The Auto Pricing feature is designed to help you maximize profits from your listings by automating some of your manual pricing procedures.
It is essentially a set of different rules created to optimize pricing under certain circumstances.
How does the system work?
There are two kinds of rules to increase or decrease the nightly rates:
1. Any available dates in a specific time period
2. Gaps of less than X number of nights during a specific time period
Each one of the rules will run independently and will increase or decrease the nightly rate based on the rule's content.
For example, let's assume that your listing has these following rules and the original nightly price is $100:
* For any available night in the next 0 to 15 days, lower price by 10%.
* For gaps of less than 3 nights in the next 0 to 15 days, lower price by 10%.
Once a date is available during the next 15 days, the price will be reduced by 10% from the original nightly rate to $90.
If during the next 10 days you will have a gap of 2 nights, then the price will be reduced twice: first time because this is an available date (-$10), but also because it is a gap (-$10).
The gap's nightly rate will now be $80 because it is both a gap and an available date.
How do I set up a rule?
1. Choose the purpose of the rule - should it affect all available dates or only gaps?
2. Define the affected period - on what time period should this rule apply?
3. Choose the goal - what is your desired action? Choose if you want to increase or decrease the price, by a percentage or by a specific Dollar/Euro amount (the listing's currency will show).
4. Define the maximum nights of a gap - control the definitions of gaps as you use them in your business. Remember that you can also create multiple rules for different sizes of gaps.
Some advanced questions
Are the price changes cumulative?
No. Every rule will increase/decrease the amount of money relative to the base price. For example, if the base price is $100, adding three rules for the same time period to reduce the price by 10%, will still end up as $90.
If a date is blocked, do you still update its pricing?
No. The auto rules goes over all of the available dates (meaning every date that is not booked or blocked). If a date will be reopened, the AutoPricing will update its price at midnight (localized to the location of the listing).
* If you reopen a date and manually update its pricing, know that you are updating its base price. It means that at midnight, the price will be changed again, based on the relevant AutoPricing rules.