Between November and March, Sarasota gets tons of snowbirds looking for a break from the cold. As we move through one of Sarasota's peak tourism seasons, it's time to think about how you can make the next one even better.
Sarasota's peak season is the most profitable time for the city, including its many short-term rental property owners. If you're not creating a peak season pricing strategy, however, you're not going to make the most of peak season travel.
What steps should you take to increase your bookings and your rental income next winter? Read on to find out.
Offer Early Bird Rental Rates
Learning how to rent your property to vacationers can come with a learning curve. It may be too late to offer early-bird rental rates for peak season in 2024, but you can start gearing up for next year. Early bird discounts can be as little as 5% below peak season pricing and as large as 20%.
Early bird discounts are a benefit to vacationers and property owners alike. For vacationers, early-bird discounts make peak season travel more accessible. For property owners, early bird discounts encourage vacationers to book their stay early, eliminating the scramble to book your property at the last minute.
Don't Overprice Your Property
We may see new Florida short-term rental laws going into effect in the near future. However, none of them will impose restrictions on short-term rental pricing. Does that mean the sky's the limit?
When you're setting prices for last-minute peak season renters, it's expected that those prices will be higher than normal. However, you don't want to set prices so high that you reduce your property's competitiveness. Always monitor the Sarasota vacation rental market to make sure your peak season pricing reflects the average, not the maximum.
Impose Minimum Stay Rules
One issue that short-term rental property owners face during peak season is an increase in property damage. The high turnover rate can lead to increased wear and tear. In the worst-case scenario, you may find that one of your peak season guests is irresponsible and causes excess damage, leaving you with little time to address it before your next renter arrives.
One way to protect your property during peak season is to impose minimum stay rules. This ensures that you'll maximize your rental income while eliminating guests who only want a place to host a party. It will also allow you to schedule weekly vacancies to clean and repair damage as needed.
Need Help With Sarasota Peak Season Pricing?
As we move through Sarasota's peak tourism season, it's already time to start thinking about next year. A solid peak season pricing strategy can maximize your income and bookings while minimizing property damage. If you need help establishing a better peak season pricing strategy, PMI can help.
At PMI, we provide our services and expertise for both long-term and short-term rentals. Our customizable property management services give property investors the tools they need to earn rental income with a hands-off approach. Let us know how we can help today.
