How to set up a minimum price?

PriceLabsFeb 20, 20251m 55s790 viewsScore 75
Pricing & Profitability
intermediate
minimum price
revenue management
pricing strategy
dynamic pricing
low season pricing
M

Summary

AI-generated

This video explains the importance of setting a minimum price for your short-term rental listing to protect revenue. It guides hosts on how to avoid common mistakes like setting the minimum too close to the base price or too high, ensuring the algorithm has room to optimize pricing for different seasons.

Key insights

  • To allow the algorithm sufficient room for seasonal adjustments, it's recommended to set your minimum price at least 20% to 30% below your base price.

Mistakes to avoid

  • Setting the minimum price too close to the base price prevents the pricing algorithm from having enough flexibility to adjust rates for low season dates, potentially hindering bookings.

Tools & resources

  • PriceLabstool

    PriceLabs offers a revenue management solution that combines human control with automation and market data to maximize revenue for short-term rentals.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial