🎓 Dynamic pricing
In this video, you'll learn:
By the end of this video, you'll know how to use dynamic pricing in Storeganise to optimize revenue and adjust prices automatically as occupancy levels change.Congratulations! You've reached the end of the Site and unit management module.
Once you set up the rules, they will apply in real time. Dynamic pricing is set at the unit type level, allowing you to further customise pricing based on the size or type of unit you offer.
To set up dynamic pricing, start by navigating to the "Unit Types" tab in your site settings and open one of your unit types. In the "Details" tab, scroll down to the "Dynamic Pricing" section. To create your first rule, click the plus button.
Dynamic pricing rules are based on two key factors: the occupancy percentage and the change of rent price. First, you’ll select whether the rule applies when the occupancy percentage is greater than or less than a certain threshold. Then, you’ll define the percentage by which the rent will increase or decrease based on that threshold.
For example, if you want the price to increase by 10% when more than half of the units of that type are occupied, you would set the rule to "greater than" 50%, and the price would "increase by" 10%.
After entering this information, another section will appear, asking how many decimal points the price should round to. This depends on the base price and the percentage increase or decrease. Once you’ve filled out all the fields, click "Add."
Once the rule is added, you’ll see an example of how the price will change based on the occupancy percentage. You can create multiple rules for each unit type, such as lowering prices when occupancy falls below a certain level and increasing them as occupancy rises.
The system will automatically apply the relevant rule in real-time. When a rule is active, you’ll see a tag that says "Active", here, as well as "Dynamic Price Applied," here, with the original price crossed out.
These tags confirm the current price that’s live on your customer portal. Additionally, in the unit types list within the management portal, you can quickly see which unit types have dynamic pricing rules applied. If the price has increased, the current price will be shown in green. If it has decreased, the price will be in red.
As new customers move in and existing customers move out, the occupancy percentage will change, affecting the dynamic pricing. You can check the current occupancy percentage breakdown by opening the unit type page and viewing the "Occupancy" section.
- How to set up dynamic pricing rules at the unit type level to automatically adjust prices based on occupancy.
- Defining rules based on occupancy thresholds and setting percentage increases or decreases in rent.
- Configuring price rounding and adding multiple rules to manage pricing effectively.
- How dynamic pricing is applied in real-time, with visual tags indicating price changes on the customer portal and management portal.
- Monitoring occupancy percentages to track how they affect dynamic pricing over time.
View the transcript
You can create dynamic pricing rules in Storganize which will automatically adjust the cost of your units based on occupancy percentage. In other words, as you have fewer units available, the price for new customers will go up, increasing your revenue automatically.Once you set up the rules, they will apply in real time. Dynamic pricing is set at the unit type level, allowing you to further customise pricing based on the size or type of unit you offer.
To set up dynamic pricing, start by navigating to the "Unit Types" tab in your site settings and open one of your unit types. In the "Details" tab, scroll down to the "Dynamic Pricing" section. To create your first rule, click the plus button.
Dynamic pricing rules are based on two key factors: the occupancy percentage and the change of rent price. First, you’ll select whether the rule applies when the occupancy percentage is greater than or less than a certain threshold. Then, you’ll define the percentage by which the rent will increase or decrease based on that threshold.
For example, if you want the price to increase by 10% when more than half of the units of that type are occupied, you would set the rule to "greater than" 50%, and the price would "increase by" 10%.
After entering this information, another section will appear, asking how many decimal points the price should round to. This depends on the base price and the percentage increase or decrease. Once you’ve filled out all the fields, click "Add."
Once the rule is added, you’ll see an example of how the price will change based on the occupancy percentage. You can create multiple rules for each unit type, such as lowering prices when occupancy falls below a certain level and increasing them as occupancy rises.
The system will automatically apply the relevant rule in real-time. When a rule is active, you’ll see a tag that says "Active", here, as well as "Dynamic Price Applied," here, with the original price crossed out.
These tags confirm the current price that’s live on your customer portal. Additionally, in the unit types list within the management portal, you can quickly see which unit types have dynamic pricing rules applied. If the price has increased, the current price will be shown in green. If it has decreased, the price will be in red.
As new customers move in and existing customers move out, the occupancy percentage will change, affecting the dynamic pricing. You can check the current occupancy percentage breakdown by opening the unit type page and viewing the "Occupancy" section.
Still need help?Reach out to our team who are here to offer support
Subscribe to our channelFor more in-depth video content head over to youtube and subscribe