Smart Rates

Setting Up Smart Rates Powered by AirDNA: A Complete Guide

Welcome to our comprehensive support center guide on setting up and leveraging Smart Rates powered by AirDNA for your properties. In today's competitive short-term rental market, utilizing data-driven pricing strategies is key to maximizing your revenue and occupancy rates. Here's everything you need to know about Smart Rates, why they are essential, and how you can enable them in our SaaS software.

Why Use Smart Rates?
In the evolving landscape of short-term rentals, setting the right price at the right time can significantly impact your property's performance. Smart Rates, powered by AirDNA, offer a sophisticated solution to this challenge. Here's why you should consider using them:

1. Data-Driven Decisions: AirDNA analyzes over 10 million properties worldwide, providing insights into market trends, demand fluctuations, and competitive pricing.
2. Improved Performance: Properties utilizing Smart Rates have shown to outperform their competition. On average, properties see a 20% increase in revenue and a 15% rise in occupancy rates compared to traditional pricing models.
3. Dynamic Pricing: Prices are updated regularly based on real-time market data, ensuring your rates are always competitive.
4. Orphan Night Pricing: Smart Rates automatically adjust prices for orphan nights (single unbooked nights between bookings), increasing the likelihood of filling these gaps.
5. Customizable Strategy: Whether your goal is maximizing occupancy, achieving a balance, or focusing on profit, Smart Rates offer strategies tailored to your objectives.

How Smart Rates Work
Smart Rates leverage AirDNA's extensive market data, analyzing variables such as seasonality, local events, and historical demand to dynamically adjust your property's rates. These adjustments are made regularly to reflect the most current market conditions, ensuring that your pricing is both competitive and optimal for maximizing earnings. The system also identifies and adjusts pricing for orphan nights, helping to increase occupancy during harder-to-book periods.

Enabling Smart Rates in Our Software
To take advantage of Smart Rates for your property, follow these simple steps:

• Navigate to Your Property: Log into our software and select the property you wish to enable Smart Rates for.
• Access the Rates Page: From the property dashboard, navigate to the "Rates" page.
• Select Smart Rates: Here, you will find an option to enable Smart Rates. Select this to begin the setup process.

Strategy Optimization
Smart Rates offer three strategic objectives to choose from, allowing you to align pricing with your business goals:

• Occupancy: Prioritize filling your property as often as possible.
• Balanced: Find a middle ground between occupancy and revenue.
• Profit: Maximize your earnings with higher rates, potentially at the cost of lower occupancy.

Selecting the right strategy is crucial for meeting your specific goals. Our software provides insights and recommendations to help you make the best choice.

Important Considerations

• Eligibility: Not all properties qualify for Smart Rates immediately. A minimum operational period and sufficient competitive data are required.
• Regular Updates: We pull the latest Smart Rates daily to reflect the most recent updates from AirDNA. However, please note that AirDNA may not update or change the rates on their end depending on market conditions. This ensures your pricing strategy remains effective and responsive to current trends.
• Customization: While Smart Rates provide a strong foundation, we recommend regular reviews and adjustments based on your unique insights and experiences.

Smart Rates powered by AirDNA represent a powerful tool in the arsenal of short-term rental owners and managers. By embracing data-driven pricing strategies, you can ensure your properties not only compete effectively but thrive in today's market. For further assistance or questions regarding Smart Rates, please contact our support team.