It's estimated that 54% of Americans plan to travel more this year. If you own a vacation property in Lake Havasu, you're likely interested in capitalizing on this increase in travel plans.
Unfortunately, that can be hard to do if you aren't pricing your rental properties correctly. Too high and you'll miss out on potential renters. Too low and you'll lose rental income.
So how do you go about pricing your rental to compete with the market? And how can a vacation rental management company help you do it? In this guide, we'll answer these questions so you can make more profit this coming vacation season.
Adjust Your Pricing During the Off-Season
If you keep your prices the same all year round you're going to miss out on some potential renters. That's because people won't pay the same price they would for peak season as they will in the off-season.
During the slow months, like winter, consider cutting your rates considerably. A good deal might attract guests that you would otherwise lose during the off-season through dynamic pricing.
Look At Other Properties
One of the easiest ways to price your rental is to simply look at what your competition is offering.
Search for other vacation rentals in the area that are similar to yours. Then adjust the price based on location, amenities, and room sizes.
Properly Market Your Property
Many managers think that all you need to do to market a property is list it. While this is an important step, there are a variety of other vacation rental marketing strategies that you should be implementing.
This includes things like market segmentation, digital ads, and social media marketing. Getting the word out about your property is a crucial step to staying competitive.
Research Upcoming Events or Holidays
Local events and holidays are important for vacation property managers to keep track of. During busy days, weekends, or weeks you can charge more because of higher seasonal demand.
This goes for national holidays like July 4th or Christmas. However, you also need to keep your eye on local events. If you live in Lake Havasu you can subscribe here to stay up-to-date on any local events.
Undergo a Rental Analysis
A more accurate way to get a vacation rental price is to undergo a rental analysis. This looks at a variety of factors from market condition to location to provide you with the most accurate price that you should charge for your pricing model.
Use our free rental analysis tool for pricing your vacation home.
Need Help With Vacation Rental Management? Contact PMI Lake Havasu
We hope this guide helped you learn more about how vacation rental management can help you price your rental. Here at PMI Lake Havasu, we know that managing your property can be stressful.
Besides figuring out how to price it, you also need to market it, clean it, and maintain it.
Luckily, we can put our twenty years of experience to work for you to reduce rental property operating costs. So if you're ready to maximize your rental profits, get in touch with us today.
