According to the Colorado Sun, in 2023, Colorado ski resorts received 14 million visitors, which may sound like a lot. However, this is a slight decrease from the previous year, where 14.8 million visits were logged.
Since numbers are dipping, vacation rental owners may be feeling the burn, even during the peak season. So what can you do to maximize your rental income and keep your revenue streaming in?
Read on to find out ways to approach peak season pricing in Vale, CO so you maintain or even increase bookings at your property.
Implement Dynamic Pricing
Keeping your price static is never a good idea, even during peak season when visitors flood the city. Instead, you want your pricing to fluctuate as demand ebbs and flows, no matter how slight the changes are.
Use advanced tools to adjust rates based on the following:
- Demand
- Competitor pricing
- Booking trends
In addition, have an eye on local events, such as the Vail Film Festival, Burton US Open, or concerts at the Gerald R. Ford Amphitheater. These special events will bring floods of people in, so increase rates during these periods.
Offer Multi-Night Discounts
One of the best vacation rental pricing tips is to have multi-night discounts for those who stay for over five nights. While you may take a hit on per-night pricing, you'll profit more when people stay for longer. This tactic will help you reduce turnover costs while ensuring steady occupancy.
Make sure you highlight these deals in your listings too. In fact, put them in the titles to catch people's eyes.
Create Premium Packages
Tourists won't be able to resist Vail, CO vacation deals, so give it to them! As part of your seasonal pricing tactics, you should include premium packages that'll make vacationing unforgettable, easier, and cheaper.
For example, you can bundle extras like:
- Lift tickets
- Ski equipment rentals
- Private chef experience
Don't forget to add a catchy title to these packages as well. Things like "Luxury Ski Getaways" or "Exclusive Summer Adventure Deals" will make your packages irresistible.
Give Loyalty Discounts for Repeat Guests
You should reward repeat guests for being loyal to you. They'll feel appreciated, and it'll be even more likely that they'll book your rental in the future. Not only that, but they'll also help with word-of-mouth referrals.
In addition, put them on an email marketing list. Notify them of early booking opportunities for the upcoming season to encourage them to come back.
Get a Good Grasp on Peak Season Pricing
There will be times when Vail gets more visitors than usual, so you want to optimize your peak season pricing. If you don't fine-tune your strategy, then you may miss out on revenue that you could've easily gotten.
Of course, you can always leave pricing in the hands of experts instead. A vacation property manager can do this, plus so much more, such as coordinating bookings, managing check-ins and check-outs, and overseeing property maintenance.
Contact us today if these services are of interest to you. PMI Vail is part of a reputable franchise that has almost 20 years of experience.
