Smart Pricing is a feature which optimises listings so that longer rentals are charged at a lower daily rate. For borrowers, this means making significant savings on longer term rentals. For lenders, it means an overall higher lender income.
How Does It Work?
Magic. Kind of. Smart Pricing works on an algorithm which takes the given Daily and Weekly prices for an item and uses our data and analytics to suggests a Monthly Price, drawing a curve between all three points. Smart Pricing is based on the type and location of your listing, the demand, and other factors which combine to give mutually beneficial daily rates for whatever the duration of a hire.
How Is Smart Pricing Different To Just Setting A Daily And Monthly Price?
Setting a Daily and Weekly price without Smart Pricing enabled, means that the price per day decreases evenly as the number of days increases. This means it isn’t guided by insights from our algorithm and data. Although it may not be ‘dumb pricing’ but it certainly isn’t as smart as Smart Pricing!
What Does It Mean For Lenders?
With Optimised Smart Pricing, lenders are more likely to encourage longer term rentals, which equates to a higher overall lender income.
What Does It Mean For Borrowers?
Optimised Smart Pricing allows borrowers the chance to make significant savings when booking an item for longer than a day.
How Do I Apply Smart Pricing?
Great question! When you’re either listing a new item or editing an existing one:
1. Enter a Daily Rental Price
2. Enter a Weekly Rental Price
3. Ensure that Optimised Smart Pricing is ticked
Can I Apply Smart Pricing To My Current Listings?
You certainly can. Just head here and click edit on any item you’d like to optimise with Smart Pricing. Then simply follow the steps above.
For more tips on how to improve your listings and generate more rental income, click here.