3 Airbnb Pricing Hacks Every Investor & Host Should Know

What’s up guys, in today’s video, we’re gonna talk about three pricing hacks that every Airbnb and short term rental host investor, property manager, all of y’all need to know about these incredible hacks

I’m going to start with the most foundational and I’m going to save one of the best hacks my favourite ones for last. So make sure you watch all the way through this video. So the first one I’m going to start out with is air Janay. It’s just such an incredible hack for anyone in short term rental investing management if you’re pricing your property, but not just arrogant, I want to share a little bit more in depth about this because if you’re watching this video, you probably have already heard about Aaron TNA if you haven’t, as a really, really quick overview, it basically is just a site that tracks Airbnb properties and short term rental properties all over the world. They’ve known it for a number of years. And they know exactly what those properties perform, like what their average nightly rates are, what their calendars look like their occupancy rates, all these sorts of things. So a lot of people know that that exists. And they know that there’s this data, but when I find it, a lot of people don’t know how to actually use it. One of the best insights that I think people can gather from Airbnb or err DNA, I should say, is just seeing how poorly a lot of hosts perform. Because what I see people doing often is when they go to price their listing, they go and look at what their competition is pricing at, and then they just essentially copy it. Now the problem with that is that your competition mostly sucks, right? The majority of people on Airbnb, don’t really know what they’re doing or don’t actually do a good job when it comes to pricing their property. And so what happens is that a lot of properties, it may look like they have a really nice listing, and maybe they have a bunch of reviews from over the years. So you go and you take their listing, you decide to copy some of their pricing and maybe undercut them a little bit. But what you run into is that those properties a lot of times don’t actually get booked, right, in order to see what their pricing is set of dates for, you need to be able to see those dates, in order to see those dates, they need to be available, they need to be unbooked. And so it’s often kind of the blind leading the blind. And what air DNA then allows you to do is actually see if properties are getting booked or if they’re sitting empty. And you can actually go and find the top properties and see what the top properties in the market are pricing like and do more work to kind of mimic them and actually follow the people that are actually doing good job and managing pricing properly. Not just be fun, people have no idea what they’re doing. Because a lot of times those people are pricing their property too high, and then you do the same and stay on booked. Or a lot of the time, they’re also just pricing their property too low, and they’re leaving a bunch of money on the table. So although you might get booked by copying them, you’re not actually optimising your revenues. That’s one really, really great hack is just actually looking at how properties you’re doing. And not just blindly following people because they have a nice looking listing. And the best tool to do that, in my experience is air DNA. Now, another hack I have is similar to this one, but actually more fine tuned for doing specifically, exactly that. And that’s price labs. It’s a really cool pricing tool. And I want to put a disclaimer on this, that I don’t actually recommend just using price labs to try to optimise your pricing and just setting it free to do its own thing. You want to actually understand pricing strategy so that you can use price labs to its fullest extent. So just want to add that little disclaimer. But with that out of the way, the one thing that I think is super, super cool that price Labs has. And there’s a few different features, I think are really, really cool in price labs. But one of them that is probably the most useful is you can create a comparable chart of all the properties you want to compare yourself to. So you can actually go and look into other properties, see how they’re doing on our DNA, and look at all the facts and actually select handpick individual properties you want to compare yourself to. And you can basically create this chart that shows you every single day of the week for all these different properties, what they’re priced at, and if they’re booked or they’re not booked. And so what that allows you to do is literally see exactly what your competition is up to how they’re pricing and if they’re getting booked or not. And if they do get booked what price they actually got booked for, rather than just relying on what they’re pricing on their dates that aren’t getting booked. It’s a total game changer and allows you to see in real time exactly what properties like yours in your area are actually getting booked for so that you can stay really competitive with them. So that’s another tool I really recommend using and another feature specifically that I really love. As a bonus, I just want to include for you guys one more cool feature that I absolutely love in price labs. And that’s that’s their ability to give custom markdowns on specific days of the week. So price labs will automatically adjust your pricing so that on busier days of the week, your prices are higher and on less busy days of the week your prices are lower. But what you can also do is override that even further add to it by further decreasing the price on certain low demand days. For the week, or increasing prices even higher on certain high demand days of the week, I found this to be really, really cool because I see that a lot of people have a lot of trouble filling in their weekdays or those unbusy days. And oftentimes, they’re just leaving a lot of revenue on the table by leaving those nights on booked. And so that one feature is another one that I just couldn’t go without mentioning in this video. So that’s a bonus for you guys. The last pricing hack, I told you and say the best one for last and this one I absolutely love. Because it’s a really great way to get free additional exposure for your property that literally costs you nothing and you get placements in emails, you get a special strikethrough pricing, you get all these perks for literally doing nothing to your listings pricing, you don’t have a discount anything. And that’s only going to be for people that are on Airbnb, which obviously is most of us. Guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb ease and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb ease. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties, there’s actually another free training linked in the description down below as well, that will be a really great fit for you. So whether you want to invest in short term rental properties and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income managing other people’s properties on Airbnb, we’ve got some awesome trainings that are linked in the description down below, that’ll definitely help you out. When you sign up for the trainings, we’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all the tools are completely free. So make sure to register for the trainings, links in the description down below. Now a little known hack that you could use on Airbnb is that you can go into Airbnb into your pricing. And you can do something called applying a custom promotion. So what this allows you to do is select a range of dates in your calendar. And then Airbnb will basically tell you what it thinks those those nights should be priced at. And you can pull the slider to discount off of their recommended pricing. And so the reason this is so cool is because a lot of times, what you’ll end up seeing is that you’ll go into Airbnb, and you might already have your property priced at $300 a night for a specified number of days. Like right if you look at next week, maybe you’re priced at $300 a night, and you go and punch into Airbnb to apply for promotion. And it thinks that you should be pricing out $400 at night. And so in order to get back to the $300 that you are already priced at, you’re not pricing at where they think you should be, you’re pricing a 25% discount. And because you’re applying a 25% discount, Airbnb will give you all these incredible perks to drive more traffic to your listing, it says right there when you’re applying to customer promotion, exactly what perks you’re getting. And the more the higher of a discount they provide, the more perks they include. So at 25% discount, they’re gonna give you strikethrough pricing on your listing. So it shows up with a strikethrough it seeing that it’s discounted, so people know it’s a really, really great deal. They’re also going to give you additional traffic by including you in emails, your property and emails going out to other guests, they’re going to highlight you higher up in the search results, I believe is one of the perks. And so it’s really, really cool, it’s great, you can price your property at the same $300 You were already going to be priced at. But instead of just having normal $300 pricing, you get all these great perks to go along with it. And you can even track on each individual promotion, exactly how much additional traffic they got driven to your listing because of that promotion really, really cool. I absolutely love doing this and hack part of is that you can literally pick and choose specifically when and what days you want to apply those promotions to and only apply their promotions when it doesn’t actually decrease your price from where you want it to be. If everybody thinks your property should be priced at $300 for that night, and in order to get that those perks you need to discount it below where you want it to be. Just don’t apply promotion to those dates. So super, super cool, really great pricing hack. And I’ve found that for most people, this helps him to get bookings in and some of those harder to fill gaps and just drives additional traffic because the cool thing is, even when you drive additional traffic to your listing, even though they might not book those specific days of promotions, they may actually just book other dates in your calendar. So it’s a total win.

It’s an absolute game changer. I love it. I think it’s a really great feature and allows you to get some really great promotion for your listing. So those are my top three really top four hacks for pricing your property as a short term rental. I wonder what you guys think if you have other hacks or other tools are there strategies that you use for pricing your property? Let me know in the comment section down below. If you liked this video, it was valuable. It was helpful to you if you learned something from it or If you just like me and want to support the channel, then just take half a second and hit the like button down below the video. It really does help a lot with growing this channel gaming videos for more people and for me to see what videos you guys actually enjoy and want to see more of. And as always, also, if you’re new here to the channel, or if you’re watching this video without being subscribed to the channel, which I know for a fact that a lot of you guys are I know a lot of you guys watch these videos, but you’re not yet subscribed to the channel. So make sure you hit this subscribe button right down below the video takes half a second and we post two new videos every single week here on the channel, talking about all things that you need to know in order to be a successful short term rental investor, short term rental host short term rental property manager. So whatever you want to learn more about when it comes to the world of Airbnb and short term rentals. We will teach you it here for free if you just hit that subscribe button down below the video. So take a second and do that. And that being said, thank you so much for watching, and I’ll see you in the next video.