Pricing strategy for a new listing

[David N.]

Ok community - coming to you with the big question and need some pro advice. In about 2.5 weeks, if all goes to plan, I'll launch my first STR. It is for a ski condo which we closed on in October and have been renovating. The peak ski season will be from December 26 through the end of March more or less. So that means when I launch, I will be 30 days out from one of the biggest weeks of the season. The place sleeps 8 so suitable for 1-2 families. I'm not looking for advice on the price to charge. I can figure that out. I'm interested in advice about my relative price and about the pace at which to drop it. It's brand new inside. Should I still try to undercut competition? If it doesn't book in the first week of listing, should I drop prices? After two weeks? Happy to answer other questions, but don't want to give out more info than you need.

[John Underwood]

I would slightly undercut your competition to get bookings rolling in and start getting 5 star  reviews.