Smart Pricing- Grossly undervalues my property

[Lukasz11]

Has anyone else found that smart pricing undervalues their rental? For my 3 bedroom 3 bath in the Lower Garden District, New Orleans smart pricing suggests $173, I have started charging anywhere from $500 to $700 and have had absolutley no issue renting the unit out. Hard to believe the algorithm is so off. 

[Farah1]

@Lukasz11 it is always off, that's why I don't use it. I also prefer to control my pricing manually.

[Steve143]

Hello @Lukasz11,

When you turn on smart pricing you are given the option to set the minimum and maximum price. If you do that, smart pricing will then set the price for each night to be some value between the minimum and maximum.

I'm not sure if there's a little confusion. You say smart pricing "suggests". Could it be that what you're looking at are the pricing tips? These are different to smart pricing and are often ridiculous so I just ignore them.

Steve.

[Sarah977]

@Lukasz11   May be hard to believe, but true nonetheless, whatever the algorithm is doing, it is WAY off. I think, like other posters have said, you may be looking at price tips? In any case, hosts are not obligated to follow either price tips or use smart pricing. Sounds like you're doing fine re bookings, so just ignore all the bot-generated stuff.