Creating a pricing strategy for your vacation rental is not a set-it-and-forget-it task. You need to actively monitor travel trends and vacation rental demand trends. As you learn about the local Orlando market, you can adjust your strategy to have peak season pricing.
That way, you maximize the profit potential of your vacation rental.
Know When Shoulder and Peak Seasons Happen
The first step in pricing your vacation rental is knowing when the shoulder and high seasons occur. This can be challenging in Florida because people travel to the Sunshine State throughout the year.
However, summer in Orlando typically sees the highest seasonal rates. The shoulder season starts in the spring, around spring break. Shoulder season also happens at the end of peak season, around September.
Consider Holiday and Local Events
There are also several market trends when travel to Orlando increases during the low seasons. Many of these take place in conjunction with theme park events.
You could see increased booking demands around Christmas as tourists come to Orlando to attend the theme park holiday parties. Travel could also increase for Epcot's Food and Wine Festival or Universal's Mardi Gras days.
It is wise to track these events and adjust your theme park pricing in response to these increases in travel.
Know When People Book Their Travel
In addition to knowing occupancy trends, you must know when they book travel. That way, you can adjust your rental's pricing before people start booking.
This knowledge can also be helpful if you use dynamic pricing software. The software can increase the price of your vacation rental during peak booking times and then reduce the rental rate during slower booking times.
Set Booking Minimums
In addition to adjusting your pricing strategy, change your other booking policies. Increase the booking minimums to help fill your calendar. This will reduce the number of one-off nights that are harder to fill.
Once most of your booking calendar is filled, you can reduce the minimum stay policy to take advantage of the increased market demand.
Consider Offering Last Minute Concessions
Watch your bookings calendar; you can adjust the pricing as unbooked days approach. Maximize your profits by offering last-minute deals. You could reduce the price.
Another option is to leave the price the same but offer other amenities. You could offer early check-in or late check-out.
Offer a Flexible Cancellation Policy
A flexible cancellation policy will encourage people to book their vacation rental early. This will reduce your management stress by filling your booking calendar early.
Adjust Your Peak Season Pricing
Tracking peak season pricing helps you maximize your Kissimmee vacation rental. Increase your rates during the times when demand is at its highest. Then, reduce your vacation rental pricing during less busy times.
Look beyond the seasonal travel for local events that can influence travel to the area. You can then adjust your rental pricing to coincide with these events.
Working with a property management company like PMI Trust can help you with vacation rental pricing. Our team of experienced property managers can advise you on pricing strategies to maximize your profits.
Maximize profits by improving your pricing strategy when you work with PMI Trust.
