This article pertains to SpareFoot users on the OneTime pricing model. To learn how this works for RentPercent users, How are SpareFoot fees calculated? (RentPercent Pricing).
Your SpareFoot fee for a Move-In is based on your Bid and the price of the unit the customer reserved. You may also be charged an additional fee if your Move-In Rate is below our average.
Calculate your SpareFoot fee for a move-in
Your Bid
In order to calculate your SpareFoot fee for a reservation, you’ll first need to know your facility's bid. Your minimum bid is set when you sign up for SpareFoot and you have the option to update your bid modifier in order to increase your ranking in our search results. If you do not know your current bid, click Bidding from the navigation menu in MySpareFoot.
You’ll see your current Bid in the Your Current Rankings section of the page.
📖 If you’d like more information about bidding, check out our article: All About Bidding.
Calculate your move-in fee
Once you know your Bid, you can calculate your OneTime SpareFoot fee for a move-in by multiplying the price of the unit by your Bid.
For example:
Unit price ($100) X Bid (2) = SpareFoot fee ($200)
Minimum Move-In Rate Fee
If your facility does not hit a minimum Move-In Rate (MIR), you may be charged an additional fee. The fee represents the additional move-in fees we would have collected if your MIR had been at the average we see on the SpareFoot network. For reference, the average MIR on our network is 50%.
Please note: This fee also applies to facilities using the OneTime pricing model with Hybrid Billing.
Why does SpareFoot charge this fee?
The fee is intended to incentivize facilities to actively manage their listings and improve their move-in rates, which benefits both facilities and customers. There are several ways to improve your facility's move-in rate, including meeting customer expectations, following up with customers, opting into online move-ins, honoring the price and promotion advertised, and making your facility location clear. You can learn more in our article: How do I improve my Move-In Rate?
How will I know how much I’m being charged?
During the open statement period each month (the 1st - the 10th), you will see an estimate of the Minimum Move-In Rate Fee for that statement period based on your current reconciliation.
Once the statement closes, we will calculate the final Minimum Move-In Rate Fee based on your reconciliation. If your MIR is above your minimum, you won’t be charged the Minimum Move-In Rate Fee and will only be charged for the reservations you reported as moving in.
You will see a line item on your monthly billing receipt and in your Statement Archive for previous months if you were charged a Minimum Move-In Rate Fee for that month.
📖 To learn more about reconciling your statement, check out our article: How do I reconcile my statement? (OneTime pricing).
How is the fee calculated?
The fee is calculated using the following equation:
(Minimum MIR - Your MIR) * Total number of reservations you received * (Total unit price of reservations that did not move in * your Bid)/Number of reservations that did not move in = Minimum Move-In Rate Fee
Example:
A SpareFoot client with a Minimum Move-In Rate of 50% and a Bid of 2 receives four reservations in July. When they reconcile for those reservations during the open statement period in August, they report that one of the reservations moved in and the rest did not. This means their Move-In Rate is 25%.
Their reconciliation is as follows:
Unit price |
Move in status |
$100 |
Moved In |
$100 |
Did not move in |
$100 |
Did not move in |
$100 |
Did not move in |
Their Minimum Move-In Rate Fee is calculated using the Minimum Move-In Rate Fee equation:
(Minimum MIR - actual MIR) |
X |
Total number of reservations received |
X |
(Total unit price of reservations that did not move in X Bid) |
/ |
Number of reservations that did not move in |
= |
Minimum Move-In Rate Fee |
.50 - .25 |
X |
4 |
X |
(100 + 100 + 100 X 2) |
/ |
3 |
= |
$200 |