Finding the right prices to offer to your guests is the biggest component in your business performance, and largest factor when it comes to your conversion. Guests are looking at the value of what they are booking, in relation to what the rate is. Property Managers must be knowledgeable of the pricing in the market. You want to have a competing advantage against not only other homes in the market, but hotels as well.
The largest customer attraction is not only the nightly rate, but outside fees including: service fees, booking fees, damage waiver fees, cleaning fees, resort fees etc. If your rates are marked up substantially higher than your competitors, this will only discourage or distract a consumer from booking. If your listing is the same price range as a hotel, it is possible the hotel’s total charge will still be significantly less due to no extra charges that may exist on your property.
When it comes to promotions: it is recommended that promotions are used strategically. Constant promotions lessen the reputation of your property. It is advised to use promotions sparingly. The best time to implement a promotion is during the holiday seasons, or if a season is particularly slow, this will create more traction for you.
