Notice how Smart Pricing aims to “increase your chance of getting booked”? For many hosts who use Smart Pricing, this means lower nightly prices. Here’s an excerpt from Airbnb’s blog describing what Smart Pricing does: This tool is available through the Airbnb platform and is free to use. Why You Shouldn’t Use Airbnb’s Smart Pricing Toolįor hosts looking to automate their Airbnb pricing, it can be tempting to rely on Airbnb’s Smart Pricing. In terms of features, here’s a chart comparing each pricing tool: Automated Pricing Tool Track, Streamline, V12, Escapia, Guesty, Barefoot, BookingSync, Ciirus, HostAway, Hostfully, LiveRez, MyVR, Smoobu, VRM, Vreasy, Rentals United, Kigo, Your PorterĪirbnb, TripAdvisor,, HomeAway, VRBO Smoobu, Direct™, BookingSync, Rentals United, Guesty, Orbirental, Beds24 While I will go through these in detail later, here’s a chart summarizing some key information: Automated Pricing Tool This article will compare three popular automated pricing tools: Wheelhouse, Beyond Pricing, and Pricelabs. These tools have helped countless hosts earn up to 40% more revenue. If you’re not adjusting your prices based on market fluctuations, seasonality, and special events, you’re leaving a lot of money on the table.īecause these adjustments take a lot of time and effort to manually calculate, many hosts use dynamic pricing tools. ![]() While that might work in the short-term, you’re going to hurt your business in the long-term. It can be tempting to do some market research, set a price, and never touch it again. Your pricing strategy will depend on factors such as location, amenities offered, and home size. As an Airbnb host, you know how important it is to set the right price for your short-term rental.īut, there’s a lot of work that goes into calculating the best price to charge.
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