How do I turn on smart pricing?

Smart pricing helps landlords optimize for pricing and lease up periods

Alcove operates in the shared housing rental market. Similar to the traditional rental market, there are many factors, like listing price, local rental rates, property condition, marketing materials, and lease-up time which impact potential returns on your home. 

In general, the higher the listing price above market value, the longer the vacancy period, which could negatively impact your net operating income. If you have a mortgage, this could also mean needing to subsidize more of your payments during the lease-up period.

For more details on lease-up time, see: How long will it take to fill my home with Alcove?

Finding the right balance is essential in optimizing rental income while minimizing vacancy risks.

Smart pricing combines an algorithmic and hands-on approach to optimize your rental pricing. By turning on Smart Pricing, you can allow Alcove to determine the optimal price for your home. To enable Smart Pricing:

1. Log in to your Alcove account.
2. Navigate to Manage Listings and select the property you wish to edit.
3. Select Listing Configuration, and then the 'Edit Pricing' button
4. Toggle on the Smart Pricing option