Fetching a good price for your vacation rental listing is a bit of a chicken and egg scenario – to get a good price, not only do you need a great space, you also need good reviews. If you are concerned about building up your reviews for a new listing, the best way to get a lot of bookings with a brand new listing is to offer a good value price. This way, your calendar will fill up quickly right out the gate and when you then provide exceptional service to exceed your new guests’ expectations, your Airbnb, Homeaway or VRBO listing will quickly fill in with great reviews. Now you can move your price upwards until you find the “sweet spot” that is fair for your listing, neighbourhood and amenities.
Online vacation rental platform Airbnb has intelligent software to help you decide where that sweet spot is. At a glance, the system can look at your calendar and availability and suggest that you toggle your price up or down according to the market condition for those dates. This is called ‘Price Tips’ and it’s like having your own personal Hotel Revenue Manager at your beck and call. Many savvy hosts move their prices daily.
Another strategy is to price high in the future, knowing that people who want to ensure that they’ve locked up the dates for an important event or holiday are willing to pay a premium for the peace of mind that comes with a confirmed reservation.
Our staff at SpaceHost can help develop a pricing strategy to fit your needs and to make you money. In addition we can also help with making sure your space can get top dollar by making suggestions and improvements like decor, furniture layout, sleeping capacity and extra amenities. Contact us to book a SpaceHost walk-through and estimate today!
