Beyond Pricing 3-step Quickstart Guide
What is Beyond Pricing
We look at factors that influence demand in your market, including Seasonality, Day of the Week and Local Events, to determine your daily rates. All rates fluctuate around the Base Price you set for your listing in Beyond Pricing. Learn more about how we generate suggested prices here.
We get you booked at the best price, at the best time. This means that your booking pace might become slightly different from what you are used to. Generally, we see customers shift to capture bookings slightly closer to the date of reservation than before using Beyond Pricing.
We have a team of experts across Revenue Management, Data Science, Engineering and Customer Success working hard each day to make sure Beyond Pricing works best for you. And we're always happy to help! If you have any questions, please don't hesitate to reach out to email@example.com.
Transitioning to Beyond Pricing
Follow these three easy tips to make sure your pricing remains consistent with rates we suggest.
Settings to adjust in your OTA
- Turn off all other pricing strategies, such as Airbnb Smart Pricing, Airbnb discounts, etc.
- Set an artificially high base price in Airbnb or HomeAway/VRBO.
- Explanation: This helps when you unblock dates or have a guest cancel, for example. When this happens, there may be a brief period of time where our latest prices have not pushed into your account. In order to prevent opportunistic guests from booking your listing at a low rate, set an artificially high Base Price in Airbnb and HomeAway/VRBO.
- How to: Here’s how to change your base price in Airbnb and HomeAway/VRBO.
- Adjust your calendar on Airbnb or HomeAway/VRBO to be available for the next 12 months out.
- Explanation: In order to accurately predict best prices based on forward-looking occupancy and to avoid low bookings made far in the future, we recommend accepting reservations limited to 1 year in advance.
- How to: Here’s how to keep your calendar blocked out 12 months in advance on Airbnb and HomeAway/VRBO.
Setting up Beyond Pricing
Let's set your listings up for success, in three easy steps!
Set your Base Price
- Set your Base Price in the Chart View for each listing.
- Initial Base Price: The default Base Price is set by taking a look at your pricing for the next 60 days. This is just a reference point to get you started. You should always assess and adjust the Base Price before syncing your listing.
- Setting your first Base Price: The Base Price is the starting point for our price fluctuations. We'll go above it during periods of high demand and below it during low demand periods. Think of it as the median price, or true value, for your listing for the year. You can start to find this number by setting it to the average of the rate you would expect to get during high season and the rate you would expect to get during low season.
Example: For my listing in Seattle, I know I generally receive around ~$100 / night in low season, and ~$300 / night in high season. To start, I’ll set my Base Price to $200.Read more on how to set your Base Price here.
Learn more about how to read your Health Score and what it means here.
- Understand when and how to change your Base Price: Your Base Price is not set it and forget it. Your Health Score is there to indicate whether or not you need to change your Base Price. We recommend monitoring your Health Score and Occupancy / Booking Pace at least every two weeks. Click here to learn how to be efficient and effective in Beyond Pricing in just 30 minutes/week.
Set your Minimum Price
- Your Minimum Price is the lowest rate you'd be willing to accept for a night. This is completely up to you. We recommend setting it as low as you feel comfortable. This doesn’t mean our suggested pricing will ever reach that point; rather, it allows for appropriate fluctuation in the daily rate given the demand in your market.
Example: Playing around with a few different Minimum Prices, I don’t want to go as high as $150 because I have a less likely chance of getting booked when my prices flatline in low season in the winter. I’m comfortable accepting a $100 / night booking, so we’ll go with that.
- Click the "Sync Prices" button for your listings to start syncing prices!