Ensure your listing is optimized to attract and convert potential guests. Since you don’t have reviews yet, trust signals and a polished listing are key to securing bookings.

• Why this works: Guests are more likely to book a listing that stands out, offers value, and appears trustworthy, especially since you don’t have recommendations yet.

• How to implement: Use high-quality photos, write clear and friendly descriptions, and highlight key amenities. Add trust signals like flexible cancellation policies, instant booking, and a professional host profile.
  

Pro Tip: Mention any unique features of your property, such as proximity to attractions or pet-friendly policies, and keep your calendar up to date.

Set Your Base Price Like an Experienced Host

Set your base price based on the quality of your property, similar to how an experienced host would. Avoid setting your price too low to secure far-out bookings, as the goal is to attract bookings within the next 30 days to gather reviews quickly.

• Why this works: If your base price is too low, you risk getting booked for high-demand periods (e.g., New Year’s) at a lower price. Instead, focus on near-term bookings to build reviews.

• How to implement: Use the Base Price Help tool to check market-based prices and set yours according to the quality of your listing. If necessary, start slightly lower but avoid deep discounts for long-term bookings.

Pro Tip: Reevaluate your base price every few weeks as bookings start coming in, and gradually increase it to match market demand. Along with reevaluating your base price regularly, it's important to monitor Base Price Nudges. These nudges help us keep track of your base price and alert you if there's a significant difference (over 5%) between your current base price and our recommended base price. By staying updated with these timely notifications, you can adjust your pricing strategy to ensure it's always optimized. This approach helps you maximize earnings while remaining competitive in the market.

Be Flexible with Your Minimum Price

Flexibility with your minimum price is crucial when starting out. Temporarily lowering your minimum price increases your chances of securing those important first bookings.

• Why this works: Being flexible with your minimum pricing can attract more budget- conscious guests, especially during low-demand periods or for shorter trips.

• How to implement: Set your minimum price at a level that covers your costs but remains competitive with similar listings.

Pro Tip: If your property is consistently being booked at the minimum price, consider adjusting it slightly to give the algorithm more room to adjust for low-demand dates. We monitor your Minimum Price closely, and if we detect that at least 21 available days in the next 30 are set at your Minimum Price, and it hasn't been adjusted in the last 10 days, we’ll recommend a 5% reduction. This ensures that your pricing remains competitive, giving the algorithm more flexibility to adjust for low-demand dates and helping you secure more bookings.

Add Deeper Last-Minute Discounts for Short-Term Stays

Offering deeper last-minute discounts, especially for stays within the next 30 days, will help you fill up your calendar faster and gain those valuable reviews.

• Why this works: Last-minute discounts increase your chances of securing bookings from guests who are looking to book within the next few weeks, helping you improve occupancy rates.

• How to implement: Use PriceLabs' Last Minute Discount feature to apply deeper discounts for short-term stays (within the next 30 days) to make your listing more competitive.

Pro Tip: Avoid applying these discounts too far into the future to prevent underpricing during high-demand periods.

Set a Lower Minimum Stay for Last-Minute Bookings

Instead of reducing the minimum stay across the board, set a lower minimum stay for last-minute bookings. This flexibility increases your chances of securing near-term bookings.

• Why this works: Allowing shorter stays (e.g., 1-2 nights) for last-minute bookings maximizes your chances of getting bookings while avoiding vacancy.

• How to implement: Set lower minimum stays for last-minute bookings while keeping longer minimum stays for bookings farther out.

Pro Tip: Expand your window of what's considered last-minute to give yourself more flexibility in filling your calendar.

Keep It Simple in PriceLabs

As a new host, it’s tempting to tweak every setting in PriceLabs, but keeping your customizations simple will often yield the best results. PriceLabs is designed to dynamically adjust your prices based on market data, so starting with the defaults is a solid strategy.

• Why this works: PriceLabs uses market trends and competitor data to adjust your prices automatically. Overcomplicating settings can lead to confusion and incorrect pricing.

• How to implement: Stick with the default recommendations in PriceLabs, and only make small changes once you’re more familiar with how the platform works.

Pro Tip: Use the Neighborhood Data tab to understand local pricing trends before making any custom changes.

Monitor and Adjust Regularly

Use PriceLabs' tools to monitor your performance metrics, such as occupancy, bookings, and revenue. Regularly reviewing these metrics ensures you stay competitive and adjust your pricing strategy as needed.

• Why this works: The market is constantly changing, and monitoring your listing’s performance will help you adjust your prices and settings to stay competitive.

• How to implement: Use the Performance Metrics and Pacing Chart in PriceLabs to track how your listing compares to others. If bookings slow down, consider adjusting your base price or minimum stay settings. Performance Metrics Pacing Chart

Pro Tip: Regularly check the Occupancy Chart in the Neighborhood Data tab to see how your booking patterns compare to the market. This will help you identify if you’re priced too high or getting booked too quickly at a low price.