- Add more amenities
Without adding amenities, you’ll have a hard time raising prices over your competitors successfully.
- Charge for parking
- Add bikes, watertoys/snorkeling gear, or workout equipment and up the rate for $5 per night
- Use per person charges at $3-$15 more per person after the 4th person per night
- Charge a higher rate on Friday and Saturday
- Use a revenue intelligence software like wheelhouse, pricelabs, or beyond pricing; they can offer “dynamic pricing” suggestions
- Reduce overhead where can like only offer Netflix, don’t provide water bottle, install motion sensors on light switches
- If you have open nights that are hard to fill (mid-week maybe), make existing guests special offers to stay an additional night
- If you don’t have an experience in price maangement at all, what you can do is:
- Collecting price data in your location at similar listings and what they charge for what they offer.
- Do a search for different seasons to get some price fluctuation.
- Try to encourage bookings early on with an early bird discount setting the window at one month or more. Don’t give more than 5%. But other than that, trust your instinct for what you believe is fair.
- Weekend prices are always higher than weekdays. To increase overall revenue, you can require that people book a minimum of two days on weekends. This should be either Friday and Saturday or Saturday and Sunday. Ask them to stay on Monday as well by offering 50% off for Monday if they stay Saturday and Sunday. You never know.
- Make sure you stand out from the competition by staging the home
- Hire a photographer to take professional pictures, and target a higher end demographics.
- Use market data to identify you competitors.
- Take all advice facebook with grain of salt as folks who give advice often.
Focus on hospitality, the rest will come.