Fortunately @JamJerrupSunset musicals have never been my thing
If your occupancy rate is 84%-94%, then you are doing great. Actually, I would consider raising prices. How hard do you really want to work?
I would recommend raising prices whenever you are above 80% occupancy: Consider lowering if you are consistently below 80%. Number of days booked does not mean more profit; it is getting the maximum revenue for the least effort and expense. I’d rather have half the bookings at twice the rate. That’s because I would have less wear and tear, meaning greater margins.
Also, those paying more typically take better care of the place. They are used to having nicer things and do a better job of taking caution when staying at your place. I find it is the bargain shoppers that cause the most wear and tear.
It doesn’t work that way for my listing. If I doubled my rate I’d have zero bookings. I could probably raise my rate another 10-15% to cut bookings in half. After 2.5 years with my current configuration and hundreds of bookings I’m confident that I’ve found the sweet spot on pricing and availability. Unlike some here I’ve found no correlation between price and quality of guest.
It’s not–it’s dominated by a few know-it-alls. There’s a facebook group called Super Hosts Professional AirBnB Hosts that might be more helpful. The group is closed, but you can request to join.
To answer your original question, I have a small mother-in-law unit attached to my house. I’ve been hosting going on four years. I gross around 45K per year. My cleaning fee is $55. I am able to accept one night stays because of my wonderful long time housekeeper, but I only allow them if I have a single night between two bookings. I do Instant Book because otherwise I couldn’t keep up with my bookings. I don’t use Airbnb’s pricing tips. I find them really annoying. I’m the best judge of my market vis a vis what i have to offer. Last year my occupancy rate was 93 or 94%, previous year about the same. I chose not to join plus, although i was invited to take part in the beta testing, because I don’t want to offer 24 hour check in, hang pictures on the wall, have a TV, etc. My advance bookings have slowed down since Plus went public, but by the end of the month I’m as fully booked as ever. I usually come out #1 in the My Porter Rankings for similar units in my area. Here’s the one I got yesterday:
Listing Name Position
Santa Monica Canyon Pied-a-Terre 1 / 166
And yes, despite my prime location walking distance from the "Baywatch Beach, I do get rated down on Location more than anything else. Value comes in 2nd. My overall average according to Air stats is 4.9, so whatever. www.airbnb.com/rooms/3506410
Many, many thanks to those of you that provided some experiential data and feedback! I appreciate your responses. You’ve given me some ideas and strategies to obsess over, I’ll try some of them for my unit and will share the feedback with this group.