The Idaho travel market is currently at an all-time high. More and more people are flocking to the state to experience its national parks and natural wonders. Profitable vacation rentals have more competition than ever before!
Attracting guests to your vacation rental will require you to up your game, price vacation homes properly, and cater to travelers. Read on to learn some vacation rental pricing tips from Coeur d'Alene property management experts.
1. Perform Market Research
Setting competitive rates means understanding what those rates are. You need to research the local Coeur d'Alene market if you want to entice renters.
Go to sites like Booking.com and Airbnb to assess comparable listings. Then, take things a step further with vacation rental data analysis tools. PriceLabs and AllTheRooms are two major examples that landlords find helpful.
This can be challenging and time-consuming for individual landlords who don't have professional market research tools at their disposal. Buying and learning to use these tools is expensive and difficult, and there's no guarantee of success.
Luckily, professionals at PMI Coeur d'Alene already have these tools in their arsenal! Plus, since our team understands how to research competitive rental rates in your area and compare your property to similar ones, you won't need to worry about a lack of knowledge hurting your rental income.
2. Attracting Guests to Your Vacation Rental: Use Dynamic Pricing Strategies
"Dynamic pricing" is the art of changing your rental rates based on how much demand there is for vacation homes. You can easily maximize rental income by increasing prices when there's higher demand. When demand is low, you can price things lower to decrease vacancy rates.
Look into automated dynamic pricing software. It can assess peak seasons and special events to automatically adjust rates. You won't even need to track and monitor trends because the process is totally automated!
Professionals know how to do this, so hire quality property management services to take advantage of easy and effective dynamic pricing.
3. Monitor Your Rental Unit Success
Pricing isn't a one-time activity. You need to monitor how well your unit is doing and assess the causes of its success or lack thereof.
Review your occupancy rates and consider how your pricing strategy may play into them. Update prices to reflect your findings. Try to do this at least once a week - the more frequently you look, the better.
PMI professionals can do this all the time, so you'll have daily insights and trends!
Make sure to stay aware of local trends and changes. This will let you maximize rental income easily and help you understand what vacation rental pricing tips to follow.
Maximize Rental Income in Coeur d'Alene, Idaho
While attracting guests to your vacation rental may sound initially challenging, working with a property management company can make all the difference. We'll help you figure out lucrative rental property strategies to decrease vacancy rates and earn you the most passive income possible.
We offer a wide range of services to help profitable vacation rentals thrive, so request a free rental analysis to learn the potential of your short-term rental unit today.
