Knowing how to correctly price your rentals can be one of the trickiest aspect of running your business. There is a lot to consider when deciding on a price to rent your equipment. It’s important to do your research to ensure that the rental price is fair, competitive, and good for your bottom line. There will certainly be some relief once you figure out the right price for both you and your customers.
The next task is to make sure that you’ll be able to automate your rental rates with your booking rules, and set it up so your customers can easily book and be charged the correct rate. Using a booking system that can not only accommodate your rental inventory, time rules, and your pricing is very important. WebReserv has you covered.
WebReserv’s Rate engine is the most robust aspect of the system. It can virtually accommodate every pricing configuration that you are seeking. The system does so with Rate Categories and Rate Lists. Rate Categories allow you to set up different rates based on the rental length (4 hours, Daily, 3 Days) and/or the rental day (weekdays, weekends, holidays). Rate Lists allow you to create seasonal pricing.
Let’s review a common example for rentals. You offer a minimum rental time of 3 days up to a maximum of 7 days, but the price doesn’t increase incrementally, instead the customer gets a lower rate the longer they book. So, a 3 day rate is $600 and a 7 Day rate is $1000. Most systems can’t do this! Ours can. See how below.
First, Create a Rate Category for each option:
Setup new Rate Categories by going to Setup – Rates – Rate Categories. To create a new category, select Add Category.
Name your Category:
In the Type, choose the “Period of time” option:
Enter the exact days you want this rate to be charged: 3 days = Rate is per 3 Days (as shown in the example above).
Save the category. You can create several categories for other times as needed using the same steps above.
Next, Enter the Rate in the Rate List.
Go to Setup – Rates. Select the Rate List where this rate is valid. Usually the Rate List is titled, Standard Rates, but you can create multiple rate lists if your rates change seasonally.
Note: you do not need to create a rate list for each rental. All your rentals will be listed in each rate list.
Enter the rate in the corresponding columns:
Now when customers book, the system will find the exact rate based on this setup:
It’s easy to set up, and even easier for your customers to book.
WebReserv gives you many options for pricing (can also do hourly rates, fixed time slots, per person rates), so you decide the right price for your business, and the system can acoommodate. You’re welcome.