How do you track data for prices?

2 Replies

Looking for some tips on how others adjust their vacation rental prices.

My situation is that I have about six rentals, three in one area and three in another area. I try to aim for 30+ day stays. 

I know people look on AirBnB at competitors around the place, and see what prices they are putting so that you can be competitive. 

How often do you guys check?

Do you guys just select a few good competitors in the area and see what they do?

Do you track prices across time to see what's good for what season? If so, how?

I don't know what else to ask, just looking for general tips on what you guys do.

My STRs are for short term workers at a refinery. A cheap basic motel is $350 - $400 here. That's my competition. A hotel with a pool, gym and breakfast is $700/week. Also my competition. My 2 bedroom units I describe as "Hamburger and French Fry" are $350/week. My 2 bedrooms I describe as "Steak and Potatoe" are $400/week. My pricing comes from my competition. I charge the same but offer more amenities and services than a motel. If it's a 4 bedroom house and we get $800 for several weeks my wife cooks them enough dinner for several nights.

I would use local hotels and airbnbs as comparisons and check once every two weeks. Prices can vary significantly based on time of year or occasion. 

Join the Largest Real Estate Investing Community

Basic membership is free, forever.