Orlando has recently been named America's top tourist destination.
If you're an Orlando-based property owner, this news should pique your interest. With so many millions of visitors coming through Orlando every year, there's a huge opportunity to turn your property into a lucrative vacation rental.
There's a lot you need to think about when you start a vacation rental. One of the most important things is pricing the property correctly during peak and slow seasons. In today's post, we'll discuss peak season pricing to help your property stand out from the rest.
To maximize vacation rental ROI, you must understand pricing. Keep reading and we'll help you develop the perfect pricing strategy.
Vacation Rental Peak Seasons in Orlando
Orlando welcomes millions of guests year-round because of its warm climate and the sheer number of attractions it boasts. That being said, the summertime is still when you'll see the most visitors - from June to August.
The longer you operate a vacation rental, the more you'll understand when the peak seasons are and what that means for your ROI. Pricing your unit based on the season is the best way to secure year-round bookings.
Looking at the Vacation Rental Competition
One of the ways you can get a faster handle on vacation rental peak seasons is to examine the competition. When you're starting a new vacation rental, it can be difficult to stand out from the hundreds of other established vacation rentals in Orlando, especially the ones with lots of good guest reviews.
To compete, you need to offer competitive pricing. Keep a close eye on what other similar vacation rentals are charging per night.
Offer a lower price to help you appeal to the more frugal vacationer. Once you have a few happy guests, encourage them to leave reviews and you'll be able to raise your prices in the long run to maximize your vacation rental ROI.
Sliding Scale Pricing
Once you get a handle on when the peak seasons are and what your competitors are doing, you can start offering sliding-scale pricing. Dynamic pricing will help you maximize ROI no matter what time of year it is.
The basic premise here is to raise your prices during the peak seasons and lower them during the slower seasons. Doing so will lower your vacancy rate, which is one of the most important vacation rental trends every vacation rental owner should pay attention to.
Hire a Property Manager to Help with Peak Season Pricing
Understanding how to tackle peak season pricing is the best way to keep your vacation rental lucrative all year. When you price your rental appropriately, you'll have more renters coming through. Having more renters means you'll be more busy with your rental, however.
If you're getting overwhelmed with bookings, you may need a property manager to help you run things. PMI Platinum FL is Orlando's top choice for vacation rental management, offering a wide range of services including guest management and marketing.
Contact us today to find out how we can help you maximize your vacation rental.
