Do you have questions about your new SpareFoot pricing? Browse answers to some of our most frequently asked pricing questions below, or contact the Client Support team via email at email@example.com or by phone at (855) 427-8193, x2. We’re here to help!
Q: Why is SpareFoot making this change?
A: You told us you wanted a pricing model that more accurately reflects the value of each rental and the cost of acquiring tenants in your market area. Now, your SpareFoot fees adjust dynamically alongside the price of your units, meaning the price you pay SpareFoot will always align to the real dollars you’re making from our service.
Q: How does the new pricing work?
A: Currently, you pay SpareFoot a one-time fee per move-in based on the size of the unit reserved. Under the new model, you’ll still only pay a one-time fee per move-in, but it will be based on the price of the unit reserved as opposed to the size.
Each facility has been assigned a bid rate based on market area and local pricing. This bid rate will be applied to the unit price to determine your SpareFoot fee for each confirmed move-in. As always, you’ll only pay for customers that become tenants at your facility.
Q: When will the new pricing take effect?
A: Your new pricing will take effect beginning March 15th for all reservations made on or after that date.
Q: Will the new pricing take effect sooner if I accept the new terms now?
A: No. The new pricing will not take effect before March 15th under any circumstances.
Q: How was my pricing determined?
A: Facility bid rates were set by our team of analysts who considered pricing in each market and the cost of acquiring new tenants in that area. This is why clients with multiple facilities may see different bid rates assigned to different properties.
Q: Where can I view my new pricing?
A: Head to your MySpareFoot portal and click “My Account” in the top right corner. Then, select “New Bid Rates” to view the rates assigned to each of your facilities.
RECONCILIATION & BILLING
Q: What’s changing about the reconciliation process?
A: There is no change to the reconciliation process, though you’ll see a few very minor changes to your monthly statement.
Q: What changes will I see on my monthly statement?
A: The only material change to your statement will be the information in the “Bid Amount” column. This column originally contained the dollar bid amount applied to each reservation. Now, it will contain your bid rate instead. Bear in mind, the new pricing will not go live until March 15th, so your new pricing will not appear on your statement until the reconciliation period beginning April 1st.
Q: How will I be billed for reservations made prior to March 15th?
A: We’ll honor the pricing model active at the time each reservation was made. That means you’ll pay the per-unit-size fee for any move-ins reserved prior to March 15th. Keep in mind, that means your monthly statement will include a mix of both pricing models until all reservations booked before that date have been reconciled.
Q: How do specials and promotions affect my SpareFoot fee?
A: Your SpareFoot fee is calculated using the monthly unit price, so short-term offers and promotions (along the lines of “first month free,” or “$1 move-in special”) are not factored into the amount you pay per rental.
BIDDING & RANKING
Q: How will my facility’s SpareFoot ranking be determined?
A: There is very little change to SpareFoot’s ranking algorithm. Ranking position is still determined by your distance from the population center of the customer’s search area, your move-in and reservation rates, the quality of your facility listings, and the amount you pay SpareFoot per move-in. Our algorithm has always considered the mix of units you choose to list on SpareFoot (more variation is better), and will do so slightly more now. A wide variety of rentable units, especially larger units, will positively impact your facility’s rank.
Q: Can I still bid to rank higher?
A: Yes - you can still choose to increase the amount you pay SpareFoot per move-in to rank higher in your market area. The bidding experience is very similar to our old pricing model; the only difference is that your “bid” is now a rate versus a dollar amount. To increase your bid, you’ll increase the rate applied to your unit prices to determine your SpareFoot fee per move-in. You can adjust your bid rate and see your bidding opportunities in the same location in MySpareFoot.
Q: Why is my March 15th bid rate higher than my minimum bid rate?
A: We set each facility’s current bid rate to match the bid amount that was active at the end of January, with the goal of keeping your SpareFoot rank and spend as consistent as possible through this change. If you were bidding higher than the minimum under our old pricing model, your March 15th bid rate is set higher than the minimum under the new pricing model as well. You are welcome to adjust it any way you choose, either by contacting Client Support, or from the bidding tab in MySpareFoot once your pricing is set live on March 15th. Keep in mind that your ranking may be impacted if you choose to lower your current bid rate - same as on our old pricing model.