With Calendar Sync, the agent makes copies of the property supplier's homes. This enables an agent to have complete control of the reservation and the reservation process with a few exceptions/options, the most notable being the supplier’s Calendar. The Master property calendar is forced and synchronized.
This also means that this property has its own rates and settings. When a supplier changes the rate for one of the cloned units, the markup settings that have been specified by the agent will help the agents maintain the desired margins.
The Floor rate, which is the price that a unit is sold to the agent at, is copied over into the cloned rate set’s floor rate column. The mark up settings can apply either a multiplier or a fixed daily amount to a daily retail rate. Default markups with date range specific settings can be overridden and furthermore, an email will be sent to the Agents when the suppliers make changes to rates.
Setting Up your Calendar Sync Units
This article will only cover the Calendar Sync Markup feature. For a full tutorial on how to Clone a unit, using Calendar Sync, please press take a look at the following video.
For more information about the Calendar Sync feature, click here.
Using the Calendar Sync Rates Markup as an Agent
Once Rate sets have been imported from a Property Supplier's cloned units and markups have been applied to the Daily floor rates, the agent can begin to implement Calendar Sync Rates Markups.
For the purposes of this tutorial, 2 accounts will be used, one belonging to the Property Supplier and another belonging to the Agent.
Both Edit Rates Windows have been detached, so all of the Updates can be seen in Real Time.
Although this tutorial is generally directed towards the Agent’s use of how to set up the Calendar Sync Markup feature, it’s good to understand how both ends are affected.
The Light Blue window on the left represents the Property Suppliers account and the Dark Blue window on the right represents the Agents Account
To access the Rate Sets Window in the Supplier's, or the Agent’s account, go to:
- Reservations and Quoting
- Edit Rates
- Rate Sets
Select Rate Set in Agent Account
From Dropdown Menu, select the Rate Set that’s linked to the master.
In the Agents Account, Under the “Rate sets” tab,
- Click the “Edit Set" button,
- Be sure that “Use daily rates” is selected
- Under “Calendar Sync Settings” select the “Sync with multiplier" button.
In the “Multiplier” field, enter the desired Markup as a percentage, where 1.00 = no markup and 1.20 = 20% markup.
In this example, the Property Supplier has decided to increase the nightly floor rate for the Christmas season by $100, at this point without using the CalendarSync Rate MarkUp feature, the Agent has no way of knowing this, so an agent could in theory be reselling a unit at a loss, or at a profit, depending on the price that the Supplier has changed it to.
This is where the Calendar Sync Rates Markup function is used, as it will, not only update prices to reflect what a Supplier has updated, but it will also update the markup in the Agents based on each Agent’s rate set’s individual settings.
Using the Multiplier to update the Floor rate and increase the Markup
To increase the markup:
- Typethe desired markup in the Multiplier field (in this case, we entered 2.0)
- Press Update.
- The Nightly floor rate has been updated from $500 to $600
- The daily rate has been marked up by 100% in the daily rates field.
Clone Markup Value
The “Clone Markup Value” can be used, should an agent decide they would like to override the percentage of the markup for a specific Season, or rate band, to be above the percentage that has been set in the Multiplier.
In this scenario, the Multiplier had previously been set to markup the margin by 20% across the board, but if an Agent decided to increase it over the Christmas season, by 100%, the Agent would need to override it by inserting a “Clone Markup Value.”
Increasing the Clone Markup Value
To Increase the Clone Markup Value,
- Select the Christmas season date band
- Enter a value of 2.00 in to the “Clone Markup Value” field, then press Save (Ctrl + S)
As shown in the “Daily Rate” field for the Christmas season, the price has doubled, but will revert to a 20% markup when following seasons begin.
Markup Value Inheritance
When a new date band is inserted the new date band will inherit the value of default markup setting against the rate set or if defined the highest markup value against any of the bands that would be affected by the inserted rate band in the child rate set.
In this example, a new date band will be inserted to start before the end of the existing Christmas period and to end after the existing New Year period,
so the From Date being the 24th of December is Changed to the 23rd of December in the Christmas period and the To Date will be changed from the 6th of January, to the 17th of January, with a Daily Floor rate, of $500, Allow Insert/ Overlap and press Add.
The diagram below shows:
- The Suppliers Previous Date Band
- The Suppliers Updated Date band ( which will add a row and re-order the dates above and below the new band to match.
- The Agents New updated Date Band. (Notice that the Agents New Rate band has continued using the X2 multiplier, because the previous rate bands have overlapped.