Do you use Smart Pricing tool?

[Anthony1658]

Has anyone used the Airbnb Smart Pricing tool?  Has it helped bring in more business?  Is it worth it?

[Title updated by Community Manager for relevancy]

[Heather289]

Ha - surely you want to maximise revenue over the year, without compromising quality of guest reviews. 

My standard daily rate is £350 and my bottom most limit (usually only for single nights left over a week or two in advance) is £150.  

With the £98 cleaning charge, one night could then be £248.  I never go below that. 

I hope to fill as many night as possible at £350, but I will start to drop it - eg I just dropped some spare nights at the beginning of August to £250, but the end of August and September is still at £350, because it is 3 months off. 

Interestingly, whether the guest pays £150 or £350, I still get the same number of stars in Value for Money

[Kimberley94]

It’s all I use…Set-it and forget-it…anyone else? Do this?   

[Heather289]

No, I don't like it.  Airbnb always try to make me DROP the price. 

I am old fashioned and find that setting my own prices is the best way.  

One important thing I have learned is that if you drop it below a certain amount, you get lower quality guests, and weirdly those lower quality guests actually give poorer reviews.  So you might get a bit of revenue, but it comes at a cost. 

I have a base price, and 2 months out, I might reduce some prices, and in particular if I have odd days, when the cleaning cost makes it look expensive, I will reduce the cost of an odd day - but never below my theshold lowest price, to maintain high quality guests.