How To Set Your Pricing Strategy
The right price can help you attract guests and boost your earnings.
Price is one of the main things Brands consider when choosing where to book. No matter how wonderful your space is, if it’s priced higher than comparable places nearby, there’s a good chance you’ll miss out on bookings.
Try these tips to figure out a pricing strategy that works for you.
Know your area
Start by checking the going rates. Search pophub for similar listings in your area, taking into consideration:
- Property type
- How much space Brand will have: sqm , frontage and Signage
When comparing prices, choose dates a few months in the future to fully understand what’s out there. Properties still available in the next week or two may not be booked because they’re priced too high.
Searching different times of the year can help you learn how landlords near you adjust pricing seasonally, at weekends and for special events or holidays.
Offer the best value
It’s important to keep in mind that the daily price you set isn’t the total price guests will pay. The total price also includes any optional fees.
Competitive pricing can help your listing stand out and rank higher in search results, which prioritise total price and the quality of a listing compared to similar listings in the area.
Brands may be hesitant to book listings with no reviews, so consider setting your price a little lower than your target number. Once you have a few positive reviews under your belt, you can decide whether to raise your price to match the demand in your area.
Some costs you’re including in your price may not be obvious to guests. Do you offer luxury extras, like on site parking , access to refuse, premium signage etc Make that clear in your listing description to help Brands find value in your price.
Try these pricing tools
Smart Pricing
- Lead time: as a bump in date approaches
- Local popularity: the number of people searching for places in your area
- Seasonality: predictable seasonal changes in demand for places in your area
- Listing popularity: The number of times Brands visit and book your listing
- Review history: the number of positive Brand reviews you receive
Discounts
Consider offering discounts on longer stays to entice Brands to book. Weekly and monthly discounts can lead to higher occupancy, lower turnover and less work for you.
It may take some time to get your pricing strategy just right. Meanwhile, be flexible and stay focused on Brands satisfaction. More positive reviews can help grow your hosting business.