20 Aug What Is Your Space Worth According To An Airbnb Calculator?
It’s a natural human phenomenon to want to be paid our worth. So, what’s the difference in wanting to price our spaces to their full potential?
As an Airbnb host, I’m always curious to know the prices of the competition in the current market. It’s how I stay competitive with others in the area. Well, besides all of the small details and amenities that I add to my units.
Regardless, I’ve been using an Airbnb Calculator to judge to help out with my pricing. Do you know what your space is worth?
*Bear in mind that this is only an estimate with 20+/- in margin*
Have You Been Using An Airbnb Calculator To Price Appropriately?
Running my blog, and my business, one of the most frequently asked questions I receive is,
“Sam, how much can I expect to make?”
While I could throw a number out at you per listing, any advice I give isn’t really accurate unless I know the location and the skill level of the host.
Furthermore, any general estimates from an Airbnb Calculator don’t take into account the many unique aspects of a listing that makes it popular. For example, renting out an Airbnb Treehouse or Wedding Venue is becoming vastly popular. The same goes for hosts that are becoming 420 and pet-friendly.
However, if you’re looking to get an estimate for your Airbnb then you’ve come to the right place. We live in a fast-paced, attention-seeking economy where the internet is the time to make business opportunities happen. With social connections, it gives Airbnb hosts a chance to rival against long-standing, well-renowned hotels.
While every property is different and there is no true answer to my question, remember this: You form your own limitations. Using an Airbnb Calculator to estimate approximate answers is just the first step to a long success.
What Other Factors Impact Your Airbnb Besides Location?
Taking a short tangent, I really want to get into the other factors that can have a huge impact on your income and price of your listing. I’ve tried to sum things up in short bullet points, but if you would ever like me to expand more on any of these sections, let me know in the comments below!
- Seasonal Changes: Depending on the time of the year, holiday traffic, and dry season spells, there are certain times of the year where your listing will do better. Having the general knowledge of when these seasons are is vital to accurately price your calendar.
- Listing Space: While this one may seem a little bit obvious to some, having a larger listing space allows you to hold more people. The more guests you can have, and the more bedrooms, the more you can charge per night.
- How You Sell Yourself: Having the right, professional photos for your listing and the ability to draw the guest in just from your post is essential to obtaining traffic. It doesn’t matter if you have the best Airbnb in the area if you are unable to market it to the correct audience.
- Good Reviews: Use patterns that you find in your guest reviews to your advantage. Look for patterns that you can use to your advantage. If you ever receive a negative review, it’s important to change your perspective. Use it as energy to fuel your business and improve upon previous faults or failures.
Was The Airbnb Calculator Accurate?
How close were you to your listing price? Was the Airbnb Calculator accurate to what you had previously? Let me know in the comments below!
Bonus: Airdna also offers competitive intelligence and potential earnings.
GeraldPosted at 14:04h, 19 September
Sam ZuoPosted at 15:22h, 19 September
This link should work: https://www.airbnb.co.uk/host/homes
JonnyPosted at 19:45h, 17 November
It’s always tricky for calculators like these to function well, because the solid information is not readily available, so the algorithm has to do a certain amount of guessing.
In all four of my properties the estimates were way wrong.
Sam ZuoPosted at 06:54h, 18 November
I couldn’t agree more. There are so many factors that are outside of the “algorithm.” I can think of a few right now. Competiton, guest management skills, seasonality.
But the key here is to have a rough idea. These calculators are good for that.
GrantPosted at 05:17h, 23 November
AirDNA over estimates in my area. You have to be careful of a few outperforming homes skewing the data. Especially in lower populated areas where they don’t have many homes in your neighborhood to draw from. You have to factor in amenities like a pool, beachfront location, etc. to get closer to actual figures.
Sam ZuoPosted at 15:04h, 02 December
couldn’t agree more.
william MandelPosted at 08:09h, 15 March
Hi, this like is for the UK, do you have a calculator for the USA?
Sam ZuoPosted at 06:39h, 16 March
Nope. You can go google it.