What is my Minimum Price, and how do I know if it's correct?
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 -- Beyond Pricing will always suggest prices that fluctuate around your Base Price given the demand in your market.
Why is my Minimum Price important?
Setting a lower Minimum Price allows for appropriate fluctuation in the daily rate when demand is low, optimizing for more bookings. This feeds into the larger Beyond Pricing strategy of getting you booked at the best price at the best time to optimize both Occupancy and Average Daily Rate (ADR), increasing your revenue.
How do I set my Minimum Price?
We recommend setting your Minimum Price in your Chart Tab. That way, you can see how different Minimum Prices will affect your nightly rate fluctuation over the next year given your Base Price.
Let's take a look at an example listing in Seattle, a typical urban market with large swings between the weekend and weekdays. When we increase the Minimum Price too much, our rates flatline through most of low season (in this case, throughout winter).
What if I want to set a high Minimum Price?
Some hosts operating within special circumstances set a high Minimum Price.
However, we always recommend setting your Minimum Price to allow for full rate fluctuation in periods of low demand if you feel comfortable doing so. This will help keep your listing competitive to maximize your revenue.
We understand this might be different from previous pricing strategies. Click here for more resources on how to communicate the Beyond Pricing philosophy with partners and owners.
Should I ever change my Minimum Price?
If you set your Minimum Price to the lowest rate you would feel comfortable accepting for one night, you shouldn't worry about changing your Minimum Price.
If your Minimum Price is set to a higher rate and you lower your Base Price, you might want to reassess your Minimum Price.
Remember, the goal is to make sure your rates can fluctuate as necessary given demand.
Can I set different Minimum Prices for different dates?
Yes -- you can set different Minimum Prices for different dates in the Customize Tab. Click here to learn more.