How To Price Your Airbnb in London
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Beyond Pricing takes a look at occupancy in London to illustrate how supply and demand of Airbnbs in London is always changing and highlights how day of week, seasonality, and local events affect the pricing strategy for Airbnbs.
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How To Price Your Airbnb in London
- 1. in LONDON
- 2. About Us • The first and largest dynamic pricing software provider for Airbnbs and vacation rentals • $1.5M in bookings priced per week • Powering pricing for 95% of “next-generation” property managers and hospitality brands like Airsorted, Onefinestay, MyVRHost, Guesthop, Flatbook, and dozens of others • 10 years experience helping the world’s largest airlines and hotels with dynamic pricing • Previously managed 25 vacation rentals in San Francisco as Beyond Stays @beyondpricing beyondpricing.com Beyond Pricing
- 3. What is Dynamic Pricing? Changing your price based on supply and demand @beyondpricing beyondpricing.com
- 4. Why is this important? @beyondpricing beyondpricing.com Because Demand Changes. A Lot.
- 6. As Demand Changes, So Do Prices Price Rooms Booked High Season Low Season $200 $150 @beyondpricing beyondpricing.com Beyond Pricing
- 7. What Happens When You Don’t Vary Your Prices Host #3 Host #2 Host #1 @beyondpricing beyondpricing.com Beyond Pricing !$100!! !$120!! !$140!! !$160!! !$180!! !$200!! !$220!! !$240!! Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
- 8. What Happens When You Don’t Vary Your Prices • Host #1 - $140/night – Chronic Under Pricer • She will be filled 95% of the time and excited about her high occupancy • Host #2 - $180/night – Average Jane • She is excited because she is filled from March-October and thinks winters are just “slow” • Host #3 - $220/night – Occasional Olivia • Her calendar is usually open, except for big events which are booked months in advance @beyondpricing beyondpricing.com Beyond Pricing
- 9. Hosts Are Losing Millions of Dollars by Using Flat-Pricing $200 $100 $300 $400 Date Single Nightly Rate Optimized Rate Lost revenue Lost bookings • Money left on the table during periods of high demand • Units sitting empty during periods of low demand @beyondpricing beyondpricing.com Beyond Pricing
- 10. Dynamic Pricing Helps in 2 Ways 1. By lowering your price when demand is low, you can increase your occupancy 2. By increasing your price when demand is high, you can increase your average nightly rate $200 $100 $300 $400 Date Additional $200 $100 $300 $400 Date Higher Nightly @beyondpricing beyondpricing.com Beyond Pricing
- 11. 1. Seasonality 2. Day of Week 3. Events 3 Biggest Factors Driving Demand @beyondpricing beyondpricing.com Beyond Pricing
- 12. Seasonality is Different in Every City ChangeinDemand @beyondpricing beyondpricing.com Beyond Pricing -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Jan$15' Feb$15' Mar$15' Apr$15' May$15' Jun$15' Jul$15' Aug$15' Sep$15' Oct$15' Nov$15' Dec$15' Jan$16' Miami' SF' San'Diego' NYC'
- 13. Seasonality Also Differs in Neighborhoods of the Same City ChangeinDemand @beyondpricing beyondpricing.com Beyond Pricing !20%% !15%% !10%% !5%% 0%% 5%% 10%% 15%% 20%% 25%% 30%% Jan!15% Feb!15% Mar!15% Apr!15% May!15% Jun!15% Jul!15% Aug!15% Sep!15% Oct!15% Nov!15% Dec!15% Jan!16% Lake%Tahoe:%King's%Beach% Lake%Tahoe:%%Kirkwood%/%Sierra!at!Tahoe%
- 14. Seasonality Also Differs in Neighborhoods of the Same City ChangeinDemand @beyondpricing beyondpricing.com Beyond Pricing !10%% !5%% 0%% 5%% 10%% 15%% 20%% 25%% 30%% Jan!15% Feb!15%Mar!15% Apr!15% May!15% Jun!15% Jul!15% Aug!15% Sep!15% Oct!15% Nov!15% Dec!15% Jan!16% San%Diego:%%Gaslamp% San%Diego:%%Mission%Beach%
- 15. ChangeinDemand Day of Week Variations Are Different in Every City @beyondpricing beyondpricing.com Beyond Pricing !20%% !15%% !10%% !5%% 0%% 5%% 10%% 15%% 20%% 25%% Sun% Mon% Tue% Wed% Thu% Fri% Sat% Madrid% SF% Mountain%View%
- 16. ChangeinDemand Toronto Day of Week Changes @beyondpricing beyondpricing.com Beyond Pricing
- 17. Events Can Have Big Impacts on Demand @beyondpricing beyondpricing.com Beyond Pricing 40%$ 50%$ 60%$ 70%$ 80%$ 90%$ 100%$ 1/1/14$ 2/1/14$3/1/14$ 4/1/14$ 5/1/14$ 6/1/14$ 7/1/14$ 8/1/14$ 9/1/14$10/1/14$11/1/14$12/1/14$ JP M organ H ealthcare G D C C isco LIVE G oogle I/O O utsidelands D ream force O racle O penw orld AmericanSociety ofHematology Occupancy
- 18. Event Impact is Highly Local VS Event Location X Hotel CenterX @beyondpricing beyondpricing.com Beyond Pricing
- 19. So What Happened with Pan Am Games? @beyondpricing beyondpricing.com Beyond Pricing
- 20. So What Happened with Pan Am Games? @beyondpricing beyondpricing.com Beyond Pricing A: Too much extra supply, too little demand = low prices Occupancy Caribana Pan Am Games
- 21. How Beyond Pricing Works We find the right average price for your place. Then, we change that price based on supply and demand. @beyondpricing beyondpricing.com Beyond Pricing
- 22. Are You a Motel 6 or a Marriott? VS VS @beyondpricing beyondpricing.com Beyond Pricing
- 23. Finding the Right Average Price for Your Place is Tough Williamsburg Private Bedrooms Prices NumberofListings @beyondpricing beyondpricing.com Beyond Pricing 0" 10" 20" 30" 40" 50" 60" 70" <$40" $40,50" $50,60" $60,70" $70,80" $80,90"$90,100"$100,110"$110,120"$120,130"$130,140"$140,150"$150,160"$160,170"$170,180" $180+" Motel 6 Marriott Ritz?
- 24. Many Factors Contribute to How Much You Can Charge • Amenities • Number of Reviews • Average Star Rating • Quality of Pictures • Number of Pictures • Stainless Steel Appliances • Location • Response Time • Airbnb Search Ranking • Number of Bedrooms • Number of Bathrooms • Number of Beds • Extra Guest Fee • Cleaning Fee • Instant Book • Listing Title @beyondpricing beyondpricing.com Beyond Pricing
- 25. What Matters is How Quickly You Book Versus the Average @beyondpricing beyondpricing.com Beyond Pricing
- 26. We then vary your average nightly rate based on changes in demand @beyondpricing beyondpricing.com Beyond Pricing $- $50 $100 $150 $200 $250 $300 Jan$14' Feb$14' Mar$14' Apr$14' May$14' Jun$14' Jul$14' Aug$14' Sep$14' Oct$14' Nov$14' Dec$14' Ritz Marriott Motel 6
- 27. It’s Important to Know How Far in Advance People BookPercentofBookings Days Out @beyondpricing beyondpricing.com Beyond Pricing 0%# 10%# 20%# 30%# 40%# 50%# 60%# 70%# 80%# 90%# 100%# 1# 31# 61# 91# 121# 151# 181# 211# 241# 271# 301# 331#
- 28. Two Implications of the Booking Curve 1. Tells You What Percent of Demand is Still Left Allows you to know whether and when to discount 2. Tells You Whether You’re Booking Up Too Quickly If you are, chances are you can increase your average nightly rate, or “Base Price” @beyondpricing beyondpricing.com Beyond Pricing
- 29. Get Started with Beyond Pricing 1. Sign-up and link your Airbnb account (use code LONDONMEETUP for 1 FREE month + $30 credit) 2. Review your prices and adjust your base price 3. Turn syncing on to automatically sync prices every night at midnight Beyond Pricing https://beyondpricing.com/