Smart pricing on airbnb

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Smart pricing on airbnb

Matt Smith
Member since 2023 · 41 posts · 17 votes

My first guest for airbnb will be here this weekend. I'm booked for the month of June. What does everyone think of the smart pricing feature? I've heard mixed reviews on it. Also, how soon in advance does the average stay get booked? I'm sure ill get more bookings as the dates creep closer, but it would be nice to have them in advance. 

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Brooklyn McCarty
Investor · Member since 2022 · 1k+ posts · 754 votes
3y

Most stays happen within 30 days of booking. 

100% NO to Airbnb smart pricing. Use a dynamic pricing tool like Pricelabs 

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    3y

    Airbnb prices way to low for me. Vrbo prices too high. 

    You can check your competition to get the best idea where you should be priced.

    If your filling up fast you  might be priced too low.

    1Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    3y

    Most stays happen within 30 days of booking. 

    100% NO to Airbnb smart pricing. Use a dynamic pricing tool like Pricelabs 

    3Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    3y

    Advance booking lengths depend on the place and why people are coming to stay there. One of mine is booked only a week or two in advance (but always books). Another is booked out a year in advance......it just depends...

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  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    3y

    I find that AirBnb prices my properties too low.  VRBO prices just right to too high.  I was using Beyond Pricing and their pricing went beyond a reasonable threshold, lol.  I switched to Pricelabs this month and am pleased with it so far.  

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  • Leslie Anne Morris
    Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
    3y

    I’m using Beyond for dynamic pricing. This summer the trend of last minute bookings is continuing. I’m seeing only larger properties booking out further. 

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  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    3y

    Don't use Airbnb pricing!! A potential client got the short end of the stick with their lake home over the 4th of July holiday by Airbnb pricing feature. I have yet to hear anything good from the OTA's pricing features.

    [email protected]330-557-3021
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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    Ditto. Never use their pricing. Might as well just toss cash out the window.

    1Reply
  • KiKi ChaseBusiness Member
    Real Estate Agent · Indianapolis, IN · Member since 2022 · 184 posts · 75 votes
    3y

    Like everyone else said, I'm a hard NO on the Airbnb pricing! We use a system called PriceLabs, but even then we like to tweak the pricing and minimum daily rates. If you want something more automated, PriceLabs helps, but make sure it is up to par with the rest of your competition! 

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  • Eddy OgbekhiluPro Member
    Investor · Lutz Florida . · Member since 2018 · 103 posts · 34 votes
    3y

    @Matt Smith...yeah and congratulations as you have taken the first step of many more steps to come.Dynamic pricing is not a one price fits all your personal financial situation will help you review and adjust your pricing accordingly.

    Hang on tight and enjoy the ride...expectations and reality often does not meet.Be open minded, be ready to be impressed and at the sametime be open to receive and embrace any given situation from potential guests. Your capacity to manage and mitigate any given situation will ultimately determine your hosting journey.

    Once again good luck.

    1Reply
  • Scott K.
    Member since 2020 · 223 posts · 233 votes
    3y

    Using an algorithm like pricelabs is clearly the solution BUT Airbnb just introduced promotions. Where they will put a big "discount" sign on your listing AND bump it up in the rankings. This to me, makes pricelabs fall severely behind Airbnb. Can they be combined? It seems better now to skip pricelabs, keep your price high, then use promotions when needed to get a boost. 

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  • Jeremy Rosen
    Property Manager · San Antonio, TX · Member since 2021 · 54 posts · 29 votes
    3y

    @Matt Smith Congrats on your first STR! It can definitely be daunting to know if you're doing the right thing or not, but as most have said Airbnb's Smart Pricing is NOT the right thing. A little understanding about PriceLabs will help you out in the short and long run. I manage/co-host STRs in San Antonio and AZ and would be happy to schedule a time to talk about PriceLabs and show you how it works. It's a game changer. You can use a free trial to play around too without actually linking your property. Use this link for the free trial.

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