Using the Floating Price Factor (Boost Original UI)
The Floating Price Factor tool uses a percentage based adjustment to alter rates for bookings with a check-in date within the specified number of days in the future.
What is the Floating Price Factor?
The Floating Price Factor tool uses a percentage based adjustment to alter rates for bookings with a check-in date within the specified number of days in the future.
In simple terms, this is a "heads-in-beds" tool that allows you to collect some rent rather than none by filling gaps in bookings with lowered rates. An example of its use would be to apply a 5% discount on all stay dates 2 to 5 days from "today", with today being the floating start date.
The Floating Price Factor tool can be set across the Boost settings hierarchy at the global, group and individual levels. For more on the Boost settings hierarchy and its levels. see our article about the Boost settings hierarchy. It is important to take into account what other Price Factors you have in place at each level of the settings hierarchy. For example, if the Global Price Factor from the Global settings is 1.10, or +10%, then to give the guest a 5% discount using the Floating Price Factor you would set a Price Factor of 1.05, or +5% making it net 5% discount off of your existing pricing structure.
Using the Floating Price Factor for Booking.com and Airbnb:
First, you will want to navigate to the desired level of the Boost settings hierarchy. This field is available for Airbnb and Booking.com and can be found within the "Pricing" section for Airbnb and "BDC Basic" for Booking.com.
See the image to the right for help locating these sections.
Scroll down both sections until you see the "Airbnb/BDC Floating Price Factor" tool.
Click "Add Another Item"
Note: both the Airbnb and BDC fields are identical, with the only exception being the name of the field.
Booking.com: BDC Floating Price Factor
Airbnb: Airbnb Floating Price Factor (as pictured)
To the right is an example of a typical application of the Floating Price Factor:
In this example, the client has selected to offer a 15% discount for all check-in times within the next 7 days. The price factor is floating because the 15% discount will remain static in the future. If today is Monday, then this discount applies through next Monday. Tomorrow, on Tuesday, this discount will apply through next Tuesday, and so on.
If you are unsure of how to best take advantage of the Airbnb Floating Price Factor, try contacting your Airbnb Market Manager for advice. If you are unsure of who your Airbnb Market Manager is, just give your implementation specialist a quick note and they will be able to get you connected right away.