How To KNOW Your Airbnb Base Price w PriceLabs

[@OptimizeMyAirbnb]

If you want to learn more about PriceLabs customizations, here's an especial playlist for you: kzbin.info/aero/PLaPi5if-1z-dfYerx_TkGhcXPD2rZJqG5

[@Joeslowcostlifestyle-py9ww]

I don't have any conversions data inside my hosting dashboard. Why is that?

[@OptimizeMyAirbnb]

Turn on Professional Hosting Tools

[@Joeslowcostlifestyle-py9ww]

@@OptimizeMyAirbnb HOLY MOLY. That's like opening Pandora's box. Thank you!

[@MAD-DUKE]

When I read this in his book, this changed my business a lot! Great Stuff!

[@OptimizeMyAirbnb]

Thank you !!!!

[@Carlos_Bandana]

Nice Video! Please more of it! ❤

[@OptimizeMyAirbnb]

Will do ! Happy to help 😁

[@mikemaloy3044]

Hey! Thanks for the videos - I've got a couple of questions. 1) In this video, your BLT is ~30 days, which fits in well with PriceLab's 7/30/60 day Occupancy break down. But what do you do if your BLT doesn't fit in that break down? My market is a vacation destination that is planned way in advance. the average booking lead time in the market (not just my listing) is ~115 days. I would need to make my decisions based on something like 30/120/180 day occupancies right? 2) Is there a way to manage seasons separately? Peak season gets booked way in advance, so I'd want to make adjustments to peak season if it's not booking ~115 days BLT; but in the off season, BLT is closer to 15 days, so I don't want to make adjustments to that until much closer later, right?

[@OptimizeMyAirbnb]

You can change the time frame shown on the dashboard.

[@sebastian4969]

there it is, good one! :)

[@OptimizeMyAirbnb]

Thank you 🥳

[@joncandyfliprecords]

We're only 3 weeks into our first listing journey, and already have 50%+ occupancy for our first 2 months, in a small market right in the middle of Low season. By the time we complete 3 months of occupancy, we'll be nudging High season again and ready to price appropriately (we're already using PriceLabs for our guidance). Loving this process and the challenge! Your videos help a lot so thank you for that.

[@OptimizeMyAirbnb]

Happy to help!

[@GuidoTonelliAutos]

I don't have those insights in my menu, is that possible?

[@OptimizeMyAirbnb]

You need to change to professional hosting tools. Search my videos.

[@GuidoTonelliAutos]

@@OptimizeMyAirbnb ok, thanks! 💪🏻

[@pericocornejo2221]

I can´t find the "insights" tab nor the conversion... has this been updated??

[@OptimizeMyAirbnb]

Airbnb changes their interface a lot 🫠

[@Sfikouris.TheAnxietyExpert]

when i click Menu/Insides in Airbnb, i dont have any choices like yours. There is no left bar with choices like performance etc. How do i find my BLT. Why my airbnb website doest show what your screen shows?

[@OptimizeMyAirbnb]

you need to turn on professional hosting tools in settings

[@lisasperber2367]

Thanks! I’m just a couple weeks in managing my first STR. Having trouble figuring out the BLT. I checked AirDNA and it says it’s 30 to 60 days which seems pretty broad. How would I determine the BLT as a new STR?

[@OptimizeMyAirbnb]

You should follow my new listing strategy, after some bookings you can start looking at your blt

[@BaronHomes-fx2fs]

you said 50% of bookings should come before 30days and 50% after, but then you said at 30 days you want to be 50% booked at 2:01 Isn't it also possible to be 100% booked until 30 days, and have 30 days booked after that point?

[@OptimizeMyAirbnb]

1)Our BLT from the past 3 months shows that 50% of bookings came before/after 30 days. That means that right now you want to aim for a 50% occupancy in the next 30 days (you can have 3 reservations filling up this weeks and a couple more reservations sprinkled here and there) that's your goal. If you're under that number you can apply some discounts to get the reservations for example. 2) It's possible to be 100% booked for the next 30 days but that means you could be underpriced and you should increase your price in those far out dates.

[@BaronHomes-fx2fs]

@@OptimizeMyAirbnb thankyou!@

[@OvernightSuccess721]

Kudos. "There be gold up in them mines." Data-based optimization releases dopamine in my brain. The only thing missing was to show where in PriceLabs you can do that last tip you mentioned about gradual/optimized last minute discounting rather than the shortsighted stepped last minute discounting. I did find it.

[@OptimizeMyAirbnb]

I have playlist dedicated to PriceLabs if you’re interested

[@dorrittakins6392]

Thanks great content

[@OptimizeMyAirbnb]

Happy to help!

[@ColbyCarthew]

I have a BLT on one of my properties of 9.5 days, rounding up to 10 days this would mean at 10 days if i'm at 50% discount but is that enough time for it to have any affect? (hosting 12 months in this property) 2.5 hr drive to get to town Then I have another property that has a BLT of only 5 days, it is suburban, have been hosting in this property for 14 months. both have had price labs up and running from nearly day one. does this mean that I should be discounting further out to try and increase the BLT, or does it suggest that I am priced to high and hence am only picking up bookings in the last 30 discount period? any help would be greatly appreciated.

[@OptimizeMyAirbnb]

Yes, that could be the case. If you're receiving half of your reservations before the next 10 days and those guests are booking because of the discounts, consider lowering your price a little and see if you get some future bookings. A 'normal' listing has a 30 day BLT. Remember that I'm only looking at the last 3 months BLT

[@5onCover]

Thank you Danny. You are brilliant. So my BLT is 80 days. If I start decreasing price by 1% at 80 days I will be at 50% 30 days out. If I start at 30 days I will be at 50 % until the day of. Should I start discounting at 80 days? I think I just answered my own question

[@OptimizeMyAirbnb]

I think you did but could you expand a bit?

[@nquirich5386]

Yeah, my view of the platform looks a bit different, too. I thought I had updated to the latest version, but I don’t have any of the options on the menu he’s working from on the left of the screen.

[@OptimizeMyAirbnb]

You need to turn on Professional Hosting Tools in your settings

[@cricket3736]

Using this optimization strategy and putting the discounts in via price labs, does this mean I should eliminate any last-minute discounts in Airbnb?

[@OptimizeMyAirbnb]

Yes

[@Realestategoonz]

Did he ever mention why he rounded up his BLT I’ve got a large cabin that sleeps 17. Lead time is 65-75 days. Should I be 100% occupied on a larger home. I’m also curious if my lead time should shorten in high season?

[@OptimizeMyAirbnb]

You should use the BLT of the last 3 months for that specific property, in general if your BLT is 30 days you should aim for 100% on the next 7 days, you may scale that to fit your own BLT

[@TheREIstory]

So every week you have to reevaluate the base price forever?

[@OptimizeMyAirbnb]

It only takes 10 min or so

[@TheREIstory]

@@OptimizeMyAirbnb on my Airbnb dashboard I do not have the same metric as you do. Any idea why? I tried looking all over the internet but had to calculate it myself in excel.

[@alejandralopez6247]

🎉🎉🎉

[@OptimizeMyAirbnb]

💪💪💪

[@isaacmaestas2784]

How should I convert if my lead time is 16 ? I want to be booked 50% 16 days into the future ??

[@OptimizeMyAirbnb]

That's correct!

[@elenabogarin]

My BLT is 5 days. How do these suggestions apply? I'm in the Dallas area.

[@OptimizeMyAirbnb]

I'd want to confirm that first. You are a drivable weekend destination I'm guessing? New Airbnb?

[@elenabogarin]

@@OptimizeMyAirbnb Yes! Mostly weekends for sure. About 10 months in. I’ve been learning a lot from your videos btw. Thanks a ton.

[@OptimizeMyAirbnb]

@@elenabogarin thank you! your situation is unique and to suitable for these comments, sorry :/ you will want to heavily optimize for weekend bookings and far out while accepting a 10% premium (often that means creating a customization to lower far out weekend pricing)

[@elenabogarin]

Thanks! I will try to get into your program one of these days.

[@BaronHomes-fx2fs]

If Booking lead time is based on your past 3 months data, wouldn't your adjusted priced be the same? Also wouldn't seasonality of the past 3 months also matter?

[@OptimizeMyAirbnb]

Seasonality matters. about half of markets have the same BLT all year