Hello my YouTube friends it's Richard found of short-term rental university
and Airbnb super host today's video is really important it's the pricing
strategy that I recommend you adopt for 2018 and beyond we've been doing a lot
of research on what's happening trends pricing trends booking trends we've
spoken experts we spoke at Scott Adair DNA we spoke with Ian FB on pricing on
our podcast if you haven't subscribed or listened to the podcast please do so
we'll include a link below but the latest data is with more choices
meaning more hotels and more Airbnb E's and more opportunities to stay in
different places guests are responding by booking later
hire years people would book say Christmas or Easter or summer holidays
six months in advance or maybe even a year in advance like they knew they
wanted to go well the data shows very clearly that people are now booking much
more close to the date of travel 30 days and under is becoming the norm that's
not to say that there's not people that are booking Christmas a year out that
does exist the point of this video is if people are booking 30 days or less
that's a very different mindset that we as hosts must have I know when I started
hosting on Airbnb and home away I would love having my calendar filled
it brought me comfort and certainty wow I'm gonna have a great month three
months from now well if that's not happening then the inverse is true maybe
I'm having discomfort that I'm not booked three months in advance and so
what do I do about that so the first thing I do is I'm aware of
the facts and the booking patterns and so I don't freak out I recognize okay
well then I need to focus on my 30-day time period and if that's true then what
I want to do is make sure that my 30-day price period is priced accordingly and
in my case and I encourage in your case that means prices are higher the people
that are giving away their property say weeks months or even a year in advance
are likely doing it at the wrong price they're priced too low so the bargain
shopper comes out and picks them off that's great news for you and I the
people that are comfortable sitting knowing what the data shows we raise our
prices we still deliver a fair value don't get me wrong I'm not talking about
price gouging here what we're basically doing is saying
we're gonna service the people the way that they want to be booked but we're
gonna charge a fair price so look I get that that was a mouthful let me try and
say it really simply if we know that people are gonna be booking 30 days in
under and they want that flexibility we're gonna price accordingly and we
encourage you and what I do is to price higher I also use a dynamic pricing
service I personally believe very strongly in beyond pricing our link is
below if you haven't checked it out do that but what that helps me do is price
appropriately based on my supply in my neighborhood the demand in my
neighborhood events in my neighborhood and also the proximity so there's all
these different variables that using big data beyond pricing then calculates what
my fair pricing is and I can tell you that their average increase in price is
somewhere around 30 to 40 percent people that use it I've experienced that and
then more I just recently this past week booked something at 70 percent higher
than when I priced it manually a year ago and so all I'm encouraging hosts and
people that are watching this video to do is to readjust your mind frame go
away from I want occupancy towards I want profitability go away from booking
far in advance towards booking more close to the date and then get
comfortable with that knowing that you're actually charging higher prices
and being more profitable so in closing I know what I'm suggesting sounds
uncomfortable everybody wants the comfort of lots of
bookings in the future I get it but we have to change our minds that were
entrepreneurs we're real estate investors were Airbnb hosts and this is
where the markets going and so we're gonna be smart about it just realize the
following we all have that same sort of uncertainty that says I can't charge
$200 for my place I have only charged a hundred no one will pay 200 that's
natural that little voice inside you we've all had it I'm suggesting that you
experiment with it and you will be shocked and amazed when the place that
you manually price for a hundred goes for 200 that hundred-dollar differential
is all profit so I hope you found this video helpful I think it's gonna put a
lot more money in your pocket in 2018 and beyond if you liked it give me the
thumbs up subscribe to the podcast there's lots of great experts there and
then also please go subscribe to the YouTube channel we'd
really appreciated
you