Understanding the exact Airbnb pricing strategies is crucial for every host. You need to avoid all the mistakes to take your business to the next level. Here, I have listed some Airbnb owner’s mistakes in pricing strategy which will assist you with improving your listings.
You should upload the most intriguing pictures of your vacation rental.
It is the right method?
Realistic and clean images are your best bet. So, showcase those pictures from which your client can get a better idea of what to expect and what not!
All the pictures should have a high resolution and click them from different angles. Recommended picture size is 1024px x 683px. Do not forget to add some images of surrounding locations especially of tourist spots.
Unchangeable Pricing System
Change the price on Airbnb with the fluctuations in demand so that your property can never be over or under-priced. Follow and set those business modes which professionals adopt.
Weekdays and weekends are not the same in every industry; the same is the case with Airbnb.
Investigation of the pricing system of hotels and other competitors helps in rate optimization for vacation rentals which you own.
Moreover, take seasonality into consideration. Keep on adjusting the price according to peak and dead seasons. Pricing too low during top season is just like leaving money on the table.
Another aspect is, planning ahead of events. The local calendar comes to save you tones of time and money as you can get an idea of upcoming sports, cultural, religious, musical or other events in your locality.
The pricing system varies in different areas and it depends upon a number of factors. The influx of guests is one of the primary factors which will help you navigate a better pricing strategy. Normally, on an average, a 2 to 6 times increase per night has been recommended by the professionals.
Not Using Artificial Intelligence
The hotel and rental industry are evolving under the umbrella of technology; do not ignore the potential of Automated Pricing Tool.
These algorithms have the capability to detect the changing demands and can suggest an appropriate Airbnb price optimization plan. These apps worth spending some money as your vacation rental business in dynamic. So, avoid short-term planning and purchase some reputable application which can help you as a guide.
They will notify and make nearly accurate predictions whenever you need to change Airbnb pricing strategies.