For the second day of MyVR Marketing Tips, it’s time to review your rates.
Changing your rates isn’t something you need do today — for example, you don’t want to unexpectedly increase rates for people who’ve been planning to book with you but haven’t yet done so.
However, if you haven’t increased your rates in a while, it’s worth considering. Today, look at the information you have available to help decide whether adjusting your rates is the right move for you.
- Research nearby vacation rentals. Can you tell whether they’ve had a rate increase lately, or is there anything to indicate they’re planning an adjustment?
- Review your income, expenses, and occupancy rates. Are you charging people enough when they stay with you? Is it possible that high rates are keeping your numbers low?
- Consider expenses over the past year, and any changes forecasted for 2013. Are any of your service providers increasing their rates? What about utilities or insurance rates?
You don’t need to increase your vacation rental rates every year, but it’s important to be aware of what’s going on in your local market and to consider external factors that may impact your bottom line.
photo credit: Steve