STR Pricing Tips!

[Bailey Kramer]

I often get asked how I handle pricing my properties so here's my playbook!

1. I use dynamic pricing software (Pricelabs) BUT the software isn't going to just "work magic" for you!  It's CRUCIAL that you set it up properly from the start!

2. Every Monday I check Pricelabs to see how my property is performing

3. If my properties are occupied wayyyy more than the competition, I'll increase my price.  

If my properties are occupied less than the competition, i'll decrease my price.

This takes me about 1-2 minutes/property per week!

Feel free to drop your questions and pricing tips below!

[Bailey Kramer]

Quote from @Daniel Murphy:

Quote from @Bailey Kramer:

2. Every Monday I check Pricelabs to see how my property is performing

Can you elaborate a bit more on this? What do you check, what do you look for & what is considered good / bad? 
I've been using price labs for a while but if I'm honest, I don't spend much time in there anymore.  I'd like to institute a weekly routine like yours. 

 Yes absolutely!  I will say that making sure all of your settings are setup PROPERLY from the start makes this next part possible, and I can't explain the full setup process on a blog post because it's more complicated than that hahah but maybe I'll make a video or something!

But as far as my process for adjusting prices:

Pricelabs shows how occupied my property is compared to the competition in 7, 30 and 90 day increments (you can also adjust these increments, but these are the increments I have setup).  They use color codes (and will also show you the %) to show you where your property sits occupancy wise compared to the competition.  

*General rules of thumb*

If your property is wayyyyyy more booked, it usually means your prices are too low.  If thats teh case, RAISE THEM!

If your property is in the red zone and not occupied compared to the competition, chances are you should lower your pricing.

Let me know if this helps!