Owning a vacation rental in the United States can be a great way to generate a passive income. After all, almost 45% of vacationers prefer a short-term rental to a traditional hotel.
If you need help deciding what to charge for your short-term rental, these vacation rental pricing strategies should help. It's essential to price your property competitively, but you don't want to undercut yourself either.
If you price your property too low, you may be unable to cover your costs. On the other hand, if you price your property too high, you may not be able to attract any renters.
Thankfully, there are things you can do to find the right price. Keep reading to learn how to attract more guests and increase your profit.
Do Your Research
One of the first things you should do before deciding on a price for your vacation rental properties in Brandon, FL, is research the market. This means looking up what other rental properties similar to yours are charging.
For instance, you can search online listings or talk to local property managers. Finding the right price for your vacation rental property may take some trial and error, but once you do, you'll be well on your way to maximizing your rental income.
Use Seasonal Prices
You want to use dynamic pricing when setting prices for your short-term rental. This means changing your price depending on the time of year.
For instance, you can charge more over peak travel times like summer holidays. You can also increase your pricing on popular holidays such as:
- Christmas
- Thanksgiving
- Easter
- Memorial Day
- New Year's
Showcase The Property's Best Features
Next, in our vacation rental pricing strategies list is setting your price depending on your property's features. If your property has luxury amenities, you can charge a more premium price because they add to the attractiveness of your short-term rental. For instance, rentals with a hot tub have a ten percent higher occupancy rate.
Use Property Managers
Finally, hiring a property management company is the best way to get the best profit on your short-term vacation rental property. A qualified property manager can help you get higher rental rates by marketing your property to a broader audience and negotiating with renters on your behalf.
They'll also handle all the day-to-day tasks of managing your property, including:
- Handling the check-in and check-out process
- Maintaining the property (i.e., restocking the basics and deep cleaning)
- Collecting booking payments
- Providing customer service to renters
Use Vacation Rental Pricing Strategies to Get Ahead
There are several ways to ensure you get the best short-term rental profit. You want to research the market, use dynamic pricing over peak travel times, and price according to the property's features. Following these vacation rental pricing strategies can maximize your rental income and attract more guests.
If you'd instead utilize the services of a short-term property management company, get a free consultation today. At PMI Hillsborough, we're dedicated to giving you nothing but the best service and have experts waiting for your call.
