Adjusting the nightly rates and recommended pricing for Guesty PriceOptimizer

Important:

Once activated on a listing, all pricing and minimum night restrictions are managed in PriceOptimizer. Changes to pricing or minimum night restrictions made in the Guesty calendar or listing settings will be overridden by PriceOptimizer.

Guesty PriceOptimizer is a data-driven, machine-learning tool that gives you recommendations for your listings' nightly rates based on different time period intervals. Our interactive software takes several details into account based on market trends to offer the best-suggested prices.

PriceOptimizer helps maximize revenue and occupancy while saving you time and minimizing manual mistakes, making it an ideal tool for your property management business. Suggested prices can be manually adjusted at any time based on your individual needs.

Follow the instructions below and read about the different ways you can adjust the pricing.

Pro users Lite users

Step by step:

  1. Sign in to your Guesty account.
  2. In the top navigation bar, click the mode selector and select Growth.
  3. Click PriceOptimizer.
  4. Find the listing(s) for which you want to adjust the pricing. You can search for a specific listing by name or nickname or use the filters to find all listings that match your specific criteria.
  5. Select the relevant listing and edit the settings according to your needs.
  6. Click Apply x change(s) in the top right corner and select Apply again in the confirmation pop-up whenever a change is made.

Read all about the different manual change options PriceOptimizer has below.

Pricing forecast

In the Pricing forecast tab, you can adjust the nightly rate and the minimum/maximum rate limits.

Changing the nightly rate

If you want to override the recommended nightly rate, follow the line in the graph until you reach your preferred date. Click on the date and enter the new price or adjust the current price by dragging the price up or down.

If you want to override the rates for multiple days, highlight the days by dragging to the left or right of the selected date and input a new fixed price or adjust the price by percentage. You can manually override pricing for a maximum of 7 days at once. After a nightly rate is adjusted, a purple line will appear in the graph to highlight the manual price change.

Tip:

See instructions here to remove or reverse a manual override.

Changing the minimum/maximum rate limits

The minimum and maximum controllers define the highest and lowest price you can set for your listing. If you want to override the minimum or maximum limits generated for your listing, enter the new limit manually or drag the current limit to the new price you want in the chart. The green controller is for the minimum and red is for the maximum. The maximum price that can be applied is ten times the base price.

Note:

The option to change limits by the dragging feature within the chart is only available in the 1 year view and not in the 6 months, 1 month, or 1 week view.

Pricing strategy

Dynamic factors are parameters taken into account and applied to the base price to generate the recommended nightly rate. The dynamic factors we feature are days of the week, seasonality, and holidays. We compare your property with others that have similar attributes and make adjustments based on local market changes. In the Pricing strategy tab, you can adjust the listing's base price and determine the impact dynamic factors will have on your pricing. 

Important:

Whenever a change is made, make sure to click Apply x change(s) in the top right corner of your screen and select Apply again in the confirmation pop-up. Your changes will not be saved if you navigate away from the page without clicking Apply

Base price strategy

The base price is the starting point for your pricing. Choose PriceOptimizer's recommended pricing or control the pricing yourself in this section.

Base price settings

  • Select Automatic base price to see the recommended pricing from PriceOptimizer's algorithm. Keep the recommended pricing or take a more conservative approach (20% lower) or a more aggressive approach (20% higher).

  • Select Manual base price to set a fixed base price that remains constant regardless of market changes.

Price limits strategy

Stay within your desired pricing range by customizing your pricing with default minimum and maximum limits. Guesty PriceOptimizer’s algorithm will always stay within your default limits unless you add time-based rules for time periods like holidays, events, or seasons. For example, let's say your minimum price default is set at $800 and your maximum is $1300. However, you want to raise the default prices for the summer months. In this case, you can set a time-based rule and adjust the minimum and maximum pricing to apply to the months of May through October. The other months of the year will adhere to your default pricing.

Day-of-week pricing strategy

In this section, review and customize the impact each day of the week has on your pricing.

Pricing impact settings

  • Select Automatic pricing impact to see the recommended pricing from PriceOptimizer's algorithm. Keep the recommended pricing or take a more conservative approach (20% lower) or a more aggressive approach (20% higher). This pricing impact affects all days of the week.

  • Select Manual pricing impact to manually set the pricing impact for specific days of the week. Enter a positive percentage amount to increase the impact and a negative percentage amount to decrease the impact. For example, if you want the weekend pricing to be higher than other days of the week, enter a positive percentage amount for the relevant days. This adjustment is constant year-round regardless of market conditions.

Seasonal pricing strategy

Review and customize the impact of each month on your pricing.

Pricing impact settings

  • Select Automatic pricing impact to see the recommended pricing from PriceOptimizer's algorithm. Keep the recommended pricing or take a more conservative approach (20% lower) or a more aggressive approach (20% higher). This pricing impact affects all months of the year.
  • Select Manual pricing impact to manually set the pricing impact for specific months of the year. Enter a positive percentage amount to increase the impact and a negative percentage amount to decrease the impact. For example, if you want the winter pricing to be lower, insert a negative percentage amount in the relevant months. This adjustment is constant year-round regardless of market conditions.

Holiday pricing strategy

A list of holidays will be pre-selected based on the listing's country. To view the list of holidays, click Manual pricing impact.

Pricing impact settings

  • Select Automatic pricing impact to see the recommended pricing from PriceOptimizer's algorithm. Keep the recommended pricing or take a more conservative approach (20% lower) or a more aggressive approach (20% higher). This pricing impacts every holiday listed above.
  • Select Manual pricing impact to manually set the pricing impact for the specific holidays you choose. Enter a positive percentage amount to increase the impact or a negative percentage amount to decrease the impact. For example, if you want the pricing for Christmas and New Year's holidays to be more aggressive, enter the positive percentage amount of your choosing in the relevant fields. 

Minimum night rules

With Minimum right rules, you can set minimum stay requirements for reservations by day-of-week, time period, and upcoming availability.

Last minute pricing

Last minute pricing allows you to review and customize the impact of last minute bookings on your pricing strategy. 

Occupancy pricing rules

Occupancy pricing rules allow you to fully control the impact pricing has based on occupancy relating to the number of days before check-in, giving you the flexibility to adjust nightly rates based on occupancy and lead time.

Local events

Instead of making manual adjustments for premium dates that are not recognized under holiday pricing strategies, you can create a local event rule that is reflected in your overall pricing strategy data.

Competitive benchmarking

Gain a better understanding of your listings' performance in comparison to direct competition with Guetsy PriceOptimizer's competitive benchmarking. You can build your own competition group by adding or updating listings and searching for more information on them. 

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