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    Set a price strategy

    Get more bookings and increase your earnings with the right price.
    Ngu-Airbnb nge-Aug 21, 2020
    Ufundo lwemizuzu eyi-4
    Ihlaziywe nge-Aug 21, 2020

    Highlights

    • Set a lower price for a new listing to get more bookings and positive reviews

    • Earn more by varying your rates for certain seasons, weekends or specific dates

    • Stand out in search by offering great deals

    • Let Smart Pricing do the work, but set a minimum price that works for you

    Hoping Airbnb can become your main source of income? Or just looking to make a little extra cash? Whatever your financial goals, a savvy pricing strategy is key to success. But reaching your earning goals can be a bit of a balancing act, with variables changing day to day and week to week. Here are some helpful insights, along with a few tools and tips to simplify the process.

    Think like a guest

    Price is one of the main factors guests consider when choosing where to stay. No matter how beautiful your space, if it’s priced higher than comparable listings in the area, there’s a good chance you’ll miss out on bookings. You also need to keep in mind that the price you set isn’t the final price guests will pay. Make sure to factor in the guest service fee, any additional fees you plan to charge (like cleaning or extra guest fees), and taxes in your area to determine a price that will work for you and your guests.

    Do a little market research

    Start by searching Airbnb for similar spaces in your area. Make sure to limit your search to the same property type you’re offering (private room, entire home, etc.), the same number of beds/bedrooms your space provides, and the number of guests you can accommodate.

    Make sure to check multiple dates in the future. Listings with competitive pricing tend to book up first, so don’t make the mistake of benchmarking against properties still available just a week or two away—those are likely to be the ones that weren’t booked because they were priced too high. Looking ahead will also help you learn how hosts near you adjust pricing seasonally, on weekends, and for special events or holidays.

    Consider your location and amenities

    Remember that things you’re factoring into your pricing may not be obvious to guests. For instance, the safety and beauty of your neighborhood may mean nothing to someone who doesn’t know your town, so be sure to call them out in your listing. Aspects of your great hospitality like breakfast or a welcome basket full of treats might also help you warrant a higher price, but you’ll need to make them super clear in your listing and photos.

    You have the power

    Pricing on Airbnb is super flexible, offering up a variety of ways to make your listing more competitive and profitable. You can set a different price for weekdays, weekends, and holidays, or increase your rate when a big conference or event is coming to your area. You can offer discounts for longer stays or low-season bookings. You can also include a cleaning fee, an extra guest fee, or a security deposit to cover overhead costs—and the price you set for these is entirely up to you.

    Stand out with great pricing

    “When you’re just starting out, it’s a good idea to have a competitive price,” says host Ros from Durban, South Africa. Guests are hesitant to book listings with no reviews, so for new hosts, setting your price a little lower than your ideal number is a great way to attract guests. Once you have a few positive reviews under your belt, you can raise your price to match the demand in your area.

    Competitive pricing can also help your listing stand out in search. Airbnb rewards the best-priced listings in each area with a special badge, and these listings are also featured in emails to guests who are searching for properties but haven’t booked yet.

    Use the Smart Pricing tool

    Want to take away some of the guesswork? Turn on Smart Pricing. Airbnb’s pricing tool takes into account over 70 different factors—plus controls you’ve set—to determine the best price for each available night on your calendar. Your pricing will automatically update depending on things like:

    • Lead time: As a check-in date approaches, your price will update
    • Market popularity: If more people are searching for homes in your area, your price will update
    • Seasonality: As you move into or out of high season, your price will update
    • Listing popularity: If you get a lot of views and bookings, your price will update
    • Review history: Your prices update as you get more positive reviews from successful stays

    To make sure your listing price always meets your needs, be sure to set a minimum nightly rate in the Smart Pricing tool. Your rate will never fall below that threshold. And if at any time you’re not happy with the rate set by the tool, you can simply type a new one into your calendar.

    Find what works for you

    It may take some time and a bit of trial and error to get your pricing just right. Be flexible, and stay focused on guest satisfaction. After all, more positive reviews can translate to more earnings—a win-win!

    Highlights

    • Set a lower price for a new listing to get more bookings and positive reviews

    • Earn more by varying your rates for certain seasons, weekends or specific dates

    • Stand out in search by offering great deals

    • Let Smart Pricing do the work, but set a minimum price that works for you

    Airbnb
    Aug 21, 2020
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