Pricing = Availability
ThinkReservations two-way connections work in the following way:
ThinkReservations syncs reservations from OTAs.
ThinkReservations syncs rates, restrictions, and availability to OTAs.
Using a rate type, you can control the price, restrictions, rooms, and dates that you choose to share with the Online Travel Agents (OTAs) that you partner with. We typically do this with one or more "OTA Rate" rate types.
No pricing / Stop Sell = No Availability.
Setting a price gives that room type for that date availability. Removing a price, or setting the restriction 'Stop Sell', removes availability.
You can find the rate types within your ThinkReservations account by doing the following:
Click the house logo in the upper left-hand corner.
Click Settings.
Click Rate Types under the Room Configuration heading
Please note that your OTA Rates are not linked to another rate by default in ThinkReservations. To make a rate type derive its rates and restrictions from another rate type, you'll need to use the derived rate feature.
Alternatively, you can leave the OTA rates rate type as 'Set rates and restrictions manually' and either copy any updates to your OTA Rates when you update the rate type used for your direct bookings, or update them using the tools in the Rates & Restrictions tab.
Once connected to one or more OTAs, rates, restrictions, and availability are synchronized automatically and in near real-time. If availability changes, Booking.com, Expedia, HotelTonight, and Airbnb will be notified. If a reservation comes in from an OTA, you will see it immediately in your ThinkReservations calendar (and you will be notified via email). If the price changes for the OTA Rate or its parent rate type, the system will update the OTA(s).
How to confirm the rate type(s) associated with your OTAs
In ThinkReservations, navigate to Settings and click on the OTA you are connected to that you wish to review. For example, if you would like to check your Booking.com room connections, or "mapping", click on Booking.com under Channel Management on the left.
You will then be taken to the Booking.com configuration page. This is your OTA room and rate assignments page. Note the blue box below that outlines the OTA Rate from ThinkReservations.
In the above image, you will see example data. The blue box indicates where you will find the name of the Rate Type found in ThinkReservations that is associated or "mapped" to the corresponding rate type on Booking.com. This example has two rate types, but your property may only have one.
This process is nearly identical for Expedia. Navigate to ThinkReservations > Settings > Expedia
To confirm the rate type associated with your connected Airbnb listings, navigate to ThinkReservations > Settings > Airbnb
Note the blue box in the image below.
In the above image, you can see that to update Airbnb rates and restrictions, you would need to update the "Airbnb Rate" rate type. The names of the rate types are arbitrary.
Updating the OTA Rate
Now that you have learned that ThinkReservations uses one or more Rate Types to send the pricing, restrictions, and availability to the OTAs, you know where to go to make the changes. The process for updating your OTA Rate(s) is the same as updating your Best Available Rate. Click here to learn how to work with rate types in a short 7-minute video.
If a room/date in your OTA Rate does not have a price, then it will show as unavailable or sold out on Booking.com, Expedia.com, and Airbnb. That is how you control whether you want to show availability -- by configuring or removing the price! If you set the price to 0, you are selling it for free.
Updating the Rate(s) Associated with your OTAs
The rate or rates associated with your OTA connections are not automatically updated or tied to other rate types you have in ThinkReservations. This means you will need to manage them separately, but it also means you don't have to use the same deposit policy, rates, or restrictions you already have programmed for other rate types.
Once you copy your rates and restrictions from another rate type (likely your Best Available Rate), you may choose to "Modify" what you just copied to a specific dollar or percentage amount higher.
Turning the OTA "on" for certain dates: Set Pricing
To open the rate type that you are syncing to the OTAs, please do the following:
Click the house logo in the upper left-hand corner
Click on Settings
Rate Types
Click on the rate type you have mapped to your OTAs
Click on 'Rates & Restrictions'.
Click on 'Modify' on the top right. Choose your dates, days of the week and room types you want to make unavailable to the OTAs.
Click on Select.
In the price row, choose 'Set to'.
Enter the price per night you want for the selection you made in the above steps.
This is also where you can set restrictions if needed.
Click Update
Check your work.
Once you are happy with the results of the modifications you made, click Save in the lower right corner.
Turning the OTA "off" for certain dates: Remove pricing.
To open the rate type that you are syncing to the OTAs, please do the following:
Click the house logo in the upper left-hand corner
Click on Settings
Rate Types
Click on the rate type you have mapped to your OTAs
Click on 'Rates & Restrictions'.
Click on 'Modify' on the top right. Choose your dates, days of the week and room types you want to make unavailable to the OTAs.
Click on Select.
On the Price row, choose Clear Price.
Alternatively, if you want to remove availability without removing rates, instead of selecting Clear Price in the Price pull-down, choose Enable in the Stop sell pull-down.
Click Update.
Check your work.
Once you are happy with the results of the modifications you made, click Save in the lower right corner.
A note about the Promotion Code:
You may see a random Promotion code to prevent guests from seeing this rate type on your website. For rates like your OTA rate that are for staff only, select Staff Only under Rate qualifiers in the Details tab of the rate type.
Strategy
Make the OTAs work for you, not the other way around! Below, we discuss 4 strategies that can be combined to help you take control of your relationship with the OTAs.
Strategy 1: Control your Rate
As you raise your OTA Rate, you will get fewer bookings from OTAs. Think of your rooms that sell very well. Think of your most popular holidays or weekends that book up in advance. You don't need as much help from the OTAs, so getting fewer OTA bookings is the desired result. However, when you do get an OTA booking, it's at a price point you are happy with because you raised the rate.
We highly recommend that you spend at least 15 minutes weekly manually auditing and adjusting your rates and restrictions for the next 90-day period. This time is very valuable to your business, as it allows you to stay current with booking trends and pace. Changes in supply and demand should also affect your pricing. When it comes to the OTAs, you likely have unique rate types, such as an OTA Rate, where you can share a different rate with the connected OTAs. This can be done effectively with a combination of:
Working with automatic rate adjustment rules / Yield Management plans
Manually adjusting rates for your typical booking window
Deriving your OTA rate from another rate and using a pricing adjustment.
To create a Yield Management Plan, do the following:
Click the house logo in the upper left-hand corner.
Click Settings.
Click Yield Management Plans.
Click the New button.
Below is an example of a typical Yield Management Plan found in an OTA Rate.
It has a single rule that increases the prices in the Rates & Restrictions tab by 15% at all times.
If you raise your rate by 22%, you will net the same amount after 18% in commissions are paid.
Here is a more complicated setup. The image below shows that when the property is busy, the rate increases, and when the guest books far in advance, the rate increases. But when the property is slow, or the guest is booking at the last minute, the rate only increases slightly.
When you need to update your OTA Rate's base rate to match changes you've made on your Best Available Rate, you don't need to update or change your Yield Management Plan.
Strategy 2: Promotions on the OTA
Some clients increase rates significantly using a Yield Management Plan and then offer a promotion directly on the OTA. This causes the guest to see a higher perceived value for your property and a deal at the same time. Some OTAs handle their promotions differently, so make sure to experiment with this if you plan to use this strategy. Note that if you have a higher perceived value for your property, you will need to deliver on that with your guests.
Here is an example. Let's say that your room normally sells for $200, and you increase the rate by 30% to the OTA. On the OTA, you offer a 10% special. Maybe this special runs all the time, maybe not. The prospective guest would see a room that normally sells for $260, on sale for only $234. You would net $192 after 18% in commissions.
Strategy 3: Control your Availability
When adjusting your availability, keep in mind that not all rooms or dates need to be the same. You might keep in mind your most popular rooms and remove them from the OTAs, until the week of. With this strategy, you only release availability for your most popular room(s) when you are less confident that you will sell them directly. If you remove all availability for a given date, you will appear sold out on sites that aggregate data from the OTAs, such as Google and Tripadvisor, as well as on the OTAs themselves. The typical guest is not going to search you out specifically if you are listed as Sold Out when other choices with availability are presented to them. Offering only your least popular room(s) for a higher price may be a better strategy. Some businesses can afford to remove more availability than others. Experiment to see what works best for you to strike the perfect balance of direct bookings and commissionable OTA bookings.
Strategy 4: Control your Restrictions
If you have a special weekend with a 3-night minimum, keep in mind that the OTA Rate may require a 4-night minimum or longer. If you have a busy weekend where you typically get 3 and 4-night stays, you likely don't need as much help from the OTAs. Consider tightening your minimum night stay requirements for those special days. As the date approaches, you can relax the restriction on your Best Available Rate and then your OTA Rate to help fill vacant rooms.
You can also apply a 2-night minimum to those who book directly, even if there is no other minimum. When, how often, and which rooms you apply these minimums to are up to you.
As a reminder: If your business has a two-night minimum on weekends, you will make sure to check all those boxes when using the Copy from... function (located on the Rates & Restrictions tab) when importing rate and restriction changes you've made on your Best Available Rate.
The best strategy for one business might not work at all for another. You must experiment and find what works for you. Likely, a combination of the above strategies will help you get started with creating your own.