Did you know that the most common mistake preventing you from getting more reservations is, “Your price is too high!”.
Pricing is definitely tricky business.
Too high – no rentals……. Too low – lose money.
So how does one find the perfect balance?
A little bit of planning and these tips and tricks:
- Calculate your costs (fixed and variable). Balancing income and expenses will clear things for you.
- Research your competitors.
- Capitalize on a special feature and turn it into your unique selling point (USP).
- Set your goals and work backwards. Ask yourself – huge profits sporadically or low, consistent profits? High nightly rate or a regular monthly amount?
- Learn from previous experience if you have other vacation rentals up and running – what worked what didn’t.
- Bring in a relative or friend to judge your rental objectively.
- Choose the dynamic pricing strategy (change prices seasonally).
Still worried about setting the correct price? Leave it to the experts!
Find out how OnePerfectStay can optimize your property’s pricing and occupancy rates by clicking here.
