What is Dynamic Pricing?
Dynamic pricing (also known as flexible pricing) means your property’s rental price varies to reflect its real-time market value. We calculate this value using a combination of historical data, internet searches, market and competitor data, analytics and Artificial Intelligence (AI). The price is then set automatically, but will never drop below a pre-set minimum.
How does dynamic pricing work in practice?
A simple example: This year (2019) it was announced there will be a Big Festival in 2020. Demand for properties during that weekend in the area, rocketed and was immediately reflected in the prices and the amount of booking seen in that area.
Even though that Festival is a one off, we don’t have to guess the market value of our properties during that weekend. Because internet searches, data analytics and AI do that for us. Identifying the optimal price to attract guests, while maximising the homeowner’s income.
Equally, if there’s a period when demand drops for a location, perhaps even beyond normal seasonal fluctuations, our algorithms automatically lower the price of your property just enough to maximise the chance of bookings. Again, we never drop the price below the minimum agreed with the homeowner.
This same technology also detects fluctuations in booking patterns and pricing for weekends, seasonal fluctuations and regular holidays and adjusts pricing automatically, every day.
Does dynamic pricing work?
In a word, yes. Property owners, have seen their revenue rise by an average of 15% and with peaks beyond 50% after agreeing to dynamic pricing. Which is why major online travel agencies, airlines, theatres and other customer-focused sectors have embraced dynamic pricing.
Why has Namaste Elite introduced dynamic pricing?
We want to use the huge amount of market data we have at our disposal to help us determine the right price for a property for any given period or circumstances. So that you (and we) always get the optimal income for your property. And set a price which is, by definition, competitive for guests and gives them more options, depending whether their priority is a premium period or a bargain deal.
This is now active on all our properties. At midnight every night, new optimal prices are synchronized across all platforms. Making sure are prices are always optimal and relevant.
Dynamic pricing (also known as flexible pricing) means your property’s rental price varies to reflect its real-time market value. We calculate this value using a combination of historical data, internet searches, market and competitor data, analytics and Artificial Intelligence (AI). The price is then set automatically, but will never drop below a pre-set minimum.
How does dynamic pricing work in practice?
A simple example: This year (2019) it was announced there will be a Big Festival in 2020. Demand for properties during that weekend in the area, rocketed and was immediately reflected in the prices and the amount of booking seen in that area.
Even though that Festival is a one off, we don’t have to guess the market value of our properties during that weekend. Because internet searches, data analytics and AI do that for us. Identifying the optimal price to attract guests, while maximising the homeowner’s income.
Equally, if there’s a period when demand drops for a location, perhaps even beyond normal seasonal fluctuations, our algorithms automatically lower the price of your property just enough to maximise the chance of bookings. Again, we never drop the price below the minimum agreed with the homeowner.
This same technology also detects fluctuations in booking patterns and pricing for weekends, seasonal fluctuations and regular holidays and adjusts pricing automatically, every day.
Does dynamic pricing work?
In a word, yes. Property owners, have seen their revenue rise by an average of 15% and with peaks beyond 50% after agreeing to dynamic pricing. Which is why major online travel agencies, airlines, theatres and other customer-focused sectors have embraced dynamic pricing.
Why has Namaste Elite introduced dynamic pricing?
We want to use the huge amount of market data we have at our disposal to help us determine the right price for a property for any given period or circumstances. So that you (and we) always get the optimal income for your property. And set a price which is, by definition, competitive for guests and gives them more options, depending whether their priority is a premium period or a bargain deal.
This is now active on all our properties. At midnight every night, new optimal prices are synchronized across all platforms. Making sure are prices are always optimal and relevant.
