Yield Management in High Season

[Paul154]

I have been experimenting with my pricing during this high season.

I am trying to follow Airline pricing techniques. I am raising the price on my unbooked rooms as the day comes near.

My goal is to stay in the middle  end of the my competitor's pricing.

If I don't raise my prices, I look like bargain trash and don't get booked.

Does anyone else do this? So far, I have been having luck

[Cathie19]

I like your thinking @Paul0. I haven’t used it under this circumstance, but shall be watching this thread for your outcome and other host responses. 🧐

[Pete28]

It's an interesting game. I start to feel like it would be best to sell summer month by month to maximize returns as inventory runs low 🙂

- weekends will sell at almost any price, but better to sell fri and sat since a fri on its own is harder to shift

- weekdays are certainly easier to move this time of year but sun- wed is best sold ahead of time

- price too high and risk review kick back for charging more than my unit is worth 😞

[J-Renato0]

My experience:

During high season, it works.

[Emilia42]

I used to work in a high-end hotel and that was the way they operated. If you wanted to book last minute when rooms were slim you are going to pay top line prices. I find it strange that Airbnb’s smart pricing model is the exact opposite. I use smart pricing (with a close eye) and I always feel uneasy about the guest who books a Sunday five months in advance for $35 MORE than the guy who booked the Saturday at last minute.

[Pete28]

'Smart' pricing is a shambolic mess. It happily sold New Years for $80, half of what even the hostel up the road was doing before I could switch it off 😞

It's embarrassing for a so called tech company to have something so badly implemented at the core of their business.

[Emilia42]

I agree. I check the prices everyday and change where I need to. You may ask why I use it but it keeps me busy I guess. 

[Lisa723]

I think it must depend on your market... I can see it working in Seattle but maybe not so much for rural vacation rentals. (I've just started using Wheelhouse for pricing and so far I like it a lot. Prices vary much more than I would do on my own and are much higher than Airbnb recommends, and I'm booking at what seems like the goldilocks pace, not too fast, not too slow.)

[Ian-And-Eury0]

HI,

Whats wheelhouse?  I googled it unsuccesfully. 

tia

[Letti0]

Wheelhouse Prcing

It's a pricing software

[Marie82]

 i always used  this techinique  during high seasons,  and work very well

but during slow season no way, even changing from 2days to 3 days stayed ur listing go far way down imagine the price going up ABB will make ur listing to page 17

[Ginny30]

I’m a new host this year.  I know the market for my neighborhood & remind myself that I’m not in this to gouge the guest.  Always keep in my mind my ideal monthly earnings by month.   Overpricing knocks me out of the market, so I just stay in the middle of the low & high ends others are charging.  Works great for me!

[Paul154]

 @Ginny0 

Yes I agree staying in the middle of your competitors is important and you are wise to do this.

Please, reconsider your usage of the word "gouge".  It is so ugly and judgemental.

No one is forced to book with us.  Even unemployed single Mothers with four children are able to look at prices and say "Maybe I won't go on this trip now. I'll wait until low season"