I’m happy with Beyondpricing - but the hard work is setting your base price. And it’s so hard with airbnbs because each host offers something very different. You have to really study the listings and ask yourself - what do I offer that’s worth paying more for? More/better reviews? Nicer photos/space/furnishings? Private bath? Breakfast? I have a two-bedroom semi-private apartment - believe me I do not fit into any ‘slots’. Close to public transportation? I was setting my price based on my nearest competitor. Her space is lovely and she’s lovely. However, she’s not at all close to transporation, but I’m a 5 minute walk to the metro bus.
So all that has to be considered, then compared to the price of hotels. For me, I compare with other properties equidistant from city center. Of course I can’t compete with listings right in the middle of DC, but I should get more than properties another 2 miles away.
In addition, taxes, insurance, and other expenses have to be considered - you have to make money - you have to know how much you want to make for the amount of work you’re putting into it. For me, it’s replacing one of my part-time jobs, so I know I have to make at least $800 a month. On the other hand, if we had two students living there, we could make at least $1,000 with a lot less work. Ideally, with more experience, I’ll know how many days to keep open on the calendar, and when to close the calendar when I’ve met my goal for that month. I don’t have enough information at this point, and, I have to pay for the new bathroom we added - so right now I’m packing them in.
I wish wish wish that Beyondpricing would add such a service (for a fee) of helping to set the base price - but as far as I can tell, we are on our own.
BUT! The reports Beyondpricing gives IS helpful. They know that if you are heavily booked into the summer you are not charging enough. So in that, they do help with that all-important base price.
HOWEVER - once you set the base price, I think Beyondpricing is great. They have a number of days this summer that the price is set very high above my base because of events that I don’t know about. Conversely some days are a bit lower than my base.
Interestingly, for a few days in August my airbnb price tips are well above my base. Beyondpricing’s are not. I contacted Beyond and asked them to look into it. They said they did, didn’t know the reason for the increase, but of course said I could raise the prices for those days. Since airbnb often wants me to rent my nice little place with 50 5 star reviews for about $50 a night (when hotel rooms can’t be had for less than $200) I am going with Beyondpricing’s price.
It takes the worry out of it for me. But yeah, it’s tough. I’ve even been pondering lowering my base. We offer a lot here at our place, but there are a lot of things that aren’t right as well. I go back-and-forth. I think the only solution for that is ‘time in the saddle’ - another year of hosting and we’ll all have a better idea of what we’re doing.