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Greetings!
Yield Managed Rates are another way to have Lodgical automatically apply rates to your reservations. With this rate choice, you are able to change your rates based on your percentage occupancy. There are several preset benchmarks that, when achieved, increase your rate. For instance, you have 100 rooms that are to be rented out. Before any of them are taken, your price is $100. After 25 rooms are reserved, your room rate goes up to $105. After 95 of them are rented, your rate might be up to $150.
Sincerely,
Lodgical Support Staff
920.746.0606 | |
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Setup
In Lodgical, you will need to go to Utilities, Configuration, Rates, Yield Managed Rates. You will have to choose a few options.
You will first have to choose the unit type you'd like to setup rates for. Next, you have to choose weather to have automatic or manual yield managed rates.
Finally, how you would like to calculate your rate change.
If your property does not have many units per unit type, typically you would choose Percentage Full is based on the Property.
On the left side of the window, you will have to enter all possible rates for the particular unit type. This list will contain the rates from when you are completely empty on a winter day to 99% occupied on your busiest weekend and everything in between. |
Manual Yield Rates
Manual yield rates are easy to set up, however, they require a little more maintenance. As you can imagine, selecting manual yield rates require you to monitor your percent full in order to adjust your prices accordingly. In order to associate the correct rate to each day, you must assign each day a letter. These letters correspond to the rate setup (pictured above). If, after filling a few rooms, you wish to change your rate, you must change the yield letter. Even if you do not wish to change rates based on percent full, this tool allows you to easily charge different amounts for specific days.
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Automatic Yield Rates
If you choose the automatic yield managed rate from above, you can set it up from this tab. The first thing that needs to be done is filling in the correct letters for each date. As you will notice below, each date can have up to 10 letters associated to it. This is because once your percent full (either entire property or unit type) reaches certain benchmarks, Lodgical will assign the new rate under the specific column. Another benefit to choosing automatic yield rates is that Lodgical will update your Lodgical Online Reservations with the correct pricing.
The two drop down menus toward the top of the tab give you options to change specific days to certain letters. The next drop down menu allows you to change certain columns. After you have selected the correct criteria, click the Change Rate button. |
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The General Information tab allows you to set pricing for additional people. After typing in the correct amount for each additional adult and child, you will have to choose the correct option in the occupancy based on drop down. Each unit type can be set up to have different pricing and occupancy numbers.
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When entering discounts, place the discount name in the first column. If you would like to set up the discount as a dollar amount off, place that amount under the second column. However, if you would like this to be a percentage discount, place the percent off in the third column. Just like on the General Information tab, these discounts apply to this room type only. If you would like it to appear on multiple unit types, you will have to enter it on each type.
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Utilities
On the Utilities tab, you are able to copy your rates from the current year to either the next year, or year after. In the following image, you can copy your 2007 rates to either 2008 or 2009. Rates are copied to the corresponding year based on day of the week.
When you are finished, be sure you press the Save button before closing. |
Applying to a Reservation
When you wish to apply your yield managed rates to a reservation, click the Add/Edit Room Rates button within the reservation.
You will then have to click to select the Yield Managed choice from the list. After selecting, you will be able to choose which discount, if any, they are eligible for. Click OK to apply the rate.
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