It is truly a science when it comes to setting the right price that will attract potential guests to your home and generate a healthy income for home owners as well. There are many factors to consider when setting the appropriate rental rate for your home.
Comparable Properties - Understanding the Rate Metric
I list your home a multitude of 3rd party rental sites to maximize your home's exposure to potential guests. These 3rd party rental sites offer some powerful tools and market place analytics that stack your property up to comparable properties in the area. I can easily scan the rates of comparable properties and dive into their vacancy rate vs your homes vacancy rate and quickly adjust rates as required.
Unique Qualities & Amenities
Marketplace analytics typically display comparable properties that have the same amount of bedrooms, bathrooms and occupancy. Unfortunately, they are not sophisticated enough to discern your property's unique qualities or amenities. For instance your property may come with a buoy or boat slip, or it is located in a more desirable location, new constructions vs old construction, lakefront or nice view. We must consider these factors when setting your home's rental rate.
During peak season your home should be rented 95 - 100% or we are doing something wrong. We typically start booking up by the end of January for the summer season and thus, we list the highest price for summer. Low and Mid Season, the rate fluctuates more. I look at the vacancy rate of your home and comparable properties and adjust rates up or down continually to try and attract potential guests.
Rates will fluctuate significantly based on peak, mid and low season here in Mara Lake & Shuswap. Additionally, when considering seasonal rates, we don't want set your min rate too low that it would attract undesirable guests and we don't want to set your rate too high that it will not book at all.
July and August call for the rental maximum rate for your home.
Dec 22 through Jan 4
May Long Weekend
September 5 through Dec 22
April 1st through to second week of May
Jan 4 through March 31 - Here come the sledders!
End of May through June
Travel During Covid Pandemic
Covid-19 has significantly impacted the travel industry with ever changing travel restrictions. It changed the way people travel and booking patterns. Other than peak summer season, guests no longer book in advance for fear of losing deposits should they need to cancel due to Covid. Thankfully, we have seen a significant increase in last minute bookings as families need a change of scenery. They now travel local. As a result it has been challenging setting rental rate as we can no longer rely on pre-Covid seasonal rates and vacancy to determine the best rate for your home.