Wither over one million people moving to Georgia since 2010, the Peach State has become a popular place to call home or visit. And if you own property in Greensboro, you'll have the potential for a lucrative source of income. Lake Oconee and a charming downtown have made this city a sought-after vacation destination.
But don't assume your property will always be in demand. You'll need the best vacation rental pricing strategies to keep your property booked. Read on to learn how you can maximize profits!
Focus on Dynamic Pricing
Rental pricing techniques should always include making seasonal adjustments. After all, even in Greensboro, you'll face demand variability. The most popular times to visit Greensboro tend to be:
- Fall for seasonal colors
- Spring for comfortable temperatures
- Summer for water sports
Spring also brings the Southland Jubilee in April, which pulls in lots of visitors. Mild temperatures also make this season an ideal time to visit and enjoy the lush scenery. Winter, by contrast, can be cold and damp.
You can increase rental property profits by notching prices higher during popular seasons. Aim to raise rates by up to 50% during June or October, for instance. You may want to decrease prices during the winter months to gain some interest from off-season travelers.
Offer the Right Incentives
When it comes to vacation rental profit tips, a big one is to provide incentives. The Greensboro vacation rental market is a competitive one, so you'll need some perks to stand out from the competition.
You can offer these incentives any time of year, or only during quieter seasons. You also can use apps and other pricing tools to help oversee rate changes. Some effective incentive ideas include:
- Giving discounts for last-minute reservations
- Offering discounts for longer stays
- Providing better rates for weekday stays
You also can try partnering with local businesses. By offering generous coupons to local eateries, you may pull in more interest. Plus you'll help support the Greensboro economy!
Make Your Marketing Strategy Shine
Finally, don't overlook the importance of marketing as part of your vacation rental income strategies. To create a good marketing strategy, you'll need:
- High-quality photographs and videos
- Descriptive prose for your listings
- Access to listing platforms
- A social media promotional plan
Start with good photos that show off your property's best features. Paint a picture for readers with listing descriptions that tout strong features, like a renovated kitchen or hot tub.
Post your listing on popular platforms to attract attention. And share your listings on social media as you approach peak rental season to gain even more traction.
Follow These Vacation Rental Pricing Strategies
The best vacation rental pricing strategies will account for Greensboro's unique market and seasonal demand. Offer appealing incentives and create a dynamic pricing strategy. Make sure to market your property effectively, as well.
As part of the top property management franchise in the country, PMI Oconee has the expertise to help you navigate the Greensboro real estate market. Our talented team can coordinate bookings and ensure your property always appeals to potential tenants. Contact us today to learn more!
