How to Improve Your Booking Rates

If you're struggling to get bookings or the type of bookings you desire, here's a step-by-step guide to help you optimize your listing and pricing strategy.

Step 1: Analyze Your Listing Metrics

• Check your adjusted occupancy for the next 7, 30, and 60 days.

• Compare your occupancy rates with the market averages.

Step 2: Adjust Your Base Price

• Ensure your base price is competitive. For example, if your luxury property is priced at $190, but PriceLabs suggests $181, consider adjusting.

• Accept recommended price adjustments to make your listing more enticing.

Step 3: Evaluate the Market

• Check the market trends and see if external factors are affecting your bookings.

• Use the Neighborhood Data tab to compare your property with similar listings (e.g., two and three bedrooms).

Step 4: Compare Current and Past Market Performance

• Use occupancy charts to compare this year's performance with last year's.

• Identify periods where the market is pacing behind and adjust your strategy accordingly.

Step 5: Implement Pricing Overrides

• If necessary, apply a temporary discount to boost bookings. For example, apply a 10% discount from October 16th to November 4th.

• Use the calendar to set overrides and adjust prices for specific periods.

Conclusion

By following these steps, you can optimize your pricing strategy and improve your booking rates. Regularly review your metrics, adjust your base price, and stay informed about market trends to ensure your property remains competitive.