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For years I have targeted my pricing to be on the lower end (but not too low) to be found for the Boston market. (I’m 7 miles north of the city and near a subway line). It’s worked well.
I noticed a change in my bookings this year where I’m getting more repeat guests and more guest looking to book in my city of Melrose. (Mostly grandparents visiting their grown kids).
I now open up my calendar much farther out and put my maximum price on the calendar which is till pretty competitive but at least 50 percent higher than what I was offering previously. And… I’m getting longer bookings at the higher rate. When I get closer to the date, I’ll then run promotions o dates not booked.
I’m finding that my revenue for the year is up and getting better quality guests and my calendar is filled up more.
Probably not news to some of you folks but for me it’s a game-changer in this down economy.
You’re very smart to see that the grandparents prefer to book in advance and also that the amount you’re charging has a little to do with their preference in Airbnb. Every day I see comment boards where people say what’s going wrong I changed my price or the color of my couch, etc. but it didn’t help.
The reality is, especially in an Airbnb, the exact confluence of date, location, and price is what determines a booking. If the days you need to book are available on XYNZ then those are the places that you have to choose from as a guest. If a place is half the price or double the price of that location, but it’s unavailable it is immediately not part of the decision.
My private rooms in my personal house only appeal to people who are happy with that. I am not in competition with people with beach houses, apartments and high-rises with pools, etc… thinking that you are specific Airbnb is somehow competitive with the others in your area for reasons outside of what you offer is a pathway to failure.
That’s pretty much what I do. I use Price Labs to automate it, but it’s effectively the same thing.
I remember being surprised when it set the price higher than I previously had the nerve to do before, and I got bookings anyway. The difference it made to my revenue was substantial. That was about 5 years ago.
In know about being surprised. My best months are September and October due to my proximity to Salem, MA and my affordable rates. The folks that have Airbnbs in Salem jack up their rates to $500 a night. I figured I could go with $149 and I’m getting bookings. My used to be sweet spot was about $80 a night.
Sadly, July is looking a little thin right now but I did get a decent booking at my higher rates so I’m not as stressed about not making bank for the month.
