@jordan-smith -
I’ve been using Beyond Pricing for about 8 months now and am extremely happy with the results. My revenue increases by property have ranged between 5-40% increases. BUT, you must stay actively involved in the pricing process to make it work. It’s not a system to plug in and walk away.
To answer your specific question, when you enable Beyond Pricing, ALL of your current pricing will be erased, and replaced with their daily, weekly, and monthly pricing. (Unless you arrange otherwise, weekly is daily x7, and monthly is x30. (You can arrange with them separately to discount those by a % if you choose - I did that when I started because it’s what I’d always done - but I later realized that it was not the best thing to do).
I’ve learned that the best tool to ensure that you are comfortable with the transition, is to enter minimums for certain days or weeks, but base it on what you KNOW to be a guaranteed booking. (If you did not book that night consistently the last few years, don’t give it a min).
Don’t just override their price suggestions with your ‘rates’ using the min/max tables. THEN monitor those minimums, and remove those limitations as you get within perhaps 30 days of the date (maybe less depending upon your area). Don’t cap the max right away if ever - you’d be really surprised what people will pay to book your property! I was!
Remember - some weeks might rent for more than previous years and some less. But your target is an OVERALL increase in revenue, and their system really does work.
Once you have your minimum threshhold, you can adjust the base rate and see how the bookings respond. It will take some tweaking, and remember, it’s always a moving target. I will review my pricing every few weeks, or when something triggers a look.
I’ve also used the min to lock in a rate after I know that someone is going to book. If I have several inquiries and someone indicates a readiness to book, I’ll make sure the current daily price is the min price for those dates until they do (or until I think they won’t). Many times this has saved me losing money when a price adjustment or discount would have clicked in.
Also - the staff at Beyond Pricing are GREAT at helping to look at how your bookings are comparing to previous years (if you have the data in MyVR) along with the industry trends to help tweak things. I meet with them every other month or so to review how things are going and it’s always helpful. Take full advantage of that!
Good Luck! Post if you have more questions - others here are using the dynamic pricing tools too and we all can help!
Jenny
