The holiday season is in full swing. And as a rental property owner, you have a prime opportunity to capitalize on last-minute traveler demand.
Many people may have initially booked hotel rooms for their holiday travel. But as the omicron variant takes hold and COVID-19 cases surge on a national level, some travelers may not relish the idea of staying at a hotel and sharing common spaces with other guests -- especially at a time when those properties are likely to be busier than ever.
That's where you come in. Here are three ways to make the most of your rental during the last part of 2021.
1. Raise prices -- but only modestly
As a real estate investor with an available rental property, you may be in a solid position to charge guests a small fortune to stay at your place. Resist that urge.
It's perfectly acceptable to command a higher nightly or weekly rate than usual for your rental during the peak of the holiday season. But you don't want to price your property too high, because you might alienate guests who would otherwise be inclined to book your property during the year. A good rule of thumb is to see what comparable rentals are going for during the week between Christmas and New Year's and make sure your rental falls in line with these prices.
2. Offer a weekly rate with a couple of bonus days
Due to the timing of the holidays this year, guests may want to book your rental from Christmas Eve through New Year's Day. That's a little over a week's stay. But you'll come off as a more affordable vacation spot if you offer guests a special "stay eight nights for the price of seven" package. Doing so is also a way to build some goodwill -- and perhaps encourage repeat bookings.
3. Offer discounted rates for guests who extend past the holidays
You may get plenty of demand for your rental during the latter part of 2021. But come early 2022, your booking calendar may be wide open. So it's a good bet to offer up discounted rates for guests who book your home during the peak holiday week but then choose to extend their stay to the early part of January.
Granted, this is something families with school-aged children may not be able to do. But not everyone who rents a private home has a school schedule to follow. You may find that a group of guests who book your property for a family reunion are all retired and more flexible with their vacation dates.
Get ready for a lucrative week
The week between Christmas and New Year's could end up being your most profitable one of the year -- if you play your cards right. At this point, travelers making last-minute plans or those who are suddenly nervous to stay at a hotel may be clamoring for a rental property to escape to during the tail end of 2021. And if you follow these tips, you could really benefit financially from these guests.