setting up base price
setting up base price Jul 16, 2019 7:45 PM
Not really an OwnerRez question
Just seeing if you seasoned people have any thoughts or input. I am mostly done prepping 6-7 VRs. Getting ready to do pictures now.
I am struggling with (as new VR owner) pricing. These are the factors going through my mind:
1) Our high season is essentially May into November. I have lost May, June, July
2) Everyone says to lower prices until you get at least 3 positive reviews on each property.
3) ABB Smart Pricing suggests Base, High and other prices. But a lot of owners say Smart Pricing is unrealistic and leaves a lot of money on the table and encourages bargain seekers.
4) I am intending to use PriceLabs, but they key their pricing on YOUR suggested Base Price for a property, when you may have no idea what a good Base Price is.
5) am very motivated to get heads in beds, especially SUNDAY-THURSDAY
QED: I am leaning towards using AirBnB Smart Pricing (except for weekends), and use PriceLabs to have a higher price on VRBO, and an even higher price on Booking.com, to try and let different audiences book.
Re: setting up base price Jul 17, 2019 2:11 PM
3) ignore anything ABB suggests price wise. According to them a 3 bd house that sleeps 10 should be rented for same price as local motel 6 room. Not very "smart".
4) you have to study your competition (size, location, etc). I am sure you know who they are. Go on VRBO (because that displays daily rates on calendar) , find your competition and see their rates. Then knock off about 5%-10% due to newness and lack of reviews. You will gradually raise it later.