How can you make more money on Airbnb?
- Increase your occupancy.
- Charge more per night.
- Reduce operating costs.
Within reason, that’s pretty much it.
Monitoring your prices to maximize your occupancy and price p/n takes a lot of time and effort, but the rewards are huge. This is by far the quickest way for most hosts to boost their income on Airbnb.
So if you have the time and the inclination, it seriously pays to take the time daily to monitor your competitor’s. Check their prices, occupancy and ranking.
On the other hand though, if you are like me and have better things to do with your time then look no further than Wheelhouse. What used to consume a huge amount of my time, now gets done with zero work. Not only that, but it does a way better job.
What is Wheelhouse?
Wheelhouse is an automated smart pricing tool for Airbnb. Unlike Airbnb’s Smart Pricing Tips (which suck by the way) that operate with a massive conflict of interest by trying to please both Hosts and Guests alike, Wheelhouse works for the Hosts exclusively. Their sole purpose is to increase the revenue for Airbnb Hosts.
With average revenue increases for Airbnb Hosts of 10-40%, it’s no wonder that Wheelhouse is expanding so rapidly.
How does it work?
These guys have built an insane program that crawls every listing in your area, not only on Airbnb but also Booking.com, Trip Advisor, VRBO, and Home Away. With all this data and the use of some smart algorithms, Wheelhouse is able to churn out automated, optimized prices for the next 12 months. Updated daily!
Where 95% of Hosts usually have between 1-4 different prices for the year, with Wheelhouse you can expect 240+
I don’t want to guess anymore if I’m charging the right amount, I want to know, 100%.
Since using Wheelhouse I’ve taken yet another step away from the time-consuming day to day running of my Airbnb business and get on with living my life.
So with that out of the way, let me show you how to get this thing set up.
Wheelhouse getting started
Getting set up is ridiculously simple.
Head over to https://www.usewheelhouse.com/
Click on the “Get Started” button and follow the steps to connect your listing.
Once your listing is linked to their system, the only thing left to do to start generating your new optimized prices is to switch the Wheelhouse’s Pricing “ON”.
Set your Base Price
With your pricing now turned “ON”, Wheelhouse will take a few moments to analyze your listing and develop your own unique pricing. After crunching the numbers you’ll be recommended a base price based on their algorithm.
With the system I have set up for my Airbnb property, I want a balance of very high occupancy at not necessarily the best rates, but good rates. So for my hosting goals personally the base price recommendations are a little bit too high, so I like to adjust this price slightly lower to better compete.
You can adjust the base price using the drag and drop slider.
Using Wheelhouse’s recommendations is a very good place to start, but you also have the options to fine-tune your strategy.
Maximum and Minimum prices
You can set the set your maximum and more importantly the minimum prices that Wheelhouse can generate for you to make sure you’re always hitting your margins.
Just like within the Airbnb dashboard, you can manage your minimum stays. This is a great resource for any Hosts that operate with anything over a 1 Night minimum stay.
You know when you get those random single nights wedged between two bookings? Well, you can open up these nights manually and set good competitive prices for them. Wheelhouse makes it easy to do this too, and it also offers up optimized prices for those rogue single nights too so that you know you’re pricing competitively.
Longterm & Last minute discounts
Here you can fine tune your discounts.
I keep things to their recommended “demand-driven prices here. I don’t see the benefit in using a custom relative adjustment personally. I’d rather make use of the big data crunching that Wheelhouse carries out to set these prices for me.
Wheelhouse does a great job with their price predictions, but on some rare occasions, you may choose to adjust things slightly. This is super simple to do here as you can literally adjust things by the month.
Drag up, or drag down.
This is well worth keeping an eye on for local events that may sneak under Wheelhouses algorithms.
The whole point in investing in tools like Wheelhouse is to see a return on your money. Under the “Performance” tab you can monitor your progress in a lot of unique ways so you can really see how powerful this tool can be.
Over time you can monitor your performance and make tweaks to fine tune your campaign.
Wrapping it up
As you can see, tools like this can take a lot of the guesswork out of monitoring your prices on Airbnb.
If you’re into the whole automation thing, you might like to check out this post on how to automate 90% of all of your guest communication on Airbnb
Do you have any Airbnb pricing tips or tricks you can share?
As always, chuck it in the comments.