Newbie setting prices with SmartPricing

[Shuja5]

Hi there, 

Can we discuss some tips and tricks for setting the right prices in AirBnB. I noticed if using SmartPricing, and you've set weekly, monthly discounts, sometimes the prices goes crazy low for long term bookings. So, what's ideal way to set the price, that works well for both  short-term as well as long term, taking care of weekly and monthly discount offers too. 

Secondly, prices do have impact, eg if reduce the price too low, attracts the guests, while increasing prices to normal (expense level), makes a complete silence. Or does that mean, there's high competition in the area. 

[Helen744]

@Shuja5 Shuja I would not personally use the 'smart pricing ' at all but set your own prices by checking out those other hosts around about who are similar to you... Its more work but fairer in the end.. H

[Helen744]

As well Shuja there does seem to be a conflict between who you want to be as a host and who your property is suitable for. Someone mentioned that your place is a good family size property . Maybe drop the potato chips and go with providing milk and tea and coffee... Good luck .. H

[Shuja5]

Thanks for taking the time to review my property and provide suggestions. I would maybe add powered milk, as fresh milk will require frequent replacement. 

[Helen744]

@Shuja5 iIhope that your guests become so numerous that fresh milk becomes an option but if that is the 'norm ' where you are then you do you... H

[Shuja5]

I provided sasha for instant coffee, which includes coffee, sugar and milk..

[Karen114 · Accepted solution]

@Shuja5  I would use a pricing software such as Pricelabs or Wheelhouse.  There is a fee to use both however they are pretty spot on with rates.  

You can still go in and adjust your rates until you find a balance.  And yes, if you price too low you will attract the wrong guest.  Sometimes its better to sit empty than lower your price too low as it will ultimately cost more in damage, utilities and headaches. 

[Shuja5]

Hmm Thanks for sharing this. Let me check them out. You meant to say, it has market insight and adjust prices for holidays and demands ? And can integrate with Airbnb system?

[Karen114]

@Shuja5  Yes it has all kinds of market insights even hotel rates in your area and yes you can integrate with all the major listing sites. 

[Shuja5]

Very nice! Thanks very much

[Jenny]

Hi @Shuja5 

Welcome to the Community Center!  

Did you find the advice from @Karen114 and @Helen744 helpful?  Have you made any changes to your pricing as a result?

Jenny

[Shuja5]

Hi Jenny. Yeah, both of them provided useful advices. I'm planning to incorporate those points.