Aside from attracting guests, another challenging aspect of owning an Airbnb rental is usually pricing. Different short-term rentals on Airbnb are priced differently. However, a lot of property owners often fail to take into account certain vital things such as market demand and competitor behaviors when setting their prices.
As a host, if you are not constantly adjusting your pricing based on seasons, special events and competitive trends, then you may be losing more money than you think. If you are struggling with your pricing strategies for your Airbnb rental, here are some tips that can help:
If you are just starting out, it helps to build slowly as you will have to set your price below the market price if you are to capture any initial bookings. As a new host, you will find it difficult to compete with other longstanding listings that have been in business for years. Such listings will already have accumulated reviews so you are going to start slowly before you can catch up with them.
Seek help from an Airbnb management company
Airbnb management companies are created to assists Airbnb hosts with the performance of their short-term rentals. As such, if you are a host that is struggling with your pricing strategies, one of the best things that you can do is seek the assistance of a reliable and professional Airbnb management company in your area to help. One such company that provides comprehensive Airbnb Management London is Home Concierge. The decision to outsource Airbnb management is typically driven by the need for more freedom for hosts. However, such a service can also come in handy when it comes to pricing a property currently all while ensuring that the quality expectations of guests are taken care of.
Increase your listing price as you go
Once you collect a nice assortment of customer reviews, you can then work on increasing the price slowly as you go. If your price remains low for too long, then you might miss out on potential profits. To increase your listing, make sure that you compare your property to others in the area so that you can determine how much to price your property.
Take note of your timing
To price your rental correctly, remember to take note of your timings so that you can keep track of seasonality, as well as highs and dips in the travel season. Once you take note of your timing, you will be able to adjust the pricing of your property based on the demand. As a result, you may be able to charge more for certain periods that experience an influx of guests such as weekends and holidays.