In our previous post we discussed a number of different things to consider when pricing your vacation rental.  We know that the competition, the time of the year, and various market trends are all factors in determining the optimal price that will help maximize your rental income.  Having an occasional special rate may seem to throw all that out of whack.  But the strategic use of discounted rates can be an effective way to increase your bookings – especially during the slow spring & fall seasons.  And compared to setting prices, holding a "Special” is a piece of cake.   

Step 1: Determine the Discount

The first thing to decide is how long to hold your special, and how much of a discount to offer. Please keep this in mind:

• Special Rates can be in effect for a maximum of 60 consecutive days.
• The discount can range anywhere between 10-50%. 

Be sure to offer enough of a discount that potential guests will view it as a good deal, but don’t slash the price so much that you don't make a profit.

A final factor to consider is the date range of the special rates. Usually, it makes sense to offer discounts at times of the year when demand is somewhat lower than usual.  Also, offering last-minute deals when your home hasn't booked for a special holiday weekend is also very useful.

Step 2: Contact your Property Manager

After you’ve determined the discount & the date range, then all you have to do is contact your property manager and give us the details. We’ll be able to offer guidance & suggestions if you're unsure about any aspect of this.  

Step 3: Your “Special” will be Advertised on TahoeStay.com

Your property will be promoted on www.tahoestay.com in a few powerful & unique ways.

1) The normal search results page provides photos, descriptions, and prices. Properties with discounted rates will have the notation “Special Rates” at the bottom of the features column.

2) All properties with special rates are featured on the TahoeStay.com Specials Page.  This happens to be the third most popular page on the site (behind the Home page & Search Results page).

3) The checkout page will show guests exactly how much they are saving.  This is really important!  The person wouldn’t be on this page if they didn’t already like your home.  Sometimes they just need a little something extra to push them into making the decision to book your property, and getting a “good deal” is a great way to make this happen.

Why Specials Work

Holding a “Special” is a highly effective way to attract more guests. There are two main reasons why this marketing tactic is so effective: perception and exposure.

Perception: Everyone likes to feel like they are getting a deal, and vacation rental guests are no exception. Oftentimes, even a small discount will be enough to convince them to choose one home over another. Potential guests who perceive they are being offered an attractive deal are more likely to go ahead and book your home.

Exposure: The first step in renting your vacation home is to get potential guests to actually view the listing, and offering a “Special” is a great way to do this. Check out these numbers: Last month, 12,544 people visited TahoeStay.com. During that same month, 2,460 people visited our specials page. That means that homeowners offering “Specials” can expect a lot more people to view their listing, which may very well result in increased rentals.  

Related Articles:

• Vacation Rental Pricing - The Basics
• Setting Rates: Tahoe Vacation Rentals
• 5 Ways to Maximize your Vacation Rental Income