![]() Under Extra Charges and Currency, look for Weekend Pricing and enter your nightly rate.You should also consider different rates for popular days of the week such as Friday and Saturday. If you know that apartments are left empty over the winter in your neighbourhood, reduce your price in order to encourage bookings. ![]() If you see that other rentals in your area are being booked out for a certain week due to a major event, increase your pricing. If you’re keen to optimise your revenue, then you should adjust your nightly rates according to market demand. One of the biggest mistakes a new host will make is that they will set their nightly rate and walk away. Step 4 – Dynamic Airbnb pricing is the way to go For example, if you have a rooftop terrace, could you add a hot tub (or a kiddie pool)? Could a play-set in your garden make the Airbnb more enticing for families? How much are similar Airbnb rentals in your local area being listed for? Are they charging £50 less a night than you and if so, why?Īlso think about the types of features or amenities you could add to your listing that would allow you to charge more. The holiday letting market is constantly changing and hosts need to be diligent when it comes to monitoring developments and adjusting their pricing strategy accordingly.Īlways keep track of your competition. If you’re a host who expects their Airbnb to bring in great cash flow without having to work hard for your money, think again. Airbnb will also take into account your location and similar properties in the area. This price is calculated by taking into consideration your property details such as the number of rooms and whether it has outdoor features like a large garden or swimming pool. The good news is that if you are completely new to the holiday rental world and have no clue what price to list your property, Airbnb will suggest a base price for your listing. You won’t affect any of your confirmed reservations by editing your basic nightly rate. Remember that any changes you make will only apply to future reservations. Enter your nightly price and click Save.This is how to set your basic nightly rate: Step 2 – Understand the platformĪs an Airbnb host it’s also important you educate yourself about the way the platform works and how you can get the most out of it. Understand how much you’ll be out of pocket for renovations, utility bills, property maintenance, unexpected repairs, and cleaning fees. Moral of the story: Always assess your financial situation before launching an Airbnb business. Needless to say, she ran into a whole lot of financial trouble and got into further debt due to being ill-advised about the best way to set up an Airbnb business. She was also very emotionally invested in the property, believing it was worth more than its market value. When the time came to set her nightly rate, Sarah based the price on what she needed to earn in order to pay back her loan. Her goal? To turn the barn into a lucrative Airbnb business. She spared no expense when it came to styling it with gorgeous vintage furniture, installing the latest smart technology and adding special touches. Step 7 – Get the help of an Airbnb expertĪ scenario: ‘Sarah’ borrowed a considerable amount of money from the bank to renovate the barn in her garden.Step 4 – Dynamic Airbnb pricing is the way to go.We have put together a quick guide that will help you nail your Airbnb pricing strategy. ![]() It can be really tricky to get your Airbnb pricing strategy right and you’ll find that hosts have different approaches when it comes to maximising their earning potential. When is the right time to lower your Airbnb nightly rate? How can you guarantee that your short term let is rented out all year round?
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