Configuring Rental Pricing and Discounts
Understanding Rental Pricing
In the CRM's rental system, pricing is dynamic and adjusts automatically based on factors like dates, rental duration, or quantity. Each rental listing or variant can have its own unique pricing configuration, providing flexibility for different scenarios. Your pricing structure includes:
- Base Price: The standard rate for the rental.
- Security Deposit: An optional, separate charge for potential damages.
- Advanced Pricing Rules: Conditional adjustments based on time, duration, or demand.
Configuring these elements allows you to create a tailored pricing strategy for your rentals.
Key Advantages of Custom Pricing
Setting up detailed pricing rules offers several benefits:
- Granular Control: Layer rules to match seasonality and demand patterns.
- Consistency: Automated pricing applies uniformly to all bookings.
- Strategic Incentives: Encourage longer rentals with automatic duration discounts.
- Time-Based Premiums: Charge higher rates during peak hours.
- Clear Deposits: Security deposits appear separately on invoices for easy tracking.
How to Set Up Pricing
To configure pricing, edit your rental listing and navigate to the Inventory & Pricing tab. This tab is found under Calendar Settings > Rentals by clicking the Edit icon next to your listing.
Base Price
Set the default rate for the rental period. The price is based on the selected booking unit: Hour, Day, Week, or Month. For example, a $50/hour base price for a 4-hour booking totals $200 before any adjustments.
Security Deposit
If enabled in Global Settings (under Calendar Settings > Rentals > Global Settings > Payment Settings), you can set a refundable security deposit. A $0 deposit is hidden and not charged. The deposit amount is separate from the base price and displays distinctly on invoices.
Advanced Pricing Rules
Click Advanced Pricing to create conditional pricing adjustments. You can set multiple rules, like seasonal surcharges or long-term discounts. If variants are enabled, each variant has its own pricing tab and independent rules.
Types of Advanced Pricing Rules
Toggle on the desired rule type to configure it.
Seasonal Pricing
Adjust prices for specific date ranges, such as holidays or off-peak seasons. Choose between:
- Percentage: Modify the base price by a percentage (e.g., -20% on a $100 rate makes it $80).
- Flat Rate: Replace the base price entirely for the date range (e.g., a $150 flat rate overrides a $100 base).
Use flat rates for fixed seasonal pricing and percentages for relative adjustments. Add more date ranges with the + Add Date Range button.
Day of Week Pricing
Set different prices for each day of the week. Ideal for higher weekend demand. Enter positive numbers for increases and negative for discounts (e.g., Saturday +10%, Sunday -15%).
Hour of Day Pricing
Adjust prices for specific times of day, like evening surcharges. This only works if the booking unit is set to Hourly; it is ignored for Day, Week, or Month units.
Duration Discounts
Reward longer rentals with automatic discounts. Set thresholds (e.g., 3 days, 7 days) and assign flat or percentage discounts. The highest eligible tier applies: a 14-day booking gets the 7-day discount, and a 40-day booking gets the 30-day discount. Duration discounts apply after time-based rules like seasonal or day-of-week pricing.
Note: Discount eligibility is based on the pricing duration, not the exact calendar days. For example, a 2-month-and-1-day booking charged as 3 months would qualify for the 3-month discount.
Quantity Discounts
Offer reductions based on the number of units rented. Set tiered discounts to incentivize larger orders.