Wheelhouse Demo: How Should I Adjust My Base Price?
Summary
AI-generatedThis video explains the foundational concept of base price for short-term rental listings. Hosts will learn how to define their base price as the average rate for a normal night and how dynamic pricing tools use this as a starting point to adjust for demand.
Key insights
Past booking data is crucial for setting an accurate base price. Booking too early at a certain price suggests your base price is too low, while consistently being among the last to book indicates it's too high.
Mistakes to avoid
Failing to consider unique listing attributes when setting your base price can lead to inaccurate pricing. A property with a pool is worth more than one without, and this difference should be reflected from the base price.
Tools & resources
Wheelhousetool
Wheelhouse is a dynamic pricing tool that helps STR hosts set and adjust their pricing based on market demand and listing attributes.
Frequently Asked Questions
Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial