Discover how to maximize your rental revenue with strategic pricing! Learn about the three key demand impacts affecting your rates and how to gauge your competition. Are you booking too early or too late? Find out how pacing affects your income. Dive into the world of dynamic pricing tools like Wheelhouse and Pricelabs to ensure you’re optimizing your earnings. Plus, get insights from a recent webinar that can elevate your short-term rental game!
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volunteer_activism ADVICE
Adjust Pricing for Demand Factors
Adjust your STR pricing based on seasonality, day of the week, and local events or holidays.
Use websites like WeatherSpark and check historic occupancy to understand seasonality trends in your market.
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Set Minimum Stays for Events
For major events, set minimum stays on your property to avoid booking gaps and maximize earnings.
Use your pricing tool features to implement stay restrictions during peak demand periods.
volunteer_activism ADVICE
Use Appropriate Comps for Pricing
Compare your property to similar rentals near your location to find fair market rates.
Select comps based on size, amenities, and proximity, ideally about 20 properties.
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I am constantly learning and improving my rentals and my goal with the podcast is to pass all of that on to you. Part of my continued education includes webinars, youtube, videos and anything I can get my hands on. This week I share what I learned from a recent webinar I attended with the CEO of Wheelhouse, one of the most well-known pricing tools for the STR industry. I’ll break down my main takeaways and what you should be keeping an eye on to make sure that you aren’t leaving ANY money on the table.
The THREE demand impacts that affect your STR rates
How to determine your closest competitors and their prices
Pacing; Are you getting bookings too soon or too late?
Checkout the pricing tool that I use called Pricelabs.
Wheelhouse is another option.Still not quite sure what a “dynamic pricing” tool is? Listen to Episode 8 to learn more.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
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Short Term Rental Riches