As your business grows and begins to acquire new properties through various means, we understand that amongst these, is that of a speedy setup of your shiny new property on Pace!
*Disclaimer - Our awesome Customer Success Team will also be in contact with you and is readily available to guide you through this process as quickly as possible 🏎
Step 1: Depending on the PMS of this new property and once you have reached out to us via email or simply, through the chat, we will establish the API connection and get the PMS and Pace synced together - It's as easy as that!
Step 2: This is an important one!
In order to give the algorithm as much additional insight as possible, Pace needs a clear understanding of the classification various bookings through certain rate plans falls under. Going back to configuration, we can add this to our Rate Plan Setup and easily set these up using some detailed instructions on how to do so
Step 3: Is there a clear need for grouping of inventories? A quick reminder that any inventory types with >5 units will need to be grouped in order to receive pricing recommendations. This is due to the fact that our pricing engine cannot make clear assumptions on demand patterns with such a low unit count and thus the need to group this room type with another - More information on grouping here
Step 4: Now we will need to guide the pricing engine with regards to Min/Max rates for this new property as a prerequisite for receiving our first set of recommendations - This should be something that the team is already quite familiar with through the existing property or properties but a reminder on how to set this up always helps!
Side note 📝 - We always suggest that when setting up your default price settings, that a great guideline is setting your minimum at ±10% lower than your current lowest rate to allow for maximising on periods of particularly low demand and your highest at 30% highest than your highest ever sold rate, to allow for maximising on periods of particularly high demand!
Once these few clear steps are complete, you are all set to begin accepting rate recommendations and working towards Automation as a short to medium-term goal! 🚀
Bear in mind that during this process, a dedicated Customer Success Manager will be guiding you through each step so if you get stuck at any point or have any queries or questions, please do reach out to them so that they can assist you!