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Rates - Spot Rates

OwnerRez offers a powerful, flexible dynamic rate system using Seasons and Seasonal Rates, discussed in the Rates & Seasons Overview.  However, because of its flexibility, it's also pretty complicated and can require a good deal of time and testing to get right.

To get around this complexity, we offer another way to set rates: Spot Rates.  The Spot Rate system is as simple as the Seasons and Seasonal Rates are complex: It's a simple calendar, where you just type in the rate for each individual night for each property.

Before you read the rest of this article, take a few minutes to watch the following video.  This is a step-by-step walk-through of how the rate calendar works and all the way you can select and set rates on it.

Rate Calendar

The primary interface to Spot Rates is the Rate Calendar, found at Settings > Rates.  It offers a calendar showing existing rates for a property, or 0 if there aren't any.  Select which property you want to work with from the dropdown list.

To create a spot rate, simply click on a date, or click-and-drag to select a date range.  Then click the "Set Rate" button to bring up a window where you can enter and set the rate for the date(s) selected.  You can also clear Spot Rates for the selected date(s) by clicking the "Clear Rates" button.

Here's what the Rate Calendar looks like:

Notice:

  • It looks like a regular calendar, where each day has a box.  The numbered date of the day is in the upper left hand corner of the box - 1, 2, 3, etc.
  • The minimum nights stay required for each particular night, is the number in the upper right hand corner of the box.  In this example, the first few weeks have 7s, indicating that an entire week's stay is required.  The last few weeks have 4s, so the minimum stay during that time is only 4 nights.  If a particular booking overlaps two different minimums, the higher one controls.
  • The lower left corner of the box indicates whether check in/out are allowed:
    • X means no check in or out
    • I means check in only
    • O means check out only
    • Blank (nothing showing) means check in/out are both allowed
  • The lower right corner is the price for this particular night.

Selection Modes:

  • Toggle: select or deselect one day at a time by clicking or tapping it
  • Drag: drag to select a range of days
  • Columns: drag to select a range of days, just for certain days of week

In Drag and Columns mode you can Ctrl+Click to add additional selection areas.

Spot Rates list

What does using the Rate Calendar actually do?  It creates entries in the Spot Rates table, one for each date for each property set.  You can see this complete list under Settings > Spot Rates.  Note that, since each individual night/property combination gets its own entry, there can be hundreds or thousands of entries in this table.  It's usually best to use the Filter button to narrow down the results by property and/or date range.

Importing Spot Rates

While the Rate Calendar offers a convenient way to view and edit Spot Rates, it can be time-consuming if you have many properties.  OwnerRez offers several different ways to import and set Spot Rates:

  • If you are using PriceLabs to dynamically set rates, these rates appear in OwnerRez as Spot Rates.  PriceLabs will come in and alter the Spot Rate entries following its own algorithm, overwriting any changes you may make to them.
  • Channel Bridge can import Spot Rates that have been set in HomeAway/VRBO or Airbnb, using the "Import from Channel" button at the top of the main Spot Rates list screen.  This function will import all Spot Rates found in the channel, which can go out as far as two years.
  • You can also prepare a list of Spot Rates in Excel using our template, and import that to OwnerRez.

Notes

  • There can only ever be one spot rate for any given date/property combination.  Therefore, any changes that are made to a date/property Spot Rate by any of the various methods to set Spot Rates, will override any previously set Spot Rate for that same date/property.

  • Spot Rates always override any Seasonal Rates that might otherwise be applicable.