What is bidding?
The bid amount determines the price facilities pay for each SpareFoot customer who moves into a unit. Bid rates are determined by our team of analysts, who consider pricing in a given market and the cost for SpareFoot to acquire new tenants in that area.
Additionally, the bid factors into where a 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, 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
Non integrated facilities: Navigate to the “Features” page in your MySpareFoot account and select the “Edit Bid” button. (See image A)
Integrated facilities: Navigate to the “Features” page in your MySpareFoot account and click on the bidding tab. (See image B)
Step 3: Edit your bid
You can view the current position that your facility would appear in a search by either city or zip code along with a few possible bid adjustments and the rank that those adjustments would yield.
You can also set a custom bid by navigating to the “Set Custom Bid” tab. Adjust your bid using the arrows and you’ll see the change to your facility’s rank by zip code and city. 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, will likely not need to bid in order to rank well. Be sure to check out our Help Center's Optimize Your Listing section for some ideas!