26 Jan Why You Should Never Use Airbnb Pricing Tool – Part Two
In my last post, I’ve given you the reasons on why you should never use Airbnb’s Smart Pricing feature. If you have missed it, here it is.
Now, you’re armed with the reasons. I am here to tell you that there’s a better way than to manual log into and adjust your calendar every day.
I bet that was why you came back to this post.
How to Optimize Your Pricing With Beyond Pricing
There are three third-party companies out there today. I have used two of them. These are 3 main ones: Everbooked, WheelHouse, and Beyond Pricing.
Everbooked- discontinued
Last time I checked, Everbooked decided to get out of the automated pricing market. You can read more on their blog. So, it is no longer a viable option. I used their trial version for a couple of weeks. It was just fine.
WheelHouse Vs. Beyond Pricing
Here is a real snapshot of how much WheelHouse thinks I can make in the last 2 weeks of September.
Wheelhouse
If we tally up from 9/20 to 9/30, the total would be $1,807 dollars.
Here is the same time frame for Beyond Pricing.
If we do the math, the total would be $1,884 dollars.
Wheelhouse = $1,807 and BP = $1,884. That’s a difference of 77 dollars. You multiply that by 3 = 231 dollars per month.
So, you’d make 231 dollars per month more on Beyond Pricing. That also means you’ll make $2,772 dollars more a year on Beyond Pricing.
Well, I think we have a winner.
I always try to squeeze more out of my listings, so this is why I went with Beyond Pricing. Other than the increased revenue I get from them, here are a few more reasons why I went with them instead:
- First ever vacation rental pricing solution
- The only solution built by a team that actually has experience doing pricing before (their founder, Ian, used to help the world’s biggest airlines and hotels)
- And they are by far the biggest and most popular with over 120,000 listings using us in over 1,000 markets
Here is how to Sign up for Beyond Pricing
- Go to Beyond Pricing and click on Join.
- Link your Airbnb account, or multiple accounts, with one click.
- Enable daily automated updates to your Airbnb calendar by turning on Beyond Pricing sync.
That should take you no more than 30 seconds. Now, ready to make more money using Beyond Pricing!
Update**
I wrote an in-depth product review on Beyond Pricing. You can read it here. Bonus: if you sign up via my link, you’ll get the first month free + 30 dollars off of the second month( this is an exclusive deal for Passive Airbnb readers).
Interest in learning how to build your rental arbitrage empire? You can subscribe to my blog and learn tips and insights on my process of creating a profitable 6-figure passive income business using other people’s home.
Mark Hinckley
Posted at 20:05h, 08 FebruaryI read bith if your articles on why smart pricing is bad, but they do have a setting for lowest price you are willing to let your rental go for. I also look over my pages daily and before setting the minimum, airbnb was trying to give my rental away sometimes for $20 a night, which is obviously a joke. I’ve been doing airbnb for 3 years out of my personnal home with 1 guest room which for now is fine, but when I started, therw were very few of us and I was able to charge upwards of $75 a night. Since then, the market has become saturated around me and most hosts are renting for around $35 to $40 per night, so, to remain competitive and not have an empty rental, my price has dropped. It’s not as low as others, because to me, I have built a reputation and my lengthy reviews paired with my amenities and hospitality proves that you get what you pay for.
With that being said, how would Beyond Pricing help me make more, when so much of the competition is bottoming out?
Sam
Posted at 20:31h, 08 FebruaryHi Mark,
Thanks for dropping in and commenting. Competition is good. It means that you can charge more. I would charge on the upper limits of your pricing to attract guests that are high-quality. From my experience, the highest-paying guests are also the least troublesome. On the contrary, it’s the cheap guests that have demanding needs.
BP also has a “minimum price” setting. It’s the same as smart pricing’s minimum price setting. When I first started, I used to set my pricing manually. Here was my process:
1) check my competitors’ pricing for the current and future week.
2) check 1 or 2 hotels near me to see how much they’re charging. They usually charge more if there’s an event, so that gives me clues on how I can price my listings.
3) Check for local concerts/ business conference/ events.
I would repeat this process every week. As you can see, this is tiresome.
What’s nice about Beyond Pricing is that it automatically takes in these external factors into their intelligent pricing algorithm, so that saves me at least an hour a week. They charge 1% of your total revenue, and I think my time ends up being more than what they charge, so I outsourced it to them.
I’ll be writing an in-depth review of their product next week so stay tuned for that, Mark!
Thanks for dropping in!
Sam