will see the Standard rate plan with additional restrictions that were not visible in the old version.
- What do I have to do to see and manage all of the rate plans I have set up on the channels for a certain property?
👉If you want to add other rate plans besides the Standard rate, you have to create them first in Rentlio, going to Property settings and creating the rate plans there.
After they have been created and the rules have been defined (for example you can create a rate plan that is connected to the Standard rate, and the rule is that it is always lower than the Standard by 10%), you will then contact our support team so we can re-map this new rate plan with its values and restrictions, to the existing channel connection. After re-mapping is completed, you can manage the values, the restrictions and the relations between rate plans yourself, directly from Rentlio calendar.
Here is an overview of changes made to this section:
- Clicking on the arrow next to the name of the rate plan you will be able to see all of the restrictions you can manage directly from the calendar.
- Besides the minimal stay restriction you had so far, you will be able to manage Maximal length of stay, Minimal/Maximal length of stay from the day of arrival, and the Arrival/Departure restriction for certain dates as well.
- All created rate plans are going to be visible below the Standard rate, and if they are connected to some other rate plan, the LINK icon will be visible. For example, on the photo above the Non Refundable price is connected to Standard, and the relation between them is that the NonRefundable is always lower by 10 EUR, this means that changing the price on the Standard will automatically change the price on Non Refundable because they are linked.
- Pricing settings and restrictions on each individual price plan can be changed by marking one or more fields on the calendar. After fields are marked, on the right side of the screen, a new window will pop up where you can define which changes you wish to make. Learn how to quickly change your rates, availability and minimum stay in only a few clicks in this article.
Why do we set additional rates?
The most common reason for setting additional rates is to match the prices to the commission on different channels.
If you only use the Standard rate in your Rentlio calendar, it can be seen as a gross offer for your accommodation, which includes expenses such as channel commission. For example, if according to the Standard rate, an overnight stay at your property is 100 €, it will be sent to all connected channels. The price on Airbnb, Booking, Expedition, etc. will be the same everywhere, e.g. it will be 100 €. This does not take into account that you will pay, for example channel 4% commission for one channel, another 15%, third 18%, etc.
By setting additional rates, you get better control over the prices sent to individual channels. For example, you can set separate rates for different channels: Airbnb rate, Booking Rate, Expedia rate, ... Or you can offer multiple rates on the same channel, for example: Standard rate, Non-refundable rate, Long stay rate ...
How to set additional rates?
> Go to Property Settings
> Select the Units / Rates and then the Rates button (on the right side of the screen)
> The existing Standard Rates will be displayed and + ADD NEW PRICE LIST green button:
In the following window you set:
1. The name of the new rate plan. For example Airbnb Rate, Booking Rate, Long Stay Rate, etc. In the example illustrated below, the name Non-Refundable rate was used
2. You then decide how you want to manage your pricing. This can be Manual, which means that each time you want to change the price of an additional rate plan, you enter prices manually in the calendar, or Automatically link the additional price list to the Standard rate, so when the Standard rate changes, the prices of the additional price lists change according to the rule you set.
If you have selected the Automatic Pricing Management option (as in the example), here you set the rules for the new rate plan in relation to the Standard rate (decrease or increase in price and how the increase is made, in percentage or in nominal amount). If You have selected manually, all the prices and restriction should be set via calendar.
3. You can set how You manage restrictions, also manually or automatically mirrored from Standard rate
Finally, select which unit types you want to apply the new rate plan to. You click Save Rate to save the changes. More about this read in this article.
Important: If you wish, You can edit restrictions for additional rates on the calendar. For example, check how to edit minimum stay. Make sure to enter availability, pricing and restrictions for standard and newly created rates with the same end date. Once You set up new rate, contact customer support via chat, so we can map this rate with the same one on the channel and after that you will be able to manage it from Rentlio.