Answer – If you’re like the vast majority of Airbnb hosts in Edinburgh it’s to bring in a fair sale value for your Airbnb property. Some might do it for the experience, company and or just like meeting new people and showing them the fantastic city that is Edinburgh.
What is a fair value for your property on Airbnb?
In the tourism industry there is a name for this. It’s called Revenue Management. Basically, you need to forecast against demand and events on in Edinburgh. There is ample software out there to help you, but it comes with a subscription price and some experience. Airbnb offer a “price optimisation” tool but personally I prefer to use my own judgement. A simple Hack in placing pricing on your Airbnb property in Edinburgh is to do the following.
1. Match your property to a professional property in your area. I would say matching it against a block of aparthotels (if you’re renting a complete property) or hotel room if you’re just renting a room out. This should be within .5km of your Airbnb property.
NB. By matching against a professional operation they most likely have a revenue management team in place who increase and decrease pricing based on demand.
2. Once you have found your match look across different dates for price fluctuation. Most likely they will have set pricing for Low, Medium and High season. They most likely will have a higher price for Friday and Saturday Nights.
3. Now you can price your calendar depending on seasons and weekend demand. The next thing to do is to find what events are on in your area which in turn increases demand and more importantly for increases income.
4. Now please alter your minimum number of nights stays, for Example please don’t rent your home on Airbnb for 1 night on May 20th 2023 when Beyonce is playing in Murrayfield for example. Airbnb Hosts looking to maximise income will set at least a 2-night stay for this event for example.
5. Contact the team at email@example.com for your 2023 Revenue Management in Edinburgh Calendar. We will share with you the key dates we see for the year ahead!