Do you own a vacation rental in Orlando? Last year, the city attracted 74 million visitors, which was the same as pre-pandemic levels.
This means there's no shortage of opportunities for landlords in Orlando. However, with so much competition, you'll have to work harder to maximize rental profit.
This guide will share the four best vacation rental pricing strategies for your Orlando property.
1. Focus on the Peak Season
Your first step should be to focus mainly on attracting guests during the peak season in Orlando. You should reach out to guests before the summer to convince them to book your property in advance.
You'll want to offer discounts if they book in advance. Otherwise, summer is always the best time to raise prices. If you have a great vacation home, guests will be willing to pay higher prices to reserve it.
2. Upsell Your Amenities
The next step to ensure higher vacation home pricing is to share your amenities on the listing. For example, guests will want to know the size of the bed. Many guests will gladly pay a premium for a King or Queen-size bed.
Likewise, they'll want to know about the technology in the property. For example, do you have high-speed internet? Do you have a Smart TV that has all the popular streaming services? These are especially great amenities for solo travelers or couples.
The more amenities you promote, the higher the prices you can charge. A great vacation home with slow internet is useless today for most guests, for instance.
3. Offer Discounted Rates
One of the most popular rental income strategies is to offer a discounted rate for longer stays. Let's say you charge $60 per night for a stay. You can lower this to $50 per night if your vacation guests stay for longer than a week.
This is an especially good option for families, solo travelers, or digital nomads who often want to stay in a property longer. If you want to attract professionals who are looking for a "work vacation," this is a fantastic route.
4. Reward Loyal Guests
As you build your vacation rental business, you'll soon come across guests who'll stay in your property multiple times. One great way to maximize profit with them is to convince them to always stay in your property.
You can offer them a special discounted rate. You can always set aside a specific duration each year just for them. You can prevent other guests from booking during this time. In the long run, this will help you earn more money.
Whatever you do to maximize rental profit, make sure you ask a property manager to help you.
Follow These Vacation Rental Pricing Strategies
You can follow these vacation rental pricing strategies to create a successful rental business in Orlando. You don't have to do it on your own as you can always work with a property manager.
PMI Orlando is one of the leading property management companies in the city. We have a team with over 20 years of experience who are eager to help you.
