Property Management Part 4: Rates Management

Introduction

In the competitive world of vacation rentals, pricing isn’t just about setting numbers - it’s about strategy. GuestWisely equips you with flexible and powerful tools to take full control of your income. At the heart of this are the Rates Tables, where you can choose between Standard Rates (SRT) and Length-of-Stay (LOS) Rates. Each option is designed to help you boost occupancy, optimize revenue, and tailor pricing for every season, guest, and booking channel.

This guide will walk you through everything from understanding the difference between SRT and LOS, to creating seasons, setting extra guest fees, leveraging discounts, and unlocking advanced dynamic pricing. Whether you’re aiming to attract direct bookings, encourage longer stays, or maximize profits during peak demand, you’ll find the tools you need right inside your GuestWisely dashboard.

Let's Get Started!

Standard vs. Length-of-Stay Rates

Take control of your vacation rental income! Understanding Rates Tables is key to maximizing occupancy and revenue. GuestWisely empowers you with two powerful tools: Standard Rates (SRT) and Length-of-Stay (LOS) Rates Tables. Choosing the right one for your strategy is crucial.

Access your Rates Tables with ease by navigating to Rates > Rates Tables within your GuestWisely dashboard.

Understanding Key Differences

In the world of vacation rentals, maximizing occupancy and income is key. GuestWisely offers two powerful Rates Tables to help you achieve this goal: Standard Rates (SRT) and Length-of-Stay (LOS). Understanding the distinctions between these tables and selecting the perfect fit for your strategy is crucial.

SRT vs. LOS: Key Differentiators and Booking Impact 

Standard Rates (SRT)

• Nightly Rate: Default price for both direct and Channel Manager bookings.

• Weekly & Monthly Rates (Optional): Apply only to direct bookings via your website or GuestWisely (not reflected on Channel Manager listings).

Length-of-Stay (LOS)

• Nightly Rate: Sole rate used for both direct and Channel Manager bookings.

• Length-of-Stay Discounts: Create percentage-based discounts to incentivize longer stays. These sync automatically to OTAs (Airbnb, Booking.com, VRBO,...) that accept LOS promotions, for stays up to 35 nights. GuestWisely provides default LOS discounts, but you can also create custom ones.

Selecting the Perfect Fit

• SRT: Best for rewarding direct bookers with special rates that won’t appear on OTAs like Airbnb.

• LOS: Best for driving longer stays with automatic discounts applied seamlessly across your direct site and any OTA that supports them.
  
  

Using Rates Tables Without Channel Manager

The beauty of GuestWisely lies in its flexibility. You can leverage either Rates Table regardless of Channel Manager usage. Both offer the ability to set prices based on a guest's length of stay. Additionally, if you begin with SRT and decide to switch to LOS later, all your seasons (pricing for different timeframes) are automatically transferred, saving you time and effort.

Now that you're equipped with a solid understanding of Standard and Length-of-Stay Rates Tables, you're prepared to delve deeper into creating seasons, setting extra guest fees, and mastering additional settings to fine-tune your pricing strategy.

Rates Management

Set competitive rates based on seasonal trends in your area to attract more customers with appealing prices and services by accessing the Rates > Rates Tables.

Here is how you can effectively manage your rates:

Rates Settings

Before setting up your rates, select the property you want to configure.

Global Rates Settings (Apply all properties)

• Minimum stay span 2 seasons: If a stay spans two seasons, choose whether to apply the shorter or longer minimum stay (Direct Bookings only).

• Weekend Defined: Specify the days on which weekend rates will apply.

• Rate Type Display: Choose whether to display nightly, weekly or monthly rates on your website.

Property Rates Settings

Include weekend rates:GuestWisely allows you to set special pricing for weekends, which can apply across all channels, with options:

• Exclude Occupant Fees for Fri–Sat stays (Direct Bookings only).

• Apply rates to any 2-night stay (Direct Bookings only).

Check-In/Check-Out: Set specific check-in and check-out days.

Additional options:

• Enable secondary rate tables to provide flexible booking options.

• Configure extra occupant fees per season.

• Channel Manager currency: This is the currency sent to your Channel Manager. By default, it uses the currency in your profile. If you select a different currency in the Rates Table, that selection will be transmitted to the Channel Manager.

Advanced Booking: Define the maximum booking window in months.

Maximum Length of Bookings: Limit maximum stay lengths to stay compliant with tenancy laws. Applies to direct bookings as well as Vrbo and Airbnb direct connections.

Booking Notice: Set advance notice requirements for reservations:

• Allow same-day bookings until a specific time.

• Require notice of a specified number of days (server date–based, GMT-7).

Vacancy Between Stays: Establish a minimum gap between bookings.

First-Day Surcharge: Add a surcharge for the first day of any stay (not compatible with channel manager).

Weekly Rate: Set a weekly rate for a 6-night stay instead of 7 (not compatible with channel manager).

Website Visibility: Control whether a property is visible on your website.

Online Booking: Enable this option to allow instant bookings on your website. Otherwise, guests can only request quotations.

Standard Rates Tables

Now that you've chosen the perfect Rates Table, it's time to create targeted pricing strategies using Seasons. This empowers you to define prices for specific periods throughout the year, like peak seasons, holidays, or off-peak times.

Create and manage a rates database for daily, weekly, and monthly periods tailored to seasonal demand.

How to use the Rates Table

Using the Rates Table is just like using any other data management platform, but simpler, with only two actions: “Add” and “Input”.

1. Enter the default rate: it serves as your baseline price and applies to any dates not covered by Seasons, ensuring all availability has a set rate.

2. Click +Add to create new rows.

3. Give your season a descriptive name (e.g., "Summer Peak Season")

4. Set the minimum number of nights a guest must book during this season. 

5. Define start and end dates (Note: Seasons auto-removed 15 days after ending).

6. Input the rate:

• Per Night: Set the nightly rate for this specific season.

• Per Week & Per Month (SRT Only): These fields allow you to define weekly and monthly rates if you're using the SRT.

Tips: You can add multiple rows and set the Start and End Dates to align with peak times of the year (e.g., Summer, New Year, Christmas, etc.). Adjust the occupant limit to a lower number, then increase the rate Per Night, Per Week and Per Month above the regular rates to maximize profit during peak seasons.

Add Extra Guest Fees

• This lets you adjust pricing based on the number of guests, ideal for properties with a maximum capacity.

• Base Rate Occupancy: Set the number of guests included in your base rate. This number must be less than or equal to the maximum guest capacity defined in your Property Profile.

• Extra Fee: Add a per-guest, per-night charge for guests above the base occupancy.

• Example: Max 4 guests. Base rate covers 2 guests at $150/night.

  • 2 guests = $150

  • 3 guests = $175 ($150 + $25)

  • 4 guests = $200 ($150 + $25 + $25)

• This extra guest fee applies to ALL Seasons within the chosen Rates Table, but you can set different fees per Season by enabling the "Configure additional occupant fees per season" option in Rates Settings.

Key Considerations for Effective Management

• Season Coverage: A season applies to all nights within its start and end dates (e.g., Dec 1–31 covers every night).
  
  

• Nested Seasons: Allowed within Rates Tables, but Season 2 must fall entirely inside Season 1. For example: Season 1: Dec 20–Jan 3

  • Valid Season 2: Dec 28–Jan 2 (falls entirely inside Season 1)

  • Invalid Season 2: Dec 30–Jan 4 or Dec 19–Jan 1 (extends beyond Season 1)
    
    

• Active Seasons: Seasons auto-remove 15 days after their end date, so update or create new ones to avoid pricing gaps.

Length of Stay (LOS) Pricing

Setting LOS Discounts to Encourage Longer Stays

Length-of-Stay (LOS) Rates Tables offer built-in discount rules to incentivize longer bookings. You can find these rules on the right side of the LOS Rates Table. Three default discount rules are available: 7 nights, 30 nights and 35 nights (maximum).

Managing LOS Discounts

• To switch from SRT to LOS or vice versa:

  • Select the desired Rates Table.

  • Toggle the “Length of Stay (LOS) Pricing” option on or off.

  • Click Save at the bottom of the page.

• Utilize default or custom discount rules, valid for stays up to 35 nights.

• Leave blank if no discount rule is needed.

• To add a new rule, click “+Add” at the bottom-right of the table.

• You can choose different Rates Tables (SRT or LOS) for each property in your portfolio, tailoring pricing strategies to fit your needs.

Secondary Rate Tables

Secondary Rates Tables allow you to create additional pricing structures for specific booking scenarios. For instance, you could have a primary Rates Table for regular bookings and a secondary one for referred customers with a discount.

Important Note: This feature is exclusive to the Standard Rates Table and requires manual edits for reservations. It is not applied on your website or Channel Manager.

Create a secondary Rates Table

1. Click on Rates Settings, select “Enable secondary rates tables”.

2. Return to the Rates Table, click “Add New +”, name your new secondary Rates Table then start defining its pricing.

3. Save your rates table. Note: Saving a non-default Rates Table for multiple properties creates secondary tables without affecting the primary pricing.

Default Rates Table: If you wish to set a Secondary Rates Table as default (Primary) for a property, tick “Default rates table” at the bottom left.

Using Secondary Rates Table

Once your secondary Rates Table is ready, you can utilize it while creating or editing manual reservations/quotations:

1. Access the "Manage" tab within the Booking Editor.

2. Click on "Rates Tables".

3. Select your secondary Rates Table in the list (the active one is marked “Active”).

4. The system will recalculate pricing automatically, kindly review the changes.

Dynamic Pricing

Dynamic Pricing Advantages

By implementing Lead-Time Pricing and Gap Dates, you can:

• Boost Occupancy: Attract more bookings with strategic discounts or raise your pricing during important local events.

• Optimize Revenue: Maximize income by adjusting prices based on demand.

• Minimize Gaps: Reduce vacancy periods by allowing shorter stays during gaps.

• Streamline Management: Automate price adjustments for a more efficient workflow.

Embrace Dynamic Pricing: Leverage these features within GuestWisely to gain an edge in the vacation rental market. Dynamic pricing empowers you to make informed pricing decisions, attract guests, and maximize your rental income potential.

Unlock the power of dynamic pricing within GuestWisely and optimize your rental income! Navigate to Portfolio > Rates > Lead-Time Pricing & Gap Date.

Lead-Time Pricing: Automate Your Discounts and Markups

Effortlessly manage price changes with Lead-Time Pricing. Automatically apply discounts or markups depending on how far in advance a guest books.

Essential Fields:

Example: Attract last-minute bookings by offering a 10% discount for reservations made within 3 days of arrival.

• Days Prior to Arrival: Set the timeframe for the rule to apply (E.g: 3 days)

• Discount/Markup: Choose Auto-discount or Mark-up. (E.g. Discount)

• Value: Enter a percentage or fixed amount. (E.g. 10%)

• Active: Enable or disable the rule. (E.g. Tick to activate)

• From/To: Define the stay period for which the rule applies.

Lead-Time Pricing Applicability: Applies to both direct and Channel Manager bookings for consistent pricing.

Gap Dates: Filling the Gaps in Your Bookings

Gap Dates address situations where the gap between existing reservations falls below your minimum stay requirement. This can be particularly useful during shoulder seasons or periods of transition.

Gap Date Functionality:

1. Override Minimum Stay: The system can automatically override your minimum stay requirement for specific gaps between bookings.

2. Set Minimum Nights: Define a minimum number of nights that can be booked during these gaps. This ensures you maintain a baseline profitability for shorter stays. No tick default by 1.

Example: You have a minimum stay of 7 nights for the peak season (June 20th - June 30th, 2024). However, a gap of 5 nights exists between existing bookings. Gap Dates allow you to:

• Override the 7-night minimum for this specific gap, allowing guests to book a shorter stay (e.g., 2 nights).

• Alternatively, set a minimum of 2 nights for this gap, ensuring bookings still reach the desired length.