Brevard County has been making waves in the last two years, with months of record-breaking tourism revenue. Hotels and motels are seeing the biggest profits, but short-term rentals are poised to become strong contenders.
As we approach the summer season, it's time to get your peak season pricing strategy in order. Otherwise, you may face a last-minute scramble when the influx of travelers arrive.
What are some steps you can take to put together your peak season pricing strategy? Read on for our top tips as Brevard County rental management experts.
Start With Early Bird Specials
Savvy short-term rental guests know that hosts who offer dynamic pricing tend to offer early bird specials. An early bird special is a discounted rate in exchange for advanced booking.
How early are guests planning their vacations? Some research shows that 20% of short-term rentals are booked two months in advance. That means you should have your early bird special in place two to three months before the peak season arrives.
What kind of discount should you offer? That's up to you, but we recommend a discount of 15-20% off your normal price. The goal is to get your calendar booked and reduce vacancies.
Consider a Minimum Stay Requirement
You should always set rules and regulations for guests to follow. Set the expectations ahead of time to reduce surprise disasters and create precedent for any fines or fees if guests break the rules.
As part of your peak season pricing strategy, consider implementing a minimum stay requirement. For example, many short-term rental owners have a three-day minimum for weekends and four-day minimum for weekdays.
During the peak season, you're going to see a lot of turnover. A minimum stay requirement maximizes profits while reducing the number of times you need to clean and restock your rental.
Stay Competitive When Filling Peak Season Vacancies
Your early bird special will reduce vacancies when peak season arrives. However, it's unlikely to bring your vacancies down to zero.
Don't forget to stay on top of market research when setting your last-minute peak season prices. You want to maximize profits, but over-charging won't get you closer to that goal.
This is where short-term rental management comes in handy. Our years of experience give us insight into Brevard County short-term rental trends. We'll never set your prices so high that vacation guests start looking elsewhere for a place to stay.
Call PMI Brevard for More Peak Season Pricing Help
If you own a short-term rental in Brevard County, now is the time to start thinking about peak season pricing. With summer right around the corner, you can start setting your early bird special rates and minimum-stay requirements. With a little market research, you can catch those last-minute travelers, too.
PMI Brevard is one of the few Brevard County rental management companies to focus all resources on short-term rentals. Our experience gives us unparalleled expertise in vacation hosting, pricing, and marketing. Contact us to find out how we can turn your short-term rental into a top accommodation in Brevard County.
