If you don't know how to price your vacation rental correctly, you'll lose money fast. Losing money is not a part of any vacation rental owner's plan.
So how do you set your vacation rental prices? There are many factors to weigh when determining the price of your vacation rental.
But the most important thing is that you make sure it's worth it for both sides. If you are looking for pricing strategies to rent out your house and earn money, this short and simple guide is for you.
Research the Market
You need to know what other homes are renting for and how they compare to yours. The best way to find out is to do some research into the vacation rental market.
Search online for vacation rental websites in the Orlando area and see what they offer. Check out the photos, read reviews, and look at listings. Once you know what the market is like, you can decide on a price range for your property.
Pick Your Base Rate
Your base rate is the amount you never want to go below. It's the minimum you expect for your rental, and it should cover all of your costs.
Set the base rate at whatever amount makes sense for your property. If your location is in high demand, expect to get more than if it's in a residential area.
The same goes for amenities, like pools or game rooms. If you have any of these features, reflect them in your base rate.
Take Advantage of Peak Renting Seasons
The Orlando area is a popular tourist destination year-round, but its popularity peaks in certain months. Taking advantage of the high season is a great way to make money from your property.
Set your rates higher during peak seasons, especially if it's near a popular attraction. This seasonal pricing strategy is a great way to maximize your profits without sacrificing demand.
Change Your Prices by Day
Weekend travelers pay more than weekday visitors. So if you want to maximize your profits, set your rates higher on the weekends. You can also try setting different rates for each day of the week.
This is a great way to ensure that you get at least some revenue during slow periods. It also has the added benefit of attracting more business travelers, who typically pay more than leisure travelers.
Offer a Great Deal for Longer Stays
A longer stay is almost always better for both you and your customers. So if you can, offer a discount if they book for three nights or more.
This is a perfect way to get increased bookings and more money in the long run. You're also likely to get repeat customers who will stay with you again and again.
Rent Out Your House at the Best Price
If you have a rental property, it's important to get the best price possible. This can be difficult, especially if you don't have time to do the research yourself. But by following these tips, you can rent out your house at the best price and make more money.
PMI Orlando is part of a larger franchise that's been helping property owners like you for over 20 years. If you need help with your vacation rental pricing, contact us today!