It's Time To Raise The Rates

[Luke Carl]

Somehow along the way I got sucked into this "prices low / asses in the seats" mentality. And I do believe that's the way you should be when you're new, but I'm not new. I have more reviews than any self manager in my market, and my market is nothing but STRs. I am the proud owner of the longest self managed "airbnb" in my market, which is nothing but airbnbs. 

You see before we (my wife and I) came along, my market was run by local property managers with stupid names and horrible websites. We melenialized it. There were only two hosts on airbnb prior two us, one of which we made friends with, and they've both since sold their properties. 

So.... why when I've got 2000 glorious reviews and years of experience -are my prices so damn low? I have no idea! People are flooding into my market like never before! 

Thus...  I've raised my rates. I've studied my competition and I look forward to higher quality guests. The more they spend the less they complain is 100% accurate in this business. They get a smokin' deal -I end up with 4 stars for value. They pay more than everyone else in the neighborhood - never hear from them and get a glowing review. 

Don't sell yourself short. Raise your rates! 

[Ken Boone]

Originally posted by @Luke Carl:

Thus...  I've raised my rates. I've studied my competition and I look forward to higher quality guests. The more they spend the less they complain is 100% accurate in this business. They get a smokin' deal -I end up with 4 stars for value. They pay more than everyone else in the neighborhood - never hear from them and get a glowing review. 

Absolutely true.  Reminded of this once again, when we dropped our rates in order to rebook all of our cancellations for Covid-19.  It was still worth doing, but wow, 50% more "issues" with these guests that are booking my primo cabins at 50% off during spring break peak season.  I am so glad we are back at full rates now.  No more of this haggling.  People were so ridiculous during this time.  Not all but quite a few.  

I mean I had one person send an inquiry on one my cabins that does $420/nt normally in March but was now about 50% off (it is a pool cabin) and said "I want to stay 4 nights and I will pay $600 total"  I'm like are you freaking kidding me????  They just expect to rent a private pool cabin with all kinds of amenities cheaper than they can get a basic hotel room for.  The number of people that continued to try and haggle for lower prices after it was already reduced just blew me away.  

These are also the guests that when there is a problem, and there will be at times, are the biggest jerks to deal with.