Airbnb Pricing Strategy - EVERYTHING YOU NEED for Hosts in 2021
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- Опубликовано: 22 авг 2021
- #AIRBNB #REALESTATE #SHORTTERMRENTALS
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Hello
I’m from Melbourne Australia and I love watching your videos and I must say that you will have to be the best person on here giving the best advice on someone who’s starting to do Airbnb or even like me who has started doing it. I was confused about the pricing and now I understand so much better. Thank you ! Annick
Thank you so much! Just this video has helped me tremendously! I just started an Airbnb and been tearing out my hair changing my prices all day, but still feeling hopeless! I still have alot to learn but thank you! 😁😃
Every video is truly a masterclass for free, great tips, im preparing to host a cabin in Mexico this year, all the info here is gold. If you could make a segment for rentals in Mexico or cabins it would be great. Thanks for sharing.
Sean I so appreciate you videos! I'm pretty resourceful and have figured a lot of things myself but your stuff is absolutely golden! Thank you so much. I'm surprised at how much I have learned from this 1 video! It's amazing. Also hosting out of houston-tx!
And you are not lying about a 3 bed 3 bath house profits. I did 9k in my first month of hosting and 11k the next month!
Looking into my first Airbnb and you got my attention with game theory. I have studied this and read many books and even received a Gamification certification from an Ivy League school (Wharton). This is a gold mine of opportunity!
You are definitely the BEZZ KNEZZZ !! Thank you for all that you do!!!
This is great as usual Sean. I will be making some changes to help improve revenue management.
I absolutely love your videos. I’m jumping BACK INTO the STR game after the pandemic and if I would’ve found you BEFORE the pandemic I would’ve had tons of properties than just my one now. It all works out though! Thank you Sean!!
2 years later... how is it going??
Thank you Sean! Really appreciate your insight and all the information
Hi, I love your channel! I’m learning a lot and launching my first property in 2 months!!
I am so grateful that you have taken the time to share with us . I am jumping scared into uncharted territory with this Airbnb project but you keep helping us and pushing us to succeed.Many Blessings friend.
Rene
Hello I host in Las Vegas going on 4 years and it's great. Currently own 3 airbnbs closing on 1 as speak. And I noticed if your able to accommodate the handicap and make a lot of the living space ADA approved separates you tremendously from the competition
How you do Airbnb in Las Vegas?
@@Kinghippi3
Hello first 3 years I did my airbnbs in North Las Vegas before before you had to have a license. Even though some getaway with not having a license I went a head and got mine just to be more legit. I already had a rental property so I just transitioned over to hosting. I started in the summer so it was always booked and never had a problem getting bookings since then
@@quarshiemitchell3300 how much is the license? Is it the same license you have to get for ride share? Thanks
@@Kinghippi3
You have to check with planning and zoning. I believe around 950. It's a lil process not a overnight license. You have to own your house for a yr, can't be within 660 ft of another airbnb.
@@quarshiemitchell3300 thanks.
Hi Sean, Looking seriously at your strategy. As you said, "it is not one price fits all". I handled 3 to 4 properties at the time when I resided in California. Now I love it so much that I decided to create a service. Looking at a bigger property 4 bedrooms with lots of perks compared to the competition. So the property has panoramic views with a terrace atypical property. However the location offers perks that others do not so I am having a really hard time pricing based on the location. Finding comparison for a bigger apartments is not evident.
Love you Sean.. Will definitely be joining your course SOON from the UK ;)
Thank you Sean, great info as per usual. Im here trying to fill the calendar here in Jamaica and its tricky lol. watching these will help
You got this!
@@AirbnbAutomated Thank you maaaan. I appreciate this
Drinking from a fire hose with this one. Wow. Now *that* is high quality (and quantity) information. Thank you Sean!
Thank you sir. Got to cram it all in there for you.
Dude this was a good video. Really good airbnb video man.
Big thanks!
Love to hear more about your preventative strategy for slow seasom
The content in this video is pure gold
I really enjoyed the content! I'm coming from having strictly rentals and love the ROI on STR vs Rental Income. My first AirBnB was a Duplex that I purchased for 22.5 and it's staying booked. I am finishing a 4 bedroom 3 bath and curious about pricing. I'm in Shreveport, La and looks like we are about to have more movie productions here this summer. Great Channel and I definitely plan to buy more properties.
Amazing content as usual. Lets go make some money now
Hi Sean, it has been great to watch your videos, they are super helpful, would be great to shoot a video giving tips on where to find the best suppliers and brands for mattresses linens.
1) Congratulations on the new Hire: Revenue Manager. I remember when you were really adamant about changing those prices yourself. It is good to see progress and giving you more time.
2) My country has recently re-opened borders and my Calender is Eemmmpppttyy. High Season starts in November and I am taking your advice and go search for monthly stays through direct routes.
3) During the absence of Tourists, Locals have discovered Airbnb and are looking for places for Quicky one-nighters . Your raised rate + deep discount for multiple days seems more elegant than 2- night minimums. I used to use it pre-Covid.
4)How are you dealing with the new Maths of the Host bearing the cost of the Guest Service Fees? Not to mention, I am using the 10% Flexible discount (did I mention how empty I am?). Juggling all those discounts and fees and not accidentally giving away the Farm is exhausting. I have 4 units. How are you keeping up with all the subtractions?
Those fees haven’t hit the USA yet.
When they hit, it will be global, so I’ll simply add 15% to my price
So much great info. Thanks
This was Excellent!
Thank You. 😊 👍
This was a really fascinating video. I'm a numbers guy and this really spoke to me as I start my STR journey
You’ll do great at revenue if you love numbers
Thank you so much for all the value video that you always make. Can you make a video to show how to do all the set up on the app please
You really understand the market.
You are a genius sir...and that's why I will be watching many of your videos.
Happy to help :)
Your videos are sooo great and helpful. Thank you! I just bought a four bedroom (will be built next year) to air bnb and also use as retreats for my team (why I wanted 4 bedrooms.) Would you suggest I rent it out maybe as a three bedroom and just keep one room as an owners room? I think a four bedroom would be harder to rent out. Or even rent it as a two bedroom and keep two closed?
You’re the man. That is all
Thanks for all you teach us! Q: I live in Minnesota and want to get into rental arbitrage. Assuming winter months would be slow, would you recommend getting started now or waiting till spring? I'm worried I'd run out of cash if I didn't make any money in the first 4 months or so. Thanks!
Hi Sean. You mentioned “selling off a portion of your portfolio.” Can you please elaborate? How does that work if you’ve signed 1, 2, or 3 year leases? Is this contingent upon factors such as early termination penalty clauses in the lease? And, if your doing so to avoid losses during slow season, I imagine you need a parallel strategy to secure and prepare a new property for the next profitable season? By the way, THANK YOU, for sharing so much of your knowledge.
I love watching an hearing what you say ❤
Thank you
Thank you sir!
Air bnb already have the dynamic pricing option 👍 its excellent 👌
I just bought a house in a great area and (5 minute drive) close to the airport. 3-4 parks 2 malls walmart costco sams all the best restaurants less then 10 minute drive over 20 hotels in 10 minutes from me. I am going to rent out a room maybe 2 in my home I am listening to these videos My goal is to clear about 350-500 per month to put into the house remodel savings account. Then I thought maybe I should reach for 1000 a month. its endless the possibilities The 2 bedrooms have a bathroom in between the rooms with a livingroom close My bedroom and livingroom is on the other side of the house When i saw it i thought airbnb
I like that coffee cup LOL
Invaluable info Sean.Due to tenancy laws in certain states do you have any check-in requirements (ex. MTM lease) for your monthly booking during slow season? How do I protect myself from potential squatter situations?
You can be 100% booked and make less money than being 45% booked at your right price. 100% occupancy does not necessarily mean higher profit. AND it's more work, cleaning fees, potential problems etc. Every listing is different and every host has to devise a startegy that works for them and their properties.
VERY wise comment-it's about profitability not occupancy.
What's up Sean. First of all I want to thank you for all of the awesome advice. I am in the process of building a cabin in Baja, which has a kitchen, bathrooms, etc. I will be building a few more smaller cabins and do not have plans on including a kitchen. Idea is for them to be a more... romantic cabin getaway type thing. Do you recommend that we have kitchens for studio sized cabins?
Hi Sean! Would you mind giving more details or steps on how you can set a rule or charge a higher rate specifically for the one night stays? I can not figure out how to do it on the multicalendar😩Or are you just picking a day (like a Friday) and just upping the rate? Thanks in advance if you get a chance to answer!!
This video is a lesson of strategy in airbnb business ! Thank you so much ! Do you have a special lesson on strategy ?
I am doing a 6 hour workshop on the 26th that discusses research and strategy on entering markets
Love the video! But next time you visit the redwoods you should come to Arcata for coffee.
Thank you for this very informative video. I am new to this business. How do you handle pricing for long term stay of 3 months? Also, how do you handle cleaning for long term stay guests. Thank you
sean pouring the kettle
Hi Sean,
Great pieces of advice!
I am having issues setting up a premium for a one-night booking. I thought you could apply several rules at once, but it's not possible. Any recommendation?
Thanks for the good tips, I have several long term rentals, just starting out on short term rentals. What type of demographic will rent the short term rentals for 1-3 month stays and what type of amenities do they look for?
We have a water sport vacation rental on the Sea of Cortez. WThe season is six months from October to May. We always have wonderful reviews. How do you stay noticed? Sometimes our places are pages and pages away from the top views. Thank you. Love your videos. You seem kind. Sheila
for those intrested i have 3 units avalable in punta cana 4 min walk to the beach
Hi Chris, your videos are great. I'm looking into expanding but having trouble picking up more properties. How can I aquire more. Thanks Abel
Hi, love your videos, which video specifically covers your lead time discounts?
You’ll want to attend my upcoming webinar actually. My full lead time strategy with rule sets has always been private, but also. I’m teaching how to use those and a $0 cleaning fee strategy.
Https://rakidzich.com/nofees
Great video as always Sean. As a new AirBnB host, is there a way to make my recreational property stand out for Holidays like Thanksgiving, Christmas etc? This is a cottage property that I am making a year round rental next month (furnace and air con).
you could do seasonal decor, but it's pricey. that's the best option you have though.
Thanks for this Video, I am a manager for 20 properties on an island that sees a lot of 1 or 2-night stayz. Weekday bookings overall are not very common, and advice about rule sets in those cases?
Hi Sean. Love your videos, great information. Question: how difficult is it to price dynamically if you only have one listing? About to go live with our first, and I want to apply your pricing concepts, but I'm getting the sense that the tools (rule sets, etc.) are limited until 3 (or 6?) listings. Thanks!
I'm wondering the same thing, I don't want to pay for the course if it only applies to more than one listing...
Whether you have one listing or many, your initial pricing comes from researching the prices of nearby competition. You continued to do so while also applying the pricing techniques taught here.
Most people don’t adjust their prices up or down at all. So doing any dynamic pricing is an instant advantage
When using the last minute pricing set up in the listing pricing section, do those prices only come to effect on single night stays when a length of stay discount is also set up? Furthermore, it appears as though AirBnb will only apply ONE discount being the length of stay discount. If that is the case, should these nightly rates be manually adjusted so as to apply the nightly price decrease AND implement the length of stay?
How you book Mindterm with insurance companies? 😳😳
Love this video by the way. I currently have four units and will be adding more this year via Arbitrage. I’m hoping to secure mostly MTR.
This is GREAT stuff, Sean. Question: if a given area is actually inaccessible during one season of the year, is there a way to make the listing 'unavailable' so that those three months don't count against the occupancy ranking? Thanks!
Yes. You can snooze your listing or make it unavailable for a certain time frame in the app.
Thoughts on Pricelabs vs Beyond Pricing? I know you don't endorse one or the other, but..?
Question: I have a MIL suite near wine/wedding country in So Cal, I am doing really well and I use static pricing for weekday and weekends. I keep raising them and I still get bookings. Weekends booked out solid for 3 months. On average I book 20ish days a month with some weekdays being the only opens. I don't lower my prices for two reasons: I believe the supply of rooms here is low enough that if someone needs a room they are still getting a deal compared to a hotel, I think it keeps low quality guests away. Typically if someone is booking last minute, the availability in the area is already low. Most of my competitors are booked before be because they are significantly cheaper. Would you still recommend lowering weekday prices?
We can expand on your idea by reading the book blue ocean strategy!
We are located in a suburb, about 30 minutes from Milwaukee, and our market mostly has 3 BR houses. Slow season is really tough. We got lucky the last two years with 3 month bookings, but this year we are left at nearly full risk. No one was looking for a long term booking for 2022.
It seems your experience is mostly metro areas. How do the rest of us cope with slow season in suburban areas? I have slashed prices, but still no bites.
Omg thank you so much for sharing everything! How do I find condos that allow air bnb rental as you said houses are mostly for big groups?
Zillow or Craigslist 😊
Hey just came across your channel as I’m a newbie here in Charlottesville Virginia. My parents are from Belgrade I’m guessing your fam is from the area with that last name too 🤓
How would you price a brand new listing of a studio apartment in what seems to be a slow season?
I have 3 units on Hawaii, Kailua Kona, and it seems like no bookings are coming for the month of May, what can I do to generate more bookings? I just found your hannel by the way and I'm binging on your content, thank you foe the free content.
Where can I find the course about rule set and any videos related to it? Thanks a lot :)
I'm renting out 2 of my private rooms in the house that I live in. Still trying to figure out the best pricing strategy. If you had any tips that'd be great!
I have South Carolina lake front homes in a rural area and trying to figure out my pricing for the summer coming up and get out of my slow winter slump. This is my first season and I'm struggling
Think of a hurricane blowing through your home all night and in the morning which hour of the hurricane you remember?
Hey Sean. Enjoy your videos. I own a STR home in Fort Lauderdale (my first and only). Maybe I missed something here...but isnt this what "dynamic pricing" is supposed to be doing for me? Or do the pricing companies not have access to the local market events?
This may need a longer explanation.
There are perhaps 4 main categories of data in which you can classify reasons to raise or lower prices.
Pricing softwares only adjust for two .
Hello Sean, I called Airbnb support but they told me there is no such a thing to exclude rule sets for particular period of time. I understand why we need to exclude discounts, today i have situation like i have booked Thursday, and i have 3 days in a row free, i would like to get 3 single night booking's, because i dropped price for today's day and if somebody take 3 days it will be very cheap. Like let's say today its 50 dollars and i am ok with that amount, but if i put 3 next day's for 50 dollars, and 20% off for 3 days, or even 2 next days for 15% off i will lose money. So exclude rules for that period of time saves the day. But i currently do not know how to exclude all discount's for that period of time (next 3 days).
I love your videos, you are very energetic and helpful :)
What cities are you guys in? I need to enter new cities and states to expand my portfolio. Based on what sean said.
Philly
Nashville
Texas
Any other ideas or places I can invest in
Sean, how many mile radius do you consider to be competition? Looking at a Fort Worth location and wondering how many miles away people book for events ie rangers? Cowboys? Rodeo etc
For a big property for 10, is it best to charge for extra guests or keep the price consistent no matter the guest count?
Hi Sean! Always appreciate learning from you! You've helped us out so much! Quick question - The link for the Pricing Masterclass above is not opening. Is there another link we can try?
Type into your browser classes.milliondollarrenter.com
And thanks for letting me know I know we’ve updated some of our links lately
Great, can you help setup those rules for pricing
I do with those in my Facebook groups, yes
For 3&4 bedroom properties, if you get a two month booking for example don’t you worry that these guests become tenants by law. Tenancy laws will apply and they might not leave without going to court …etc.
You need to check carefully the tenancy laws in your area. If it's 30 days, set your max to 28 days and maybe have them rebook? This is what my STR mentor does.
Who do you use for insurance?
What is your rule on cancellation rule?
Hey Sean, is Philadelphia always slow going into November thru March, or was that only because of Covid? Im also in the Philly area and looking to grab my first 2 units, but after this video Im thinking maybe my timing is off?
My first time us Airbnb host in Myrtle Beach location. One bedroom 4 people for some reason I have 0 booking for June .
How can I do nightly discounts if I only have 1 property?
When is considered as slow season?
Thanks for informative videos.. quick question i hope .. if i have current confirmed booking for 22days, with potential of increasing it to a month, what happens if i apply rule now to change month rate (bigger discount) for new bookings, how does that affect current confirmed booking if at all?
If you update your rate plan, and then, since of an alteration request, the new rate plan will take affect for all the extra days. This includes the fact that they were not a monthly booking and if you update your monthly roof and then they become a monthly booking after those rules go
Into effect. Including a monthly rate
Sean, on stays of a week or more how do you structure cleanings?
Do you charge for a “weekly maid service”
We are trying to protect our high standards and not let guests do their own cleaning.
Thank you for sharing your knowledge 😁,
Dan
I am wondering the same thing. I’m thinking of asking the guests if it’s ok that my housekeeper comes weekly. I plan on covering the cost of that, maybe charge more cleaning fee for longer stay if I can.
Is there a way to test a new rule input without actually booking?
If you enable gap nights but have minimum 2 nights.
Can airbnb potentially still display your property for one night searches?
Should I get the course even if I am just starting?
what other platforms do you use?
I have only 1 listing and don't have access to the rule option yet. I'm in the Houston market with a 3 bed/2 bath what would you recommend?
Other than the Airbnb app and air dna are there good places to know competitor prices
mashvisor, alltherooms
How do I find out when my city's slow season/ hot season is?
in Airbnb how do monthly stay rates compare to long term rental prices in the normal market?
Hey Sean! I am about to list my newly renovated 2-bedroom basement on Airbnb. This is my first time hosting. Should I keep my prices lower than my competitors to start out so I can get more bookings and good reviews (to appear in more searches) and slowly increase my pricing after the first month or so? I also feel inclined to stay a little cheaper than my competitors because the basement ceiling/upstairs floor isn't well-insulated and when you're in the basement, you can hear the creaky floor upstairs pretty clearly. I looked into sound-proofing the upstairs hardwood floor, but that would take a lot of time, effort, and money.
1) I'd start lower then increase as you build your business 2) I also had this issue and rather than completely sound proofing the upstairs floor, I had insulation put around the edges of the rooms/where the baseboards are. Because the sound moves along the floorboards and reverberates against the walls, causing a lot of sound. It cost WAY LESS than doing the whole floor and cut the sound by at least 60%
Can you give 2-3-4 day discounts if you only have one property?
Masterpiece.
What about the strategy that charges more money on weekends (close to 1K a night) wouldn't that make up for the cheaper booking during the weekday?
Hi Sean, I'm in Denver Metro market and just started it out, I only had 3 bookings last months (those first 3 guests with 20% discount) now I lower my price for both weekdays and weekends but still not booked. I'm getting so frustrated. can you give some advise?