How to set the rates for your holiday home
In order to secure bookings it is important to set competitive prices to attract holidaymakers. Here are some tips on how to set your prices:
Check out the competition:
It is important not to price yourself out of the market so check the prices of similar properties to yours on Owners Direct and other sites like Holiday-Rentals.co.uk. What do the other properties have to offer? What is their proximity to tourist attractions or beaches? You may also want to find out what hotels in the area charge as they are your next biggest competitor, self catering has many benefits over hotel stays but you still need to price competitively.
Rental rates:
The majority of rental properties are priced per week (7 nights) for the whole property but it is always useful to work out a nightly rate for extended stays or short breaks. You will also need to decide on the currency you choose to list your prices in, if you are targeting a European market then displaying prices in both Sterling and Euros would be helpful, for the American market US dollars may be more suitable.
Indicate what the rental price includes:
Check to see what your competitors in the area include in their prices. If the property is routinely cleaned once a week, this could be included in the price. If you plan to let your property in all seasons, it may be worthwhile including a standard charge for heating/air conditioning to save any dispute at the end of a holidaymakers stay.
Identify how many people can accommodate your property at one time and base the price on a set number of guests, you can always make allowances for extra guests should you be willing to accept them.
Seasonal lettings:
School holidays will generally be the busiest periods for your property and, when you can expect to make the most money on rentals. Find out when the school holidays are and don't forget about Easter holidays and half term breaks.
Christmas periods, Easter breaks and bank holiday weekends will also be busier so make sure you plan ahead and know the exact dates.
If the area your holiday home is in holds popular sporting events, music festivals or other popular occasions you could maximize on rentals at this time so keep well informed.
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