How to Set Effective Pricing

Pricing your listing is KEY to being a successful host as the price is the first thing guests pay attention to when searching. Here's some tips on how to set an effective price for your listing:

• Setting a Competitive Rate:
  • Finding the ideal competitive rate is an ongoing process. We recommend starting off with a lower hourly rate to attract as many guests as possible and prioritize bookings. Overpricing your listing may discourage Guests right off the bat. Once you have a number of bookings under the belt, regularly assess your price and make adjustments based on your market and customer feedback. This process will help you make as much as possible in the long-term.
• Research Your Market:
  • The existing listings in your local market are your best reference for how to price your listing. Research all other listings and pay attention to pricing, amenities (free vs. premium), and guest reviews. Try to be honest with yourself about how your property compares to others in the area guests are willing to pay for. Check back and monitor often, see how long listings have been up vs. newer ones that made it to the top of the list.

• Consider your Features + Amenities:

  • When researching other listings in your area do you notice amenities you offer? Do you offer something you have not seen offered nearby? You can consider unique features such as a heated pool, hot tub, BBQ area, etc. and either factor them into your price or add them on as premium options. Price according to what you see in your local area.
  • Also keep in mind that if you recently added an amenity to your space you should consider increasing pricing to accommodate for the added experience.