Kalispell, being surrounded by the natural beauty of Yellowstone and Glacier National Parks, welcomed nearly 2 million visitors in 2022 alone.
If you're a property owner in Kalispell, you jump for joy at tourism numbers like these. They present an undeniable opportunity to turn your property into a glorious Montana vacation home. Nothing beats showcasing the amazing local scenery while making a few bucks on the side.
The only issue is that there are dozens of existing Montana vacation homes, so competition can be fierce, especially during peak season - the summer months. In today's post, we'll showcase some peak season pricing strategies to help you maximize your rental income. Keep reading and you'll optimize rental rates and bookings in 2024.
Competitive Pricing Wins
When you're up against established rental properties, you've got to offer something unique. Whether your rental property is on 20 acres of land or you've got a pool and hot tub, you'll win people over with competitive pricing.
Research the competition - similar properties of the same size - and keep your nightly rates slightly lower than theirs. This is how you can stand out and secure bookings when you're starting.
Sliding Scale
Peak season pricing is all about maximizing your rental income, so you need to take the time to understand the market. Once you do, you'll be able to seamlessly slide your prices up and down based on demand.
You'll find that June through August is when the parks are busiest. That's when you can bring your seasonal rental rates up to take advantage of the tourism boom. The most important thing to figure out is when to slide your prices back down to beat out the competition for late-season bookings.
Early Bird and Return Customer Offers
Another great way to keep vacancy rates down and eliminate the stress of securing bookings is to offer early-bird deals. Not only does this reward folks who plan their trips early, but it helps you keep your schedule in order.
You can also offer deals to returning guests. When a satisfied guest checks out of your unit, follow up with an offer to re-book with you at a discounted rate. These simple tactics can fill up your calendar and keep money flowing into your rental.
Minimum Stay Requirements
The last tip in our pricing strategy guide is to implement minimum stay requirements during peak season. When you allow single-night bookings during the busiest months, you're always going to leave money on the table.
Even a 2-night minimum can eliminate guests who are just passing through, which keeps your schedule open for more lucrative guests.
Master Peak Season Pricing With PMI
These Kalispell rental tips will ensure you nail your peak season pricing strategy. When you get a good sense of vacation rental pricing, you can boost ROI on your vacation home. Eventually, your rent could become a primary source of income.
The busier your rental gets, the harder it'll be to manage. If you need help, hiring a great property manager is the best move.
At PMI Realty Management NW, we're Kalispell's top vacation retail management group. We offer a variety of helpful services, including marketing, pricing, and guest management, among other things. Contact us today to find out how we can help you manage your short-term rental.
