Should I raise my rate?

[Lisa7986]

My listing has been a huge success so far! I am wondering if I should raise the nightly rate for it as we have been booking very quickly. It is a unique space so I don’t have anything to compare it to. 

[Dawn241]

@Lisa7986 There is now a compare similar listings button at the bottom of your calendar to see how your pricing compares to similar listings. 

In addition to smart pricing, I also manually raise my rate for holidays, the day before and after the holiday, and local special event weekends. 

[Kitty-and-Creek0]

@Lisa7986 

Good question! This is a business, like any other. What I have done is to take stock of all my expenses, and add a small amount for my time and labor. If I need more than that for repairs and reinvestment, which is on my list, I add that as well. My home and my offerings do not compare to any other listing in the immediate area, so it is up to me to determine my price based on that analysis. I do not use smart pricing, or any other formula provided. 

Give it a try, find where you are comfortable and where you attract the guests who are a good match for what you offer. 

[Helen744]

@Lisa7986 If you have just begun then early bird algorithymn boosting plus discounts maybe be helping. Be wise and raise rates after you increase the value you are offering.. compare yourself with others and maybe find out exactly why you are doing so well but dont question it too much . I am glad you are doing so well . Keep doing what you are doing and add value before increasing your price or you could risk losing what you already have. You will know when you have a solid basis ti increase rates .... H

[Helen744]

Lisa you could put a two night minimum on your listing rather than one night and increase your income this way or even a three night and see how you go and add to the comfort of the cabin a little so that the indoor level of percieved luxury is improved to match your number one winner that fantastic view... all the best.. H

[Paula]

Hello @Lisa7986 and welcome to our Community 😊

I came across your post and was wondering if you have had the chance to read our members' suggestions. I am also sharing an article here related to 👉how to set a pricing strategy.

[Joan2709]

Wow!  You're doing great! What a killer view! Just one suggestion regarding your cover photo. Since that view is one of the unique features of your property, I would definitely make one of these photos your cover photo!  The view is what sets you apart. You want to highlight that in your Title/Cover Photo and Description. Twilight, exterior photos statistically do very well as a Cover Photo. Try one of these photos and see if you get an uptick in bookings. You can always change them periodically and see what happens:

I like this one best! 😉 (maybe edit the photo and make it a bit lighter so we can see the cabin a bit better). If you can't edit the photo, I would still use this as your cover photo.

Be sure to put captions on all photos! If you get a large number of bookings, you can slowly begin to raise your prices. Once you get more bookings under your belt and you appear high in search results for your area, you can try a 2-night minimum as @Helen744 suggests.

Great Job!  Let us know how its going!