[00:00:02] This is Short Term Rental Management, the show that is all about short term rental property management with your host, yours truly, Luke Carl.
[00:00:16] Welcome back to Short Term Rental Management. This is going to be Multiple Base price part two Minimum Night Stays. So the cool thing about doing the multiple base prices on the custom seasonal profiles on Price Labs, if you're using Price Labs to manage your short term rental is that you can then create a a whole bunch of minimum night stay profiles and have a drop down menu for each of your custom seasonal profiles and then choose your minimum night stay based on the demand of that particular month. It's a no brainer.
[00:00:52] I don't know why more people aren't doing this. I've been doing it for years and it works wonderfully. So I will, I'll go ahead and show that to you now.
[00:01:03] All right, going back to that same house we were looking at on the other video, let's go to the custom seasonal profile otherwise known as M P Mbps.
[00:01:18] And you'll see you've got these right here, you've got the.
[00:01:26] Mint state profiles. So the best thing to do, especially if you're new is just come in here and make a bunch of them.
[00:01:36] Basically for any possibility you would be interested in. Again this is a teeny tiny little house.
[00:01:42] So if you see my dropdown menu, I've got none which goes to the default which is either going to come from Price Labs or your management software. Then you've got one weekday, one weekend big and you can see so on and so forth. One, one small. One. One that one probably needs to be deleted.
[00:02:01] One too big, one too small, too too big. Two. Two small. What is big and small? I have different orphan night customizations for smaller properties where I am actually looking to rent the one nighters or maybe possibly two nighters on the bigger properties. I actually increase the price of one night stays because I want them to stay open and available to help with my algorithm because blocking dates does not help with algorithm.
[00:02:30] However, I'm not in any hurry to be giving away one night stays on a large like a five bedroom house. Not really something you're looking to do is rent it for one night now. So sometimes you might, sometimes you might not. So that's what this is. Big will increase an orphan night of one night or possibly two nights depending on the size of the property, et cetera so that I'm not giving those away but they stay available. So again we're not here to get in the weeds on minimum nights day. We have plenty of videos on that here at short term shop plus and on the short term shop YouTube channel.
[00:03:09] And of course on my program here, Short Term Rental Management. But this is an excellent way to say, okay, you know what, Marge? We're gonna get. We want two, two nights for the weekend if we can get it now, next March. This is recording this in April right now. So you could bump it up to two and two on the small. This is a small property.
[00:03:27] Because why would I wanna book one night in next March if it's, you know, the end of April right now? I don't. So we can bump that up a little bit. April right now we're real low because there's very few dates left.
[00:03:39] There's only a couple like one week left in the month, right? So I've got this super low right now and I could bump that down if I want to. How hard do you want to work? That's what it's all about. It's all about how hard do you want to work?
[00:03:51] May, you know, I'm trying to fill that in. I could probably bump that up. I'd have to go look at my calendar, but that looks a little low to me. I'd have to see how much is left of it, et cetera. And I got no problem with one one in May, June, you know, I could probably even go 2, 3, 2, 3 small on that one because June is more desirable. I could go 2, 3 small on July, you know, if I wanted to.
[00:04:16] So again, why have this, you know, minimum. This is just an easy way.
[00:04:21] At least it's easy in my brain to have different minimum night stays for small 30 day windows based on their.
[00:04:31] Based on the demand. Now obviously Christmas is not on here, so I do. But I'll do a manual override or black line, if you will, date specific override on a Christmas. And I'll have a minimum night stay on that. Matter of fact, let's go look. Let's go see what's doing over there. Let's go scroll down here to, to December.
[00:04:51] Oh, bad example. Not even open and available yet. Which I do that. I do that quite often because, you know, it's a long way from that right now. But this, I probably do need to get that open. I did not realize that was still blocked. So it's a good, good reason to look at your calendars all the time. What else do we have here? Here you go, Labor Day. So I've got. This is a good example, Thanksgiving, bad example.
[00:05:16] Anyway, we've got a 45% increase for a fortnight men here. Now I could very easily just come in here and bump that to five, you know, if you wanted to and I might go ahead and do that. I hate doing that on camera because as you know, or on podcast because as you know, Price Labs does take quite a while to refresh. Although that was quick. Great job Price Labs. Love it. Also, I do want to mention once again, this short term shop and myself, we do not do any sort of affiliate codes or referrals or you know, use my link for, for and so I can get 20 bucks or whatever it is. We don't do that.
[00:05:56] So anything I'm giving you on my videos ever is just an honest opinion. We do not get kickbacks or, you know, any, any sort of perks or affiliate codes or dollar figures being changed hands here of any kind.
[00:06:15] That's important to me. I think that that is a. It's important for me that you know that. Oh, important to me that you know that. So there you go. I don't know if you care or not, but I, I do. I, I think that it, you know, gives, gives you more. I'm telling the truth here is what it is, you know, so unbiased opinion.
[00:06:38] Just, just giving you my honest opinion on all this stuff.
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[email protected] that's guest trmshow.com Anyway, make major holidays again. My five majors, which your five majors are, you know, memorial in order. Memorial except for in my brain it's Memorial in labor. You know, they kind of bookended over here. So we got, you got Memorial, fourth of July, Labor Day and then Thanksgiving and then Christmas, New Year's. I do lump those into one because they're right next to each other and in my pricing strategies I'll usually kind of loop them, lump them in together.
[00:07:38] So you got your five majors, right? Let's see here if we got another major going on. Yeah, there you go.
[00:07:44] Memorial Day right here.
[00:07:46] So same thing there. 25% increase with a four night man and that has already booked. Where's 4th of July? I've got a four, four night man there with a 10% increase. Why?
[00:07:56] Because I have a multiple base price on here and my July is already pretty high. So this is doing a decent job of jacking July up. And it knows. Although, even though that my seasonal and My demand factor are turned down and or off, it still knows that these dates are a little more valuable.
[00:08:15] Although it does seem like I'm, I'm mostly running off that 10% increase. So I might be putting my foot in my mouth there and I might, I'm gonna go ahead and bump that 10%, another 10% to 20%. I think this, this house could get maybe a couple bucks more than that for 4th of July.
[00:08:32] Also. 4th of July is, you know, still a little ways down the road. So I have no reason to give it away. I think that's a much better price there for fourth of July. And again, if your demand factor is off or down, it will not bump this up as much.
[00:08:47] So keep an eye on that. So that's why I really like for my five majors personally I do like to do the date specific override. So anyway, let's go back over here to the minimum night stay profile. So you can just create those right here.
[00:09:06] And I again I like to have everything from 1:1 all the way up to 6:6 and I have that for every property, you know.
[00:09:14] Now am I going to use all of these? No, hell no. Like if you go, if you go look over here, I'm only really using only like two or three of them. Of course, this is a very small house. I don't really have a reason to fluctuate as much on this tiny little house as you would maybe on a bigger house or a luxury house.
[00:09:29] You see also if you notice, I got a min right here. That's, that's to keep it from dropping lower than that.
[00:09:36] Most of the time you won't need this or this, but sometimes you do. So you got to keep an eye on that. Go in there to September and it's renting for 38. Then you gotta put them in. You see also to get a little bit in the weights here. Let's, let's pull that back up. We'll go to pricing calendar.
[00:09:55] Let's say you made a mistake on one of these or want to edit one of these or something like that. Now you can do that here but it's also not to get in the weeds on, you know how price labs works etc, but you can do that here on your dynamic pricing section. And it's going to be actually under Manage listings and then you go to. Oh so nope, sorry, that's not even close to right. It's under customizations and then you come over here to profiles and then there's your minimum night stay profiles and you can edit them there now. They did actually, like, like I said, they recently moved that to the custom seasonal profile page, which is great because sometimes it was kind of hard to find that. Like, where the hell. How do I edit these? So now you can actually do that from your MVPs or your custom seasonal profiles, your CSPs, but I prefer the base base prices. This. This to me is more important to me than the season. Right? So I look at these as monthly base prices and then you can come in here and edit one of these. Let's say you made a mistake. It'll basically just take you, you know, to a similar version of that other main page over there on. On the under dynamic pricing customizations. So sorry, I've got too many browsers open here in the background. But anyway, you get the idea. It's a great way to property for 30 day periods at a time. But you can also choose midnight's day profiles based on those periods of time and how popular they are. So there you go.
[00:11:36] Multiple base prices. Part 2.
[00:11:39] Minimum night stays with Luke from the short term shop.
[00:11:47] I love you.
[00:11:49] Don't overthink it.
