According to USA Today, every year Americans enjoy 2.5 vacations. If you're a landlord looking to secure guests for a rental property, then you need to appropriately Market your property you can do so by working with a trusted property manager and by following some helpful tips and tricks.
One of these tricks is keeping up to date with effective vacation rental pricing strategies. This means your rental price should ebb and flow depending on the season, along with current market value trends.
This helpful guide removes the guesswork from pricing your rental.
1. Offer Dynamic Pricing
Dynamic pricing works to set your rental apart, as this strategy focuses on the current market demand. This accounts for the time of year and other factors, creating demand-based prices. If you're renting your property when demand is high, you can get more for your rental than you would other times of the year.
2. Don't Forget About Seasonal Rental Pricing
To keep competitive with other vacation rentals in your area, you may want to adjust your pricing depending on the season. This is where a dedicated property manager can help. A competitive rate analysis of current market trends to see what other local landlords are charging, comparing property types to determine what your best price would be.
3. Frequently Optimize and Update Listings
Landlords can add to their rental's appeal by updating their rental listings frequently, including new keywords on their website. This helps prospective tenants find what they're looking for.
When updating your pages, it's a great idea to add photos. If you don't have any professionally taken high-resolution pictures, it's a great idea to do so.
4. Effective Communication
Landlords should maintain open lines of communication with their guests. This includes:
- Transparent rules
- Upfront pricing, especially during peak seasons
- Listening to guest feedback
When landlords take an interest in their guests, they're more likely to receive positive reviews. This then helps others looking for Prescott, AZ homes for rent.
5. Offer Discounts, Special Promotions, and Amenities
These deals can motivate guests to book your vacation rental. You might advertise one night free when booking a certain amount of months in advance, or even advertise a continental breakfast (if you have a property manager close by and willing to invest this type of time).
Research what local property rentals for vacation offer guests and find ways of competing. You can also offer amenities, such as:
- Washer and dryer
- Pet-friendly accommodations
- Full kitchen or kitchenette
- Pull out couches for extra guests
- Parking passes to local attractions
Other amenities include a hair dryer, towels, WiFi, and more.
Follow These Vacation Rental Pricing Strategies
The best vacation rental pricing strategies aren't one-size-fits-all; landlords need to pay attention to similar rentals leasing in their area and adjust accordingly. It's always important to update websites frequently and to ask guests for reviews, showcasing them for others to see.
If you need help with your vacation rental in Prescott, AZ, PMI Northern Arizona can help. We offer residential, short-term, and commercial assistance. We can also advertise your home for rent, helping you to secure the best tenants, so connect with us to learn more.
