Our dynamic pricing tool Smart Rates uses sophisticated short-term rental data to optimize your listing's earning potential.
Once you have onboarded your listing to your MarketMinder account on the My Properties page, you will have access to our Smart Rates feature, where you can utilize suggested nightly rates to align your short-term rental strategy. We generate these rates by looking at the historical performance of your listing on Airbnb, as well as the historical performance of comparable properties to your own. These properties are selected based on how close they are to your listing geographically, and how similar they are in the number of bedrooms, bathrooms, and guests they can accommodate to your own property.
How Quickly do Smart Rates Update?
Our pricing tool Smart Rates is updated daily, meaning that any changes or bookings made in your Airbnb calendar will show the following day in MarketMinder.
Many factors come into play when pricing a short-term rental (STR) property, from the day of the week, to how far in advance bookings are made and more, so using a tool that updates regularly is essential to keep up with market trends and in turn, makes your pricing strategy as competitive as possible.
When your STR is booked on Airbnb, it will be reflected in your Smart Rates calendar the following day.
Multiple elements need to be taken into account when pricing your listing accurately, such as seasonality and lead time to name a few. We factor these into our Smart Rates to give you the best rate for your listing on any given day.
You can adjust the Smart Rates to follow the pricing strategy that you wish to utilize in the sidebar. Choosing either the conservative, balanced, aggressive, or custom base rate will change the suggested rates in the calendar view.
Here you can also set a minimum and maximum base rate, so as to never go above or below a suggested rate in MarketMinder. There is also the option to add an orphan day discount, an orphan day is an available day that falls between two booked days, typically these available days are less likely to be booked, so by applying a discount, they become more appealing to potential guests.
You can access Smart Rates for your listing with a paid subscription, where you will be able to see each date for the next eleven months. You can also utilize them with a registered free account in which you can see the next 30 days.
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