How to set your profile rate
Your profile rate is visible to buyers when they search for providers. Therefore, it may have an effect on buyer-initiated invites to interview. In addition to your displayed profile rate, you will have the opportunity to set your rate on every job application. You may apply to jobs at any rate you want - higher, lower, or the same as your profile rate.
How do you decide what rate to show on your profile?
- Search or browse for providers similar to yourself. Setting your rate to be similar to theirs is a good starting point.
- Visit the oConomy to view some rate statistics.
- Low rates may attract some buyers, while others are happy to pay higher rates if you have the skills to back them up.
- Higher rates equate to higher expectations. If you do not deliver enough value for your dollar rate, your feedback may suffer.
- Under the hourly model, a provider who can do the work twice as fast may be able to make a strong case for charging an hourly rate twice as high.
- Justify your rate in your profile objective and in your cover letters.
- Remember that as far as the buyer is concerned, your profile is you. Anything they can't see might as well not exist. Your reputation can take time to develop, but is a valuable asset. In an open marketplace, you must prove your worth to every buyer. Your worth is tied to your reputation, as demonstrated by your profile, portfolio, test scores, work history, and feedback. Build these up, and you may raise your rates accordingly.
You may update your profile rate at any time.
1. Go to My oDesk -> Profile & Settings -> My Provider Profile.
2. Click the 'change' link next to Hourly Pay Rate or Hourly Bill Rate in the My Account Summary box.
3. Edit the Your Hourly Rate field. This is the amount you will earn. Below this, you can clearly see the oDesk Service Fee that will be added and the total oDesk Charge Rate that will be visible to buyers in your profile. The oDesk Service Fee is always 10% of the total charged to the buyer.
4. Press the Save button at the top or bottom of the 'Change Hourly Rate' box to apply your changes.