I’m offering 3 rooms including a dining area, living area, laundry room with washer and dryer, full bathroom with double sink counter, and a kitchenette with microwave, toaster, coffee maker, water cooler, and full size fridge, all on the “basement” level, but it’s completely refinished and looks like an extension of the home. It’s 1288 sq ft. There are large light well windows in each room, and smaller light well windows in the living/dining area. Private entry and the whole space is private. Air BnB is listing it at $55 per night on smart pricing. I feel like this is WAY too low. This is my first listing, and I understand I need to compete locally, but that’s lower than the price of single bedrooms that are in my area. And we are a Riverfront property (that amenity is checked off) where as there is only one or two others that offer the same river access/view that are nearly $200/per night, but they have kitchen access. What the heck is going on with smart pricing?
Smart pricing isn’t actually smart. Turn it off and set your own base rate and weekend rate. Than you can change certain dates that will have more demand by going to your calendar and updating the price.
That sounds bonkers. Have a look at Wheelhouse.
Then why use it? Take it off or set the minimum you want.
No host I know thinks so the so called Smart Pricing has any resemblance to reality.
Pretty difficult to comment based on no pics and no idea where on earth you are.
Best thing you can do is stop using Smart Pricing. It’s basically worthless. Set your own process based on looking at the comparable STRs in your immediate area – as you have done. Then add to the nightly price for that riverfront. IMHO based on what you’ve said, I would be pricing around $125 to $150 per night…
I’ve refused to use the smart pricing option, as it practically gives away my beautiful home for free! Smart pricing has suggested rates as low as $77 per night. I have a 4,500 SF home with a lake view in an upscale neighborhood. The home has 4 bedrooms (I haven’t furnished the 5th bedroom), a large loft, 4 full baths, 3+ fireplaces, a huge open chef’s kitchen with stainless steel appliances, granite countertops, hardwood floors, formal dining room, separate breakfast room, a breakfast bar that seats 5, laundry room, a nearly 900 SF master suite w/2-sided fireplace and separate sitting room. They have access to resort-like amenities (megapool, 2 lakes, tennis courts, nature trails, etc., etc. etc.) If folks don’t recognize the value at $249 per night they can kiss my a**!
I am not a supporter of “smart pricing” I cautiously tried it out and when I saw the automatic pricing I promptly removed the smart pricing feature. Like the previous comments, it has always put my property too low.
AirBnB just emailed me a survey yesterday with respect to smart pricing. I let them know how I felt about it.
Most other comparable places range from $100 a night to $145 per night, so that’s a close estimate. I’ll be looking at removing smart pricing or at least changing the minimum price.
Which is why, for perspective, I mentioned that the pricing is set lower than single rooms in the area. Not asking opinions on what people think I should be charging, if so I would have included a link.
I’m new, and I feel a little pressured into using it and setting suggested prices so that the little “Listing Appeal” bar is full. But I’m starting to think that’s irrelevant.
I have found listing appeal to be purely based on price and my 5 bedroom full victorian furnished with gorgeous antique furniture is not being sold off cheaply. I would rather have it empty then sell it at a street corner price. Plenty of other cheap places!
This is an Internet forum where people give their opinions, I’ll be sure not to respond to anything but your exact direct rhetorical questions in the future…
That’s fine. I was just letting you know that I would have included a link. If you’d like to see a link to input your opinion, I’d be happy to share it with you.
“Smart” Pricing is suggesting I drop my 3-room suite with private entrance to $11. That’s just downright insulting.
Smart Pricing–use it at your own risk.
We have 4 rooms we rent out in our home. Currently, we are completely booked. I just get this email from Airbnb;
“Try Smart Pricing to keep your price competitive
It looks like you’re not getting as many bookings as other listings like yours in Northampton.
To help get your share of bookings, try Smart Pricing.”
They sent me something similar a few days ago and it would cut my price in half! If I’m booked now, why would I do that? This time, they don’t tell me the prices when I click on it.They just want to start using it. I don’t think so.
I know I say this every time the subject comes up (and it often does) but we’ve used it for ages and it has never set prices at lower than the minimum I set. I don’t understand why it doesn’t work that way for everyone.
The problem for me is that the lowest I will accept depends on a number of variables. For example if it looks like I’m going to be busy that day I want more for the room because turning it over is going to cramp my style. If the day gets closer and it looks like I’m not going to be so busy I can lower the price.
I set many of the prices manually (overriding the smart pricing) when I need to. In my case, I’m usually putting them up when there are local special events going on.
But another thing I like about smart pricing is the way it always says that my calendar was updated ‘today’ even though it wasn’t me who had done it.