Do your research. Checking out other holiday homes in your area is a good place to start. Check that you’re not pricing yourself out of the market, but also not selling yourself short. Use the search filters to find properties with similar facilities in your area. If you have a pool, for example, you can expect to charge higher rates than homes without. Get to know the market and make sure you’re always competitively priced.
Keep your prices seasonal. Peak seasons vary from country to country and even region to region. Local events, weather and school holidays are all big influencing factors to consider when deciding on your prices. Keep an eye out for any local events such as festivals and sporting events that are likely to draw crowds to your area.
Try to be all inclusive. Rather than offering a low rate with extras that soon add up, try to keep your rates all inclusive so you’re more likely to secure the booking quickly. Your potential guests may have a set budget and might not be expecting to pay for extras. Also, if your pricing structure looks simple and easy to understand, you’re more likely to get an enquiry/booking request.
Be prepared to compromise. Think about the lowest price you could charge in order to cover costs and start making a profit. It’s quite common in recent times for holidaymakers to haggle, especially during peak seasons when demand is lower. If you can foresee weeks when demand is likely to be lower, think about lowering your rates or offering a special discount – such as a late deal – to attract guests out of season.