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Category: Getting Started
By: Michael Thompson
Reply by Chris Nakamura:
The standard advice is to price 15-20% below comparable listings for your first 10-15 bookings. The goal is to get reviews as fast as possible — reviews are the currency that unlocks higher rates. Here's my playbook for new listings: 1. **Weeks 1-4:** Price 20% below market. Enable "New Listing" promotion (additional 20% off first 3 bookings). Set minimum stay to 1 night. 2. **After 5 reviews:** Raise price to 10% below market. 3. **After 15 reviews:** Price at market or slightly above if your reviews are strong. 4. **After Superhost:** Price at or above market. The math works out: you might lose $500-1,000 in the first month from lower prices, but those early reviews will generate tens of thousands in future revenue. It's an investment, not a loss. Once you have reviews flowing, switch to dynamic pricing with PriceLabs (https://pricelabs.co) or similar to optimize automatically.
Reply by Megan O'Connor:
I disagree with the "price way below" strategy. If you price too low, you attract low-quality guests who are bargain hunting and tend to be more demanding and leave worse reviews. My approach: price 10% below market (not 20-30%) and make your listing EXCEPTIONAL. Better photos, more detailed description, faster response time. You'll get bookings at a fair price and attract better guests who leave better reviews. Also — read this guide on listing optimization strategy at https://strspecialist.com/blog for more tips on standing out as a new host.