Airbnb is a two sided marketplace where both Host and Guest. Host can list their property and Guest can book their space. Airbnb offers latest and outstanding feature “Smart Pricing” which helps the Host to decide the price for their listing.
By smart pricing option the Host can compare their listing price with the others in the same place. Host can get clear layout about their listing price. This helps the Host is set competitive night pricing in their area. The goal of smart pricing is to help and increase the host list booking process and got profit.
This smart pricing will suggest pricing for host listing, the suggested price may be higher or lower than the host expectation. This feature will absolutely give great benefits to both host and guest.
Factors Suggesting The Price For Listing
When the smart pricing is turned on, your pricing is combined with a lot of data and those factors change your pricing range. The price of your listing will update with the following factors
- If more people are searching for space in your area, your price will be updated based on the market popularity.
- If you get lot of views and bookings for listing, your price will be updated based on popularity of your listing.
- Based on adding amenities like WiFi, pet allowed, your price will be updated for the listing.
- Based on high season, your listing price will updated.
- Your prices will update based on your positive reviews from successful stays.
How It Works?
Smart pricing works as an algorithm which takes the given nightly, weekly and monthly prices for an listing and suggest the comparative price between all three points. Above mentioned factors helps to suggest price to increase your list booking.
Settings Options For Host
On nightly pricing section host can set minimum nightly price and maximum nightly price. This settings will make comfortable for host to set their listing price.
- In minimum price, you can set the lowest price for your space to attract more guest, but never set your price below threshold of your space.
- In maximum price, you can set the highest price of your listing per night, every listing which uses smart pricing must specify the maximum price for their space.
Airbnb is always adding flexibility to smart pricing and it has ability to turn off but it’s for some certain days only. This feature is really effective for host to get more profit. To get this feature for your rental site, Click here.