![]() ![]() I priced mine at what I believed to be their value and guess what? Within two years everyone else's prices had gone up. ![]() When I started in coastal Maine I was shocked at everyone else's low nightly prices. The other benefit of doing market research this way is learning what the competition is doing and ways to improve your property and You've gotten great advice from " The better exercise is to decide what it is worth to YOU and then price accordingly." I used Airdna briefly but ultimately didn't find it super useful, as it only had data on 11 properties near me. The outcome of a human looking at the comparables vs an AI program is way more accurate and you will be more engaged in your pricing, fill your calendar and it is free of charge. I booked up a popular holiday 8 months in advance for an extremely low price. To start I would only allow bookings 3 months out and block up the rest of the calendar until you find your happy spot for pricing. If the property is not booked 10 days out I start to lower the price to encourage booking and keep the calendar full. I also increase the price for special events and holidays using the same methodology. Over time I have raised my price to be the premium in the area. When I started I priced a bit lower (10%) than the average to get bookings. I do this on my phone and use excel on my computer to quickly populate weekday and weekend pricing of the nearest 30 comparable properties to me. I started using Airbnb filters/maps and search beds, bathrooms, and kitchens in my area (pool if you have it) not filling in dates. ![]() Have tried many of these services and they just don't seem to work. ![]()
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