Do you change pricing strategy during popular local events?

[Patricia4202]

I’ve been hosting for a couple of years and someone just suggested I raise my prices when home gator games are going on. That got me thinking about WEC  events and sportplex events and the Olympic pool out here. Does anyone else have a schedule and raise their prices during those events

[Title updated by Community Manager for relevancy]

[Nicholas820]

@Patricia4202 We have our property on the flex pricing offered. You set a bottom and then an upper price amount and the nightly prices change throughout the month and year, depending on what ever analysis they use. 

However we are in a small area and not sure how that would look in a larger area.

[Bob297]

@Patricia4202 
My primary rate adjustments are influenced by the season. Additionally, I take into account events.

[Bettye6]

Hi @Patricia4202 ,

supposedly AirBnB algorithms look about your area an adjust pricing to special events.
however even though I use smart pricing & carefully watched my prices & they never adjusted. We have 2 huge festivals in town bring out tens of thousands of people but AirBnB did not adjust accordingly with price increase. I now do it manually. Plus we have an entertainment venue with big name concerts & these haven’t combined with pricing. I do though manually as well.

so question is how does AirBnB adjust🤷‍♀️ so I adjust myself. .  

[Helen3]

Of course @Patricia4202  you should adjust for seasonal variations and major events/holidays. 

[Joelle43]

Hello @Patricia4202 

My take on this, is that no-one knows our market better than us and there are so many variables that can come into play locally or seasonally that no AI can pick up.  I personally do not use smart pricing but do compare my pricing to similar listings regularly especially during the various events for our town.  

Some may argue of course that I'm a control freak but I would never leave it up to an algorithm to price my listing.  We have no idea how this algorithm works, how it compares listings but it does seem to put forward listings with the lowest price when you do a search that's for sure.  That's fine if that's your market but what if you are in the middle to top market and you've gone to the expense of putting in high end amenities?

I keep a record of my prices from year to year and often move them up or down according to what has become a very fluctuating and competitive market.

All the best

Joëlle

[Bhumika]

Hi, @Patricia4202 !! Hope the lovely insights from our amazing bunch of members @Joelle43 @Helen3 @Bettye6 @Bob297 @Nicholas820 have inspired you to take the leap and make the most of such events. 

Have you already set up your strategy to get the most out of these events?

We would love to hear from you!