Hi Trish, All, and greetings from the San Francisco Bay Area! To preface, we are long-time superhosts for a 1bd private apartment at our home outside of San Francisco. It's been mostly a great experience, hosting people from near and far. With few exceptions, our home and rules have been respected. Typically, our per-night rate was set at 135.00, with two night minimum, plus a 50.00 cleaning fee and 250.00 security deposit. We have, on average, about 100 bookings per year. Rarely would a guest need to cancel (I can think of 2 instances in five years.)
This past October, I tried out the new "smart pricing" feature. I set the low threshold to 110.00, and the high, at 140.00. We had an immediate uptick in booking requests during the slowest time of the year; winter. Since November, we've had 3 last-minute cancellations, the apartment is left in disarray most of the time, guests book for one, but bring 4 people (unit sleeps 4). Check-out times are violated, parties are being held, despite a strict no-party policy that is communicated clearly.
After the experience with our current guest and her steady stream of friends at all hours (thankfully, the unit is completely private), I have returned our pricing to where it was, made our cancellation policy 'strict', and am revising our rules and how they are presented.
Basically, I have to say, our experience has suffered at the expense of "Smart Pricing"... I now have about 5 or 6 more guests who booked this way, and then we should be back to normal.