Welcome to Perfect Price! Let's get you set up quickly. You may have your own way you get comfortable with new pricing software, but if you don't–here's a path that has worked for many others.
Pick one unit to start
Start with setting up just one unit, so that you can get a feel for things without being overwhelmed. It'll take about 10-15 minutes to set up your first unit, after that you can probably set up 20 (or more!) units in that much time (depending a bit on how your business is organized). Choose any unit from the Units page and that will take you to the Unit Detail page.
Look at the prices first
Take a look at that unit's calendar:
The calendar will show you the current recommended prices (white dates), any bookings and what was paid (green dates) . Are the prices high? Low? Look four in general areas before you make changes!
- The next 60 days
- Key holidays that you expect bookings for now
- Representative Peak times (Christmas, Spring Break, etc.)
- Representative Off-Peak times
If the prices are great–move on to the next unit! If you feel the need to adjust them, read on for how to do this efficiently.
If the unit's prices are all too high or low
Update the "base price", on the Units page, raising it if prices are too low, lowering it if too high. This should be your yearly average price. If you want to adjust prices, say, per season, you can do this using Rules, we'll get to that in a bit!
Regenerate prices, by clicking "Generate Prices" on the Units page and see if they more closely reflect your expectations.
Think of the "base price" as a lever to get the prices generally accurate. It is mathematically defined as the average price for the year, not a high or low price to adjust from (like it might be in your PMS or Airbnb). Sometimes this can be counterintuitive.
If prices drop too low sometimes
Set a minimum price under "Minimum Price" next to Base Price. This is your "global minimum price". The unit will never go below this price, ever. Pro tip: In order to toggle units "on", you must set a minimum price.
You can specify day-of-week or seasonal minimums in Rules (see below).
Fine tune comparables
Go back to the Unit Detail page and look at the comparables the AI found. By checking ones that are very similar and well managed (with lots of price adjustments) or "x"ing out dissimilar ones, perhaps that are not professionally managed or aren't as nice as yours, you can improve the AI's understanding of your market. Again, click "Generate Prices" on the Units page to see the impact of your adjustment via the price breakdown section. (The seasonality and day of week prices will be updated.)
There are specific areas where you must fine tune comparables.
- Specific terms. If you rent in an unusual way for your market; say, 30 day minimum stay–then you'll only want to compare to other units with a similar constraint.
- Specific features. If you have a truly unique property, putting some thought into which other properties in your area reflect overall demand is really useful. If there aren't any, check in with support and a Pricing Strategist can help you figure out a good strategy.
- Unique geography. Some data points are extremely unreliable because hosts fib about them–ski in ski out and beachfront being two examples. If your property has one of these, it is worth looking for 3-5 more that also do, so the AI is sure to capture this demand.
Pro tip: We recommend choosing 3-5 comparables to start
Applying strategies that already work
Many people have strategies that they want to automate. Don't feel like you're not getting value out of the AI if you choose to set up strategies like these–the point is to have control and automatically generate the prices that you know work for you! Here are some ideas:
- Last minute discounts
- Far out price increases
- Much higher holiday prices
- Lower prices on Thursdays or Sundays to get longer weekend bookings
You can do this in Rules, with a very easy to use interface. Please message us in the chat if you have any questions or want to walk through a particular strategy and make sure you set it up right!
Setting up dynamic minimum stay policies
Head over to the Minimum Stays tab to set your minimum stay policies. This tab is meant to be a simple way of managing your minimum stays dynamically, getting the maximum occupancy out of your units. Learn more about setting up dynamic minimum stays in its own article here.
Turn it on!
Once you've dialed in prices, turn on automatic updates by toggling the "Deploy Prices" button. Note: If you don't toggle this button, prices won't be pushed to your PMS.
Price and stays will automatically update to your PMS the following morning, or you can click the "Deploy & Update Now" button to update it immediately.
Once your first unit is all set, do lots at once!
Now that you've done it once, it'll be much faster to set up the rest of your units. Most people find that Rules and Policies can apply to lots of properties at once, reducing the work that needs to be done a tremendous amount. Remember that by setting all this up, you then save a ton of work every week in the future!