Summer doesn't come with just the heat. It also comes with increased vacation bookings and endless good vibes.
As a vacation rental owner in Wisconsin Dells, summer also means it's time to get busy. The demand for your short-term rental skyrockets. Is your income skyrocketing as well?
To make the most of the summer and other high seasons, you must implement peak season pricing. During these periods travelers are generally willing to pay a little more, but if you don't ask for it, they'll be more than happy to pay the regular rate.
In this article, we're sharing tips on how to go about maximizing your vacation rental income during busy periods. Read on.
1. Run Early Bird Offers
Vacationers know that peak season comes with peak prices, so they're always looking for ways to save. One strategy is to hunt for early bird offers.
An EBO is usually higher than the regular rate, but lower than peak prices. Running an EBO offer gives you the advantage of getting a clear picture of the bookings instead of waiting for the high season and seeing how things turn out. You'll have ample time to make adequate hosting plans.
2. Minimum Stay Requirements
Juggling between different guests every other day is as demanding as short-term rental management can get. You only have a few hours to clean up the place and ensure it's ready to receive the next guests.
To avoid this, you can require a minimum stay of two or more nights, depending on the demand. While multiple-day stays make your work easier, they also save you money. You'll reduce the number of days the rental will not be booked, and you'll spend less money on cleaning services as they may not need to clean the rental every day.
3. Ensure the Property Is in Top Condition
In the low seasons, you can take the rental off the market for a few days to do maintenance, repairs, or upgrades. After all, you likely won't have received any bookings anyway.
During peak season, you cannot afford to have off days. The property should be available throughout the season to maximize the number of bookings.
This is why you need to ensure the unit is in perfect condition just before the season begins. Fix anything that needs to be fixed and perform preventative maintenance.
4. Let Short-Term Rental Platforms Do the Job
If you've listed your home on Airbnb, VRBO, and other short-term rental platforms, there isn't much you need to do when the high season rolls around. These platforms have in-built dynamic pricing systems that will adjust the prices accordingly in response to increased demand.
Fill the Bag with Effective Peak Season Pricing
Implementing peak season pricing is an effective way to maximize your income, but you must do it right. Hiking prices unreasonably just because it's high season will blow in your face.
These tips will help, but you can also leave the job to a vacation rental management company. PMI Northwoods doesn't mess around when it comes to managing short-term rentals in Central Wisconsin. With our full-service package, you can take a back seat and watch us put the money into your account.
Get in touch today!
