What is Smart Pricing?
Adjusting your price over time helps you respond to travel trends in your area. One way to do this is to turn on Smart Pricing. This tool automatically changes your nightly price based on demand, maximising earnings over all nights you have available.
This tool is especially helpful if you want to continue to optimise your pricing without constantly monitoring it.
How Smart Pricing works
Smart Pricing uses hundreds of factors about your listing, your area and guest behaviour to calculate and adjust your nightly price. It takes into account:
Details about your listing, like property type, location, amenities and reviews
Search activity in your area, including how many people are searching certain dates
Bookings in your area, including those with similar property types and amenities
Smart Pricing performs these calculations on a regular basis and automatically updates your nightly price using these calculations and your own pricing controls.
How to use Smart Pricing
You’re always in control of your price, including when you turn on Smart Pricing. You decide whether, when and how to use this tool. You can:
Turn it off any time. This will apply instantly but it won’t change what guests who’ve already booked pay.
Override it on any date. To do this, select specific unbooked dates in your calendar and turn off Smart Pricing on those dates.
Set the price range. Choose the minimum and maximum nightly prices that your listing won’t go below or above (unless you’ve also set discounts or promotions).
You can develop and evolve your Smart Pricing strategy over time. This includes adjusting minimum and maximum prices, as well as setting custom prices, promotions and discounts for the dates you’ve chosen to override Smart Pricing.
When to use Smart Pricing
If you’re unsure whether Smart Pricing makes sense for your listing and circumstances, ask yourself:
Are you regularly checking similar listings? If not, Smart Pricing might be a good fit – and you can still compare similar listings if you want to.
Are you regularly updating your price? If not, or if you’d simply prefer not to, you might give Smart Pricing a try.
You can learn how other Hosts use Smart Pricing by joining your local Host Club.
Like all aspects of your personal pricing strategy, using Smart Pricing is entirely up to you. Just remember that you can play with the settings to make it work for you.
Information contained in this article may have changed since publication.
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