Do you adjust your price during local events?

[Sybe]

Hello everyone,

Big events can create lucrative opportunities for Hosts, especially when much of the crowd visits from out of town. Whether your guests are traveling to London, UK for the annual FA Cup final, going to Miami for the big tennis tournament, which earned local Hosts over $7 million USD* in March 2019, or bristling down to Brisbane for The Ashes; thinking about your listing during these high volume attendee events can be lucrative.

Hosting during major events in your local community can be a great way to:

• Test the waters of hosting by welcoming your first guests
• Try out being a part-time Host with occasional availability
• Fine-tune your year-round pricing strategy

This Resource Center article offers tips for setting your price, opening your calendar, choosing a cancellation policy, and more.

Though there’s still much in the world keeping us far from “back to normal,” many Hosts are thinking about how they can maximize their local calendar moments. 

How do you make the most of hosting during big events in your area?

As always, I’m looking forward to hearing about your experiences and stories on this topic.

Thanks,

Sybe

[Laurelle3]

@Sybe yes I do increase the weekend price for these events but we are in a small beach side area so you have to have your alerts out check on local events regularly. Often people looking for futre events  and wnen they are happening before I do.

To overcome people booking well in advance  before I am aware of future events,  I have now reduce my availability for 3 months in advance. This allows me to check for future events in my local area, along with public holidays and long weekends. It also allows me to check on prices of other Airbnb accommodation and what they are offering in my location.. 

[Stephanie]

Oh that's great so you also combine your pricing strategy by comparing with local competitors. Smart @Laurelle3 !

[John5097]

@Sybe Not at this time. My guest would be more inlined to mark down the value sub category and lower overall rating if one weekend had higher rates than surrounding weekends. 

Airbnb has a lot of things going for it but the value sub category elicits inaccurate and unfair reviews to host. I get it, maybe the towels or sheets weren't great, but guest can simply mention that in the review if that is the case. 

Its the information age. Guest wouldn't book if it was a poor value. 

[John5097]

PS.. I've always thought there will be a point where I'll need to list on other booking platforms to charge market value. The past two years had dramatic disruptions to travel plans, and now high inflation, host are at greater disadvantage to be marked down for value. I also set rate based on risk of travel disruptions due to covid waves, inflation, and other geo political events, while other host in my area have dramatic changes in their rates and end up with less revenue and higher risk, short notice reservations and cancelations. Although each host has to do what works for them or it may become too stressful. 

[Lorna170]

@Sybe   I do not change my rates for events or seasons.  My properties have a value that is consistent and I find that my guests appreciate that I do not change my rates for holidays or times when more people are looking for a rental.  To some degree, with the exception of homes that have true seasonal use, like a beach house or ski property, i think that charging more for this week over that week is price gouging.  I am aware that other owners do not feel that way, which is their right in their market.

[Emilia42]

Yes, I do. I don't ever want to be chosen by a guest because I'm the cheapest place in town. In my experience, this has not returned good guests. So whenever other listings in my area increase their prices, which many do for local events and high season, I raise my rates as well.

[Branka-and-Silvia0]

I used to spend a lot of time researching for events and festivals in Zagreb and printed them for my guests so they can get the most out of their short visit to my city. But, regardless, I would always miss some event scheduled a few months in advance like Davis cup, Dog show, or some big concert combined with Advent weekend.... and my guests booked them far in advance.

In the first year of my hosting, I forgot to change the price for New year's eve and it was booked already in August! 😄 Oh boy... I remember that group of French guests, they marked me down for value, immagine! Since then I charge 4x more and get 5* 😄

[Debra300]

@Sybe,

Yes, I raise the rates and extend minimum length of stay for Carnival, CPL T20/cricket tournaments, concerts, Jounen Kweyol (Creole Heritage Festival), and December 22 through January 4.  Like @Emilia42, I don't want to be the least expensive accommodation during these events, because it attracts the bargain hunting party crowd who tend to create damages that they cannot afford to pay for.

Also, I want to discourage last minute cancellations.  This I Last November, I forgot to set my holiday season rate, and someone booked a suite for a non-refundable rate two night stay with a Christmas day arrival.  I was irritated with myself for the oversight, because I normally have a seven night minimum stay during the holiday period, but was going to honor the booking.  Two days before arrival, he wanted to cancel for a full refund, claiming that he tested positive for COVID the week before.  I declined, and told him had he canceled when he first got his results that there would have been an opportunity to get another booking.  Although CS, did agree with me and I got paid, I didn't get a replacement booking for that holiday week, and I missed out on five nights stay.

[Jay1798]

I don't! I'll raise prices for those high-interest holidays like Christmas or New Years, but I don't have the time or energy to keep track of the hundreds of events going on in Seoul year-round, nor do I think it would be helpful to my bottom line.

[Sybe]

@Jay1798 I can imagine it's difficult to keep track of events in a bustling city like Seoul, though a big city also gives more opportunity for really major events like the Olympics or the FIFA World Cup. What would you do with events like those?

[Ryan2594]

I personally find it répugnent to raise prices for opportunistic motives. I pride myself in offering the cheapest rates in my city for a central location. Reminds me of the COP 26 fiasco and all those greedy people milking people for the sake of money.

[Debra300]

@Ryan2594,

The higher rates that I charge offset the additional costs for hosting during special events.  Most of the special events on my island tend to attract the party crowd which incurs higher instances of damage and non-economical use of utilities.  For example, Carnival revelers have ruined sheets and towels with Holi powder dye, smoked in the suites and left burn marks in drinks coasters that they used as ashtrays and a lingering smell that takes days to remove, broke or took multiple glasses/cups/plates, and have left windows/doors open while running the AC, or let the water run for a long time before taking extremely long showers.

[Sybe]

@Ryan2594 @Debra300 It's interesting to see the different motives behind why you would or wouldn't adjust your price, and how it's often linked to your location as well. I imagine people visiting Inverness or an event like Cop26 are very different in their plans and intentions than those attending Carnival in Saint Lucia. 

[Ryan2594]

@Debra300 
In those circumstances I would argue for a deposit. That’s essentially what B&B’s would do. If any damage were to incur deposit is retained. It’s a shame that AirBnB couldn’t implement something along those lines of assurances.