Smart Rates is an intelligent, dynamic pricing strategy used in the short-term rental industry. This ensures optimal occupancy rates while maximising profits for property owners and managers.
It uses real-time market data and advanced algorithms to automatically adjust prices based on factors such as demand and supply, special events, seasonality, and weekday/weekend variations.
It is particularly beneficial for those who have multiple properties, as it saves time and reduces the complexity of manually managing each property's pricing.
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How long will the Smart Rate be applicable to the selected listing?
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Is it possible to disable Smart Rates once it has been set up in Your.Rentals?
Can Smart Rates guarantee me higher earnings?
While Smart Rates employs advanced algorithms and real-time market data to optimise pricing and maximise earnings, it's important to note that it does not provide a guarantee of higher income.
The impact on earnings can vary based on a range of factors, including location, property type, quality of service, and guests' preferences.
However, by ensuring your pricing is competitive and dynamically adjusted to market conditions, Smart Rates significantly increases the likelihood of achieving higher occupancy rates and, consequently, higher revenues.
How to set up Smart Rates in Your.Rentals?
- Log in to your account: Visit the Your.Rentals homepage, and sign in using your username and password.
- Navigate to the Calendar: From your “Calendar”, select the listing you wish to implement Smart Rates for. You’ll see a side panel popping up, with an option of “Smart Rates”.
- Click the “Smart Rates” in the side panel: to start setting up your Smart Rates.
- Learn more about Smart Rates: if you want more information, you can click “Learn more”.
- Turn on Smart Rates: Click the 'Enable' button to turn on the Smart Rates feature.
- Set up your Rate strategy: Once enabled, you'll have options to customise your Smart Rates settings. You can choose
- Conservative: Prioritise occupancy over price, with Smart Rates not going below the "Minimum rate" (required) you set.
- Balanced: Balances occupancy and price.
- Aggressive: Prioritise price over occupancy, with Smart Rates not going above the “Maximum rate” (optional) if you have set it.
- Configure your Rate settings: You can set your “Minimum rate” and “Maximum rate”. Simply put, these two rates will tell the smart algorithm not to go below the minimum rate (required) and not go above the maximum rate (optional).
If you are unsure about how high your prices should go, then you can leave the “Maximum rate” blank, and let the Smart Rates suggest it for you.
When you have learnt more about the optimal market price, then you can always come back and change this setting. - Save and verify changes: After setting your preferences, click “Save”. Your new prices will be calculated instantly. It is recommended to review these prices and make adjustments if necessary.
- Smart Rates applied: When you hover to the calendar, you will see the chart icon that indicates these prices are smart rates.
Remember, the above is only applied to the single listing you selected. The rest of the other listings will have the basic or seasonal rate you have set in the listing builder under “Basic rates” before.
In addition, Smart Rates is a dynamic system; it will continuously update your prices based on current market trends. As such, you should regularly review your pricing strategy to ensure it aligns with your business objectives.
How long will the Smart Rate be applicable to the selected listing?
Once you enable Smart Rates, they will be applied to your listing for the next 365 days, starting from the day of activation.
The Smart Rates will overwrite the Basic Rates or Seasonal Rates you set. If you go to the builder, you will see:
However, please note if you have set “Edit Rate”, then your “Edit Rate” will overwrite your “Smart Rates”.
Is it possible to disable Smart Rates once it has been set up in Your.Rentals?
You can easily disable the feature from your Your.Rentals account.
Navigate to the “Calendar” tab for the specific listing and click on “Manage Smart Rates”. Then toggle off the “Enable Smart Rates” button in the Smart Rates side panel.
And when you toggle it off, a pop-up will reconfirm with you if you are turning off the Smart Rates. And once you click “Confirm”, then your Basic Rates and Seasonal Rates will be restored automatically.
And you will not see any smart rates chart icon on the calendar dates anymore.
Frequently Asked Questions
- Is there an additional charge for utilising the Smart Rates feature?
No, there is no additional cost of using Your.Rentals Smart Rates, it is included in the Service fee that you pay to use Your.Rentals. - Are there any pre-conditions to using the Smart Rates feature?
To use Smart Rates, your listings must be listed on Airbnb via Your.Rentals.
If your listing is NOT yet connected to Airbnb via Your.Rentals, and there is no calendar sync between Airbnb and Your.Rentals (ie. your listing is NOT listed on Airbnb), our system will detect it and prompt you to publish the listing to Airbnb via Your.Rentals before you can enable Smart Rates.
After you click “Publish now”, our system will send your listing to Airbnb. You will see the following pop-up, confirming your listing is being sent to Airbnb.
While you are waiting for the listing to be live on Airbnb via Your.Rentals, you can continue to set up Smart Rates as the steps above.
If your listing is NOT yet connected to Airbnb via Your.Rentals, and there is a calendar sync between Airbnb and Your.Rentals (ie. you list on Airbnb in your own host account not connected to Your.Rentals), then our Smart Rates feature will NOT be available. You will see a pop-up below, saying “Sorry, we weren’t able to send this listing to Airbnb”.
If you wish to use Smart Rates, you can request to connect your Airbnb host account to Your.Rentals by contacting support@your.rentals. - If I publish my listings on Airbnb and activate Smart Rates, will those rates be applied across all channels?
Yes. When it comes to those listings, all the channels that you have chosen to activate in the channel manager will be automatically updated with these Smart Rates. - What is the source of the data that Your.Rentals utilises to offer Smart Rates?
Your.Rentals partners with AirDNA, and purchases their data to provide expert guidance on Smart Rates. - Is Smart Rates available on the Your.Rentals mobile app?
You can easily view the Smart Rates you have set on the Your.Rentals mobile app. However, to configure the Smart Rates, you need to access our platform through your desktop or laptop.
