Pricing Strategy
We're talking about price optimization in this one folks.
We'll be focusing on how you can price your Airbnb to make managing it an effortless task.
This will allow you to scale up the amount of listings you can handle, ultimately meaning more money in your pocket.
This one's important, let's get into the gold stuff:
There are 2 things you need to think about when pricing your Airbnb listing.
- Am I charging enough?
- How often am I willing to do changeovers?
Let's address the first question. My advice regarding this is RAISE YOUR PRICES. Yes, you read that right!
Raising your prices is a surefire way of making more money but most people are reluctant to do it for fear of losing out on bookings. Don't be like most people. Start by raising your prices by $5 a night and see how that goes. You can thank me after!
Moving on to the second question. You as a host need to think about this. If you're just starting off and you can handle it, you could accept one night stays. Once you have more than one listing however, it's imperative you change your minimum stay length to 2-3 nights. You can have it longer than this, but then you run the risk of missing out on high paying shorter stays. Another strategy you must incorporate is: incentivising long stays. When I mean long, I'm talking 5+ nights. The way you can do this is by offering let's say a 20% discount on stays that are longer than 4 nights.
This info right here truly is golden, so you better apply it.
Your pockets will thank you ;)
As always, thanks for checking this out, and if you have any questions you can hit me up on twitter @eannafitzgerald
Posted from my blog with SteemPress : https://eannamcg.xopus.io/?p=32