According to AirDNA Data, the occupancy rate for vacation rentals in Murfreesboro, TN, is 53%. The high number of people touring this city increases the occupancy rate.
How you price your short-term rental property will determine its demand, especially during peak seasons. Reasonable peak season pricing will attract more renters and optimize your income.
Sometimes, coming up with fair Murfreesboro rental strategies can be challenging. That's why you shouldn't overlook the help of a professional property management company. An expert knows the most effective vacation rental pricing tips.
Take a look at our expert advice to boost your revenue and drive more business.
1. Optimize Pricing Tools
Pricing tools enhance flexibility in vacation rental businesses. They can enable you to adjust your seasonal pricing for rentals based on demand.
With the right pricing tools, you'll also be able to predict the Murfreesboro rental market. The tools provide data-driven insights about the market.
Technology is advancing - choose a scalable pricing tool for your vacation rental business. Scalable pricing tools can be integrated with property management systems. Also, choose a customizable and easy-to-use short-term rental pricing tool.
2. Upgrade Your Property
Upgrading your vacation rental property will increase its value during the peak season. A property with a high value allows you to set higher prices, boosting revenues. Upgrades also make vacation rental properties more attractive.
A professional property management company will inspect your investment and fix all the damages. Property managers inspect parts like:
- Electrical systems
- Plumbing systems
- Walls and floors
- Roofs
- HVAC systems
A property management company will coordinate with repair contractors to quickly fix any damage. Deep cleaning is also a maintenance tip for keeping your vacation rental in good condition during peak season.
3. Monitor Competitors
Monitoring competitors will give you insights into the current demand rate for vacation rentals in Murfreesboro, TN. You can check whether high-demand, short-term rental properties are overpriced or underpriced.
Monitoring competitors can also enlighten you about seasonal patterns. You'll know how other investors in Murfreesboro adjust their vacation rental prices during different peak seasons.
This trick will also help you identify other strategies to stand out. You can learn about the competitors' marketing strategies and incentives.
4. Be Transparent
Being honest about your vacation rental pricing can help build your reputation. This will build the guests' confidence - they know they won't lose their cash after paying for your vacation rental.
Guests appreciate integrity, and transparency will make them recommend your business. Your branding image and competitiveness can also improve.
5. Consider Add-On Services
Additional services make it easier to justify higher vacation rental rates. They'll also motivate guests to return.
Add premium amenities like game rooms and hot tubs. Other add-ons include:
- Romantic setups for couples
- Early check-ins and late check-outs
- Outdoor toys
- Pre-stocked fridge
Boost Your Vacation Rental Business With Proper Peak Season Pricing
Proper peak season pricing is among the ways to increase rental bookings in Murfreesboro, TN. Vacation rental pricing becomes easy with the help of a professional property manager.
Don't wait until your vacation rental's potential starts to decline. PMI Professionals will help you craft a competitive pricing strategy that can make your investment successful.
Call us today and let's build your path to higher bookings and revenue.
