Hey Barbie! Is Ken pricing Barbie’s Malibu DreamHouse on Airbnb correctly? For starters, it’s safe to say that pricing this Airbnb might be out of Ken’s league. From Airbnb’s website:
All stays will be free of charge – because Ken couldn’t figure out how to put a price on Barbie’s Malibu DreamHouse – after all, Ken’s thing is beach, not math!
While this is a great deal for his future guests, Ken’s rental will be out of business pretty quickly at this rate.
Actual vacation rental property managers and Airbnb hosts have one important thing in common: they all want to maximize their revenue. And if you have a luxury or unique vacation rental, getting the nightly price right is one of the keys to maximizing your revenue. So if you’ve got a unique or luxury vacation rental and are struggling with how to price it, dynamic pricing is your answer. It takes all unique factors into consideration to arrive at the right price for each night – automatically.
How Does Dynamic Pricing from Beyond Work?
Dynamic pricing uses an algorithm that takes away the tedious guesswork, uncertainty, and stress caused by static pricing. The algorithm has the ability to meet demand where it’s at - automatically increasing or decreasing the price of your listing based on historical and real-time data, all done on a daily basis. Plus, Beyond’s dynamic pricing platform includes access to comprehensive data about your local markets & competitors so that you can expertly understand your market and outshine your competition.
But what about unique properties like Barbie’s Malibu DreamHouse? Beyond has a few factors that help with pricing luxury properties like this.
Beyond’s Keys to Pricing Barbie’s Malibu DreamHouse – And All Luxury Vacation Rentals
For this type of property and all luxury properties, Beyond takes dynamic pricing a step further and considers the property’s unique characteristics, such as its size, amenities, and location, to ensure that the nightly rate matches the market demand and the true value:
An expert, human touch: Beyond has an established team of revenue managers working in tandem with our sophisticated algorithm that actually hand-launches every single market that we price and constantly modify as needed. Our team has experience pricing unique listings, and find that we can account for the unique aspects of your property by looking at the Base Price and adjusting it to account for the specialness of the property.
Search data: Another key feature of Beyond’s dynamic pricing is its ability to adjust prices based on search data. Beyond uses consumer search data to identify the specific drivers of high and low pricing based on fluctuating levels of consumer demand for different dates and types of listings. Adding this layer of data into dynamic pricing will take you from reactive to proactive, allowing you to truly maximize occupancy & revenue.
Customizations: Beyond dynamic pricing also allows you to set custom rules and minimum and maximum rates to fit your pricing strategy, so you’re always in the driver's seat. For example, you can set a minimum rate to ensure that your property always earns a certain amount of revenue, or a maximum rate to avoid pricing yourself out of the market. Beyond also provides you with insights about your property, such as how it’s performing compared to similar properties in the area, occupancy rates, revenue trends, and more.
Beyond dynamic pricing can help you optimize your pricing strategy by accurately predicting demand and adjusting your nightly rate in real-time for your luxury property. By using Beyond, you can ensure that you are earning the maximum amount of revenue while staying competitive in the market. So, if you are an Airbnb host or vacation rental manager looking to optimize your pricing strategy, try Beyond today!