Pricing and adding amenities

[Luke Masaschi]

Ive been in the STR space for a few years now and wanted some advice on the following and would love to connect!

I have a solid property that cash flows really no matter what and I believe is a little nicer than most comps in the area. Now in 2021 I got 225 a night with a $150 cleaning fee and was 98% occupied may-aug and never adjusted prices due to not knowing about demand as well as pricing tools.

Last summer I didn't see as great of prices just because of how crazy 2021 was but was still full. Now that I am going into the high season im trying to figure out how high to push my prices without staying vacant. I use price labs now and was wondering if you guys have a suggestion on how to price a prop as well as if there should be a minimum for orphan days as well as cleaning fees.

For my second question: I want to add cool amenities such as hot tubs ect at this same property. How much should someone increase their prices after adding such amenities or does it vary? I feel as if I could definitely get more but I do not want to push it to the point where it crazy high and im keeping months open. 

Now I know a lot of people will say test prices which I plan on doing eventually but at the moment I am being aggressive on the remodeling / re investing side and since high season is only a few months a year in my area I dont want to miss out on revenue when I do not have to. 

[John Underwood]

It's really trial and error on pricing. Check your competition to see what you think you can get away with without hurting occupancy too bad.

Similar answer on hot tubs and other amenities.  How much more is your competition charging for these amenities?

One possible answer is no extra rate increase  but better occupancy numbers.