This forum is dedicated to connecting hosts with other hosts. Sign up to get the latest updates and news just for AirBnb hosts! Note that we are not affiliated with Airbnb - we are just passionate hosts!
Hello, I am new to this forum! Good to know that it exists, as I am quite new to Airbnb hosting. I wanted to hear your opinions about pricing. I searched for this topic, but haven’t seen any. Please understand if this post is redundant.
Do you change your prices to consider seasons, special occasions, holidays, etc.? If so, how do you set your price every time? I think I might get more income if I do this, but it comes at a cost if I search for comparable listings every time I change the price.
I was wondering about using one fixed based price for a certain period, without change. In addition to saving time and effort, I feel somewhat comfortable that my price does not change all the time and I think guest might feel comfortable too.
Could you please advise any pros/cons of the two? Does anybody use the fixed price all the time? Do you think it makes a big difference compared to changing prices over time?
I considered Smart Pricing as well, but I saw a lot of negative posts about it. In addition, the suggested prices are very close to my minimum price (may not have any difference for me). Any suggestions about Smart Pricing is also welcome!
Yes you should change your price to take into account seasonable variety and key events and other issues that could affect on the popularity of your listing.
Look at comparable listings in your area to give you an indication of what you could charge.
Guests aren’t going to care if your price changes, that’s how the industry works, they will expect it.
Just set a minimum price you are happy with if you use smart pricing.
This has been discussed many times here. Yes – if you live in a seasonal area, change your prices for the High Season and Low Season. Also for holidays and special events weekends (if any) in your area. It’s called the law of supply and demand. When demand is up, prices go up. Demand down, prices down. But don’t price yourself too much beyond immediate neighborhood or area comparable rentals unless you offer more amenities than other do. We have another Airbnb a couple blocks away in the same subdivision – same house, more or less, same pool. But we offer gourmet breakfast for two and the offer nothing. We charge $65 low/$99 high season. They charge $45. We’re booked significantly more than they are and thus make more money.
I sit down and list all the holidays and events in my area for the next 18 months and I do the entire calendar day by day for 4 properties, in 4 different booking sites. Because of the fee structure the price is different on all of them.
I am often last booked because I am better end than many of the others, cheap nights go first!
I ignore the utterly ridiculous suggestions from those annoying emails from Airbnb as they are comparing my 5 bed Victorian catastrophy to a single room with a share bathroom. I also let my homes to visiting specialists for our hospital. They book early because of what I offer. I also get the emails asking me to unblock dates as well as potential guests asking for dates that are blocked, often months earlier. I run at about 80% occupancy.
I enjoy tinkering with prices and change them sometimes twice a week. I definitely adjust for all the things you mentioned. In my locale summer rates are 2-3 times winter rates. Weekends are definitely more then weekdays unless there’s an event or holiday bringing lots of people to town. I use a couple of the pricing services as a guide and check other listings in the area as well as hotel rates. Ultimately I like to set my own pricing rather than use any automated service because I think I know my property and area best.
I don’t think anyone has mentioned the most important thing.
As a new host you will get a new host boost placing you higher in search rank to give you a chance to compete with the more highly reviewed hosts. Once that expires you will need to work to keep your listing high in the ranking and the bookings rolling in. One factor in the search algorithim is how active you are in maintaining your listing. So going in even every day and checking your calendar, changing prices, changing listing description, etc. will help you in search. The busier you are the busier you will be.
If you try to set it and forget it you will be back here asking why you don’t get any bookings.
