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How do I evaluate my vacation rental rates?


I'm not sure if I’m charging the right amount to cover my costs and compete.

Asked By: Mike

Tags: Advertising New to Renting Rates

1 Answers

Mike

The best way to evaluate your vacation rental rate is, simply, to ask someone.
 
You can start by asking a friend or relative for a second opinion, if they think what you're charging seems fair. But another common method is to leave a "customer response" survey card that your visitors can fill out after their stay. Ask for ways to improve and, critically, ask if they believe they've received good value for their money. If they felt overcharged, they might be angry enough to tell you.
 
But before you automatically accept feedback from others, you should do research yourself. Investigate similar homes in farther neighborhoods, or rivaling homes near your own. Ask yourself why you set the price you did and compare it to your competitors'. Maybe you uniquely offer on-site laundry or have a better view. In this case, if you encounter a bargain-hunting visitor, you can easily justify your prices.