Review your price

You set your initial base price in Airbnb Setup. Starting with a lower price can help you attract your first guests and reviews as you work toward your earnings goals. Review your price regularly to stay competitive.

If you price your place higher than similar ones nearby, you might miss out on bookings. Using Airbnb pricing tools can help you respond to changes in demand. These include:

• Nightly price tips. Personalized recommendations help you price for different days, seasons, and special events. These tips use factors like your listing’s location and amenities, your past bookings, and the latest prices in your area. Tap the wand above your calendar to show or hide them.
• Similar listings. This tool lets you compare the average prices of booked and unbooked homes on a map of your area. Tap any dates on your calendar or open the base price in your price settings to view similar listings.
• Smart Pricing. This tool uses the same factors as price tips to automatically update your price based on demand. You set your price range, and you can open your price settings to turn it on and off for any dates. If you use Smart Pricing, you won’t see price tips.

“Knowing what’s happening in my area gives me so much more confidence in my price,” says Felicity, a Superhost in New South Wales, Australia. “I’ll know if I have the best price so I should hold my ground, or if I need to drop my price.”

Guests look for stays that offer exceptional quality for the price. As you review your price, keep in mind:

• The total price guests pay. Understanding what guests pay can help you set a competitive price. Select any dates on your calendar to get a price breakdown, including Airbnb service fees. Remember that any fees you add, like a cleaning fee, impact the total price.
• Guest reviews. Use guest feedback to learn what’s working and what you can improve. After you get some great reviews, you may want to revisit your price.
• What your place offers. Making updates, like adding popular amenities and accessibility features, can help attract more guests.

“Design and amenities are a great way to boost your pricing and bookings,” says Katie Kay, a Host Advisory Board member and Superhost in Lake Arrowhead, California.

Promotions and discounts can help improve your listing’s search ranking and attract guests. The options include:

• New listing promotion. Offer 20% off your first 3 bookings to help you get your first guests and reviews.
• Early bird discount. Reduce your price for bookings made anywhere between 1 and 24 months in advance to appeal to guests who plan ahead.
• Last-minute discount. Reduce your price for bookings made anywhere between 1 and 28 days before check-in to help fill gaps in your calendar.
• Weekly and monthly discounts. Offer discounts for longer stays to help fill your calendar faster and reduce turnovers.

“I get longer stays by offering weekly and monthly discounts,” says Daniel, a Superhost in the Canary Islands, Spain. “Usually guests end up booking for a week, and that’s a small victory.”

Guests see a special callout in search results and on your listing page for the new listing promotion and for weekly and monthly discounts of 10% or more.

You control your pricing and other settings at all times. Your results may vary.

Hosts were paid for their participation in interviews.

Information contained in this article may have changed since publication.