Do you adjust your price constantly according to market? What is your pricing stategy?

[Danny627]

We are very centrally located nearby stadiums, convention center etc... We just listed our home on Airbnb and started out at what I would consider "low" for our area. As reservations are trickling in, I'm studying the market, IE: Looking at average going rate on Airbnb for similar homes in our area and events calenders of the stadiums and convention center nearby. We have our listing up for less than 5 days and we are averaging 1.5 reservations a day. 

our weekday rate is 286 and weekend is 350. Our competition averages $550/night with some in >$1k 

We have a large yard with a pool, outdoor kitchen which puts us above many competition but we are at least half the price of most of them. There's only one other home that is similarly priced to us. Even a home that is half our size is listed twice as we are. I know this because I recognize the floor plan of that house as wel used to own one in the same neighborhood with the same floor plan. 

I'm debating if I should up my price closer but less than the average competition or keep it the way it is  and enjoy the booking reservation as they trickle in as it is? 

Here's our listing.. It's still very incomplete as we are still living here until mid june and is working on staging everything during this time. 

https://www.airbnb.com/rooms/856454536478144783?adults=10&check_in=2023-07-27&check_out=2023-07-30&f...

[May1657]

Airbnb's suggested pricing usually aims low(ish) - They do want more people to use the platform, so that makes sense. However, you do leave money on the table relying on the built-in suggestion engine. Search online; there are multiple tools to provide better price suggestions based on a wider variety of inputs (similar listings, events in your area, occupancy in the area etc) and allow for better, more dynamic pricing. 
Search for Wheelhouse, Beyond Pricing, and their competitors.

I'm not affiliated with any of them and tried several until I found which one works best for me. 

Hope this helps!

[Fred13]

I set my price instinctively and working backwards: what price would be competitive, keep me motivated and allow for future improvement (aka profit).

[Ann36406]

I use Pricelabs and found it is much better at getting me the best price and drive bookings. You can change and monitor from there is you think it is missing some big event. It does monitor a lot of data to come up with pricing. I have been pleased.

[Danny627]

Thanks, I signed up for Pricelabs and I like it. Thanks for the recommendations.