Did you know that Vail, Colorado is one of America's top ski resorts? Nestled within the famous Rocky Mountains, it's no wonder that winter sports enthusiasts flock to Vail during the colder months.
If you're a new vacation rental property owner, you may be wondering how much you can charge for guests to stay in your unit. Worry no more!
Here are some vacation rental pricing strategies so you can maximize rental income and increase bookings.
Price High During Peak Season
Since demand is high during the fall and winter months, you can set your prices higher during that time and still get bookings.
Look at other properties in your area with similar square footage, location, and amenities. You can base your price point on their rates and popularity.
You can also utilize dynamic pricing strategies. Many booking tools have automated pricing tools that raise prices when more people search for vacation rentals at the same time.
Price Low During Off-Season
Although Vail is a beautiful place to visit year-round, the spring and summer seasons are considered the off-season. These times of year are less popular with tourists.
However, you can still earn plenty of passive income during the off-season. Lower your prices to entice visitors to book your vacation rental.
It's important to ensure you are still turning a profit. Calculate your monthly expenses, such as mortgage, maintenance, utilities, and insurance. When you price your rental, you should still bring in more than you're spending.
Work With the Experts
If you're lost when it comes to rental pricing and seasonal pricing, you should consider working with a property management company. They have expert knowledge of the Vail real estate market, as well as travel trends.
A property manager can also take care of everyday tasks for you if you don't live in the area, or you are out of town. Setting prices, corresponding with guests, and arranging maintenance are just some of the responsibilities a property manager can perform on your behalf.
Provide Valuable Amenities
An easy way to boost your vacation rental pricing is to add amenities that increase the value of the property. Look at highly sought-after properties and see what kinds of amenities they have.
For instance, many vacationers love a hot tub, where they can relax and unwind after a long day of skiing or hiking.
Other examples of desirable amenities include:
- Washers and dryers
- Pools
- Free parking
- Free TV streaming
- Smart locks
You can also ask guests what they would prefer to see when they leave feedback.
Try These Vacation Rental Pricing Strategies
Vacation rental pricing strategies don't have to be a mystery. These tips will help you price your property accurately and maximize your profit.
Are you looking for premier property management in Vail, Colorado? PMI Vail is here to help you with all of your property management needs, from booking to checkout.
With expertise in vacation, residential, and commercial property management, we can't wait to assist you. Contact us today to get started.
