Base price is the core price that our model utilises to generate your pricing. For each day when a price is calculated, the model will start with the base price before adding or subtracting any adjustments.
It's important to set your daily price at the median level and not the highest price you would like to achieve. We can see from the screenshot where the base price is the black dotted line and the blue solid line is our model price. Depending on your price settings the model will suggest a price below or above the base price after demand and other factors have been taken into account.
Depending if your listing is a new listing or an existing listing our model will then after a period of time provide you with its estimated revenue maximising base price suggestion. It generates this by taking into account all of your listing characteristics, historical and future booking data and comparing this to any close competitors.
If available choosing a data-driven base price will allow for the model to slowly adapt your base price based upon continuous assessment of your bookings. If you would like to keep your base price constant you can opt for a rule-based base price which will keep your base price at the same level.