Did you recently purchase or inherit a rental property in Long Beach? With its stunning beaches and proximity to major cities in southern California, you can maximize profits with the right vacation rental pricing strategies.
So, what you can you do to start pulling in cash on your short-term rental? Here are some tips to make sure your investment property pays off.
Attractive Off Season Pricing
The best pricing strategies include knowing when to price below or above market rates.
Although it may seem counterintuitive, consider lowering your rental property costs during the off season. Even if you do not turn a profit, you will avoid going into the red.
If your guests have a great experience, they may want to visit during a time when the rates are higher.
Look at Other Properties in Your Area
Do your research and look at other listings in your area. Try to find similar properties using factors like location, square footage, and amenities.
If you are utilizing a booking platform, you can also check to see if the properties have availability. Properties with many vacancy dates may indicate that their rates are too high.
Work With Property Managers
A good property management company can take a lot of the work off your shoulders when it comes to running a rental property.
For instance, if you live far away from your vacation rental, the company will take care of things like repairs and maintenance. This way, your property stays in good shape and you can save money in the long run.
In addition, a property manager can calculate your income versus your expenses. This analysis will help you decide where you can cut back or if you need to increase prices.
Put a Premium on Peak
While you can lower your pricing during the off season, you will also be able to increase rates during the peak season. This is when most people will want to visit Long Beach and hotels and rentals tend to book up quickly.
Make sure what you charge is higher than your normal rates, but still within a reasonable range. You want to attract guests, but not dissuade them with outrageous prices.
Utilize Guest Reviews
When you start out with vacation property management, you may have to set prices lower than you prefer. But once positive reviews begin to roll in, you can charge more.
Highlight the best parts of your guest reviews in your listing on management platforms like Airbnb. This will allow potential tenants to see why you offer your property at higher rates than others.
Try These Vacation Rental Pricing Strategies
You do not have to worry about making money on your property. With these vacation rental pricing strategies, you can turn a profit in no time.
Ready to get started with a vacation rental property in Long Beach, CA? PMI Harbor Beach is here to assist you with all of your property management needs.
We have the combination of knowledge and experience to fit your needs. Contact us today to begin your property management journey.