What is bidding?
Your bid amount determines the price you pay for each SpareFoot customer who moves into a unit. Additionally, your bid factors into where your facility ranks on our site. In total, there are five factors currently used to determine a facility’s rank in SpareFoot's search results. For more information about the other factors that are used to determine facility ranking, check out our help center article titled “How does SpareFoot rank/order facilities in search results?”.
Adjustments to facility bid can be made by using the Bidding Tool found in MySpareFoot. Only account administrators have the ability to change a facility’s bid.
Why change your bid?
The number of reservations SpareFoot can generate for a facility strongly depends on the rank in our search results. For example, a facility that ranks first will typically get more than four times as many bookings than a facility ranked seventh.
SpareFoot uses a complex algorithm to determine rank based on move in rate, reservation rate, facility location, and unit availability. The goal of this algorithm is to promote facilities based on their performance in order to best serve our customers. A facility which demonstrates strong quality factors may not need to bid in order to rank highly in our default search results.
However, the amount a facility is willing to pay for tenants is a factor — the higher the bid modifier, the better the facility will rank in search results. But note that when a facility’s distance or quality factors are lower or less relevant than local competition, it will generally be more expensive to bid to a higher rank.
How do I adjust my bid?
Step 1: Log into your MySpareFoot account at mysparefoot.com
Step 2: Click on the Bidding tab on the left hand side of the page.
Step 3: Edit your bid
You can view a chart of possible bid modifiers and the rank that those adjustments would yield at the bottom of the page. Note: You will only be able to select one bid modifier that will apply to both city and zip code.
Enter a new bid modifier in the box labeled "Update My Bid" and you’ll see the change to your facility’s rank by zip code and city. Your changes will save automatically! Note: You won’t be able to adjust your bid lower than the minimum that is set for your account.
There are also plenty of ways you can improve your rank factors just by optimizing your listing to show customers what makes your facility their best choice! Remember, a facility that performs strongly for the move in rate, reservation rate, and unit availability factors included in our algorithm, may not need to bid in order to rank well. Be sure to check out our Help Center's Maximize Your Performance section for some ideas!