Airbnb is a great way to earn extra money, but it’s important to price your rental property competitively in order to make the most profit.
Here are a few tips on how to get the highest price per night for your Airbnb:
1. Research your competition
Take a look at similar properties in your area and see what they are charging. This will give you an idea of what the going rate is for comparable rentals. Here are a few suggestions to get you started:
- Use Airbnb’s search filters to find similar properties in your area.
- Check out other vacation rental listing sites, like HomeAway and VRBO, to compare rates.
2. Consider your amenities
If you have any unique features or amenities that would appeal to guests, be sure to highlight these in your listing.
Guests are often willing to pay more for properties that offer something special. Here are some best practices when it comes to providing amenities
- Highlight any unique features in your listing, such as a pool, hot tub, or scenic views.
- Offer amenities that are not commonly found in vacation rentals, such as a washer and dryer or an outdoor kitchen.
3. Use professional photos
Listings with high-quality photos are more likely to attract guests and command a higher price.
If you’re not a professional photographer, consider hiring someone to take photos of your rental property. Here are a couple of suggestions to get the best possible images:
- Use a wide-angle lens to capture the entire space.
- Take photos during the daytime to get the best lighting.
- Include photos of any unique features or amenities.
4. Be flexible with your pricing
Prices for vacation rentals can fluctuate based on demand, so it’s important to be flexible with your pricing.
If you’re able to adjust your rates up or down depending on the time of year, you’ll be more likely to attract guests and earn a higher price per night. Here are a couple of suggestions for pricing flexibility on Airbnb:
- Use Airbnb’s pricing tool to see what prices are like for different times of the year.
- Raise your prices during peak travel times, such as holidays and summer vacation.
- Lower your prices during slow periods, such as the winter months.
5. Offer discounts for longer stays
Guests who are planning to stay for a week or longer are often willing to pay a bit more per night than those who are just staying for a weekend.
If you’re able to offer a discount for longer stays, you may be able to earn a higher price per night. Here are a couple of best practices for an Airbnb discounting strategy:
- Offer a discount for stays of 7 nights or more.
- Consider offering a higher discount for stays of 14 nights or more.
6. Use pricing strategies to your advantage
There are a number of different pricing strategies you can use to attract guests and earn a higher price per night.
For example, you could offer a lower price for the first night of a stay and then gradually increase the price for subsequent nights. Or, you could offer a discount for guests who book their stay well in advance. Here are a couple of things to keep in mind when using a pricing strategy:
- Be sure to communicate your pricing strategy in your listing so that guests are aware of it.
- Try out different pricing strategies to see what works best for your rental property.
- Be flexible with your pricing and be willing to adjust your rates based on demand.
By following these tips, you can maximise your earnings potential and get the highest price
