Do you own a rental property in Savannah, Georgia? The city broke records last year for the number of tourists who visited.
As a result, if you're a landlord, you've now got a huge opportunity to rake in lots of cash from tourists. However, you've also got a lot of competition from other landlords.
How do you maximize vacation revenue? What are the vacation property pricing targets to hit?
This guide will show you the best vacation rental pricing strategies to succeed as a landlord in Savannah.
Here's what you must know:
1. Research the Pricing for Rentals
The first step is to research the average vacation property pricing amounts for similar homes. You don't have to charge the same amount, but it's generally best to stay around this amount.
For example, if similar properties charge $500 per week, you should stay within the range of $450 to $550 per week. If you wish to charge higher than the range, you'll need to offer premium services and amenities.
2. Use Vacation Rental Platforms
The next step is to manage your bookings and reservations using platforms such as Airbnb, VRBO, and Booking.com. These platforms are ideal for charging higher prices.
Tourists often prefer to use these platforms as it's much easier than having to search for vacation homes on their own. These platforms also vet landlords and properties. This ensures that tenants find a property that's in good condition and has a reputable host.
As a result, they'll be willing to pay a premium price to rent a vacation home from these platforms. You can also increase your prices in the long run if you build a reputation as a top host.
3. Vacation Rental Pricing Strategies for Off-Season
While Savannah is a great city to visit year-round, there are times when the city isn't as popular with tourists. Nevertheless, there are still methods to attract tourists during these times.
During these months, one pricing strategy is to lower your prices than normal. For example, let's suppose you charge $40 per night for your vacation home during peak season. You can possibly lower this to $30 during the off-season.
4. Increasing Your Prices
As mentioned earlier, you can raise your prices if you offer premium services and amenities to your tenants. Consider adding faster Wi-Fi to your properties. You can install SMART technology such as an in-home entertainment system on the property.
Many tourists will gladly pay higher prices for these extra amenities. If you offer services such as home-cooked breakfast, airport transportation, etc, they'll gladly pay more.
Enjoy Your Vacation Earnings
Now you know the key vacation rental pricing strategies to succeed as a landlord in Savannah.
Start researching the average price to determine your base price. You can raise prices by offering extra amenities and services. You can sustain your rental business during the off-season by offering discounted prices.
PMI Coastal GA is one of the leading property management companies in Savannah. We have over 20 years of experience in the industry and we know we can help you.
