Differing prices

[Teri1622]

Hi, my name is Teri and I am a new host.  I am having trouble understanding the pricing strategies.  When  I am looking at my property to set a price, go to similar properties, the map comes up with pins with rental amounts.  But… when I check the dates available and reserve, the pricing is usually much higher than the original “similar properties with the pin with the rental amount 

😳😳.   My dilemna is I do not want to raise my pinned price to match the similar properties because then my price wd show much higher than tgese itger ones and never get looked at initially.  Help🙏🙏

[Joelle43]

Hi @Teri1622 

Those "similar properties" are not always reliable I've found and I have no idea what criteria the algorithm choses to consider them similar to mine so I have made my own Wishlist of properties that I monitor for pricing who I deem to be in competition with.

To create a Wishlist you have to be in guest mode and put in this WL the properties you think guests will consider along with yours.

You can then put in dates in your WL box and you'll see the correct prices showing up for these listings as if you were a guest.  This also allows me to check their calendar availability to see if bookings are generally slow or if I need to readjust my prices, cancellation policy, minimum stay requirement etc

Hope this helps,
Joëlle

[Joan2709]

@Joelle43 

Great ideas!

I have been playing with price tips too (magic wand) but not sure that is available world-wide? It is more of a guide as it seems to price a bit low.

[Joelle43 · Accepted solution]

Hi @Joan2709 @Teri1622 

Happy to have been of some help Teri 😊  What a gorgeous property you have😍

Like you, Joan,  I like to experiment with things that Airbnb introduce but honestly these price tips have got me seriously baffled!  

One minute they're telling me to increase my prices which when compared to my Wish List competitors is not realistic and the next minute it's way lower then I would feel comfortable with so it just doesn't work for me.  I just wish I knew what and on whom they are basing their prices on too.

So for now, I'm keeping to my WishList method😉

[Teri1622]

Hey Joelle, i love the wishlist tip!  My head is not spinning off anymore!  Yay!   Is there some kind of … i don t know, like a changeable spread sheet where i can put in my comp prices and change as they change?  I think that is what would be good

[Teri1622]

Thank you so, so much!  I really appreciate this!  I spend all day, seriously all day til 8:00 last night at my desk,(it s my bed, but my husband calls it my desk )😢   Trying to work these numbers and they look all wrong today, again!  I want renters, but don t want to give my house away and i am completely confused!  I will do the WL today.  Thx so much!