Make sure you aren’t selling yourself short. Why are people going to book your house or apartment over a hotel? Are they looking to save money or are they looking for a home away from home? Perhaps they want to be closer to a certain location or area of town. They may be looking for certain features, like a hot tub, full kitchen, or larger common space.
The more you can charge for your location, the more your time and efforts will be rewarded. You want to price your space based on what value it offers:
- Set your price according to the number of adults booked
- Increase prices for peak seasons as soon as they are available for booking – don’t wait or they may get booked at a very low price just by booking well in advance
- Do you have a Hot tub (in Miami this can add over $80 per night)? Free parking (in LA this is worth around $15 a night)? Pools and other important amenities add value to your bookings
- Mini-Bar! Make some extra cash by buying by the case and then charging per drink (just make sure those prices are clearly visible)
- If you have great lighting or an ideal view, highlight that in the listing and let your renters pay top dollar for an Instagram-worthy vacation spot