Chattanooga sees around 16 million visitors annually, generating $1.6 billion in revenue.
If you own a Chattanooga property, turning it into a vacation rental can help you earn serious income. That said, there are countless other vacation rentals that you'll be competing with for guests. You must embrace peak season pricing strategies to maximize bookings and keep ROI up.
Today, we'll give you some vacation rental pricing tips to help make your property a real money-maker. Keep reading and increase your profitability ASAP.
Research the Market
To set the right price, start by researching your local market. Look at similar properties in your area and see what they charge during peak season. Pay attention to:
- Property size
- Special amenities within the property
- Freebies to attract guests
This will help you to understand how they affect pricing.
Set Minimum Stays
During peak season, require guests to book a minimum number of nights. This reduces turnover and cleaning costs while maximizing your rental income. For example, a 3- to 5-night minimum stay can ensure longer, more profitable bookings.
Early Bird Discounts
Encourage early bookings by offering discounts for guests who book well in advance. This fills your calendar early, giving you more control over your schedule. A 10-15% discount for early bookings can motivate travelers to secure their stay sooner.
Take Advantage of Local Events
Raise your prices during popular local events and festivals. Travelers will pay more to stay close to the action. Track major events in your area and adjust your pricing accordingly, giving your guests Chattanooga travel tips while you maximize rental profits.
Offer Value Packages
Create packages that include extras like late check-out or local tour discounts. Bundling extras makes your property more attractive and justifies higher rates. Guests are often willing to pay more for added convenience and perks.
Monitor the Competition's Pricing
Keep an eye on your competitors' prices and adjust your rates accordingly. If similar properties lower prices, you may need to follow suit to stay competitive. Regularly review competitor listings to stay ahead of market changes.
Price Anchoring
Showcase a higher original price next to a discounted rate to make your offer look like a deal. This pricing tactic makes guests feel like they're getting a bargain. For example, display "Was $300, now $250 per night" to encourage bookings.
Track and Adjust
Review your booking performance weekly to see what's working. If bookings are slow, adjust your rates or offer limited-time discounts. Consistent monitoring helps you stay flexible and maximize your profits.
How PMI Can Help You with Peak Season Pricing
Peak season pricing can be difficult to master. These helpful pricing tactics for rentals will put you in the best position to attract guests during the busiest seasons. Doing so will put more money in your pocket year-round.
More guests in your rentals means your vacation rental will be busier. If you need help adjusting to the amount of work involved, hiring a great property manager is the best idea.
PMI Scenic City is Chattanooga's top option for vacation rental management. We can help you with everything from attracting guests to providing an amazing guest experience. Contact us today to learn more about our services.
