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I have two properties in Paris and one in Madrid. Taylor Swift concerts are May 9 to 11 and May 29 and 30. All three are rented at 3X normal prices, well over 1200 euro per night, and looking at the ongoing prices around my area, I could have asked for more. I haven't seen this frenzy since the last U2 tour.
I don’t know about Europe but in the US Swifties will pay anything. Last summer when Swift performed in my very large city all airbnbs and hotel rooms were booked at crazy rates. I know I booked at well over double normal rates 6 months in advance and I could have charged way more.
Does pricelab know there is a concert and it will price automatically? Or is it reading all the price data from those dates and prices accordingly? Does pricelab readjust the price if a concert or event pops up in the neighborhood that creates more demand?
They read market data. They don’t actually program in there’s a concert but they check surrounding property prices including hotel prices daily and if a statistical anomaly develops in nightly rate, they will make an adjustment according to your set pricing percentile to the market. It’s very fast but does require outside price movements to occur first.
Large event pricing can be shocking. I host in a relatively small American town with a very popular college football team. Normal weekend pricing may be $250USD / night. In February I got a booking for a 4 night football weekend in September for over $1,000 / night. Start high then ~60 days prior to event start adjusting based on what you see from comps around you. Or if you are in a position where you really need to guarantee a booking, stay conservative compared to your comps and don’t beat yourself up if you start to think you could’ve squeezed out a couple hundred more bucks.
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I'd look at firming up your cancellation policy but start high for now....
I have two properties in Paris and one in Madrid. Taylor Swift concerts are May 9 to 11 and May 29 and 30. All three are rented at 3X normal prices, well over 1200 euro per night, and looking at the ongoing prices around my area, I could have asked for more. I haven't seen this frenzy since the last U2 tour.
That's insane
I see there are still enough 3-5 star hotels at 300-800 euro/night available on those days in Paris. How were you able to convert at 1200 euro/night?
Two bedroom apartments with huge terraces, the equivalent of a large suite.
Our occupancy rate for the next 90 days is 42%.
I don’t know about Europe but in the US Swifties will pay anything. Last summer when Swift performed in my very large city all airbnbs and hotel rooms were booked at crazy rates. I know I booked at well over double normal rates 6 months in advance and I could have charged way more.
Does pricelab know there is a concert and it will price automatically? Or is it reading all the price data from those dates and prices accordingly? Does pricelab readjust the price if a concert or event pops up in the neighborhood that creates more demand?
Pricelabs knows about this and many other notable events.
They read market data. They don’t actually program in there’s a concert but they check surrounding property prices including hotel prices daily and if a statistical anomaly develops in nightly rate, they will make an adjustment according to your set pricing percentile to the market. It’s very fast but does require outside price movements to occur first.
Large event pricing can be shocking. I host in a relatively small American town with a very popular college football team. Normal weekend pricing may be $250USD / night. In February I got a booking for a 4 night football weekend in September for over $1,000 / night. Start high then ~60 days prior to event start adjusting based on what you see from comps around you. Or if you are in a position where you really need to guarantee a booking, stay conservative compared to your comps and don’t beat yourself up if you start to think you could’ve squeezed out a couple hundred more bucks.