We’ve been listening carefully to your suggestions of how we can improve the user experience for both lenders and borrowers on Fat Lama. One issue that came up was that of being able to offer prices tailored to each individual rental period. You wanted an automatically cheaper day rate over longer-term rentals. Never fear, our Silicon Lamas have been sweating out a brand new feature which we’re sure will improve the rental experience for all parties: Smart Pricing.
What Is Smart Pricing?
Smart Pricing is a feature which optimises listings so that longer rentals are charged at a lower daily rate. For borrowers, this means making significant savings on longer term rentals. For lenders, it means an overall higher lender income.
How Does It Work?
Magic. Kind of. Smart Pricing works on an algorithm which takes the given Daily and Weekly prices for an item and suggests a Monthly Price and draws a magic curve between all three, allowing fair and mutually beneficial daily rates for whatever the duration of a hire.
What Does It Mean For Lenders?
With Optimised Smart Pricing, lenders are likely to generate longer term rentals, which means a higher overall lender income.
What Does It Mean For Borrowers?
Optimised Smart Pricing allows borrowers the chance to make significant savings when booking an item for longer than a day.
How Do I Apply Smart Pricing?
Great question! When you’re either listing a new item or editing an existing one:
- Enter a Daily Rental Price
- Enter a Weekly Rental Price
- Ensure that Optimised Smart Pricing is ticked
Can I Apply Smart Pricing To My Current Listings?
You certainly can. Just head here and click edit on any item you’d like to optimise with Smart Pricing. Then simply follow the steps above.
For more tips on how to improve your listings and generate more rental income, click here.