Dynamic Pricing: Setting your base price

What is a Base Price?

• The Base Price is the average rate you would charge across the year
• Hostaway Dynamic Pricing uses the base price as a starting price before applying all market factors and demand models

How is the base price calculated?

In Hostaway you have two options to set your Base Price:

1. Market-driven base price
   • This is useful when you need help choosing the base price because it is a new listing or a new market
   • Select this to use the market-driven rate options to calculate your Base Rate by taking into account your revenue targets, listing quality, and factors specific to your property, such as the number of bedrooms & bathrooms, neighborhood, and amenities among others
2. Manual base price
   • This is useful if you know the market and the performance of your listing over the past few years
   • Use this to set the base rate that you want
   • It will remain constant unless you decide to change it
   • If you increase or decrease your Base Price by a certain percentage, all prices on your calendar will increase/decrease by that same percentage

To choose how you would like your base rate to be calculated, please follow the steps below:

1. Go to your Hostaway Dashboard > Dynamic Pricing
2. Select the listing > Click on the pencil under the Edit column
3. Choose between a Market-driven base price or a Manual base price
4. Select if desired the Minimum and Maximum price
5. Save