Do you adjust your pricing according to the seasons?
I’m sure you do, if as is the case up here in Ontario you have clearly differentiated high and low periods of occupancy.
When demand is super-high and inventory is low you’ll have a much higher rate than at times when there’s a lot of properties available with a much lower demand.
This is the traditional method of pricing and it’s usually coupled with a rough comparison of similar properties in the area – a sort of wet finger approach that’s worked in the past.
But that was when we were all advertising on the old VRBO, and happy with the status quo.
However, now we have significantly more properties on the market and this makes it ever more important to price competitively, and move the rates up and down in accordance with changing criteria.
Andrew Kitchell of Wheelhouse.com joins me to explain how adopting a strategy of dynamic pricing can impact different types of vacation rental owners and increase occupancy levels.
We discuss how to analyse a property to establish it’s unique aspects and how the addition of a simple amenity can make a big difference in occupancy in some areas.
We talk about:
- How dynamic pricing models are changing the way we present our properties
- The importance of knowing what guests want the most in your area
- How rural markets are growing and need to align with practices adopted in urban areas
- Data science and how it is impacting our industry
- What you need to know to price your property according to demand
- How Wheelhouse.com can help owners and managers be more successful at pricing competitively.