Cheers to a little Wednesday Wisdom.
Ok so maybe this isn’t for everyone, but I’m throwing out a little nugget of wisdom for all of the STR hosts out there.
This is related to pricing; specifically pricing optimization when comparing your occupancy levels to your market.
Here’s a tip:
When adjusting your listings pricing, a good rule of thumb or metric to review is your occupancy levels compared to the overall market.
- If your occupancy is higher than the market average, you could consider raising your prices as you have an increased level of bookings compared to the market. Maybe pricing was too low or you are just THAT good. 😉
- If your occupancy is lower than the market, it may indicate that your pricing is too high (aka not competitive) or that you aren’t showing up in search results…possibly due to price. In this case, lowering your price could help increase bookings.
Do this slowly and strategically please…not all at once!
This does take understanding your market as well as your competitors but once you’ve got your comps built in, you should be smooth sailing.
Hope you enjoyed!
What about you? Maybe you have a tip or some “wisdom” you can share in the comments on your industry that surprise people?
P.s. This is just to show what I mean when comparing your listing to your market.
#realestate #hosting #wickedholdingstx #investing
CEO of Clean Spaces | House Cleaning Service Expert | I lead a maid service that improves the health and quality of life for families by offering residential cleaning services tailored to the needs of each customer.
3moWhere and when is it?