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I think my vacation rental rates are too high. What should I do?

How do I evaluate them objectively and make the right decision?

Asked By: Mike

Tags: Advertising New to Renting Rates

1 Answers

Mike

If you've encountered a number of travelers asking why you charge so much, don't immediately assume that your rates are too high. 
 
Instead, test the waters a little by having a high-season sale. If you notice an unusually high influx of customers, then you might want to reconsider your prices, or leaving the "sale" price on a little longer. 
 
But you should be very careful when handing out discounts. Customers need to feel like they're lucky to have found such a good price--if you cut down your regular price, it might be cheap, but it's no longer special.
 
Experiment by using discounts during low seasons, and reward repeat travelers. If you feel you're still earning enough with your discounted rates, you won't need to worry about lowering your regular price.

Read more about setting up your rental rates.