Many hosts leave money on the table by not setting seasonal custom Airbnb Pricing well in advance.
The script of the video other than the discussion of the tables.
Today we look at how to establish seasonal pricing and how to set it on Airbnb.
You have read the previous articles (here) in the series? They build-up to this one.
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Next week we will look at why and how to set discounts to maximise income.
Let’s consider Michael’s frustration…
Twice now I have had an issue where a guest books for a popular date a full 12 months in advance
– the dates, they are booking for, are ones which would usually attract a premium.
For example, New Year’s Eve, which is a big event in Edinburgh.
Is there any way to set the price long in advance? This has cost me hundreds already…
Sad. Why be a statistic? Let’s fix it.
First, we will look at a “picture” to conceptualise the idea. It’s a spreadsheet you can download and adapt for your needs.
But it’s not really required. Your gut feels and a bit of insight will help.
Secondly, we’ll visit Airbnb to show you how.
The example I’ll be using is based on the previous video where I showed you how to calculate a competitive Airbnb Pricing. See it here.
Today I’ll make a few assumptions on seasonality.
Our average rate for the year is 750 bucks with a conservative occupancy at 35%.
And our aim is to beat about 109000 bucks for the year.
During slow times we set the Airbnb Pricing lower at 90% of the average.
During summer a little higher at 127%
During peak, about 20 days we set it really high at 250%.
And you need to adjust long weekends slightly higher.
The seasonal difference will differ in your case. And it does not matter a lot.
Let’s say you get a booking quickly and you think it could have been more. Don’t worry.
You are learning. And this is a marathon where trust-building is more important than a quick buck. You are getting feedback. Adapt.
But how do I know the differences for the season?
You can spy on your competitors to check their average rates for seasons. But don’t be surprised if they are clueless about setting different prices.
Start off with small differences between seasonal rates. And learn.
Tip. In future videos, I’ll be warning you about setting Airbnb length of stays correctly. But subscribers to this channel can get the tip before I do that video.
See the link in the description.
Okay, before we look at the seasonal table let me introduce it. I have divided the year in 26 two week periods.
I believe this is a reasonable period to set seasonal custom Airbnb Pricing.
See the video for the table or link to the spreadsheet below.
Slow summer is just a period before winter was demand slows down a bit.
Questions so far? Use #AskCapeHolidays and ask below.
Okay. Now to Airbnb to set our pricing.
Open your listing. And let’s do it.
BTW. Always set your listing to be closed by default. Always. This will cost you money if you don’t.
See the Tips link for why I say this.
Go to Airbnb. Show how to do it.
Brain Chesky Airbnb CEO and others said Post COVID travel will be different.
More and more are realising they can work from home. Certain students don’t have to attend classes.
More and more will work from home. Give them the opportunity to do it at your Remarkable Airbnb.
“Earn trust, earn trust, earn trust. Then you can worry about the rest.” — SETH GODIN