AirDNA has just made it infinitely easier to fine-tune your Airbnb pricing strategies!
Our Airbnb pricing tool combines property data with vacation rental market data, so you can now visualize the difference between your listings and the overall market.
With today’s update, we’ve taken this one step further by overlaying your own pricing on top of what’s happening in the market. It’s now possible to spot underpriced days where you can increase rates to drive revenue, and overpriced days where you can decrease rates to drive occupancy.
What does this mean for you? Now you can optimize the daily market pricing for each of your properties, making it even easier for you to use MarketMinder data and insights to grow your revenue.
What’s the Ideal Airbnb Pricing Strategy in Your Market?
Finally, An Airbnb Pricing Tool That Helps You Outperform the Market
Now that you have a good sense of the benefits of optimizing your pricing strategy, here are some pro tips on how to get the most from our market-based Airbnb pricing insights.
1. Onboard Your Airbnb Listings
While the market-level pricing data in MarketMinder is actionable on its own, it becomes much more valuable when you onboard your short-term rental properties. Before you onboard your properties, you’ll need your host account URL and an iCal link for each property in your account.
To get your host account URL and iCal links
- Log into your Airbnb account and go to your host dashboard
- Click on your profile picture in the top right corner, then click “profile”
- Copy the URL that populates in the address bar (the URL should start with https://www.airbnb.com/users/show then be followed by a string of numbers)
- Visit your Airbnb listings page
- For each listing in your host account, click on the individual listing page, then click “availability”
- Scroll down and click “export calendar,” then copy the unique iCal link
To onboard your properties in MarketMinder
- Click on “My Properties” in the bottom left corner
- Paste your host URL in the box at the top of the page, then click next
- Verify each of your properties using the unique iCal link from each property
For now, My Properties only supports Airbnb listings, but we hope to support all short-term rental listings on Vrbo, HomeAway, and more in the near future.
2. Set Property Filters and Select a Percentile
After you’ve onboarded your Airbnb listings, click on the “Future Rates” tab in MarketMinder, then select your property from the drop-down menu on the top left corner.
By default, you will land on the “Market Rates” section. Next, adjust the bedroom, bathroom, accommodation, and percentile filters to match your property.
Using these filters isolates prices in your market to comparable vacation rental properties that are performing similarly to your own and provides you with the most accurate comparisons possible.
After you have applied the filters, you can scan the calendar to get a sense of future daily rates. With a quick glance through our Airbnb pricing tool, you will see higher demand days (dark blue) and lower demand days (light purple) up to six months out.
3. Compare to Market Rates and Adjust Airbnb Prices
When you hover over any day in the calendar, you will see a pricing card, which contains demand details for the booked, available, or blocked day.
If your listing is still available on a particular day, you will see a pricing comparison to market rates, based on your current listed rates and the filters that you have set.
Assuming you have adjusted your filters and percentiles appropriately and want to adjust your prices to match market rates, simply copy and paste the rate into your Airbnb listing’s calendar to adjust your Airbnb pricing.
As a reminder, all of the future rate data does not include cleaning fees. Those will be added on top of the nightly rates that you set on Airbnb.
But Wait, There’s More!
In addition to our Airbnb pricing insights, you will also experience enhanced mobile usability, and a completely new user interface:
Redesigned Navigation and Sidebar Menu
This section contains the majority of MarketMinder’s market intelligence and historical short-term rental data, including Occupancy, Rates (the historical data from our former Pricing tab), Revenue, and Guests. All historical short-term rental data includes cleaning fees in the revenue calculations.
This section contains real-time, market rates and pricing insights for up to six months into the future under Future Rates, and historical RevPAR data (including cleaning fees) for the last twelve months under Seasonality.
This section is where you upload your active Airbnb listings. Verified properties from My Properties will be automatically pulled into the new Future Rates tab.
Updated Short-Term Rental Property Cards
Individual property cards have gotten a facelift with a larger preview image, clearer channel icons, and easier-to-scan vacation rental metrics.
If you don’t see these updates live in your account, make sure to sign out and sign back in. As always, you can reach us at [email protected] if you have questions about MarketMinder.