Regularly review your approach to pricing
You’re always in charge of your pricing strategy, including how frequently you review and revise it.
One way you can help keep your pricing competitive is to adjust it often to reflect travel and economic trends in your area.
Stay focused on your calendar
You control a lot from your calendar, like when you host and how much you charge. You can:
Keep tabs on local demand. Regularly compare your price to the average prices of similar listings, both booked and still available, in your area.
Adjust your pricing around dates. Think about seasonal shifts, special events, and daily trends that might impact local demand.
Accommodate longer stays. Consider discounts for weekly or monthly stays, which reduce guest turnover and can fill your calendar faster.
Fine-tune according to feedback. Lots of bookings and positive guest reviews might justify raising your price.
“I visit my calendar daily,” says Daniel, a Host Advisory Board member in Tenerife in the Canary Islands. “I like to know the degree of supply and demand, and act accordingly.”
Hosts have shared many ways they adjust their pricing over time, including that they:
Plan ahead. “We usually get bookings for New Year’s Eve as early as August, so be careful and set your holiday prices early,” say Branka and Silvia, Hosts in Zagreb, Croatia.
Use minimum-night requirements. “I price the holidays with a four-night minimum, with New Year’s Eve being the highest rate,” says Letti, a Host in Atascosa, Texas.
Find value in slow periods. “I try to see the silver lining in the slower times and think about how I can attract more guests,” says Katie Kay, a Host Advisory Board member in Lake Arrowhead, California. “Should I add a new amenity? Is my decor getting dated? Design and amenities are a great way to boost your pricing and bookings.”
Your own listing performance—like whether you’re getting bookings and good reviews—might be your best guide.
Refresh your listing
Your place and hosting style might change over time. Some things will be beyond your control, like new neighbours or local regulations, while others will be entirely up to you, like whether you add more amenities or update your house rules.
Continue to refresh your listing to accurately reflect what you offer. Having as many details as possible can help guests determine whether a place meets their needs.
Common updates include:
Your photos. Capture the changing seasons, as well as any updates to your decor, in your listing photos.
Your amenities. Guests often filter their search results to find top amenities, so consider keeping yours up to date.
Your listing description. Mention any important changes to your space, especially features that help your listing stand out.
Pamellah, an entrepreneur and former Host Advisory Board member in Malindi, Kenya, says the top question she asks Hosts who want help with getting more bookings is: “When was the last time you were actually active on your listing?”
Being a responsive Host can help you attract more guests. Pamellah suggests updating your pictures frequently and responding to guests quickly. She also suggests regularly comparing your price to similar listings nearby, which you can do in your calendar.
Information contained in this article may have changed since publication.
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