Today on the Vacation Home Help Podcast we are going to talk about how to price your place on Airbnb, VRBO, and other platforms. Pricing your place is both an art and a science. How you price will make or break your investment. Price too high? You will scare away prospective guests. Too low, lots of occupancy but you will fall short of your potential and you will experience more wear and tear on your property.
Pricing your place is a 5-stage process:
1. Researching your local competition and benchmarking
2. Moving away from one-size-fits-all pricing and setting a strategy,
3. Increasing prices for demand and seasonality
4. Promotions and discounts to attract guests
5. Adding extra fees (cleaning fee)