Now that the property has an inventory, base and internal rates can be set. If you have a CRS agreement with Windsurfer or Siteminder you can proceed to set up OTA rate plans as well and you will be able to set up your CRS connection in a following article in the Getting Started Category.

  1. Set Up Rate Plan – Admin, Rates and Inventory, Room Rates
    1. Set up your base rate, usually this is the rate that you would sell when reservations were made on property. Usually a rack rate or best available rate. 
    2. Must enter in a 3 or 4 letter rate code along with a description. 
    3. Set up as active, and check the box in order to sync with a CRS of necessary.
    4. Add begin and end stay and begin sell dates
    5. All OTA rate set up options are below, the first rate should be your base rate.
    6. “Zero out cancelations” check box clears amount due when reservations are cancelled at any time.
      1. There is an automatic refund functionality for cancelations covered a further down in this article.
    7. You can add deposit as a percentage, click add range to see more options based on length of stay.
    8. Resort Fee and Calculation type
      1. One time
      2. Per night
      3. Percentage
      4. If you have a resort fee you can have it applied at reservation creation.
    9. Add Guarantee and Cancellation Policies
    10. Refund Cancellations: (Not Required)
      1. If you would like reservations to automatically recalculate possible refunds based on cancelation criteria this functionality can be very useful and will also direct users as the cancelation policies in real time.
      2. There are a number of criterial options that will result in a desired action, you can see the options by starting with the “When” fieled, a couple of examples below:
        1. “When Canceled” Less “Than” 2 Days Before Arrival Refund Percentage: 50
        2. “When Canceled” More “Than” 1 Week After Creation No Refund.
      3. When these fields are used, a user upon canceling a reservation will be alerted to the cancelation terms if the cancelation falls into the criteria set up.
      4. In order for a user to not accept and override the policy, a supervisor/manager user must complete the cancelation. (These user restrictions may be modified)
    11. Housekeeping Task: (Not Required) Sets up included housekeeping tasks for all reservations with this rate plan.
      1. For most all hotels a free departure cleaning is provided for a retail rates. This can also be used to include daily cleanings or “Tidies” however your property is set up. The options selected will then be shown appropriately on the housekeeping system page. (Covered in a later article)
  2. Adding Rates to rate plan
    1. Click to highlight rate plan and room types, availability, and restrictions will and dates will load below.
    2. In order to mass edit rates, under the room type column, click the TYPE – Price 
    3. In the pop up, fill out:
      1. Start and End Date of the price
      2. Days of the week of the price
      3. Price per night
    4. Repeat if necessary for multiple seasons
    5. Available rooms can be set in the same manner if your inventory changes
      1. Note that you can not increase availability above physical limit
        1. If you wish to oversell a room type, go to Reports, Inventory and set the Blocked link for the date to -1, -2, etc.
    6. The Min LOS stands for minimum length of stay
      1. Fill out the pop up as you wish
    7. Closed to Arrival, restricts anyone from arriving on certain days.

Adding Based On Rates

  1. Most times properties may want to set their OTA Rates like Expedia., etc, at a higher percentage than direct bookings. This functionality can be useful to quickly set up rate mirroring your base rate.
  2. Determine how much more of an amount that you want to increase OTA rates over those who book directly. Percentage or dollar amount.
  3. Ensure that your base rate is correct and restrictions are as you would like them to be in WavePM
  4. Elect New Rate Plan and fill out as you would a normal rate plan described above.
  5. Under “Based on Rate Plan” select your main rate plan: RACK/BAR/ect.
    1. Select Adjustment Type and set to percentage or amount
    2. Input the amount, example for 10%, enter 10.
    3. Stay dates, deposit and resort fee will be set to mirror the base rate
    4. Scroll down and save.
  6. You will want to check the OTA Rate checkbox if applicable
  7. OTA Fees relate to properties with ownership, leave blank if not applicable.
  8. OTA Collects Sales Tax and OTA Collect Occupancy Tax can be checked if applicable.
  9. Now Save and select your new rate to ensure everything mirrors your base rate as desired
  10. For CRS Syncing see this articles later in set up.