Latest / Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights / Earn 40% More Revenue From Your Airbnb!

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Earn 40% More Revenue From Your Airbnb! · Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights

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  Welcome to STR Pricing Secrets. This series is powered by HOST.
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  Planet and beyond. The global leader in revenue
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  management for vacation rentals, this series is your go to guide
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  for mastering pricing strategies that maximize your earnings,
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  whether you're a seasoned host or just starting out.
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  We'll breakdown the latest trends, expert insights and
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  actionable tips to help you boost occupancy, increase
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  revenue and stay ahead in the ever changing short term rental
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  markets. Ready to unlock the secrets to
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  smarter pricing? Let's dive in.
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  Welcome to STR Pricing Secrets. Today we're going to discuss
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  must Know revenue. Management tips for. 2025 and
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  with me to share his extensive knowledge on this.
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  Subject is. Roman Solianic from beyond.
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  How's it going, Roman? Yeah, good.
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  Thanks, James. How are you?
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  Really good. Thank you.
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  Excited to kick off this. Series with these exciting
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  pricing secrets we're actually going to start today by busting
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  a few myths about dynamic pricing and I'm sure one of the
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  things that you hear about often is dynamic pricing versus surge
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  pricing, especially with it being in the news a lot recently
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  with the. Oasis ticket.
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  Scandal and and all the other stuff out there, it's it's
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  certainly something that gave dynamic pricing a bit of bad.
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  Press for a. While.
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  So explain. To the hosts out there, what are
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  the differences between dynamic pricing and search pricing?
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  Yeah, no, you make a great point, right.
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  And everyone has seen it online over the last few months around
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  tickets. Oasis, like you said, being the
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  the perfect example where prices went up to almost £500
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  overnight, just down to increased demand.
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  Now the keyword there, prices only went up, right?
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  So that's what surge pricing essentially means is when
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  there's increased demand, prices will skyrocket and then they'll
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  kind of level out. So only goes one way and that's
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  up, right? Whereas dynamic pricing, it
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  fluctuates up or down based on real market data, real consumer
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  trends. So rather than just skyrocketing
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  and then levelling out, prices will go fluctuate essentially up
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  and down depending on the consumer demand.
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  Things like the seasonality of a market, you know, the, the day
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  of the week that it is, any events that are happening
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  locally. But you'll see prices going up
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  and down and optimizing the, the rates to be suitable both for
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  the guests. So the guest is getting good
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  value for money and getting the best possible occupancies in
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  revenues for the the host of the property manager.
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  Yeah. So dynamic pricing, there's much
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  more of a balance rather than surge pricing, which and I
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  remember we spoke about this before and you mentioned Uber.
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  When there's a lot of demand and not many Uber drivers around,
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  that cost just goes up and up and up.
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  Yeah, exactly. And then you will see like it'll
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  go down to the normal price that Uber has, right, They won't go
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  below it. So that's kind of surge pricing.
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  Whereas with dynamic pricing, looking at the, the trends, for
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  example, all the booking pace of the consumer booking data, we'll
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  see if demand is increased and the prices will go up, if demand
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  decreases and the prices will actually go down to incentivise
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  guests to to book. So it's it's fair, it's it's
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  flexible and it's designed to help both the guest and the the
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  host of the property manager. Yeah, much more balanced.
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  Another myth, then some hosts. Are afraid to.
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  Try dynamic pricing because they fear they'll lose control of
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  their revenue management. So why is this not the case?
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  Yeah. So there is a common kind of
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  misconception I suppose that dynamic pricing will essentially
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  kind of do everything for you, you lose all control and it's
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  all down to the tool. But that's not the case, right?
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  It doesn't mean giving up control.
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  It actually means having smarter control.
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  So there's a range of different ways that you essentially
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  customize the tool to be or to work with the strategy that you
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  want to kind of use at the time. So you set rules on things like
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  minimum prices, maximum prices, your strategy preference,
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  Spence, of say this kind of thing, while the system handles
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  the heavy lifting of updating your prices in line with the
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  supply and demand data every 24 hours.
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  But in between those automatic updates, of course you remain
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  fully in control to the parameters that the tool works
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  within. Yeah, exactly.
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  You are like you say you're in control there.
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  You're setting the minimums, the maximums when it comes to the
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  length of stay, all that kind of thing.
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  So you're totally in control. You're not just like handing it
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  over to an AI tool which will kind of make decisions for you.
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  You're the one kind of setting those those clear parameters,
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  another kind of myth. Then some property managers say
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  they know their market better than any algorithm and that's
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  why they don't want to use dynamic pricing.
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  What would you say to those managers?
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  Look, I would say it's a, it's a very fairpoint, right?
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  But however, you know, local knowledge is, is crucial, right?
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  And it will never be replaced. And that's where property
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  managers come in. They know their owners, they
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  know their markets, they know their areas.
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  But manual pricing can't keep up with, with real time market
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  shifts. I can consumer demand, consumer
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  booking trends change all the time.
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  Keeping on top of that manually, it's simply humanly impossible
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  right now. Like a strong dynamic pricing
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  tool works with your expertise, not against it.
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  So it gives you data backed insights whilst allowing you to
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  customize it based on your knowledge of the market, of the
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  owner, of the type of goals that you have with each individual
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  kind of property. Is it just basically?
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  Impossible. To kind of compete with a
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  dynamic pricing tool when it comes to revenue management,
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  because I, I do hear it from quite a lot of property
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  managers, especially if they feel like they're in a, a very
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  unique area. And some have said, oh, there
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  isn't enough data, there isn't enough competition in my area.
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  So I'm always going to know better and I'll have you know,
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  these prices for different seasons or these prices for for
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  different months. What would you say to?
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  Those those managers, yeah, I mean, as I mentioned, a consumer
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  kind of booking patterns, search patterns, you know, how they
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  plan continuously change and adapt and they're and they're
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  flexible and, and we see a lot of the time where peak seasons
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  have become shorter, right? Booking windows have become
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  shorter, length of stay have become shorter, right.
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  So only relying on kind of historical knowledge and
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  historical trends just isn't enough with these trends
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  changing all the time. So having access to data that's
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  fresh and looks at exactly what's happening in your local
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  market will only help empower you to be even more effective
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  with the approach that you that you essentially take.
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  If you think about it, right, let's say you have, you know, 10
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  listings right in different parts of Cornwall.
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  Now keeping on top of those 10 listings on top of the demand
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  and how it changes between Monday to Thursday and Friday to
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  Sunday to events happening within the local areas, right to
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  this different seasonalities in each particular kind of area
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  that you're in across just 10 listings across one listing.
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  It's, it's simply kind of impossible and beyond.
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  We analyse about 6 billion data points every 24 hours.
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  Imagine that as a, as a human being or how many people that
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  would take. But yeah, it's, and as I say,
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  it's not a case of kind of replacing it and saying you're
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  wrong with what you're doing. It's, it's the other way around.
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  It's the giving you the the tools and the data to empower
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  you to make much smarter decisions with your pricing
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  strategy and ultimately maximizing both occupancies in
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  the kind of slower periods and then ultimately getting the best
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  possible rates in the the peak periods of of of demand.
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  Maximize your holiday. Let revenue with Beyond Are you
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  leaving money on the table with outdated pricing?
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  Beyond is the global leader in revenue management for short
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  term rentals, helping hosts and property managers boost revenue
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  by up to 35%. With real time market insights,
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  automated pricing updates and AI driven strategy, Beyond takes
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  the guesswork out of setting rates so you can earn more while
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  doing less. Join thousands of successful
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  hosts to price smarter Fillmore nights and maximize profits.
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  Try Beyond Today and what's your revenue soar?
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  Visit beyondpricing.com to get started.
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  How do you approach things when you work with a property manager
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  and perhaps they're on a far-flung island and there
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  aren't that many comparable listings or properties nearby.
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  Do you look at maybe other islands or do you look at other
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  data sets that you compare it to to try and get an idea of, you
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  know, what the what the price and what the rate should be?
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  Yeah, it's a great question, right.
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  So I'd say there are often areas where you have a massive
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  concentration of listing, so the data is richer, right, or where
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  you'll have a kind of rural areas where the next property
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  isn't for another 20 miles, right.
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  So in those instances we will look at a wider area to and but
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  we always look at, for example, if it's a four bedroom property,
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  right, we will look at data for four bedroom properties.
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  If there isn't a, a kind of large concentration within a
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  specific geographical area, we will widen the search because
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  ultimately as a guest you only have those wider options in that
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  particular region. So if we have to look at a wider
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  kind of scope, we will. But ultimately the data we pull
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  from multiple sources as well, right.
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  So all the major OTAs. So try to be as accurate with
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  the booking trends for that specific region as we can.
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  And if at times it will involve looking at wider areas
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  similarly, for example, you might have kind of individuals,
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  hosts of property managers that will have much larger
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  properties, right? Let's say 10 bedrooms or or 12
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  bedrooms, right? There's never the same
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  concentration of 12 bedroom mansions as there is one bedroom
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  apartments, right? So in that case, when we with
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  these booking trends, we'll also widen the scope of data that we
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  look at to also include properties with kind of, you
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  know, 810-1214 bedrooms, for example.
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  Because when it comes to those kind of houses or those sized
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  group bookings, people aren't necessarily searching for a
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  specific area. They're searching for a property
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  big enough to accommodate their group or gathering or whatever
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  it is. So again, to be as accurate as
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  possible, we'll also then look at other data sources or why the
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  data range to capture those kind of search trends and demand
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  trends to make sure that we're like accurately adjusting the
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  prices for our clients. Makes a lot of sense.
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  A lot of hosts and property managers out there are perhaps
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  not particularly tech savvy. They hear about dynamic pricing
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  and algorithms and AI and they think, Oh my goodness.
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  And then they see a dashboard and they think, Oh my goodness,
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  this, this is too complicated for me.
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  I, I don't know where to start. Why is it potentially simpler
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  than what they might fear? Yeah, it is.
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  It's the fear of the unknown a lot of the time, right, That
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  you're kind of incorporating a new system you've never used
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  before and there's a lot of different tools and features and
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  so on. So it can become a little bit
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  overwhelming. However, you know, the whole
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  point of having the the right tool is to make it easier than
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  manual pricing, right? So instead of adjusting rates
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  daily, a good dynamic pricing system automates that process,
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  but gives you the final say in that.
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  And in terms of the complexities, right, it can be
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  as simple or as complex as you like it to depending on how far
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  you want to go into your strategy or how many tweaks you
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  want to make to it. Ultimately, the tool is is very
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  user friendly. We've won multiple awards for
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  the user experience of Beyond Dashboard.
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  You can also customise the dashboard to include as much or
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  as little information as you need, or the critical
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  information to empower your kind of decision making.
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  But ultimately, it's there to simplify pricing for you and
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  make your life easier, rather than make it more complicated
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  and give you more more work. And you've got the support team
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  there as well. If if people have any questions.
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  I've seen quite a few dynamic pricing tools and software out
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  there. And I can confidently,
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  confidently say that beyond is I think by far the simplest.
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  It is easy to look at, easy to use and the user experience is
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  exceptional. Finally then, Roman, just tell
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  us about the the potential impact of going from static
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  pricing to dynamic pricing if people change what than they
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  expect to earn in terms of extra revenue?
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  Yeah. So in, in terms of like average
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  results with beyond, it's around about 18% revenue growth in the
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  1st 12 months right now. But that's across 700,000
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  listings globally, right. So it does vary by market, by
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  region, by country, by by type of of portfolio.
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  However, it's not uncommon or unheard of to see, you know,
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  revenue growth up to 35, 40%, for example, when coming from a
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  completely manual process to dynamic pricing with beyond.
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  Because ultimately, if you were having, you know, three seasons
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  before low season, mid season, high season across a 12 month
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  period and you now have 365 seasons, individual daily rates
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  based on things like day of the week impact seasonality events.
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  The opportunities are are massive.
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  I say it's not unheard of in in the 40s, fifties for for
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  instance, we have a range of customer stories on our website.
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  But one of our clients, the Hinge management in Ireland,
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  they grew revenue by over 50% in the 1st 12 months.
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  So results do vary, but the results are always a very strong
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  return on investment. And ultimately, our goal is to
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  make sure that you're maximizing the revenue potential of your
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  portfolio given what's happening in your market. 50%, that is
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  phenomenal. Take it from me though, people,
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  I've gone from manual pricing to dynamic pricing and it works.
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  So if you're not using a dynamic pricing tool at the moment, give
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  beyond a try. Roman, it's been a real
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  pleasure. We will talk to you soon for
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  another couple of episodes in this series.
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  Looking forward to it. Thank you very much for having
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  me and see you soon. Great to chat to Roman Solanik
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  there and bust A. Few myths about dynamic.
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  Pricing All right, that's it for today's episode of STR Pricing
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  secrets. Remember, this series is
• 15:37
  sponsored by Beyond and if you'd like to try their dynamic
• 15:40
  pricing tool, head to beyondpricing.com.
• 15:43
  For more free education tips and trends from the STR industry,
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  visit houseplanner dot club where you can sign up for our
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  newsletter. Listen to our.
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  Podcasts and. Download a suite of ebooks for
• 15:54
  hosts and property managers. That's it for today's episode.
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  Until next time, happy hosting.