Owning property in Annapolis can be a lucrative investment. With access to the Chesapeake Bay and historic charm, this Maryland city is an appealing destination for vacationers. But do you know how to maximize profits from your rental property?
Keep reading to learn peak season pricing strategies for Annapolis vacation rentals!
Understand Seasonal Trends
Invest time in researching Annapolis rental trends before determining your pricing strategy. Annapolis tends to be most popular during the following times of the year:
- Summer
- Spring
- Fall
Ultimately, you'll want to shape seasonal pricing for rentals around demand. Plan on adjusting your rental calendar on booking sites to reflect pricing changes depending on the time of year.
You may want to back down your rates in winter, for example, which is a less popular season. But in summer or spring, you'll want to charge higher rates to reflect the popularity of Annapolis for boating or seeing spring blossoms. Then you'll be able to maximize rental revenue.
Incentivize With Discounts
Discounts can be a great way to keep your property full, especially during quieter times of the year. You can enhance vacation rental income by offering incentives, such as:
- Holiday rental pricing
- Discounts for extended stays
- Promotions for new guests
Market your home as a holiday retreat and offer December deals to encourage bookings during the quieter winter months. And if you have a first-time guest, consider giving them a discount to encourage them to stay again.
You can offer discounts for parties planning to stay for intended periods, too. For instance, a party that wants to stay for two weeks could see a 15% discount on their total booking cost. While you may sacrifice some income, you'll gain the stability that comes from extended occupancy.
Be Clear With Pricing Communication
Finally, plan on being clear and transparent with all pricing. When it comes to Annapolis rental tips, this may be the most important one. You'll earn trust from guests - and the potential for better ratings - when you're direct about all costs and considerations.
Let guests know that your pricing accounts for other elements, like cleaning services. Guests will appreciate knowing where their money is going, and how it contributes to a better vacation experience.
As part of your peak season pricing strategies, set clear expectations for guests, as well. Be sure they understand what they'll need to do from a cleaning and security standpoint - and that there will be financial penalties for causing damage or breaking the rules. And make sure they have your contact information in the event of questions or issues.
Follow These Peak Season Pricing Strategies
The right approach to peak season pricing ensures you're making the most from your rental property investment. Increase your rates for bookings during popular seasons, like spring and summer. Offer incentives and communicate clearly to help score bookings at any time of year.
At PMI Annapolis, we have the property management expertise to help your vacation rental thrive. We can coordinate bookings and handle maintenance so your property always looks its best. Contact us today to learn more!
