With the summer months just around the corner, now is the perfect time to start thinking about adjusting your pricing to match demand. The spring and summer months are some of the busiest for Canmore Airbnb owners, and getting the pricing right this summer can help you to earn thousands more dollars in additional revenue.
How do you optimize your pricing, though, and what are some top tips to maximize your income? We thought we would take a closer look…
Why should you adjust your pricing?
Canmore Airbnb owners all have peak and low times, and as we enter the high season, adjusting your costs accordingly is essential. Firstly, increased demand from holidaymakers means that prices across the market increase, which means changing your prices to match will help you to earn more revenue.
Regularly reviewing and adjusting your fees will also help you to remain competitive. While AI and smart dynamic pricing can help to give you an idea of when to increase and decrease your prices to match demand, it is not able to understand to the same level that an experienced Airbnb host can.
Top tips for high-season pricing adjustments
While there can be no denying the benefits of adjusting your pricing to meet demand, it can be tough to know where to start. Some top tips for an unbeatable strategy include:
Use the data
One of the biggest factors when creating a killer strategy this spring and summer is understanding the data. Use your experience of previous years and insight from the Airbnb platform itself, as well as your competitor analysis research, to know when to change your pricing and what rates you should offer.
Stay fluid
While your pricing strategy will change with the seasons, staying fluid with your pricing is important. Research shows that those Airbnb hosts who regularly change their pricing, enjoy over 30% more bookings than those who remained static. Make sure you understand local demand, reviewing things such as daily trends and any special events happening this summer and respond accordingly.
Stay competitive
While the high season is the perfect time to boost your income, you should also make sure that you are remaining competitive. That means keeping your pricing in line with other properties but also offering a range of different promotions, such as discounts for long-term stays.
Minimum night requirements
You should also make sure that you implement minimum night requirements. The peak season will see high demand, so this is a great way to ensure you are minimising the time your property sits empty, allowing you to maximise your income.
Need help with your Canmore Airbnb pricing?
Are you looking for help with your Canmore Airbnb pricing strategy this summer? Here at Canmore Co-Host, our experienced team are established Superhosts and Prohosts, and we love Canmore and the surrounding areas, which means we know what guests are looking for and the peak times for visitors.
That means we can support you with creating the perfect pricing structure throughout the year, helping you to maximize your profits. Want to find out more about our wide range of Airbnb services? Get in touch today!
