How can Airbnb pricing optimization strategy help to promote your listings?
Let’s be honest: the price is the decisive factor when the rest of the parameters look similar. Paying closer attention to this issue can help you stay confident about your listings, keep up or even outperform your competitors and keep your rental business profitable. If you’re up to searching for tips and recommendations on how to improve the ranking of your Airbnb property listing, you will find them in this text.
First, how to make sure your prices are competitive? How to protect yourself from loosing bookings because of wrongly selected price strategy? It’s extremely difficult to say for sure.
You may suppose a thorough competitor analysis will help — but it rarely includes such factors as flexibility or seasonal price fluctuations. And this is exactly what we can help with.
1. Setting the optimal price considering the following factors:
- Competitive analysis of the local Airbnb market (the ratio between supply and demand, prices of local competitors, hotels, hostels, etc.)
- Thorough listing analysis (number of rooms, facilities, location, proximity to public transportation, and more).
2. Timely Airbnb price optimization depending on market fluctuation:
- Seasonal shifts in customer demand
- Weekend changes in demand
- Local events and festivals
- Changes in the pricing policy of competitors and hotels
- Booking well in advance
You should understand that dynamic pricing for short term rental property is not a one-off task, but instead is a set of activities carried out on a regular basis. To calculate the best price per night for a specific week our team works with a huge amount of data. It helps to create a personalized pricing model for your Airbnb listing to help you increase the bookings and maximize your profit.
We ensure your prices are refined and regularly adjusted to help you stay competitive no matter what.
1. We use Airbnb price optimization smart system to make your listing relevant and appealing
Our clients notice that their property is occupied over 90-95% of the time, the high season dates are booked 6+ months in advance and the earnings increase by 25-35%.
2. We protect you from the most common mistakes hosts make when working out their pricing policy:
- Increasing the prices too early — when starting with your first booking, your pricing should be well below the average market level. If it is your first property listing, the system (and the guests) have little trust in your product. It is difficult and useless to compete against experienced hosts with dozens or hundreds of reviews
- Keeping the price low for too long— after gaining a couple of excellent reviews, it’s time to restructure your pricing policy. How to find the right moment? Very high booking rates may look like a great deal, but it also could mean that your pricing policy is wrong and you are losing profit. We are here to keep the price optimal and change it at the right time, so that you could do your business hassle-free
- Ignoring Airbnb price optimization for weekends — consider hotels, which have higher weekend rates
- Paying little attention to seasonal price fluctuations — seasonality can be applied to the vacation property rental worldwide. Carefully analyzing the timeframe of your high and low season will help us pick the right price and avoid missing opportunities
- Not taking into account upcoming events — keep an eye on sports events, concerts, festivals, major conferences, exhibitions and other events that may attract more tourists to your city. We consider statistics to predict the demand and act accordingly.
3. We provide transparent cooperation and prepare reports on all the undertaken activities
MasterHost team understands the responsibility of building the right Airbnb price opimization strategy and is ready to show you results in a few weeks. Delegate the time-consuming task of calculating the proper prices for your Airbnb vacation property to our company and take only the most important strategic decisions to keep your business flourishing and prospering.