Tourists visiting Hamilton County, Indiana spend nearly 1 billion dollars every year. That money can make a huge impact on your rental income. What are you doing to increase profitability?
Savvy vacation rental owners take advantage of peak season pricing. We're sharing tips on how to price your property to attract guests and increase profits.
Find out how you can optimize rental income and put these strategies in place during peak travel season!
Dynamic Pricing and Rental Income
You've likely already experienced dynamic pricing when you shop at a local market. Prices may increase when it's a holiday or if a major event is happening in town.
Dynamic pricing works the same way for a vacation or Airbnb rental. Instead of having one fixed rental price, you adjust it depending on the season.
For example, during summer or holidays when more people want to book your property, you might raise the price a bit due to higher demand. When the travel season slows down, lower the price to attract more guests.
Give Early Birds Incentive to Book
Airlines do this all the time, so why not you? Offer potential guests the incentive to reserve your vacation property well in advance.
Early bird discounts are a way of saying, "thank you" to guests for planning. It's a win-win situation. Guests save money, and you can look forward to a steady income stream during peak travel season.
If you use a property management company (another tip we'll share later in the article), they can market the early bird discounts and handle the bookings.
One thing you don't want to do is lose money because of vacancy. Early bird incentives can help keep your rental fully booked.
Minimum Stay Requirements and Peak Season Pricing
Consider setting minimum stay requirements during travel peak season. Instead of allowing guests to book your property for one night, you can require a minimum stay of two to four nights.
This pricing strategy can help you in a couple of ways.
First, it reduces the work and costs associated with cleaning and preparing the property for new guests every day. Second, it often leads to longer bookings, which means more income from a single guest.
Use a Short-Term Rental Management Service
If you're managing your property on your own, you know how much time you spend on all the details, both big and small. That includes trying to figure out the best strategy for peak season pricing.
Hiring a vacation property management company is a huge help for property owners. These companies are experts in optimizing pricing strategies.
They know the local market and what to do to attract guests. A property management service helps streamline the rental process.
By partnering with one, you can increase your profitability without doing the heavy lifting.
PMI Indianapolis Is Here to Help
If you're struggling with your peak season pricing strategy, let an experienced short-term rental management company help.
PMI Indianapolis serves both residential and commercial property owners. We specialize in helping you maximize rental income on your vacation property. Our team is local and we know the market here in Noblesville.
Contact us today for a no-obligation rental analysis, or contact us by phone at 317-527-4910 for more information about our services. Let us take care of your rental!