Here at Pace, we adhere to the motto "Always the right price". Not just for today, next week or in two months - but for the full next year (365 days).
How do we do this?
While you may not be receiving bookings until fairly close to the day of arrival, it is important to have relevant prices out in the market for the full 365 days ahead. Pace can thereby anchor a price in the market it perceives as relevant and start gathering data in response to this price.
Utilising historical pricing data, monthly trends, DOW patterns and even public holidays, Pace determines an appropriate price for all of your Inventory types - even if there haven't been any sales yet. Over time, as you move closer to the respective night, Pace will continue to evaluate your prices to ensure they're still in-line with your property's performance - even if you haven't entered your typical booking window yet. E.g. Did booking patterns change radically? Has your general rate performance increased (ADR increase)? And more...
What does this mean for you?
You don't have to worry about setting your prices far out anymore. Pace takes care of this for you and ensures that you always have the right price in place. If you have Automation enabled for your property, Pace will automatically set the price it believes should be your opening rate as soon as you enter the 365 day booking window for a night. If you don't have automation enabled, you will simply see a Price Recommendation in the app you can accept at your convenience.
It is also important to know that Pace generally prices you property at slightly higher rates far out than it would do closer to the night. This is to ensure that in case of unexpected surges in demand (e.g. an event was announced you didn't know about), you will reap the benefits of already having a higher rate in place. As we move closer to your typical booking window, we start to normalise these rate levels again.
Do you know something we don't know?
If you are aware of particular events in the future or want to anchor your price at certain price point, you are still able to do so by making a manual price change or Freezing this particular night (Autopilot users only).
Pace also considers your price settings (seasonal and non-seasonal). As soon as any price conflicts with a default or seasonal price setting you configured, Pace will move your price within the price bounds of your setup.