Do you struggle with creating the right pricing strategy for your Canmore short-term rental property? This is one of the most common challenges that Airbnb hosts face. You want to ensure that you are offering a pricing strategy that ensures you remain attractive to holidaymakers, but not one that is so low that your profits take a hit.
We know how tough it can be to create the perfect pricing strategy for your Canmore Airbnb property. That is why we have taken a closer look at some top tips to help you develop a killer strategy that will take your profits to the next level:
Calculate your nightly expenses
The first thing that you should consider when creating a pricing strategy for your Canmore short-term rental property is to calculate your nightly costs. This should cover every expense that you face to run your property, such as taxes, utility bills, and your mortgage.
When you have this, you will be able to determine your costs to ensure that you are never undercharging and losing money. However, it is important to remember that it is very common to add cleaning fees on top of your nightly rates, so these fees do not need to be considered.
Examine your competitors
When you have been able to work out your nightly costs, your next step to creating the perfect pricing strategy should be to review your competitors. Canmore is an incredibly popular place for Airbnb hosts, so you want to ensure that you are not pricing yourself out of the market by being significantly higher than other properties in your area. However, you also do not want to be drastically under the average price either.
Take your time to go through other short-term rental properties in your area, analyzing things such as:
- Property size
- Location
- The amenities they offer
- Customer reviews
- Cancellation policy
- Additional fees (such as cleaning)
When you have that info, you will then be able to price your property as competitively as you can.
Understand your demand
Another top tip for creating the perfect pricing strategy for your short-term rental property is to understand your market demand. Every property will have high and low seasons, which means you will need to adjust your nightly rate accordingly.
During peak season, you should increase your pricing as the demand rises. However, in order to keep your property competitive, those prices should drop accordingly as that demand begins to ease.
Use analytic software
Trying to keep track of all the different variables you need to consider, as well as the ever-changing demands and trends of Airbnb guests, can be difficult. That is why you should utilize analytic tools to help make the process as simple as possible.
Options such as AirDNA or AllTheRooms can provide you with all of the insight you need alongside the latest trends and developments within the short-term vacation rental industry.
Utilize the service of the professionals
Here at Canmore Co-Host, we know how complex it can be trying to create the perfect pricing strategy for your property. That is why our experienced team is here to take that stress and worry away from you.
As highly experienced Airbnb hosts, we will help you manage your property, taking care of everything from listing and housekeeping to pricing. Our mission is to help you maximize your profits and enjoy all of the benefits of short-term rental without any of the hassle.
Want to find out more? Get in touch today!
