Did you know that Tyler, TX is considered the Rose Capital of America? With so much to see and do in this town, the vacation rental market is sure to thrive.
If you own a property in the area, you may be wondering how to price it so you make money, but can still fill your vacancies. Here are some vacation rental pricing strategies to try today.
Know Your Local Rental Market
It's important to get a handle on the local rental market before you list your vacation rental. You should also do competitor analysis to see properties similar to yours and how they are priced.
If you price higher than other properties, you likely will not get guests as often as you'd like. However, pricing too low can lead to lower profits, which may not cover your monthly expenses.
Implement Dynamic Pricing
Dynamic pricing is the key to maximizing profits from your vacation rental units. This is because the pricing will increase with demand and decrease when there are fewer people interested in the property.
Do some research to see when peak tourism occurs in your area. This will give you an idea of when to set your prices higher.
During the off-season, try to lower your prices to stay competitive with other properties. Although you may not make as much as you do during peak season, bringing in some income is better than none.
Provide Valuable Amenities
One of the best ways to increase prices is by providing valuable amenities at your property. If your rental has a unique feature to the property, you should emphasize that in your vacation rental listing.
You should also list other amenities that the property has to offer. Make sure they are prominently displayed in the description of the vacation rental listing.
Note attractions that are close to your property as well. Interested guests may want to stay close to a certain location or area.
Work With a Third Party
If you're new to vacation rental management, it might benefit you to work with a property management company. For a fee, the company can take care of everything involved in running a vacation rental business.
Your local property management company also has valuable knowledge of things like the local rental market.
They can also manage your bookings and ensure you have guests bringing in vacation rental income.
The most important thing a property management company can buy is freedom. By outsourcing the work, you will not have to worry about communicating with guests, handling maintenance requests, or confirming reservations.
Use These Vacation Rental Pricing Strategies
If you're still wondering how to price your vacation rental, look no further. With these vacation rental pricing strategies, you can be confident in your rental income.
Are you interested in turning your Tyler, TX property into a vacation rental business? PMI Tyler is here to help.
Our team of experts combines local rental market knowledge with decades of property management experience. To get started, contact us today.
