These are tough times for everyone; both you and your potential guests. In order keep your vacation rental home occupied, consider offering a variety of discounts. Here is a list of common types of discounts that you might want to try:
The most common discount offered by vacation rental owners is the off-season discount. Every vacation home location has its own high-season (or peak season) and low-season (or off-peak season), which means that during low season, there are typically less prospective guests. Usually, offering significant discounts and lower rates for off-season times of the year will attract more guests.
Last Minute Deals
Perhaps there’s a weekend or a week coming up that you still haven’t rented… This would be a great time to offer a Last Minute Deal for your vacation rental. It isn’t uncommon to see 1/2 price (or more) rentals for guests that can rent just a few days (or less) before arrival. The more attractive the offer, the better chance you will have renting your property.
As an owner listed with OwnerDirect, you have access to the iTravex system which allows you to offer your property to other vacation home owners in exchange for points. iTravex is not your typical exchange program, there is no direct trading or swapping required. Hosts earn iTravex Points and cash for their otherwise vacant nights. Using points earned as a host, you can stay in another member’s vacation home for as little as the 10% booking fee.
If a guest wants to stay for a month or more, that can make things much easier for you in terms of overall work. Help make this happen by offering discounts for longer-term rentals. With this strategy, you have to take high and low season into account. If you are certain of renting your home for all of the high season, it wouldn’t make financial sense to offer discounts of this type during this time of the year… unless you look at it from an overall work perspective. Maybe you’d like to relax a bit more during high season…. see what I mean?
A couple of things to remember
Try to wait as long as possible to give those last minute deals. Vacationers are waiting longer before making their decisions these days, so make sure you don’t jump the gun, and end up giving your property away for next to nothing. With OwnerDirect’s software you can set different percentages off your rates based on how close the arrival date is. For example, if it’s still vacant 20 days before, offer 35% off but if it’s still vacant 7 days before, consider offering 50% off.
Make sure you are up to date on all the holidays and special events in your area. Keep a calendar handy with international holidays marked on it, and in a different color, mark local events that people might travel to your area to take part in. Concerts, festivals, outdoor events and shows are all likely travel enticements!