Ensuring fair pricing on rental listings is crucial to maintaining a competitive and balanced marketplace on ShareGrid.
What Happens to Rental Listings Priced Too Low?
At ShareGrid, we aim to maintain a fair and competitive marketplace for all our members. If you find a rental listing priced below fair market value, don't worry! We have tools to promote fair pricing.
Encouraging Fair Pricing
Fair Market Value: We encourage owners to list their gear close to the average market value, resulting in higher rankings in search results and additional benefits.
Automated Alerts: Our system alerts owners if their listing price is too low based on community averages. This applies to all categories, products, and communities.
ShareGrid’s Rental Pricing Suggestion Tool: Our pricing suggestion tool utilizes average rental rates from markets nationwide. Please note that the results may sometimes be too high or too low. Additionally, part of the price suggestion is based on the listed replacement value of the rental items. To achieve accurate results, enter a precise replacement value for your gear. It should cover everything in the listing but not be inflated, as this could distort the pricing tool's results.
Tips for Success:
1. Market Research: Search your local online and offline market for similar rentals and price your rental competitively. Rentals with competitive pricing tend to rent out more than those not competitively priced.
2. Replacement Value Accuracy: Set your rental’s replacement value at the amount it would cost to replace everything included in the listing. Remember that, in the event of a claim, the maximum payout from a coverage or insurance company will be the amount set for the listing’s replacement value.
3. Avoid Overpricing: Do not set your replacement value above the actual replacement value of the rental listing. This will ensure better results when using ShareGrid’s Rental Pricing Suggestion Tool.
Consequences of Low Pricing
Lower Search Rank:
Listings significantly below the average price are downranked from our Best Match search tool, the most popular way members find gear.
No Featured Spots in the Newsletter:
Listings priced too low won’t be featured in our weekly newsletter, which generates substantial traffic and more rentals.
No Free Promotions:
If your prices are too low, you’ll miss out on free promotions through paid advertising (Facebook, Google, etc.).
Ineligibility for Elite Badges:
Low prices can prevent you from earning an Elite badge. We’ll provide a warning and suggest a fairer price if low prices negatively impact the community.
Benefits of Fair Pricing
By pricing your gear competitively within the average market range, you can:
Rank higher in search results.
Be featured in the newsletter.
Enjoy free promotions.
Earn the Elite badge.
Need Help?
Our customer support team is ready to assist with any questions or concerns about your listings. Let's create a thriving and fair marketplace for all ShareGrid members!