Are You Leaving Money on the Table?

Hosts often equate success with five-star reviews—but as Colleen says, “You can’t pay your mortgage with reviews.” In other words, high ratings are great, but they don’t always reflect the health of your business.

To truly understand how your property is performing, you need to look at your numbers: revenue, occupancy rate, and how you stack up against comparable properties in your market.

What “Doing Well” Really Means

Before you celebrate your full calendar or great guest feedback, define your version of success. Do you want to increase your revenue by a certain percentage? Improve your average nightly rate? Reach a specific occupancy goal? Clarity around these targets is essential for making informed pricing decisions.

How to Use Dynamic Pricing Tools Effectively

Tools like PriceLabs, Beyond Pricing, and Wheelhouse are designed to help you stay competitive—but they’re not magic. Think of them as data partners, not decision-makers. The software gathers real-time market data, but it’s up to you to interpret that information and make adjustments based on your property, seasonality, and local demand.

As Colleen explains, “PriceLabs doesn’t price your property—you do.” The tool provides insights, but you have to act on them consistently.

Pricing Is Never Set It and Forget It

The market is constantly changing—so should your pricing. Check in weekly to make small adjustments based on booking trends, events in your area, and seasonal shifts. This isn’t a sign you’re doing something wrong; it’s part of being an active, strategic host.

If you think your pricing strategy is perfect and doesn’t need tweaking, you’re probably leaving money on the table. The best hosts are the ones who keep testing, learning, and staying curious.

Resources Mentioned:

PriceLabs – Dynamic pricing software that automatically adjusts your rates based on real-time demand.

Lodgify – All-in-one software to manage bookings, sync calendars, and build your direct booking site.

Have More Questions? We’d love to hear from you! Submit your hosting questions to the Hosting Hotline and tune in to the podcast for answers. Don’t forget to follow us on Instagram for more tips: @thanksforvisiting_.

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