Patience is a scarce thing for us; 5G internet is not fast enough, nor is the 10-minute food delivery. Well, when every industry is revolutionising to provide the fastest services, why would the rental house stay behind? And for that, there is one of the most popular brand names is Airbnb.

Airbnb, which stands for “Bed and Breakfast,” is a rental platform where hosts can list their rooms, houses, and villas for a couple of nights. This not only facilitates renters’ having the privacy they need, but hosts can also earn from their spare house or room.

But as these platforms get the recognition from travellers and people who want to stay in another city for a few nights but don’t prefer a hotel, the competition increased in the application as more hosts wanted to list their property for short-term rental services.

So today, we will discuss what you should do to be competitive on Airbnb and generate more leads without spending more time. This can be a win-win solution for you, as you can generate more leads while not even rescheduling your day.

In this article, we will understand how Prodfinity can help you in generating more leads with its price monitoring tools and make you more competitive.

Before we start the article, let’s see what we are covering in it.

How Prodfinity’s Price Monitoring is a Game Changer

Airbnb is a platform where, in present, thousands of rental property and to be on the cover page of the website, you need to optimise your prices and make sure you are analysing your competitors’ prices, market trends and demand fluctuation during different phases of the year to adjust your property rates accordingly.

To better understand the process of analysing, let’s break it down into a few important points that you should focus on.

Comparing Night Rates

Comparing rates of similar properties as yours at night, as there could be a lot more difference in your prices and the properties which are featured in the main websites, these storefront properties have optimised prices with other facilities and good customer reviews that they can make up for the front. You should note that the prices of the property can differ from area to area before you decide your own price.

Prodifinity can help you to monitor the prices of the properties that are around you, so that you can understand what others are charging for properties like yours in the same or nearby area.

Monitoring Occupancy Trends

Occupancy trends are the change or pattern in the number of vehicles or people occupying the space over a certain period of time. With cut-throat competition and less demand, it is important to see where your potential customers are going, and monitoring the occupancy rates of your competitors is the easiest way. With all the information, you can understand which of your competitors are in high demand and what different they are doing that customers are preferring them over you.

Prodfinity’s price monitoring tool makes sure you can have the real-time information of your competitors just a click away, so you can analyse your flaws and retain the customers you are losing to your competitors.

Implementing Dynamic Pricing Method

Dynamic pricing is a technique of altering the prices of your product or services according to the dynamic or external factors of the market. Implementing dynamic pricing can help you to set the best price according to the season and demand for your property, like you can increase the rate of your property during vacation or if there is any local event going to happen and can decrease the price during the low phase. We should note that the best prices are not always the lowest prices.

Prodfinity’s dynamic pricing tool can work like a charm for you with its real-time data monitoring and changing the prices of your products or services accordingly.

To know more about dynamic pricing tools, their advantages and disadvantages, and whether you should implement them or not, check out our article increase your Dynamic of Growth with Dynamic Repricing

Searching for the best dynamic pricing tool with experience in every industry, try Prodfinity’s Dynamic Repricing tool.

Having Real-Time Insight

In today’s fast-changing world, data from an hour ago can be considered old data during high demand, so if you are just going to check data every hour of your countless competitors, then you must need to compromise on your service.

With Prodfinity’s price monitoring tool, you can have real-time data that too in listing form, as well as can be shown in visual forms like line charts and pie charts, so that you can absorb data fast and in an efficient manner.

Why do you need Price Monitoring for Airbnb

Airbnb is a well known brand in today’s short-term rental-property market, and with you there must be thousands other people who had listed their property in it. While the area and conditions could be different you would be competing with hundreds of competitors if not more. So now lets’ understand how Prodfinity’s Price Monitoring tool helps you to stay competitive and attract more customers.

Stay Competitive

Airbnb is not really organized when it comes to listing of it’s property. If prices of your property is too high then guest will book elsewhere. If you prices of your property is too low then you are leaving money in the table. Prodfinity’s price monitoring tool can ensure that your property is neither underpriced nor overpriced, it helps to finds the balance between setting competitive prices and maximizing the profit.

Adapt to Market Fluctuation

Local events, holidays and peak season can change the demand of your property. Real-time price monitoring allow you to alter prices based on demand of the market and other factor so you can still lure customer even during low time.

Maximize Revenue

Dynamic pricing is impossible without real-time data monitoring to improve your Revenue per Available Night (RevPAN) and it can also increase the occupancy rate.

Increase Visibility

Airbnb’s algorithm works in a way that it favor active property listing and the property whose prices are competitive or changing frequently as it consider them active hosts. So regular price adjustments, to increase your listing’s rank is one of the best way to get your property in the search result or can be in the store front because of your optimized prices and high demand.

How to Monitor Airbnb Prices Effectively

Well there are different types methods for different industries, some changes prices frequently to grab the attention of their customers in some industries while in another industry more stable prices is what customers demands. Like every industry have their own type of pricing method and model, there are also different type of techniques to monitor prices in different industry.

In this section we will discuss how you can monitor Airbnb prices effectively to get the most of the price monitoring tool.

Identify Your Competitors

Before stepping into the war you must know with whom you are fighting for, in the same way before you starts competing the market you should know from whom you are competing. In simple words knowing you competitors helps you track and understand your weak points as well as you can observe what different they are doing to attract some many customers than you.

But can you identify your competitors. It’s not that hard, just need to track all the listing whose properties are same as your in the following factors:

– Location

– Property type

– Amenities

– Guest rating

Monitoring this information and pricing trends can help you to understand who your biggest competitors are and how you should deal with them.

Track Seasonal Patterns

Like every business, short-term rental property is also seasonal, during vacation or local events these properties are high in demand in comparison to other times. Below are some minor task by which you can understand seasonal patterns for your property.

– You need to track during high as well as low demand phases, to understand which type of pricing strategy works best in your region.

– You need to track prices of your competitors property prices during weekday and weekend day to understand how much your potential customer are will to pay in different days.

– You need to track how your competitors altering prices just before the major event to maximize your profit.

If you track and analyze these data you will understand the patterns of price fluctuation and demand changes in respond, which can help you in long terms for making pricing strategy.

Use Price Monitoring Tool

Are you still tracking your competitors prices manually? Accept it or not but it is one of the most boring as well as time consuming work, but these aren’t it’s only drawback, in this fast-growing world, manual price tracking is inefficient and can cost your business more than just money.

So automate your price monitoring method with price monitoring tool, which is not only fast and accurate but can cover a large number of website and provide you real time data.

Wanted to try price monitoring tool? Try Prodfinity’s Competitive Pricing tool and always be competitive in the market.

Airbnb Pricing Tips Backed by Monitoring Data

Who don’t like cheat codes, regardless if they are in a business or a game. And below there are some tips are effective as cheat codes for your business growth.

Raise Prices During Local Events: If there is any festival or local event like a concert or sport match is coming to your town there are chances that competitors will raise their prices. This is the high time for you match them or beat them with maximizing your profit.

Lower Prices Mid-Week: During the working the demand for your properties will be much less in comparison to weekends, offer them discounts or last minute deals to attract customers.

Capitalize on Last-Minutes Bookings: You need to track how your competitors price themself at the last minutes and should adjust your prices accordingly to remain attractive to spontaneous travelers.

Offer Early Birds Discounts: The enthusiasts who wanted to make sure they are having a room should be rewarded, not just to keep up their energy but also to encourage guests to book in advance at a slightly lower rates. Track how this technique increases your bookings and revenue.

Conclusion

Price monitoring for Airbnb has become an essential need for the time, hosts and property managers who wants to survive in the market and stay competitive to boost their booking and maximize their revenue in the ever-evolving short term rental market. Collaboration with advance pricing tools not only simplifies the process of offering real-time updates but it is way more effective than monitoring prices manually.

Hence we can say that, with the evolving market, you should also evolve before your business becomes a history.