Prices: How Much To Charge?
Setting the price for your vacation rental can be tricky. If your rates are too high, you might lose guests to your competition. Too low, you could be selling yourself short. For many, it’s a case of trial and error but to help you get started, read these four tips on getting the price right.
1. Do Your Research
Checking out other vacation homes in your area is a good place to start. Check that you’re not pricing yourself out of the market, but also not selling yourself short. Use the search filters to find properties with similar facilities in your area. If you have a pool, for example, you can expect to charge higher rates than homes without. Get to know the market and make sure you’re always competitively priced.
2. Keep Your Prices Seasonal
Peak seasons vary from country to country and even region to region. Local events, weather and school holidays are all big influencing factors to consider when deciding on your prices. Keep an eye out for any local events such as festivals and sporting events that are likely to draw crowds to your area.
3. Try To Be All Inclusive
Rather than offering a low rate with extras that soon add up, try to keep your rates all inclusive so you’re more likely to secure the booking quickly. Your potential guests may have a set budget and might not be expecting to pay for extras. Also, if your pricing structure looks simple and easy to understand, you’re more likely to get an inquiry/booking request.
4. Be Prepared To Compromise
Think about the lowest price you could charge in order to cover costs and start making a profit. It’s quite common today for vacationers to haggle, especially outside of peak season when demand is lower. If you can foresee weeks when demand is likely to be lower, think about decreasing your rates or offering a special discount – such as a late deal – to attract guests during off-peak months.