Archives For Pricing

Review Part 1 || Guest post by Tyler Gillespie

In a recent post on his blog, Tyler Gillespie of VacationRentalBusiness.net challenged vacation rental owners to “hotelize” their businesses. In this three-part series for MyVR, he explains why it matters, how to do it, and what you can do to bring your guest services to the next level. This is part two of three.Families have started to make the switch from hotels to vacation rentals, and why not? Vacation rentals have a lot going for them!

Unfortunately, we also have one big self-defeating problem: Inconsistency. That’s why I believe that a key part of your focus – this year and in future – should be on streamlining operations to become more professional. Much like a hotel.

Whether you manage your rental business on a part or full-time basis, here is my advice to kickstart the “hotelization” of your vacation rental property by zeroing in on the things that will keep your business running smoothly. Continue Reading…

MyVR Rate CalendarAre your rates the right fit for your vacation rental? As noted in our earlier post about setting your rates, pricing your property is subjective — more of a best educated guess than an absolute calculation. It’s possible for you to miss the mark and price too high or low. If your rates are off, how can you adjust?

Is There A Problem?

The average vacation home is rented for 17.4 weeks a year. Before you get too anxious about what you may or may not be doing right, do some research and consider: Continue Reading…

Vacation Rental CalculatorLike any business, setting rates for your vacation rental can be a stressful challenge.

Set your rate too high and rentals could be slow or non-existent, or your guest may have expectations that are higher than you can deliver.

Set your price too low and you may not be able to earn a profit, or you’ll only attract people who abuse your property as a cheap rental.

How do you find balance? Here’s a four-step process to help you decide on a range that matches your property. Remember: While you want to research the information to set the right rate for your property from the beginning, you can fine-tune later.

Step 1: Know Your Costs

External factors carry a lot of weight when it comes to setting rates for your vacation rental, but to start you need to focus on yourself: What is the minimum you can charge to break even? Continue Reading…