Panama City Beach, FL, provides a wide array of enjoyable activities for vacationers. From hiking at Conservation Park in the north to sunbathing on Shell Island, you're within driving distance of several stunning sites. Understanding today's top vacation rental pricing strategies can help you effectively draw the growing number of people seeking accommodations in the city.
Panama City Beach's tourism revenue is expected to grow by 0.4% from the winter of 2023 to the winter of 2024. The current revenue is expected to increase 26% from 2021. Panama City Beach is a popular vacation destination for its warm water and white beaches.
How can you maximize your vacation rental investment this winter and beyond? Let's explore the top vacation rental pricing strategies for Panama City Beach.
1. Perform Market Research
Examine your rivals' prices and occupancy rates to gain insight into your local market. Consider your rivals' customer feedback, too, to determine how other renters feel about the prices they're paying elsewhere. Conducting this market research can help you set a competitive base rate.
2. Adjust For the Season
Modify your rates based on the peak and off-peak periods. Raising rates at busy times of the year and for important occasions can significantly increase your revenue.
3. Extra Fees
Consider charging more for additional vacation rental services. Extra services that guests may be willing to pay a premium for include the following:
- Housekeeping
- Lodging for pets
- Early check-ins
Decide on a set price for every service. You can charge a pet fee of $20 per stay along with a $50 cleaning fee. Make sure these costs are clear to prospective visitors to prevent them from turning you away.
4. Local Market Knowledge
Use this knowledge to adjust your price plan. Real-time data analysis and the opinions of a local property management company, like PMI Emerald Coast, can help.
5. Discounts For Longer Stays
Provide discounts for longer stays to promote reservations and lower turnover expenses. Choose the percentage off for both weekly and monthly reservations.
Consider providing a 10% discount for stays longer than seven nights and a discount of 20% for stays longer than 28 nights. Make sure prospective visitors understand the advantages of extended stays in your communications. Emphasize the convenience and financial benefits of longer stays.
6. Regular Reviews
Evaluate and modify your pricing plan regularly in light of guest performance information and input. Monitor the frequency of bookings for your vacation home for rent. If your occupancy rate is high, it may mean that your pricing is too low, and if it is low, it may mean that they're too high.
Keep an eye on your overall revenue to comprehend your financial success. Examine booking patterns, including peak booking periods and typical stay duration.
Vacation Rental Pricing Strategies
The top vacation rental pricing strategies include performing market research and adjusting your pricing each season. Other tips include charging fees for extra services and offering discounts for longer stays.
At PMI Emerald Coast, we stand out for using cutting-edge technology to make managing properties effortless. We've also earned a reputation for delivering stellar customer service. Increase your revenue by collaborating with us today!
