2016 - Is The Price Right?!


Have you judged your pricing at the right level

for your holiday rentals?

It can be a difficult task to ensure pricing isn't too high, or too low - so here's a few ETK tips to help:

Always check the park's pricing!

Do a search on their www for your available dates & see how much the Holiday Company is charging for a similar Holiday Home to your own. ALWAYS go lower! A guest is highly unlikely to book a private rental that is more expensive than booking through the park direct! Bear in mind that "passes" will always be included in their bookings as standard, and sometimes a linen pack - so if these are at an additional cost in your rental, your "end-price" still needs to be lower than the park's charges.   

Ask other Owners for advice! 

Speak to other renting Owners on your park and get a rough "feel" for what the average pricing is. Most will be happy to discuss - but "UNSPOKEN LAW" amongst all Owners - is NEVER to "UNDER-CUT" each other! Don't purposely quote a cheaper price to a potential guest just to "secure a rental" :- your reputation amongst other Owners is worth way, way more than a "cheap rent!"    

Don't undersell yourself!  

Calculate all running costs and ensure you don't rent at a loss! It's very tempting to run a "special offer" at the end or beginning of seasons, or if you have "empty" dates you really want to sell:- but if it works out that your costs equate to, or are more, than your rental price - sometimes it actually works out more viable to leave the Holiday Home empty! You need to consider the actual "rental cost" to you:- include potential gas and electricity usage for the duration of stay, cleaning costs, along with "wear and tear" on the Holiday Home ... and (sadly) potential "damage" issues that may arise...   

Don't oversell yourself!  

You may think your Holiday Home is worth £400 a week in May, but if pricing for your area in similar Holiday Homes is around £250 - you will be the one left with dates to fill! Be realistic with your pricing and you are far more likely to get the bookings!

Look at seasons! 

Don't forget that pricing varies through the year, you can charge a different rate for "Low", "Mid", "High" or "Peak" seasons... but again remember that Guests will expect cheaper pricing in low season:- which is generally when the "rental cost" will be more to you in utility costs with heating and lighting etc. Remember that ALL school holidays and Public ("Bank") Holidays are classed as "peak" by the Holiday Companies... so do the same! 

Be Flexible!  

Just because you have decided at the beginning of the season that your rentals in August will be £600, doesn't mean they have to stay at that figure! Watch pricing for your area throughout the year and alter yours accordingly if necessary!

Publish your pricing?  

Individual preference! Some Owners will show all pricing on advertising, some will only show "special offers" and some will show none, asking for personal contact to discuss. Biggest "fear" with publishing pricing amongst Owners is the "ugly-under-cut" again, so go with whatever you are comfortable with! 

Set a level! 

Always have the lowest figure you are prepared to rent for, for any given time of the year and don't go beneath it! If you calculate this figure carefully, taking into consideration all of the points above :- that is your "base-line" to work from. Offering a break at £80 when you know it will incur costs of £130 is just silly! Not even worth doing to build up your rental feedback, as it may turn out to be a not-so-successful rental which could cost you dearly in financial terms! 

Don't be "persuaded!"  

You will always get potential guests asking for cheaper pricing! If you have set your lowest price at £250 and the guest says they can get it elsewhere for £200, so if you "match" the price - they will book with you: ignore! Stick to your guns and go with that very reliable "Owner-gut-feeling!"

Use your Holiday Home!  

Don't forget, if you have "empty dates" - there's always the option of using them yourself!

 

 

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