There's a good reason why Tyler, Texas has a population of over one hundred thousand. With no tax-supported debt and a great water supply, there's a lot of appeal to raising a family in the city.
However, Tyler, Texas is also great for vacationers. This is thanks to the iconic rose cultivation and historical atmosphere that the city is known for. If you're considering renting your vacation property out to visitors, you're likely wondering how much you should charge.
With the right vacation rental pricing strategies you can maximize your profits while avoiding any gaps in your booking calendar.
Look At Your Competitors
When setting your vacation rental price the first thing you should look at is your competitors in the Tyler area. Specifically, you want to research options that are as nearby to your home as possible.
Look at what they're charging to get an idea of the best rent price for your property. If you can, try to price your rental slightly below the price of the competitors. This will attract a lot more guests.
Make sure you continually check on your competitors to see how they're raising or lowering their prices based on the season.
Be Open to Minute Bookings
Most people will plan their vacations months in advance. Others might prefer a more spontaneous experience. It's considered a best booking practice to cater to both of these demographics.
Preparing for these last-minute guests can indeed be hectic. However, because it's on short notice you can usually charge more. Plus, it will help minimize the gaps in your booking calendar.
Pay Attention to Special Events and Holidays
As a landlord, you don't want to charge the same rental rates throughout the year. During the off-season, you should be lowering your rent price to reflect the decreased demand.
However, in the same vein, you should also be increasing your prices during periods of high demand. Big holiday weekends are an ideal time to do this dynamic pricing.
You should also pay attention to local events in Tyler that might attract visitors.
Create the Perfect Listing
Your listing will play an important part in what you can charge people for your vacation rental. If your listing contains few descriptions and bad pictures, it's not likely that people will pay full price for it.
When listing your home for rent make sure that you show off the amenities and strengths of the property, so you'll be able to charge a lot more.
Need Help With Your Vacation Rental Pricing Strategies? Contact PMI Tyler
We hope this guide helped you learn more about vacation rental pricing strategies for your Tyler, Texas vacation home. While a successful short-term rental can be profitable, there's no denying that it will take up a lot of your time.
Luckily, with vacation property management services like PMI Tyler, you can get all the financial benefits of vacation rentals without dealing with headaches like booking and maintenance.
If you want to learn why we're the #1 property management company in the United States, contact a property manager today.
