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Last Minute Adjustment Rule: How to increase your occupancy for upcoming dates
Last Minute Adjustment Rule: How to increase your occupancy for upcoming dates
Updated
by
Tokeet Support
Do you want to maximize your booking opportunities through the current day? With the Last Minute Adjustment rule, you can set the number of nights from today that you want to adjust your nightly price up or down.
Let's take a look at an example where we adjust the nightly rates for bookings made for the upcoming week. As the arrival date of the booking gets nearer, we will also adjust the minimum night stay, to further increase appeal.
Click the New button
Rules can only be added while editing the strategy. From the strategies overlay, click the New button to add a new rule.
Select the Last Minute Adjustment Rule
To edit the last minute price settings for your strategy, select Last Minute Adjustment Rule from the dropdown list.
Enter the number of nights
The Last Minute Adjustment Rule modal contains 2 required fields. First, enter the number of nights, starting tonight, that you want to adjust the rates in the Nights field.
In our example, we have entered a value of 3 nights. This will adjust the rates from night 1 to night 3, starting tonight. That means tonight, tomorrow night, and the night after that will all be adjusted.
Enter the percentage adjustment
Next, enter the percent that you want the nighty rate to be adjusted either up or down in the Adjust Percent field. A negative sign in front of the number, will represent a discount.
In our example, we have entered a value of -10. This will discount the nightly rate by 10% for the next 3 nights, starting tonight. This will help to make these last minute dates more attractive to potential guests. This should result in a better ability to fill out the rental calendar with near-term bookings. Because the guest has less time to schedule extended leave from work, it is not unusual to combine a nightly discount with a shorter stay, in order to make the dates more appealing.
OPTIONAL: Enter the minimum night stay
Next, enter the minimum length of stay required for the last minute bookings in the Minimum Nights field. This will determine the minimum number of nights that will be allowed for a last minute booking.
In our example, we have entered a value of 1. This will allow the last minute adjustment to override our default minimum night stay of 2 nights, in order to make it easier for guests to book the rental. A shorter stay will be able to fit within any existing gaps more easily.
OPTIONAL: Add additional adjustments
Next, click the Add New Item button to add additional last minute adjustments. You can add other last minute time ranges that you wish to have adjusted during rate pushes.
In our example, we have added a new line item for night 4 to night 7. We have added a smaller percent adjustment of -5, and we have also left the minimum nights field blank, so that the existing min night stay can still be used for those nights. This will result in a 10% discount, and a 1 night min stay for nights 1-3, and then a 5% discount for nights 4-7. This should help to increase our near-term occupancy.
Click the Save button
Lastly, click the Save button to save the rule to the strategy.
Please remember to save the strategy, in order for the changes to take effect. New rates will only be generated once the strategy has been saved.
As always, please contact us with questions any time. We're happy to help!
In our example, we have entered a value of 3 nights. This will adjust the rates from night 1 to night 3, starting tonight. That means tonight, tomorrow night, and the night after that will all be adjusted.
In our example, we have entered a value of -10. This will discount the nightly rate by 10% for the next 3 nights, starting tonight. This will help to make these last minute dates more attractive to potential guests. This should result in a better ability to fill out the rental calendar with near-term bookings. Because the guest has less time to schedule extended leave from work, it is not unusual to combine a nightly discount with a shorter stay, in order to make the dates more appealing.
In our example, we have entered a value of 1. This will allow the last minute adjustment to override our default minimum night stay of 2 nights, in order to make it easier for guests to book the rental. A shorter stay will be able to fit within any existing gaps more easily.
In our example, we have added a new line item for night 4 to night 7. We have added a smaller percent adjustment of -5, and we have also left the minimum nights field blank, so that the existing min night stay can still be used for those nights. This will result in a 10% discount, and a 1 night min stay for nights 1-3, and then a 5% discount for nights 4-7. This should help to increase our near-term occupancy.
Please remember to save the strategy, in order for the changes to take effect. New rates will only be generated once the strategy has been saved.