When you create your Property Profile on TravelNest, adding pricing is an important step. In this article we take you through the steps involved in setting up your pricing for the first time, and how to edit existing pricing if you need to make a change.
Good to know
✅ Your property can't go live on channels until you've added pricing
✅ Channels recommend a minimum of 24 months of pricing in place at all times
✅ When setting up your pricing, to appear in more searches, allow guests to check in on as many days as possible
Our pricing model
TravelNest uses nightly pricing where each night of the week has a price added in your Property Profile. We also use pricing periods. These are date ranges where set pricing is applied, e.g. from 1st January 2022 to 31st January 2021. Together, nightly pricing and pricing periods allow you to amend the price for any night.
Once you've added pricing - your property can be booked!
✅ Your property will be available for booking for all pricing periods you add in your TravelNest account.
✅ If the property is not available for some dates, you must block these in your calendar.
✅ If you ask us to cancel bookings for dates not blocked in your calendar, a £50 admin fee applies, plus channel cancellation & relocation fees, where applicable.
🎥 Video: Setting up your pricing
In this short video (2 mins) our Customer Onboarding specialist Ferg gives a quick run-through of how to set up pricing for your property correctly.
When you add your property to TravelNest, the pricing generator tool creates the recommended 24 months of pricing. All you need to do is add the following information:
✅ Minimum night stay - keep this as low as possible
✅ The price per night
✅Arrival days - offer check in on as many days as you can to increase your visibility
Choose your seasonality
Then select the seasonality option that best suits your needs from the dropdown list. We offer 4 different seasonality options:
Flat rate seasonality: Pricing is the same throughout the year. This is a good option if you want to maintain the same pricing for your property year-round.
Quarterly Seasonality: Pricing is split into different rates for spring (March, April, May), high summer (June, July, August) and low autumn and winter (September, October, November, December, January, February). This option suits those with a peak summer season and a reduced winter season.
Gradual Seasonality: Similar to Quarterly Seasonality but with a more gradual increase and decrease in pricing across the year. This is a popular option if you have year-round bookings and high demand in the summer months.
Summer Peak Seasonality: This option provides a flat rate throughout the year but with an increased rate during peak summer (June, July, August) only. This option suits those looking for consistent pricing throughout the year with a peak summer season.
Below is an example of how the Gradual Seasonality pricing option works.
If you don’t find a seasonality option that fits your needs, simply select the one that's closest to what you are looking for. You can opt to skip this and manually enter pricing.
❗ No pricing means no bookings!
Not setting up pricing means your property profile is incomplete. Your property cannot be listed on your chosen channels or receive any bookings. If your property has no pricing, you'll see this highlighted in your property profile:
Fill in any pricing gaps
It's important to ensure you have added complete pricing, without any gaps. If you have missed out some dates, this will be flagged by a red 'alert' icon on the Nightly pricing section of your Property Profile - see below. Select Review and add pricing for these dates.
🎥 Editing and amending existing pricing periods
It's a good idea to regularly review your pricing, and make any tweaks that are necessary to ensure your pricing remains competitive. Watch the short video (2 mins) where our Onboarding Specialist Patrick explains how to change existing pricing.
For example, you may want to change your pricing, and increase your price per night for specific periods such as the Easter Holidays or over Christmas and New Year.
Here's how it works:
To update your pricing periods, visit the Nightly pricing section in your Property Profile. All of your current pricing periods will be shown in a list format. Select the period you wish to edit, and update the pricing accordingly.
If you want to increase your weekend pricing in August, for example, simply select the existing pricing period containing the dates you wish to change. Change the pricing to a higher rate for Friday, Saturday and Sunday. Your changes will save automatically.
If you need to change your pricing for a specific duration where you already have a full month of pricing in place (e.g. Easter or bank holiday weekends), this is done by editing the existing pricing period for the month. Simply change the end date to the day before the uplift period. Then add a new pricing period to cover the dates on which pricing is uplifted. Then add a final pricing period to take the price back down following the uplift period to the end of the month in question. Below is an example of how pricing looks before and after a new pricing period has been added to cover the Easter weekend.
If you need to add a brand new pricing period, select new period. Give the new pricing period a name, then select the start and end dates using the calendar pop up. You’ll also need to include arrival days, the minimum number of nights a guest can stay, pricing currency (choose from pounds, euros, and dollars) and the price for each night.
Full week discounts
If you want to provide guests with a discount for booking a seven-night stay within a specific pricing period, you can also do this within the pricing section. Under Full Week Discount at the bottom of the page, you can enter a percentage discount to be applied to seven-night stays.
Removing a pricing period
To remove a pricing period, select the period you wish to remove and in the pricing period page select the Remove Period button. This will delete the period and update your listings.
Optimising your pricing
There are lots of ways to optimise your pricing throughout the year to increase revenue. Check out our guide on How to pricing your property competitively to attract bookings for expert tips on how to do this.