Are your rates the right fit for your vacation rental? As noted in our earlier post about setting your rates, pricing your property is subjective — more of a best educated guess than an absolute calculation. It’s possible for you to miss the mark and price too high or low. If your rates are off, how can you adjust?
Archives For Pricing
Like any business, setting rates for your vacation rental can be a stressful challenge.
Set your rate too high and rentals could be slow or non-existent, or your guest may have expectations that are higher than you can deliver.
Set your price too low and you may not be able to earn a profit, or you’ll only attract people who abuse your property as a cheap rental.
How do you find balance? Here’s a four-step process to help you decide on a range that matches your property. Remember: While you want to research the information to set the right rate for your property from the beginning, you can fine-tune later.
Step 1: Know Your Costs
External factors carry a lot of weight when it comes to setting rates for your vacation rental, but to start you need to focus on yourself: What is the minimum you can charge to break even? Continue Reading…