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Adjusting the Recommended Pricing for Guesty PriceOptimizer

Updated

Important:

If you are already using another smart pricing tool, it should be deactivated before using PriceOptimizer to avoid pricing conflicts in your calendar.

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.

Step by step:

  1. Sign in to your Guesty for Hosts account.
  2. In the top right corner, click the diamond icon.
  3. Click PriceOptimizer.
  4. Click on the relevant listing.
  5. Select the relevant listing and edit the settings according to your needs. Make sure to 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.

 

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.

 

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

Review and customize the impact of popular US holidays on your pricing. We take the holiday date and the surrounding days into account. See the holidays below:

  • Memorial Day
  • Veterans Day
  • New Year's Day
  • Washington's Birthday
  • Independence Day
  • Christmas Day
  • Labor Day
  • Thanksgiving
  • Juneteenth National Independence Day
  • Columbus Day
  • Martin Luther King Jr. Day

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

Under the Minimum right rules tab, you can set minimum stay requirements for reservations.

Day-of-week rules

If you want to adjust the minimum stay requirements for reservations on different days of the week, select your preferences in the Day-of-week rules section.

Time-based rules

In the Time-based rules section, you can adjust the minimum stay requirements for reservations within a specific time period, like holidays, events, or seasons. Time-based rules are added on top of day-of-week rules.

Upcoming availability rules

Upcoming availability rules help ensure that you fill up your calendar with longer stays ahead of time by defining minimum nights for designated time periods. For instance, let's say you want to create a rule that will apply thirty nights from today and end 60 nights from today and only apply to specific days. Adjust these requirements in the Upcoming availability rules section. Upcoming availability rules are added on top of day-of-week and time-based rules. 

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