Let’s be honest, pricing is a pain in the you know what. It’s difficult to know precisely what price point will get you the maximum nightly rate for the maximum occupancy and add to that it’s a moving target with inventory and market rates changing constantly. On top of all of that, going in and pricing is just plain time consuming, so it’s no wonder that more and more hosts are turning to pricing tools, but which one should you use? Here’s our comparison to help you find the one that’s right for you.
AirBnb Smart Pricing – This is the dynamic pricing built into the AirBnb platform.
The Good: It’s easy to turn on and automatically integrated into the AirBnb system. It will keep your occupancy rate very high. It’s free! Kinda…
The Bad: We’ve generally seen AirBnb’s pricing recommendations to be much lower than what other platforms recommend. It doesn’t integrate with other platforms.
The Cost: Whatever you lose in revenue by it lowering your prices, but other than that it’s free.
The Bottom Line: Yes your occupancy will be high, but you’ll be offering guests rock bottom pricing to get there and most likely leave money on the table
Wheelhouse – Previously Pricemethod, this platform offers some pretty in-depth analysis of pricing trends and focuses completely on pricing.
The Good: The pricing engine is very good and does a great job of accounting for occupancy rates, competitor pricing, and events that will drive up prices. They have a great dashboard that gives your listings a revenue score to let you see if there are any pricing or occupancy issues with a unit. The user interface is pretty intuitive and has tons of options including things like seasonal pricing, long term discounts, last minute discounts, weekend adjustments, dynamic minimum stays, and more.
The Bad: It doesn’t integrate with VRBO, which is a huge downside as managing pricing on 2 or more platforms is a huge headache.
The Cost: 1% for fewer than 10 properties and .75% for 10 or more properties.
The Bottom Line: It’s a solid platform with lots of great features and a reasonable price that does a good job of keeping your occupancy high without leaving money on the table.
BeyondPricing – A dedicated pricing platform with a large user base..
The Good: It’s got a clean and intuitive interface and the pricing seems to be pretty on point. It interfaces with all the big vacation rental platforms including AirBnb, VRBO, Homeaway, and Booking.com. They also have a managed service for Property Managers that offers personalized revenue management by local market experts.
The Bad: Doesn’t have the rich features of some other platforms that would give you the
The Cost: 1%-1.25% depending on your level.
The Bottom Line: It’s a solid platform with some nice features that will keep your pricing competitive while keeping occupancy high and a management feature for professionals. But it lacks some of the key features that make other platforms more compelling.
The Good: It handles all of the basics along with some nice features that allow for customizing minimum stays and orphan days. It also offers the ability to manage a large portfolio fairly easily. A flat per listing monthly cost which some may find beneficial.
The Bad: No integration with VRBO or Homeaway can be a problem for many but isn’t necessarily the end of the world. The user interface is a bit clunky and dated and the platform lacks some of the customizable features related to seasonality that other platforms offer. The flat per listing monthly cost can also be seen as a negative as it discourages hosts from putting combo listings on the platform, such as with multiplex units.
The Cost: It starts at $19.99 per listing per month and goes down from there depending on how many listings you have with them.
The Bottom Line: It’s a fine platform without some of the bells and whistles but it’ll do the trick.