The City of McAllen's Office of Retail and Business Development says the thriving border town welcomes 18 million visitors yearly. The city generates $3 billion in gross retail sales alone through these holiday-goers.
Retail sales aside, accommodations are also vital to visitors who need a place to stay in McAllen. So, why not take this as an opportunity to generate income by renting your home to vacationers? With peak-season pricing strategies, you can attract more guests and keep your rental in high demand.
PMI RGV shares seasonal pricing strategies and profit-boosting tips for vacation rentals, so please read on.
Determine Your Rental's Competitive Pricing Range
Conducting a market analysis is one of the most crucial holiday pricing tactics for McAllen short-term rentals. It's a data-driven strategy that provides peak demand insights for properties comparable to yours. Comparable properties, or comps, are those similar to yours in terms of:
- Location, such as being on the same block or neighborhood
- Number of bedrooms and bathrooms
- Condition
- Desirable home and neighborhood amenities
By determining the price comps charge, you can set a similar, competitive price for yours. With this strategy, undercharging or overcharging guests is a thing of the past.
Implement Dynamic Rental Pricing Optimization
McAllen, TX, attracts tourists year-round, but winter is one of if not the "best-selling" season. After all, the town boasts mild winters. It's perfect for people from up north wishing to escape their snow-packed, bone-chilling home states.
Another reason is that in McAllen, December means the McAllen Holiday Parade. As reported by ValleyCentral.com, it's a festive event with giant balloons, holiday floats, and bands enjoyed by over 250,000 people. Plus, as a shopping hub, thousands of people visit McAllen to shop for holiday gifts.
Since peak season means more visitors, you can increase your rental pricing to reflect the increased demand for accommodations. Holiday-goers know that this high demand warrants higher prices. So, even if you charge reasonably more during this season, you'll still get guests to book and boost your vacation rental income.
Offer Long Stay Discounts
Another pricing strategy is to offer discounts for non-refundable extended stays. For instance, if your guests book the rental for at least seven days, you can reduce the price by just a fraction, like 5% to 10% off daily. While the total you'll make will be less per guest than if you book them separately, it's still a good strategy because it guarantees you'll generate income for at least seven days.
Maximize Income With These Peak-Season Pricing Strategies
Determining and setting competitive rates, implementing dynamic pricing, and offering discounts for extended stays are all peak-season pricing strategies that can help you turn your rental into a solid income generator. So, add these to your arsenal of savvy vacation hosting tactics as early as today.
However, if you want the most hassle-free way to generate rental income, consider partnering with our full-service real estate and rental property management company, PMI RGV. As part of PMI, a larger national franchise that has continued to perfect property management over the past twenty-plus years, we have the tools, skills, and expertise to help your rental properties in McAllen, TX, thrive.
Get started by calling us today for a free property consultation!
