@Stephanie
Firstly I set up a profit and loss sheet that takes into account all relevant costs that I will have to cover to have guests stay here. If you don't do this you have no way of knowing if you are making money or losing it!
Here is the P/L sheet that I use......
Obviously I am not doing this to make a living so, provided I get around $350.00 per week to put in my pocket, I am happy with that. It gives me an interest and makes our lives just that bit more comfortable.
Secondly, I do not offer discounts up front.
Offering a length of stay discount can be abused! The guest can book a 2 week stay for a nightly discount of 15% as Airbnb suggests. The guest pays, arrives and reduces their stay duration to 6 nights and gets a pro-rate refund.
The host gets stiffed into supplying a 6 night stay at a 15% discount instead of the regular 6 nightly rate.
That is not to say I don't offer discounts....I do, but I will assess what discount I will offer the guest as a refund at the end of the stay when I can assess what discount will be applicable for that stay. That way I don't get shafted.
Thirdly I take absolutely no notice of Airbnb's pricing tips. These pricing suggestions are solely designed not to let a booking escape from Airbnb to another booking site. They are not based on helping the host, they are there for Airbnb's benefit. If you listen to Airbnb your listing will never be cheap enough.
Although not showing up on my profit and loss, I put $3.50 per guest night into a separate account that serves as a damage fund.
That account currently sits at around $1,600 and if something gets broken or stolen, I don't bounce the guest or Airbnb, I just pull the required amount out of the damage fund put things right and get on with hosting.
By taking these steps I never get any surprises and I feel I have total control over my property pricing.
Cheers........Rob
@Debra300 @Sybrena0 @Elaine701 @John5314