After hosting for 2 yrs,I finally raised my prices!From 79 to 85.I also raised cleaning fee from 50 to 55. Doesn’t seem to have affected my business at all.My summer thru august is already 50% booked. I have almost 150 5 star reviews so I thought I cold get away w it.I also charge. 10 second person fee.My average stay is 2 or 3 days so I am averaging 107 a night, Im good w that!I have also started to block a few days a month intentionally; I need to do that it gives me a break;I need extra time to work in the yard, do laundry etc.When I have a guest I don’t do any of those things as I want the guest to enjoy complete privacy.
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I raised my base price (summer rate) from $79 to $95. I am getting the same amount or more bookings.
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Knock yourself out and try 90. People will appreciate the low level of risk and your commitment to quality… and you can block a few more days! 
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Isn’t local competition an issue? Depending on the area, and the clientele, people can be quite price-sensitive.
Thats awesome! Im tempted to raise again…
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But if the cheap places get booked right away they go out the window and you’ll still get mostly booked if you’re in a busy market. I’ve found that I get booked before the places that are cheaper than me because I have such good reviews/ratings, clear pictures, and am not brand new. Worth paying a little more a night to know what you’re getting. Plus I’m still a lot cheaper than any local hotel/motel.
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When all hotels are sold out, I am able to rent my place for a very high price.
I really adapt my prices depending the demand.
Good for you!
Depending on the clientele visiting your area, a lower price may mean peoples’ expectations of your listing drops, and you might be missing out because people don’t expect to book a nice place for a cheap price.
I have to monitor what other listings are charging in my area and make sure to keep raising my prices so I don’t look like “the cheap option if someone cannot afford a nice place”. I JUST raised my prices yesterday, too, because the market had gone up again and we were so much cheaper than other places -I felt it was affecting peoples’ expectations and decisions.
There are a couple of houses in our area that really are basic bunk houses and not finished well along with low rates. If they raise their prices so we’re cheaper than them I really know it’s time to raise our rates.
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We only started hosting in November, and I am constantly tinkering with pricing. My summer pricing is about 3 times what we started with in November. Right now we’re getting about double what we were and still getting great reviews and maintaining Superhost. We’ve continued to improve the place with better furnishings, a new smart tv, we’re fixing up the yard and adding a fire pit for outdoor space, and adding a/c in the bedroom. I hope all these things pay off!!!
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@Arlene_Larsson there is a great thread or two on this very subject. If these are things you wanted to do for yourself, and Airbnb helped you pay for them, you’re gold! Otherwise, Airbnb income can dry up without no notice, so my advice is to “invest” - hoping for a return - very moderately.
Congratulations on your success!
Thanks for your advice!! It’s possible our Airbnb could be illegal soon depending on which way the city rules so yes, we are investing slowly. The outdoor space will benefit our other LTRs and us. We live next door, but the way the land slopes we have no yard so often use the shared yard. Our own tv is not very good, so thinking we will take it if the STR is a bust. The only thing is the a/c unit. I think a LTR would appreciate it, but not sure we’d make our $ back in it, although it was a floor model so we got a deep discount as it was missing it’s remote. But yes, I know that things can go downhill quickly.
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If it does, it looks like you have the love of a good dog to help you through.
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Just keep in mind; if you are getting stellar reviews with the furniture you already have then you don’t need to upgrade just yet. Don’t fall into the trap of thinking you can charge loads more if you offer a more expensive tv etc.
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Also very good advice!! The tv that was there had a lousy picture. I was thinking, " would I want to stay here?" I don’t watch much tv when traveling, but will turn it on sometimes at night, and it’s nice to have a decent one. Also I like to put a music channel on (when I travel) the tv, so I thought others might too. I am also compensating somewhat for things we can’t change (older building, etc). This is all a big experiment for us, and I do appreciate all the advice.
Regardless- if it was an issue then guests would have complained about it. They haven’t so don’t spend money unnecessarily.
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Well actually someone did mention it in a review. He still gave us 5 stars but said “the tv only had basic cable”. I’ve looked at lots of other listings in our super competitive market and it looks like a lot have smart tvs. Not trying to argue, but I don’t feel like we’ve spent money unnecessarily. The tv was a good price at Costco. But yes, I will take your advice when thinking about future improvements, as they could be never ending.
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The review said: only basic cable. How does that equate to a bad picture and a new television? Surely it just means upgrading your to package.Obviously do what you feel is necessary, just pointing out the pitfalls.
I’ve made a lot of upgrades in my place and the haven’t translated to a higher price. It was fine I mostly did things for myself anyway … well aside from the coffee machine. I wish I hadn’t bought that…
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I raised my prices about 10% to cover the cost of running the window AC unit. I’ve already had people come in and turn it on and go out to dinner or turn it on and it runs all night even though it’s cool at night. So I raised the price now instead of mid-May as I had planned. It’s only been 10 days but I don’t think I’m going to lose business overall. I concur with what Sarah says, the lower priced places might go first but I think demand is exceeding supply (for the right place at the right price) in many places. I am close to the top in overall number of reviews and always on the first page of search results which is helpful.
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@Arlene_Larsson. I think it is important to note that Zandra’s place is probably quite different than yours so the comparison might or might not be logical. Zandra’s place is a one bedroom. Guests sleep in the bedroom while she sleeps in the living room. She provides breakfast but doesn’t allow any use of the kitchen.
Her advice is absolutely worth taking into account, but your own circumstances, including location and demand, are very important factors.
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Yes absolutely right @anon67190644. There’s a maximum
I can charge regardless of how many shiny things I put in the room, because ultimately the two items of value in Airbnb are space and privacy. Neither of those come off a shelf
I’m not comparing my space to @Arlene_Larsson’s. I’m pointing out new T.Vs and upgrades may not be necessary when you’re already getting 5 star reviews and are a superhost. As already noted it’s @Arlene_Larsson’s space to do as she wishes with. It’s a common pitfall to overinvest which is more what I’m pointing out.
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