Pricing - How to have consistent booking

[Daniel10720]

What is the sweet spot to have consistent booking? 

 [Title updated by OCM to make it relevant to the post]

[Mike-And-Jane0]

@Daniel10720 Its impossible to say. too low a price and you'll wear yourself and the listing out with low revenues. Too high a price and you'll get no bookings.

This is something that you 'll have to work out for yourself or buy data from Airdna and other providers to better understand price vs occupancy.

[Alicia753 · Accepted solution]

As the previous reply said, it is impossible to say for sure.

That being said, there are ways to start with a "good idea" at least. There are actually a lot of ways to do it but I will list a few below to at least give you a start.

3rd Party Programs-

1) Airdna- go to the renalizer section (you can utilize this section in the "free" version). It will give you a "starting" point. If you pay for the market area you will also be able to see other Airbnbs in your area that are comparable to your listing. You can then utilize that info to look at those specific listings and their pricing structure. 

2) PriceLabs- This section could be an entire post since there is a lot to this program. Short end of this program is that it will help you set your pricing structure based on data that they are able to collect from access to Airbnb API about other Airbnbs in your general market area.

Doing the work on your own- 

You can search for Airbnbs in your general area, act as if you are trying to book the listing and check their pricing structure month by month (be sure to keep in mind cleaning and other fees can make a big difference on prices). This will give you a good idea of where to start with your pricing at least. 

No matter what route you decide to take keep in mind that a new listing is an unproven commodity. Keeping your pricing structure towards the lower end of the data for the first 6 - 12 (at least until you get a bunch of positive reviews) months will help your listing stay better ranked. Also, remember to take into account the "total price". Cleaning fees, resort fees, ect... 

[Kitty-and-Creek0]

@Daniel10720 

Hmmmmm...

Good question...and vastly different for everyone. What is my personal formula? I add up all my fixed costs and then add on a small amount for myself to consider as wages. I've been successfully self-employed for nearly 50 years, so I understand very well that we don't get paid much in actual cash. We do get paid excellently in satisfaction.  Start with a list, as usual...right?