special rate for Super Bowl 2018

[Nancy114]

Greetings,

I have some individual rooms, and a two bedroom suite in a suburb of Minneapolis.  I know I want to increase my rates during the Super Bowl.  How do I know what an appropriate rate is for a special event?

[Clare0]

@Nancy114 What I would do is search for listings similar to yours for the dates of the Super Bowl and monitor the fluctuations in prices on a regular basis.  When the Super Bowl was in Houston last year, lots of new listings sprang up just for this event.  But, once you accept a reservation (or it is instant booked if you have IB set on your listing) then that's the price you will have to honor.  

Wish I could refer you to the Houston listings, but since it is now passed, pricing is no longer available.  As I recall, hosts were asking $1,000+ per night for an Entire Home listing, more or less depending on how close they were to the stadium.  Also, I can't tell you how many were actually booked at this price.  

All that said, do your homework, especially on the internet.  Here's a sample: 

http://www.houstonchronicle.com/business/real-estate/article/Airbnb-s-Houston-listings-swell-as-Supe...

[Nancy114]

Thanks, Clare!  I checked other AirBnB listings in my area for this time period, and concluded that hosts have not yet adjusted their rates for the Super Bowl time period.  

I do not have Instant Booking turned on.

Best,

Nancy

[Clare0]

@Nancy114. Well, if these hosts accept a reservation at the current price, they'll have to honor that price or cancel.  If they cancel a confirmed reservation, Airbnb, as part of the host cancellation policy will block the dates so they can't rent to anyone at any price. 

Best to set a realistic price now.  You can also use some strategy here.  Set a reasonable price for these dates (you can do this through your pricing settings on your calendar) and if no one books, you can increase the price as the dates get closer.  This way if a guest books now you will have the peace of mind that your listing is booked, and if not, you can charge more for the late bookers. 

Just know that once you accept a reservation, you can't ask the guest to pay more later. 

It's hard, I know, but don't get hung up on what you could have charged.  That's like trying figure out the stock market.  Just set your price at what you think is fair....maybe you could get more or maybe not. Like I said, there's no telling how many Houston listings actually were booked at the high, inflated prices.  Some made out like crazy, others not, I'm sure. 

For your sake, I hope you reap the rewards of having the Super Bowl in your city.  The rest of us hosts are jealous!!

[Nancy114]

Thank you, Clare!  Great advice.

Best,

Nancy