Dynamic Minimum Price Feature

One of the most popular entries on our feature request forum is advanced control over minimum prices, and we’re very excited to announce the launch of the feature we’re calling Dynamic Minimum Price.

We are so lucky to have customers that want to see us improve our product offering, and we absolutely love it when our customers tell us about their pain points. Here’s a small sample of the feedback we received on minimum prices.

Historically, you could only set one global minimum price on Wheelhouse. But as we all know, every day can have a very unique demand profile, whether it’s a weekday vs. weekend, high season vs. low, or there’s a big event going on. Therefore, you should have a minimum price strategy that is flexible enough to keep up with dynamic demand, instead of a one size fits all approach.

BEFORE

While setting up dynamic minimum stay rules on Wheelhouse helps with yield management and making sure guests are staying longer during high demand (and vice versa), you should have more control over the minimum price depending on demand too. And now you do.

Wheelhouse’s Dynamic Minimum Price feature will help you set a higher floor for weekends, high season, big events, and even dates far into the future, and then let the Wheelhouse Pricing Engine automatically capture any upside from your dynamic minimum price strategy.

AFTER

Plus, it will help you set lower floors during weekdays, low season, and last-minute bookings (if and when you just want heads in beds).

• Day of week (e.g. set a minimum price of $99 during the week and $149 on the weekends)
• Seasonality (e.g. set a lower min price for low season and higher min price for high season)
• Big events (e.g. set a min price of $499 for New Year’s Eve)
• Last-minute bookings (e.g. set a specific min price for stay dates only within 7 days…it’s up to you!)
• Far-out bookings (e.g. set a higher min price for anyone trying to book more than a year in advance)

Where can I find this new feature?

You can set dynamic minimum prices on the individual listing level, or with our new bulk edit flow.

For bulk edits to multiple listings at once, go to your Settings dashboard:

1. Check the boxes of the listings you want to bulk edit
2. Click Min Price in the top right
3. Customize your min price strategy and click Save

What is the hierarchy of all the new minimum price rules?

Just like with minimum stays, the order of priority for dynamic minimum price rules is as follows:

1. Date-specific
2. Time-based
3. Day of week
4. Global

What do you think of the new dynamic minimum price rules? Drop us a line at hello@usewheelhouse.com or leave a comment below. We’d love to hear from you!

Want to see why we are the highest-rated revenue management software for short-term rentals? Sign up with Wheelhouse and see for yourself! Use the promo code DMP10 and get a $10 credit after a 30-day free trial!

Already a Wheelhouse customer? Log in to your account and start using the new Dynamic Minimum Price feature today!