The peak Columbia tourism season may seem far away, but the months of May to August will be here before you know it. If you don't start developing your peak season pricing strategy early, you may miss out on a few key opportunities.
Peak tourism season is a great time for vacation rental owners, but it can also feel hectic and overwhelming. How can you compete with other vacation rental owners? How can you provide a great experience for a major influx of guests?
Read on for our top tips to attract guests with unbeatable peak season pricing strategies.
Offer Early Bird Discounts
Vacation rental marketing is a year-long endeavor. You should always have your sights set on the next several months, not just the next weekend. The best vacation rental owners have their rental calendars filled up in advance, so they're not scrambling to secure guests week after week.
Offering an early bird discount is a great strategy to get your property booked up for the summer. The goal is to incentivize guests to plan their summer travels early in exchange for a lower nightly rate. Consider charging at least 10% less for guests who start booking their summer stay before March or April.
Find a Happy Peak Season Medium
As a vacation rental owner, you'll certainly get some bizarre complaints from time to time. However, one of the overarching complaints we see is that vacation rentals are no longer an affordable alternative to hotels.
During peak season, you can and should charge a higher nightly rate than you do throughout the rest of the year. Undercharging can attract guests who won't respect your property or your rules. If you're charging twice as much as you usually do, however, you may lose out on bookings or create unrealistic expectations for the guests who agree to pay an exorbitant rate.
Consider a Booking Minimum
With a great peak season pricing strategy, you're going to get a ton of guests in the summer months. While this is great for your wallet, a high turnover rate can make it difficult to keep up with your end of property management. For example, if you have a new guest staying every night, you won't have much time to make sure the property is clean.
One way to maximize profits without sacrificing your status as a great host is to impose booking minimums. Only accept guests who are willing to stay a minimum of three to four days in a row, especially when they're coming for the weekend.
Need Help With Peak Season Pricing? PMI Can Help
If you own property in Columbia, South Carolina, a vacation rental model can work well for your financial goals. However, you'll need to think about the best ways to attract guests year-round, and that includes creating a solid peak season pricing strategy.
If you want to boost your Columbia vacation rental profits, PMI can help. Our team of experts can assist with any property management requirements you need. Contact us today to get started.
