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Dynamic Pricing ??

 
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KAB-USA



Joined: 23 Jul 2010
Posts: 599
Location: Beaches of the East Coast

PostPosted: Tue Feb 27, 2018 7:09 pm    Post subject: Dynamic Pricing ?? Reply with quote

I have been scouring the internet lately as I am back full swing into offering our rental.

During my internet sweep I found this site that offers Dynamic Pricing and there are other as well. I searched the forums but did not find anything here about them. So was wondering......

1. Is this something new in the rent-by-owner business?

2. Has anyone used a service like this? And if so......

3. Does it work ? Cant imagine it benefit me but you never know?

Thank you
Kathleen

Here is the link: https://beyondpricing.com/

PS
I have been away from the forums until recently. Due to some personal issues my heart has truly not been in the vacation rental business. I must admit it is nice to be back and reading all of the posts and thinking that I am not the only who thinks like this LOL

And yes I agree with the membership that all of the Big Guys or should I say monopolies are nothing but greedy gouging both the owner as well as the guests now.

Also, I was not sure where to put this post. I hope this spot works ??
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Kate
USA
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Charles1963



Joined: 13 Apr 2018
Posts: 1

PostPosted: Mon Apr 16, 2018 8:13 am    Post subject: Reply with quote

I've never used dynamic pricing in my business and probably never will. I've met it on several websites as a customer and was not satisfied with it. Very often I do some research, than need to think about the investment I consider and get back to it. Believe me or not, but there is nothing more annoying that the price of a product that constantly changes. I don't think some slight additional revenue, you could get with it, is worth losing annoyed clients.
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Charles
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sparkJS



Joined: 27 Nov 2016
Posts: 50
Location: North Cornwall

PostPosted: Mon Apr 16, 2018 10:05 am    Post subject: Reply with quote

How does dynamic pricing work? If a price for a particular week keeps changing then I agree, it would be frustrating and feel like you are being taken advantage of by gaining your interest and then when you come to book, the price has jumped £50.

However my pricing is different each week (but fixed) and I like the fact that perhaps the closer you get to summer there are incremental price increases. This means that if you can take an unpopular week then you will get a bargain.
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rosebud



Joined: 14 Mar 2012
Posts: 567
Location: Steyning, West Sussex

PostPosted: Tue Apr 17, 2018 9:31 am    Post subject: Reply with quote

I assume AirB'nb's 'Price Tips' are a form of dynamic pricing? The advice is always to lower one's price .. often substantially. I rarely follow their tips but I look at them from time to time.

I have kept an eye on prices charged for other properties .. especially those promoted by large agencies who appear to use 'dynamic pricing' and have been influenced by them in deciding on seasonal rates.

I operate my own pricing adjustments so if one month proves especially popular this year I will increase the price next year
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zebedee



Joined: 12 Sep 2014
Posts: 878
Location: yorkshire dales

PostPosted: Tue Apr 17, 2018 1:43 pm    Post subject: Reply with quote

This explains it.
https://en.m.wikipedia.org/wiki/Dynamic_pricing

It looks like most of us have a skill that we didnít know we had Very Happy
We may not be as ruthless at it as some business people, but I know which of my local competitors I look at when setting my prices for the following year.

When comparing prices for flights etc I have found that the price will rise slightly for the same flight for some airlines if you donít book straight away. Clear the cookies or use a different machine and guess what, the lower price returns. Hmm....
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AndrewH



Joined: 12 Sep 2013
Posts: 1349
Location: Kefalonia, Greece

PostPosted: Mon Aug 06, 2018 12:02 pm    Post subject: Reply with quote

zebedee wrote:
This explains it.
https://en.m.wikipedia.org/wiki/Dynamic_pricing

It looks like most of us have a skill that we didnít know we had Very Happy

I think this Wiki article covers the topic well. Unless one charges exactly the same daily (or nightly, or weekly) rate throughout the year, an owner is already into "Dynamic pricing" in its rudimentary form.

It seems the next level involves keeping a constant watch on competitors prices and keep adjusting one's own to match them or undercut them. Also raising prices 'on the hoof' when one perceives that demand is rising or lowering them when demand is falling.

After that it becomes a matter of serious computer programming and algorithms which can crunch data in various degrees of sophistication - like airlines, using a technique which knows that a person has been online once looking at a flight price, will register that person's increased interest and raise the price somewhat when he/she return to their website to check the same flight again.
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