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I always ignore their smart pricing. When I first posted my listing it wanted me to offer it for $55 a night. It’s a whole house rental that sleeps eight. I rented it for $200 a night. I did my own research and priced it accordingly.
After my very short experience, getting “smart pricing” recommendations for half of what people are ready to pay, and wanting me to propose free cleaning and laundry service while at the same time providing all my info to the local fiscal authorities, I don’t see how anyone would trust the “smart pricing” system.
In fact it’s smart for one person - the website - because they get more commissions if hosts rent at a loss.
I have better luck with smart pricing and my minimum. We just completed one full year, so I will take a closer look at how we did with smart pricing vs. self pricing. The markets are also getting saturated. More options. Less pricing. Focus on service and special touches and hopefully that will work. I offer homemade fruit tropical smoothies one morning for all guests. They love it. For a while, I offered use of a bike.
We do not use smart pricing thanks to my own personal experience with it as a traveler. We were looking to book a night in Edmonton, found a great place at $100, for 2 couples, but had to confirm with the other couple. When i went back to book the listing it said the price was now $140. I thought that was weird and decided to keep looking, found another place and went to book and the price went higher again. We searched several times within the same day and the prices just kept going up. We ended up just getting a hotel as the price was then less than the abnb… The system annoyed us so much we didn’t book. I can’t imagine doing that to guests, especially when our condo rents at a high price in the summer anyways.
Possibly, but it was 2 or 3 properties that it happened with, and it seemed to be intuitive rather than random. Either way it put a bad taste in my mouth. We price our condo based on its value on the high side so it just doesn’t sit well with me to raise the price because of a bit of extra traffic.