To set up yield management rules we first need to understand what it does. Yield management is a way to automatically raise or lower our rates based on our occupancy and a time frame. For example, if our property is 75% or more full next week, we may want to raise our rates since demand is higher. The same concept can be applied in reverse when our occupancy is lower than say 25% and we are 2 weeks out. We can use the same feature to drop our rates. We'll use this scenario as an example.
First we need to go to the Configuration page and from the 'Rates, Taxes' section select 'Yield Management'.
Then we will select 'Add New Rule'
Next we must define the rule. In this case we will start with the low occupancy rule. This rule will state that a.) when the date in question is between 0 and 14 nights out and b.) occupancy is between 0 and 25% we want it to automatically c.) lower rates by 5%.
Now for the high occupancy rule, we will again select 'Add New Rule' and define the rule. This rule will state that a.) when the date in question is between 0 and 10 nights out and b.) occupancy is between 75 and 99% we want it to automatically c.) raise rates by 5%.
Now you can see your new rules in the list and they are in effect!