Overview
The automatic midterm pricing replaces the pricing algorithm computed price to all stays longer than 30 nights without the need to define a manual price.
These can be applied by activating the midterm factor and are calculated with the following formula:
[ SUM ( daily rates in the 31 nights period ) / 31 ] * ( midterm factor ) ]
Midterm factor
The midterm factor is a multiplier whose value ranges between 0 and 1, with 1 being 100% of the daily rate.
If the midterm factor's value is set to 1, the final price will be the sum of the daily rates in the 31 nights period. Instead, if you want to apply a discount of 10%, you will have to set the midterm factor's value to 0.9 (90% of the sum of the daily rates in the 31 nights period).
It is set at office level, but can be overridden per property. By default, the value is set to 1 to all offices, but you can request your RentalReady Account Manager to edit the value according to your needs.
How to set the automatic midterm rates
- In the property page, go to Edit property > Pricing
- Make sure the midterm factor is set: you can keep the value set at office level, or override it for the property you are editing
- On the same page, ensure the factor automatic midterm pricing is ticked
N.B.: The automatic midterm factor can be also activated via the property's calendar page.