How Do I Use The Lease Length Pricing Tool?

Josh K. -

The Lease Length Pricing Tool allows you to price your property based on your expectations of demand for a given month.

NOTE: Lease Length Pricing selects the correct price based on (1) the lease start date and (2) the lease term. When entering in price information, only a single price per month will be charged to a tenant.  

Homesuite highly recommends viewing the video below when choosing to use the Lease-Length Pricing Tool as it illustrates how to correctly utilize this type of pricing and includes step by step instructions. If you cannot see the video, please follow the link here.

 

 

 

Steps

1. Log in to your Partner Dashboard

2. Select 'Manage Price & Stay'

3. Select 'Lease-Length' in the 'select your pricing strategy' option.

4. To edit pricing, click once to select the first month you'd like to edit.

5. Select a different month (if you wish to edit a range of months at once) or the same month one additional time to complete your selection for editing.

6. Enter the price you'd like set for the months selected in the field to the left of the 'Preview Changes' button and select 'Preview Changes'. You should see the price you entered within each of the previously selected boxes.

7. Complete the remaining boxes with the same process. Note - you cannot save changes unless all boxes are complete.

 

*How to Interpret Price*

Lease Length Pricing selects the correct price based on (1) the lease start date and (2) the lease term. When entering in price information, note that only a single price per month will be charged to a tenant. To determine the price point to be charged for the duration of a lease, reference the start month (represented by the column headers) and lease duration (represented by the row headers).

 

For example, a tenant has booked a 4.5 month stay starting on December 1st. The tenant will be charged $2,000 a month for the duration of the lease for a total of $9,000 (4.5 x $2,000). 

If the tenant were to change their desired lease term to 6 months, the tenant would then pay the new price of $1,800 for the duration of the lease, for a total of $10,800 (6 x $1,800).

8. Select 'Save Changes' to confirm the pricing for your unit.

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