Hi there, first time Airbnb host here.
I have my place booked through the next few weeks, save for three days in late July: Mon 7/31 - Wed Aug 2.
How would you guys approach pricing this? It’s probably priced a bit above market at the moment, particularly for three weekdays.
I’m fine with lowering the prices but I figure it’s far enough out that I can wait it out a bit.
Set smart pricing with a minimum that you will be happy with.
Check out the “comps” – comparable AirBnbs in your immediate area and price at what they do. In most cases Smart Pricing is ridiculously low. Turn off Instant Book. Set a price and keep it, don’t keep changing prices to “attract” new guests (it just does not work).
If you’re already booked, don’t you already have pricing that works?
We do not use any smart pricing tool (Airbnb’s or a third party). We have a set price for Sunday - Thursday and a slightly higher price for Fridays and Saturdays (with a 2 night minimum on Friday and Saturday nights). Guests like to see consistent pricing and don’t understand why a Tuesday might be X price but Wednesday is X + $5 and Thursday is X - $5. To them, it’s confusing and, I think, deters them from booking.
Definitely look at a ton of comparable Airbnb listings within 10-15 miles of yours and price yours accordingly.
Also, as others have mentioned, Airbnb’s “Smart Pricing” or suggested prices are often drastically lower than what you should be charging in most cases.
Also, if you have less reviews than the comparable listings around you, and you’re still fairly new, you might need to price yours slightly lower to gain some reviews. Then, when you’ve built of a bank of solid, hopefully, 5 star reviews, you can begin to raise your price to match those of your competitors.