How to Set Prices For Your Serviced Apartment
Four tools you can use to help you set prices for your serviced apartment unit. This is done by looking at prices of comparable units across different portals.
In the search field, enter the postcode of your property, click on the map view, zoom in, and find apartments similar to yours and see what they are charging. On map view, you should be able to see prices (pic attached below).
You can also use Booking.com analytics to see prices of your competitors and monitor them on a regular basis.
Repeat the same exercise as above but only review prices of properties which have reviews and have recently updated their calendars. There are a lot of dummy ads on Airbnb and a lot of properties which are no longer available. So you might be thinking Airbnb is flooded in your area, but a lot of them might not be operational.
Silverdoor is one of the biggest serviced apartment agencies, go to their website, put in your area and see what others are charging.
Hotel (and apartment) prices change by the day. There could be a difference of up to 33% (if not more) in the same week! The pic I have attached below, you can see that Tuesday and Wednesday night are the most expensive at £191 per night, whereas Sunday night is only £143.
So depending on which day you select, you will get different prices and that will tamper with your research. The number you need is £167, which is the average price (see pic) and that's what you should plug into your deal analyser.
Hotels.com is the only website which lets you see prices by the day for the full week.
Tip: When doing price research, always test prices for a few different dates in the future as price does tend to change by the season.