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.
Before you begin
- Eligibility requirements including geo location can be found here.
- You must deactivate any other connected smart pricing tool before using PriceOptimizer to avoid pricing conflicts in your calendar.
- Pricing and minimum night restrictions need to be managed in PriceOptimizer once it's activated. If you make manual adjustments in the calendar, they will overridden by PriceOptimizer when the data is refreshed every 24 hours.
- Use of Guesty PriceOptimizer starts with a 14-day free trial, that can be cancelled at any time.
- The trial starts from when the PriceOptimizer tool is activated (step 1 below).
- You must enable each listing for the recommended pricing to apply (step 2).
- We suggest reviewing the pricing recommendations for each listing before you enable it. You can also follow these instructions to make some adjustments on the listing, before enabling, to see how they affect the pricing.
- You'll be notified 2 days before your trial ends. After the free trial, for every listing with PriceOptimizer you’ll be billed 1% for each reservation.
1. Activate PriceOptimizer
Step by step:
- Sign in to your Guesty For Hosts account.
- In the top-right corner, click the diamond icon.
- Click PriceOptimizer.
- Click Claim your 30-day free trial.
- In the pop-up, read then click the tickbox to accept the Terms & Conditions and Pricing Plan.
- Click Start your free trial.
Your 14-day free trial period has started. You can now review the pricing recommendations for each of your listings. The pricing recommendations will not apply until you activate PriceOptimizer on each listing following the steps below. Once activated on a listing, the recommended nightly rate will automatically update in the listing's calendar and will recalculate on a daily basis.
2. Activate PriceOptimizer on a Listing
Step by step:
- Sign in to your Guesty For Hosts account.
- In the top-right corner, click the diamond icon.
- Click PriceOptimizer.
- Click anywhere in the relevant listing to open its pricing information.
- See the Pricing forecast data by clicking the tickbox for the following views at the bottom of the graph:
- Recommended pricing: Blue line representing PriceOptimizer pricing recommendations.
- Market pricing: Orange line showing the pricing of similar listings in the market
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Current pricing: Light blue line showing your current listing rates.
- Review the Pricing forecast suggestions:
- Ensure the rates look accurate based on your market.
- Make sure your peak and off-seasons are depicted accurately.
- Set the minimum and maximum price limits.
- In the left menu, click Pricing strategy to open the sub-menu.
- Click on each of the following tabs. At the bottom of the "Pricing forecast" graph in each section, click the tickbox for "Current pricing" and review to compare:
- Base price recommendation
- Price limits by season
- Day-of-week strategy settings
- Seasonal strategy settings
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Holiday strategy settings
- Once you've reviewed the settings, click the toggle next to PriceOptimizer off to activate.
- In the pop-up, click the blue Activate button to confirm. It is important to note that PriceOptimizer will override any rate strategy rules you may have.
Once activated, the Pricing forecast graph will show the following data:
- Actual pricing: Current pricing relying on the algorithm's suggestion, including strategy adjustments and changes that are made.
- Recommended pricing: The initial algorithm suggestions before any of your own adjustments are made.
- Market pricing: Orange line showing the pricing of similar listings in the market
- Original pricing: Light blue line showing your rates before activating PriceOptimizer.
To display or remove the comparison data, click the tickboxes at the bottom of the graph.
When you hover over dates a pop-up appears as follows:
- For the default trend showing "Actual pricing", the pop-up includes a breakdown of the price (base price, seasonality, day of week, etc):
- When you are comparing more than one data trendline, the pop-up will display the values for these trends on a daily level as shown below:
PriceOptimizer can be turned on or off for each listing at any point. To deactivate, simply click the toggle again. See more information here.