Looking to maximise your revenue and don't want another room to go vacant? With Last minute pricing, Preno proactively reviews the number of unsold rooms up to 30 days ahead, and automatically reduces the daily rate to help attract more guests.
How it works?
Set up your rules by specifying the number of rooms remaining, the number of days from today and the amount to reduce.
Preno will review your rates at the start of each day and automatically make adjustments if it matches.
See visual example below:
Recommended last minute pricing recipe
Start with a lower reduction amount and reduce further as the date approaches.
Keep it simple, set no more than 3 triggers.
Depending on your property and pricing strategy, you could set the following recipe:
7 days from today, reduce your rate by $x
3 days from today, reduce your rate by $x
2 days from today, reduce your rate by $x
We suggest aiming for a 20% decrease in the final price of the room
How to set it up?
Go to Rates, and then click on Go to Dynamic Pricing
Click Create new rule on the top right, and choose Last minute pricing
Choose which rate plans to create this rule. Note that you can only have one Last minute pricing rule for each rate to avoid unintended conflicts.
Set the triggers that would be checked by Preno at the start of each day. We recommend you to use our recipe.
Set the lowest rate for your rate plan. As a safe guard, Preno will only reduce your rate to the lowest rate specified.
Name this rule so you are able to recognise it later.
When you are ready, click Review rule. If no changes are required, then click Start rule.
Frequently Asked Questions (FAQs)
When do the rules get checked?
Last minute pricing rules are checked at the start of each day, around 2am.
How are the lowest rate applied?
The lowest rate that you set is a safeguard to ensure rates do not unintentionally get reduced too much. For example, if your lowest rate is $100 and Preno is meant to reduce your $110 rate by $30, then the final adjustment will be $100.
Why can't I specify different number of rooms remaining on additional triggers?
By keeping the number of rooms remaining consistent, it reduces the complexity for your rules and therefore reducing unintended errors.