So you have decided to list your spare room, apartment, igloo, treehuse or whatever on Airbnb. Setting the right price for your accommodation can be a difficult thing to do. Here are our top tips on setting the best price for your listing.
To ensure you set a competitive price for your listing make sure you look at comparable properties in your area. If you have hotels or serviced apartments or short term rental places in your area check the prices of these.
If you are just starting out with Airbnb then you will want to take one of our major Airbnb Hosting tips into consideration and set your price below your immediate competition. This way your listing will stand out. I recommend you go 15% lower than your competition, this is very important if you have a low number of reviews as stays ~ reviews and the more positive reviews you have the more bookings you will receive.
In the Airbnb backend, go to Dashboard > Your Listings > Edit Listing > Pricing and Terms to set your price.
Airbnb allow you to set pricing by date, If you want to offer different rates depending on the time of year or day (like a weekend or New Years Eve), then the Advanced Pricing tool is for you. You can pre-set daily, weekend, weekly, and even monthly pricing.
To access, go to your Dashboard > Your Listings > Edit Listing > Pricing and Terms > Advanced.
Airbnbs security deposit feature protects you from accidental damage or missing property. Airbnb freezes a deposit amount of your choosing on your guest’s credit card. You have 48 hours from checkout to inspect and report any damages.
Use carefully as this can inflate the price of stay. I’d advise only using the cleaning fee if you really need to as you are incurring a fee from a third party.
Do you have any other tips on how to set your Airbnb listing price? Please let us know in the comments or get in touch with me through our Airbnb listing.