Being a professional Airbnb host, you expect more bookings in return for your time and effort investments. To become a successful Airbnb manager, you need to keep track of lots of things, including Airbnb pricing strategy.
Here, we’ll be sharing some relevant ideas that will help the Airbnb hosts to decide their Airbnb pricing of their properties. Scan the given points and check if your Airbnb pricing is efficient enough.
Opt for dynamic Airbnb pricing
Being a vacation rental property host, you have to implement dynamic pricing considering the various seasonal changes throughout the year. Keeping a fixed rate for the property or properties throughout the year may be harmful to your business. Normally, the hosts earn the most in the seasons but in the offseason, they hardly expect any guests in some particular destinations where the weather becomes extreme. If you own a rental property that expects least guests in the offseason- you should ask for cheaper rates during this time along with some complimentary things such as free breakfast or the morning tea or coffee to entice the customers.
Expect maximum profits during the tourist season or any event
This strategy is perhaps followed by everyone in the hospitality industry. Starting from the super plush hotel owners to the vacation rental properties hosts- everyone takes the advantage of a tourist season. You should also follow in the footsteps of your business rivals and attract the guests. You can make your deal better and more fascinating than your immediate contenders by pricing a little less and by offering some complimentary services such as a welcome drink, airport transfer regular housekeeping services etc for the guests. Including this idea in the Airbnb pricing strategy can surely help you earn more than your immediate competitors. Be aware of the special events coming up in your city. This is another occasion when you ought to expect higher demand for vacation rentals.
Keep a close look at your neighboring business competitors
It is absolutely healthy to know your competitors by keeping a close look at their pricing strategies. You can incorporate some of their useful strategies clubbed with your Airbnb pricing approach. To watch closely your completion you may do your research or use a service such as AirDNA.
Knowing the rates, and the hosting services the competitors are offering will help you improve. Being a host, you should go extra miles to cater the best services to the guests as they will review your services and properties. And you don’t want to have negative reviews, do you? In the long run, their ratings and recommendations will help you receive more bookings. If the competitors are using better pictures or doing outstanding marketing, you might want to follow the same path to check if it will work for you.
The location is a great USP for Airbnb Pricing
You need to categorize the pricing of the properties considering the location. For example, cost of living in an apartment in Manhattan will differ largely from living in a farmhouse of Nevada. Moreover, the cost will vary considering the special amenities in the apartment or house you are using for vacation rental property.
Extra costs should be included in Airbnb pricing
Don’t be afraid to charge extra for some additional amenities or services. If you host extra guest and/or provide the extra bed, make sure you get it covered. Cleaning fee also is an essential expense that should be included in Airbnb pricing from the very beginning. Think carefully about all the extra services you can provide and don’t forget to mention detailed pricing in your listing.
These are some effective ideas that you being a good Airbnb host should consider while strategizing the Airbnb pricing for the properties.