Set reasonable expectations for your hosting business
Many of Airbnb’s most successful Hosts are entrepreneurs at heart. Your feedback inspires new hosting features and upgrades, and your insights help shape our pricing tools and tips.
It can take time and practice to develop a pricing strategy that works for you. Try to set reasonable expectations by focusing on what you can control and keeping an open mind.
“At the end of the day, hosting is a business,” says Reed, a teacher, entrepreneur and former Host Advisory Board member in Philadelphia. “Your hospitality and the way you make people feel connected are the whole ethos of Airbnb. If you embody that ethos, folks are going to come back.”
Focus on what you can control
There are some things you can’t change, like your location, local demand and the economy. But you can always keep an eye on trends and evolve what you offer.
Track local demand. Regularly compare your price to similar listings nearby. You can also try Smart Pricing to automatically adjust your price based on local demand.
Adjust as you go. Get a full breakdown of what guests pay and what you earn, and consider whether any promotions or discounts make sense for you.
Keep your listing up to date. This includes maintaining a detailed listing description, being clear about the amenities you offer and using photos to give a virtual tour.
Highlight your hosting style. Use your house rules to share what’s allowed in your space and inclusive language to welcome people of all backgrounds.
You may have a few setbacks as you go, but using guest feedback to inform changes can help you add value and show you care.
Aim for a growth mindset
There’s a thread that runs through this learning series: Approach hosting with openness, curiosity and an interest in improvement. Psychologists call this a growth mindset, and it’s a common trait among top Hosts.
Being open to change has a ripple effect. It can help you improve your listing, respond constructively to guest feedback and show that you take guests’ satisfaction seriously. These improvements fuel not just your pricing strategy, but your growth as a Host.
“How do you treat your guests?” asks Pamellah, a former Host Advisory Board member in Malindi, Kenya. “I create a beautiful atmosphere, so they feel welcome and wanted. That is the heart of Airbnb: to make every guest feel welcome and a sense of belonging.”
When guests feel welcome, they tend to leave positive reviews. Showing the value you bring as a Host can help you grow your business and fine-tune your price.
Information contained in this article may have changed since publication.
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