The beautiful, upmarket destination of Coeur d'Alene is a must-see for many tourists. With outdoor adventures, family-friendly activities, and stunning scenery, this part of Idaho has it all.
From a landlord's perspective, that's excellent news. A vacation property here ticks a lot of boxes in terms of real estate investments. But you also need to ensure the perfect pricing to maximize those profits. This guide will walk you through the best peak season pricing strategies.
Study the Local Market
If you want the perfect pricing that ties in with the seasons, you need to know a bit about Coeur d'Alene's peak seasons and how they impact demand. Look for local factors such as:
- Visitor numbers per month
- Local events and festivals
- School vacation dates
These factors will help you get an accurate picture of when demand is likely to peak. It's also worth checking competitor properties on places like Airbnb to see how their prices differ throughout the year.
Use Technology for the Most Effective Pricing Tactics
Did you know that there are pricing tools you can use to help set dynamic pricing? These tools can help you adjust your prices quickly when demand rises, thereby taking advantage of a sudden peak and ensuring you get what your property is worth.
If you use one of these tools, opt for one with plenty of positive testimonials. Also, ensure it is flexible enough that you can tailor the settings to the unique tourist market of Coeur d'Alene.
Consider Long Stays for Property Revenue Boosting
Longer vacation rentals can be more profitable for you.
This means you can avoid some of the expenses you incur from your rental, including advertising and cleaning between guests. Therefore, it's worth thinking about how to incentivize this with your dynamic pricing strategy. One option is to offer people a discount for extended stays.
You could also offer extras to tempt people into staying extra nights, such as a gift basket on arrival.
Offer Packages for Seasonal Rental Rates
People are more likely to book your property if you have something different from similar rentals in Coeur d'Alene, and a great way to differentiate yourself is by offering vacation packages. You could offer:
- Unique experiences
- Discounted upgrades
- Rental packages
Think about your target market and the types of packages most likely appeal to them. For example, if you have a property popular with families, something appealing to children and parents would be a great option.
Encourage Reviews
Guests always look at reviews before booking a vacation rental to ensure they'll have great memories from the day they arrive. Encourage previous guests to leave reviews after their stay, as this will give you more opportunity to increase your pricing during peak season, as you will be a sought-after property.
Maximizing Your Profit Through Peak Season Pricing
Without a proper peak season pricing strategy, you could undersell your vacation rental in this popular part of Idaho. So keep these tips handy to ensure you are getting the most from your investment.
With PMI Coeur d'Alene, you'll have a team on your side that can help you maximize your vacation rental. We offer end-to-end property management and are experts in vacation rentals at this destination. Discover more about our services here.
