This algorithm controls the nightly rates being charged to potential guests and are updated on a daily basis. It factors in various data points including local supply and demand, competitor pricing and occupancy across the market.
Nightly pricing of properties under Hometime are managed by a dynamic pricing algorithm. This algorithm controls the nightly rates being charged to potential guests and are updated on a daily basis. It factors in various data points including local supply and demand, competitor pricing and occupancy across the market.We input into the pricing software a Minimum Nightly Rate, Base Nightly Rate and a Max Nightly Rate for your property and the algorithm will then vary the nightly pricing within these parameters based on live data being fed in. This ensures that our pricing always stays competitive and is reactive to changes in the market.
Additionally, we also run discount promotions on your property to encourage a variety of different bookings, including discounts in periods of lower demand (eg. winter), last minute discounts to try encourage late bookings and discounts for longer stays (one week or more stays).
Conversely, we increase prices during peak seasons such as Christmas, New Years, Easter and School Holidays to maximise the earnings potential of your property. We also take note of any key local events happening in your area to ensure that we are not selling the property at lower rates during those periods.