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I want to set optimal pricing for my listing to maximize revenues. I’m curious to know if how you all might look at the market to price competitively. How do you evaluate:
– Seasonality
– Week day vs. weekend rates
– Competition for # of guests allowed (do you modify your pricing for 4 guests vs 5 guests, etc. based on comparable market offerings?)
– Amenity offerings (e.g. do you evaluate if you’re missing specific key amenities or not? do you do anything to differentiate your listing vs. others?)
– Cleaning fees and security deposit
Rather than being a cold mercenary trying to maximize your profits, why not be a good host and try to maximize your guests’ experiences.
The single best thing you can do is evaluate your listing in comparison to similar listings in your immediate neighborhood. If you’re not comparable – too high – you won’t get as many bookings. If you’re not comparable – too low – you’ll get more guests but spend a lot more time cleaning, prepping, etc.
I certainly want to do both, but in my view they’re things I can focus on separately. The intention of this post wasn’t meant to imply I wouldn’t try to create an enjoyable and pleasant guest experience.
