Holiday season

How to get the most out of your rental property during the holiday season

The holiday season is in full swing. And as a rental property owner, you have a great opportunity to capitalize on last-minute traveler demand.

Many people may have initially booked hotel rooms for their vacation trip. But as the omicron variant takes hold and COVID-19 cases increase nationwide, some travelers may not like the idea of ​​staying in a hotel and sharing common areas with other guests, especially at a time when these properties are likely to be busier than ever.

That’s where you come in. Here are three ways to get the most out of your rental in the latter part of 2021.

Image source: Getty Images.

1. Increase prices – but only modestly

As a real estate investor with rental property available, you may be in a good position to charge your guests a small fortune to stay in your home. Resist this urge.

It is perfectly acceptable to charge a higher per night or per week rate than usual for your rental during the height of the holiday season. But you don’t want to price your property too high, as you could alienate guests who would otherwise be inclined to reserve your property during the year. A good rule of thumb is to see what comparable rentals are for the week between Christmas and New Years and make sure your rental matches those prices.

2. Offer a weekly rate with a few bonus days

Due to the holiday schedule this year, guests may want to reserve your rental from Christmas Eve to New Years Day. It’s a little over a week’s stay. But you will become a more affordable vacation spot if you offer your customers a special “stay eight nights for the price of seven” package. It’s also a way to create goodwill and perhaps encourage repeat bookings.

3. Offer discounted rates for customers who extend after the holidays

You could receive a lot of inquiries for your rental in the latter part of 2021. But by the start of 2022, your reservation calendar may be wide open. So it’s a good bet to offer discounted rates to guests who book your home during the peak holiday week, but then choose to extend their stay until early January.

Granted, this is something families with school-aged children may not be able to do. But not everyone who rent a private home has a school schedule to follow. You may find that a group of guests who are booking your property for a family reunion are all retired and more flexible with their vacation dates.

Prepare for a lucrative week

The week between Christmas and New Years could end up being the most profitable of the year – if you play your cards right. At this point, travelers who are making last-minute plans or those who are suddenly nervous about staying in a hotel can claim a rental property to get away from it all at the end of 2021. And if you follow these tips, you could really benefit financially. of these guests.

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