| What price should you charge for your vacation | | | | Although it is usually best to keep your unit priced |
| rental property? | | | | about where other units are priced if you have a |
| When you begin managing your own vacation | | | | better unit you can often ask more. Imagine for a |
| rental property, one of the first questions you'll | | | | minute that you want to rent a condo at a |
| ask yourself is, "What price should I charge?" | | | | specific resort. Let's say that you see two units |
| The best way to set a price on your condo or | | | | that look similar but when you look at the price |
| vacation home is to do your own research and | | | | you notice that one is slightly more money. |
| compare what else is available. Search on the web | | | | Chances are you'll look the page over carefully |
| for vacation rentals in the area your property is | | | | and try to see why. Maybe the higher priced unit |
| located, for example, "Hawaii Vacation Rentals" | | | | has more amenities or a better view. However if |
| and find a range of prices for other properties | | | | the units are still basically the same, the renter will |
| similar to your own. If your condo is part of a | | | | naturally pick the one for less money. |
| larger resort complex, do some research and | | | | If your unit is priced substantially less than other |
| compare what other condo owners are charging. | | | | units in the project guests often wonder what's |
| Take into consideration views, location, even | | | | wrong with it? Although, some guests don't mind |
| location within the project. What is the general | | | | putting up with a few problems if the price is |
| condition of the property? Does your condo have | | | | right, if your unit has serious problems, you should |
| a basic furniture package or has it been | | | | fix them. |
| substantially upgraded? Does your vacation rental | | | | Once you've come up with a range of rates to |
| or villa have air-conditioning? Does it have beach | | | | consider, I recommend that you start your |
| access, a swimming pool, etc.? Is it ski-in/ski-out? | | | | advertising campaign at the lower range of prices. |
| How about free internet access? | | | | It's much easier to raise prices later than it is to |
| It is also important to realize that when people | | | | lower them. If you start off listing your vacation |
| rent directly from the owner they are expecting | | | | rental too high, you might only get a few |
| to get a better deal than they would get by going | | | | requests and you'll be wondering what's wrong: It |
| to a more traditional rental agency. This is | | | | is your pictures? Your ad discription? Your terms? |
| because an established recognizable agency might | | | | By the time you finally decide it's your price may |
| be more trusted than an individual owner that is | | | | have forgone a lot of bookings. On the other |
| unknown to the guest. The guest also often | | | | hand, if you start a little low and find yourself |
| expects that the owner will offer a better deal | | | | turning away reservations, you can start |
| because the owner won't have to pay a | | | | increasing your rates and measuring the affect it |
| commission to an agency. | | | | has on the demand for your vacation rental. |
| Having a slightly higher price isn't always bad: | | | | |