30 minutes/week in Beyond Pricing
We understand you are busy -- managing properties is hard work! We provide the tools to make pricing easier and more effective for you. At the core, making the most of Beyond Pricing also means spending some time in your Dashboard to evaluate how your listings are doing, and making adjustments to your Base Prices as necessary.
If you only have ~30 minutes for Beyond Pricing each week, we recommend you spend it evaluating and adjusting Base Prices as outlined below.
We'll follow along with our example listing located in Las Vegas, Luxurious Apartment on the Strip.
Evaluate and Adjust Base Prices
Looking at these metrics will help you determine whether to increase your Base Price, decrease your Base Price, or keep it the same.
Review Health Scores
Your Health Score gives you an indicator as to how this listing is pacing relative to the ideal booking pace in the market, looking at both 30 days out and 90 days out.
Health Scores range from 0-100. Any Health Score above ~75 is probably looking pretty good, and we recommend monitoring your Booking Pace relative to the ideal Booking Pace in the market to make decisions.
Our listing's Health Score is 72 -- looking okay!
Review Occupancies / Booking Paces
To understand the factors that go into your Health Score, let's examine your Occupancy and Booking Pace relative to the ideal booking pace in your market.
You can monitor this by hovering over the "?" next to Occupancy for each listing on your Beyond Pricing Dashboard.
Our listing is 80% booked in the next 30 days, and 57% booked in the next 90 days. That sounds nice, but it looks like we're booking up too quickly -- the performance is "Too High". In Las Vegas, a typical urban market, the ideal booking window is to be ~54% booked in the next 30 days and ~20% booked in the next 90 days.
Next Steps for your Base Price
In general, we recommend making decisions on changing your Base Price depending on how you are pacing relative to the ideal booking pace in your market:
Our listing's Booking Pace is "Too High". Let's go into the Chart Tab and increase our Base Price by 5%.
Now do this for each of your listings!