Setting Vacation Rental Rates For Your Online Advertising
Advertising Vacation Rentals Online
Are YOU Advertising Your Vacation Rental Online Wrong? Setting Rental Rates
One of many things you’ll want consider when starting a vacation rental business online is “how to set up your vacation rental rates” and pricing structure.
Where do you start?
How do I make sure I’m getting the most out of my vacation rental rates?
I have been in the world of selling since the 90’s and I will share with you some of my marketing experience. Below I have listed one tip to surely help your vacation rental advertising efforts and get more rental prospects interested in your property.
Lose a dollar to gain thousands more in bookings. There are points a vacation rental owner needs to decide what is a fair market price to charge when renting their vacation rental. We already understand that the competition is hungry for your rental business. They will take every opportunity to eat your lunch!
There is one way you can get more bookings by reducing your rental rates.
But wait, I don’t want to offer my property for less, you might protest.
Of course I understand that nobody wants to drop their rental rates but in this case its one of my highest recommendations!
If you set up your vacation rental rates too low you’ll lose out on rental income. Therefore I won’t tell you to lower your pricing too much. However even just lowering your vacation rentals rates by one dollar can help you get more bookings. Here is what I mean: If you have set your rates for $80 a night or maybe its $180 per night, you still have some wiggle room in your rental pricing. This is a proven vacation rental marketing tip that works, you’ve seen it before. You’ve seen it in action in all those TV commercials and ads you see everywhere. So, how can one dollar cost me in thousands?
Here is an example: if we took the rate of $80 and adjusted it by one dollar to $79 which is more appealing?
If you are looking through the eyes of your vacation rentals prospects you’d agree that the $79 looks better than $80. In our minds the pricing is in a totally different price bracket. We the consumers see the 7 and not the 8 seven is perceived as lower to your renters and therefore a renter will see it as a better value.
I often talk about my wife she helps me alot with marketing. I’ve seen how this works first hand. My wife recently purchased a personal item for 109.95 plus tax. I asked what she bought and “what did that cost” she told me $100 in fact the price of the item was a total of $117.65
In my wife’s mind she paid about 100 bucks because the price point was close to a hundred dollars. People usually round down; even if the number is closer to the higher number. I think this helps us consumers justify the purchase in our own minds.
If your rates are $79 rather than $80 someone renting your property might relate your vacation rental rates as being “around $70” when asked how much it was.
A small change like this can make a huge difference in your vacation rental prospects interest in your rental. Consider your rates and see how you can implement this into your vacation rental marketing plan.
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You Tell Me.
What Vacation Rental Rates Look More Attractive?
$150 or $149
$100 or $99
$90 or $89
Have you been advertising your vacation rentals rates all wrong? Do you think is a small and minuscule? I think you would find even by just observation that advertising agencies world wide would disagree.
Your vacation rental advertising isn’t about having one miracle pill that satisfies all of your rental marketing needs. In order for you to achieve the maximum impact and income potential for your rental advertising you’ll have to implement many small vacation rental marketing techniques to give you that big impact!
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Villa Marketers
407-749-8159
Author Jay William
Vacation Rental Marketing Consultant
Jay Williams Vacation Rental Marketing Book
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