@Caroline1599
I have been using my own profit/loss since I started hosting.
You need to have an accurate idea of what expenses you have in order to set a listing amount that will actually make you money.
I have made up this as an editable Excel file, I have given it to some hosts around here and a couple of them (after accurately filling it in) discovered they were not making a cent out of hosting......they were not allowing for all their costs.
These are just my screenshots of it but, if anyone is interested and is using Excel, I can send the above editable Excel file in an email.
This is how it related to my hosting.....
I don't include a labor component in this because I am not making a living from it.
If this was a commercial undertaking in a purchasing property I would have to allow for....
Mortgage percentage.
Actual Cleaning costs.
Property upkeep.
Electricity usage.
And if these were taken into account my listing amount would need to be at least 40% higher than what I currently charge.
By not running an accurate profit/Loss, hosts are not only cutting their own throats, they are cutting those other hosts throats around them as well, by setting an unrealistically low listing amount. Everyone is in a race to the bottom in order to survive, and Airbnb go out of their way to encourage this. They don't care if a host makes money or not, they just want the bookings....... and the more, the better.
There is no such thing as cheap enough to Airbnb!
But realistically, there is no point in doing something if there is no profit in it!
Cheers.......Rob