Pricing your short term rentals is a key component to your success as a business owner. It is easy to understand why ensuring your short term rentals are fully booked will help you meet your earning goals. The team at The Best BNB Host has written up a list of pricing strategies that will help you optimize your earning potential. Using dynamic pricing tools, which are designed to use demand and occupancy data from other properties, you will be able to automate your pricing. Several leading dynamic pricing tools are listed as it is best that you look at each option and select the platform that will best meet your needs.
Using Dynamic Pricing Tool
Using a dynamic pricing tool does not mean you can not adjust your pricing. In fact, it is recommended that you use our tips for pricing to further customize your rates. Dropping prices during off seasons and periods of low demand will work in your favor. Also, strategizing holiday booking will increase your revenue. Knowing when to block and unblock your cabin rentals and at what point to drop your prices is important. Promoting direct booking of your short term rentals over the use of online listing sites such as Airbnb and VRBO will also help you to maximize your profit. Orphan days can either be lost revenue or you can find ways to incentivize guests to stay an extra day. These tips are all explained in greater detail in our full blog post https://thebestbnbhost.com/short-term-rental-pricing-strategies-dynamic-pricing-to-optimize-earnings/. The pricing strategies you use for your short term rentals are critical to the success of your business.