If you've recently invested in property in Park City, UT, you're in luck: This beautiful city is an attractive location year-round. With its stunning weather in the summer and snowy winters, Park City is truly an all-around vacation destination.
You're guaranteed to rake in some money when you own a vacation rental in Park City. However, there are methods you can use to make even more.
In this blog, we'll discuss some of the best vacation rental pricing strategies to increase your income and expand your vacation rental property portfolio.
Price Higher in Peak Seasons
Park City is a very popular vacation destination for winter activities. That's why it makes sense to elevate your vacation rental prices during the winter months. Since demand will be hire, guests are willing to pay more for accommodations.
With its pleasant temperatures during the summer, Park City also attracts families on vacation during school breaks. Look at similar rentals in your area to see what rates property owners charge, so you can establish a baseline.
Attract Guests in the Off-season
Conversely, it's important to decrease your vacancies year-round for your vacation rental. Every day your rental sits empty, and you're losing money.
So, what is the solution? Lower prices during non-peak times to tempt guests to book your property.
Many budget travelers like to find deals during the off-season. These are also called shoulder seasons. Set your prices at a lower rate during autumn and spring to fill more vacancies.
Use Dynamic Pricing
For vacation rental and Airbnb pricing, dynamic pricing is your best friend. Dynamic pricing is automated, and it raises prices based on demand.
Dynamic pricing means less hassle for you when managing bookings and reservations. You can take the guesswork out of pricing and free up more time to focus on other elements of your business.
Rack Up Positive Reviews
A surefire way to increase prices is by accumulating positive reviews. Guests will pay more for properties that are guaranteed to be a good experience.
The higher your rating, the more likely your property will show up at the top of property listing sites as well.
Increase Amenities
More amenities justify charging a higher vacation rental price. Add amenities to your property that make it stand out and attract guests.
For example, a hot tub is a great amenity to enjoy in both warm and cold weather. It can be a fun way to relax after a day of skiing, or a way to wind down after summer activities.
Try These Vacation Rental Pricing Strategies
If you own a vacation rental property, you'll want to make the most money off of your investment. With these vacation rental pricing strategies, you're guaranteed to boost your income.
PMI Mountain Collection is Park City's premier property management company. Our team has over 20 years of experience in the Park City area, so you can rest easy knowing we'll take care of your vacation rental property.
Are you ready to maximize your vacation rental income? Contact us today to get started.
