How should I price my listing in 2023?

[Sybe]

Hi everyone,

The last few months have been tough on us all with rising prices for utilities in many regions of the world. That being said, one of the most interesting (and most searched!) discussions here on the Community Center is around pricing strategy, tools and opportunities such as local events. 

As we settle into 2023, what were your biggest learnings on pricing in 2022 and what do you hope to try out this year?

I’m looking forward to hearing your thoughtful reflections and hope that we can share tips here.

Thanks,

Sybe

[Ann72]

I hate when that happens @Trude0, but unlike @Fred13, when I went to your profile I saw the reviews in date order, most recent first.  I don't know why that is but rest assured that not all your potential guests see the reviews out of order.

[Patti120]

Hi Fred, I am usually 85-90% booked. Ratings are approximately 100 reviews for each listing. One is 5 the other is 4.99. I have a 3 night minimum. 
there is a lot of discussion about this issue on LA Airbnb Host on Facebook (an Airbnb sponsored FB page). The problem appears to be with Airbnb changes to their algorithms. It also appears to be a world wide problem. I would rather help Airbnb identify the issues than change companies. These are difficult growing pains for all of us. Many are talking about it and some are SCREAMING. This isn’t good. 🤞It gets solved soon. 

[Patti120]

Hi Again. You can see my listings at Beach View Deluxe in Ventura and Beach Side Styl’n in Ventura. The listings are not the problem. We are a 12 month season. There isn’t any downtime. I have to block downtime when needed for maintenance. 

[Rahfyah0]

Greetings great one. 

Yes 2022 was an experience which iii will  use to guide  my 2023 where growth is concerned.  

Yes iii am willing to adjust my pricing a little more especially in the coming busy season. 

Love and Light to you all 

[Cody235]

Sybe,

I use the Smart Pricing feature and bump the minimum up to what I feel is the least I can accept for offering my home to others.

I'm have been relying on airbnb's algorithm thus far, and plan to continue relying on that feature as I have had more bookings than I need.

Anyone else use the smart booking feature with strong positive, or negative, feedback?

[Solveig0]

Hi @Cody235 , I use smart pricing, but I find that its too slow, or else the high demand in my area isn't high demand enough, for Airbnb to even register its high demand, so it always selects the lowest price. I've added manual prices for those periods I know are high demand. 

[Lynette181]

I do exactly that.

[Sheila659]

Hi Sybe, 

I will not be increasing my prices for the moment.  I am happy with the payment being received and will re-evaluate in 6 months time.

Regards

Sheila

[Priscilla46]

I keep analyzing my competition - their prices and when they are closed for bookings. I raised my prices a little as I would rather work less for more.  I also added a slight surcharge for guests over 2 (more linens, etc.)  I have an advantage of having two bedrooms, which is a listing often in demand. And decided to accept dogs for $100 per stay!  So far, so good!  

[Kristin108]

I am a full time professional (Super) host with 3 listings outside Portland, Oregon.

My property is a rural farm with a Guest House and Glamping.

It is also my only source of income...

I realize that there are a lot of folks out there who have another source of income, and might be able to take the hit and reduce their rates in 2023, but I can't afford to do business that way.

Everything has gone up, from everyday cleaning products to quality bedding, towels, etc... To heating and maintenance costs. 

I will be increasing my rates appropriately to reflect the cost of living increase...

And I will continue to offer a $20. bottle of wine, fresh flowers, cheese and crackers and luxury bedding, and bathroom supplies. 

I will continue to provide quality stemware, (even though guest continually break the glasses and never offer to pay for them). 

I will continue to provide the best stocked kitchen most guests have ever had access to. I will continue to provide guests with a meticulously clean and well maintained home.

And I will continue to meet and greet all guests upon arrival... (No self check in, no smoking, no pets, no assistance animals).

And I will continue to offer a five star experience with beautifully landscaped grounds, extensive private hiking trails and local waterfalls and wineries! 

[William1922]

Kristin, you are my kind of host. Can I ask, how do you find SmartPricing? I've just started and feel it underprices my fabulous place!

[Sebastian29]

I look after seven listings spread over two flats in the same building. When I tried smart pricing all my listings started to compete with each other for the lowest price.  If I hadn't switched it off I'd have ended up paying people to stay here.

[Lynette181]

Hi William,

I am a Super Host but, only started Sept. 2022. I found Smart Pricing was definitely under charging. I just set a minimum and it works fine that way. When market is Hot it goes above it but never below.

[Albia3]

I just started and cannot compare with “before pricings”, so mine is what it is, considering all expenses. I notice I only have rentals on weekends, but Orlando, FL, is always busy. What am I doing wrong? I already set smart pricing. Got all my rentals when they started me on Airbnb and nothing after!

[Diane15]

Hello Kristen.

Enjoyed reading your reply.

I, like you am a full-time Host. (2 STRs, 1 LTR.) I also catered to the "luxury" set.

I did want to point out that not allowing "assistance animals" is potentially breaking Federal laws by violating the ADA. Also, the state of Oregon might have a say in it as well. I know Airbnb does not allow it, as that was one of the main "mental hurdles" I had to get over when considering renting out my first home. The thought of a dog, with its heavy claws possibly scratching my new wood floors made me weak in the knees. But after I spoke to my lawyer about the issue, it was made crystal clear to me that I might be opening myself up for a massive lawsuit.

You may want to "re-think" your policy and also edit your reply. Just a little friendly "food for thought".

Best of luck to you!