Do you want to maximize your Airbnb rental revenue without spending hours adjusting your prices?
As Airbnb hosts, we want to set the best price for our listings to both leverage our income and increase our bookings.
But how do we do that without a lot of hands-on management?
Jeff Breece is the Head of Revenue Management at Beyond, formerly Beyond Pricing. Since 2013, Beyond has been providing STR managers and owners the tools to help them get, grow, and keep more revenue by using automated dynamic pricing for the best price every day.
On this episode of Get Paid for Your Pad, Jeff joins me to explain how to put Beyond's dynamic pricing algorithm to work for you to increase the revenue on your listings.
He shares the key areas STR business owners should examine when they start using pricing algorithm software as well as common mistakes to avoid.
Listen in for Jeff's insight into what variables to consider when setting your base price and the most important metrics to focus on to maximize your revenue.
- The most important things to focus on when you first start using a pricing algorithm
- What is the most critical listing pricing number
- Why it's vital to know the marginal cost of a night's stay for your listing
- What factors to consider when determining the highest revenue base price
- What the health score tells a STR manager
- How to use the metrics to match your minimum night stays to the market
- What is the number 1 factor that affects your STR revenue bottom line
- How to fill calendar gaps using incentives without having a ‘fire sale'
- 3 factors to account for when using last-minute discounts
- The 2 most common mistakes STR hosts make when they begin using Beyond
- How your pricing strategies change as you scale
- Why it's not just about revenue, the other highly valuable pieces of the booking puzzle