Tips for setting your short-term rental

 Tips for setting your short term rental

 

The context of a  short term rentals activity, you will have to take into account a certain number of elements that will undoubtedly affect the volume of reservations you will receive. Among them, the price at which you will offer your accommodation will guide the choice of travelers when booking their stay.

 

Thus, if you are an individual and rent your accommodation without the help of a concierge or other external service, cottagecreekvineyard many tips will help you correctly set the price of your accommodation which will be rented in a short period.

 

Together, cottagecreekvineyard.com  let's see how to optimize the price of your accommodation in order to rent it at the best price while remaining competitive for travelers.

 

Define a floor price

Before thinking about the price you are going to offer for your home, it is wise to define a floor price upstream, that is to say the minimum price at which you are going to offer your property so as not to rent at a loss.

 

To calculate your floor price, it's very simple: add up all of your annual housing costs (mortgage, charges, insurance, electricity, cottage creek vineyard internet subscription, cleaning service, maintenance costs, etc.) and divide the result obtained by the number of days of the year. This will allow you to know what the accommodation costs you in terms of charges and therefore the minimum price below which you would rent at a loss.

 

Analyze the competition

How to offer an optimal price without knowing the state of the competition nearby? It is essential to know the prices that other short term rental Morgan hill  hosts have set for their accommodation, similar to yours.

 

Analyzing the market will allow you to be as accessible as it is profitable, by offering a price corresponding to demand.

 

2 solutions are available to you to study your competition: short term rental housing

Go yourself and examine the offers for similar properties in your area on several platforms (Airbnb, Booking, etc.). This will allow you to get an idea of ​​the ideal price.

Carry out this study much faster and with much more complete data thanks to the PriceLabs Market Dashboard: a practical tool that will inform you of the latest price trends locally, by taking into account your geographical area, seasonality and a very large amount of data.

 

I explain how to take advantage of this tool in a previous article .

 

Take into account the specificities of the accommodation

To set the right price for your home, analyzing the outside environment is necessary, but it is not enough.

 

The price will also depend on the quality of your accommodation (fittings, equipment, services, accessories, short term rental apartments quality of the mattress, of the linen provided, etc.) and the additional services that you may or may not offer to travelers.

 

So be sure to take all this into account when you set your price, we are talking about standing here. A large terrace, a beautiful view, a few additional services (access to a swimming pool, free parking, etc.) are all elements that will allow you to position your price in the upper range of the prices charged, for example.

 

 

Thus, after knowing the market, by yourself or thanks to PriceLabs, you will know whether you should rather position yourself in the average or in the high or low range of the market, depending on the standing of your home.

 

Don't forget the additional costs

You must know it, to the annual charges are added the costs inherent in the short-term rental activity (cleaning, linen management, consumables) and you must take them into account when setting your price.

 

These costs correspond mainly to the maintenance of your accommodation and the reception of travelers.