Tips On Setting Prices For Your Holiday Rentals

Whether you are a property owner or manager setting the right rentals for your holiday home is vital to optimise your enquiries and bookings.

It may sound an easy task and it is! Although it does necessitate researching your market, your competition and knowing who you intend to target. Few basic criterions do help you determine your rates.

•  Location
• Number of bedrooms
• Property Type (is it a shared flat or an up market condo?)
• Special facilities (Jacuzzi or a home theatre?)
• Value added Services

Is your property a no-frill accommodation, a high end Serviced Apartment or somewhere in between? Position yourself accordingly. Certain marketing strategy tools come very handy and they are simple to follow and apply. One such strategy in marketing in the Bowman’s Clock strategy used in marketing. This helps you analyse your competitive position in comparison to your competitors in relation to cost or differentiation or value addition. You can create your market position but adopting any strategy from 1 to 5. For example under 1, price and value ratio is low, you get what you pay for. A guest will not expect a private Jacuzzi in a budgeted hotel. The other end of the spectrum is 4 and 5 where the price and value ratio is high. A high end serviced apartment offering gorgeous interiors, amenities, 24 hour customer service for example can well justify the high price. It’s all about the perceived value in the eyes of your potential guest and how you can deliver what you promise. Strategy 6 to 8 are a call for disaster. 6-8 offers high price but medium to low value proposition. Don’t expect guests at your door step in that case!

Once you have established this, get to know your competition. There are numerous ways to know what your competition is charging in the same area for a similar kind of property or added benefits which warrant higher rates. One simple way is to visit travel websites such as City Break Rentals and filter your prerequisite.

 Setting your prices too high or low

It always gives you a competitive edge is your rates are lower, even if marginally so, unless your property or services provides value which is unique and inimitable by your competition. This value could be your brand equity, exceptional customer servicing or simply a value added service like airport transfers.

There is always the danger of setting your rates too high or too low. Put yourself in the shoes of your target audience and ask yourself “does this merit a higher rate?” If you are catering to corporate clients having an inflatable pool in your backyard doesn’t count as added value. On the other hand having the lowest price on the accommodation portal, if you tick all the relevant boxes may make your prospective client wonder “is there something wrong with this serviced apartment”? Keep your rates competitive but not at the cost of selling yourself short.

Where property owners and managers also lose out is overlook the importance of seasonal rates. Is your destination busy all year round or is it seasonal? London for example has peak and low season. Peak season in general is from April to September and low season from October to March. However there are exceptional periods like Christmas and New Years that warrant attention for example. People expect and are willing to pay a higher rent. Ensure that special events are accounted for too, such as the Olympics in London last year. Like I said research, research and research some more, always be aware of your external and internal environment!

 Weekly or nightly Rates?

This depends again on your location. London is a popular weekend destination for European travellers so the significance of nightly rates exceeds weekly rates. If however you want to tempt a longer stay having lower weekly rates can prove to be an incentive. Let’s face it London is an expensive city and depending on individual budgets a weekend may make more sense than emptying your coffers for a week long stay. Also if weekends are more popular in your experience, boosting the rates up by 10% or so makes good business sense.

Is setting minimum stay important?

In my experience for city breaks it pays to set your minimum number of nights for more than two days. Of course for owners or managers logistically this may not be viable since if the number of properties is lofty, more resources maybe required to manage them if the turnaround time is low. However you need to weigh if losing out on a large chunk of city break travellers is worth it? Nevertheless it is advisable to increase the minimum number of nights during special events and occasions. For example during the Easter break schools and offices are shut and longer trips are undertaken.

 Here’s a quick recap:

Evaluate your positioning and set your rates accordingly

Ensure the rates are not too high or too low, look at what your direct competition is charging

Depending on your location set weekly and/or nightly rates

Setting minimum night stays plays a big role in optimising conversions

These are a few of my favourite ‘Christmas’ things!

The ‘NutCracker’ and ‘Carols by Candlelight’

Christmas wouldn’t be Christmas without ‘The Nutcracker’ , Tchaikovsky’s classic ballet composition. Join young Clara’s magical night of dancing toy soldiers, sugar plum fairies and the growing Christmas tree at the Royal Opera House or any other production by the English National Ballet. With the ballet group celebrating their 120^th anniversary, this makes it the perfect time to experience this delight.

If this doesn’t get you in the festive mood, the Carols at the Royal Albert Hall unquestionably will. The Mozart Festival Orchestra will perform traditional Carols in dazzling Victorian costumes, singing all your favourites from “O Come, All Ye Faithful” to“Silent Night”.

  

Check out the Pantos!

Pantomime (commonly known as ‘Panto’) is as much an ingredient of the English Christmas ritual as Turkeys and Christmas trees are. Characteristically based on fairy tales, they date back to the 1800’s. Traditional ‘pantos’ include comedy, magic, singing and dancing with the really fun part being the crowd participation.  No panto would be complete without the crowd shouting “behind you” or “oh no you’re not”.

Just some of the pantos you can pick from include ‘Peter Pan’ at the Richmond Theatre, ‘Jack and the Beanstalk’ at the Lyric Hammersmith Theatre, ‘Cinderella’ at The Shaw Theatre, Aladdin at The O2 Theatre and many more to choose from scattered across London.

   

Indulge in the quintessential British traditions

The High tea is one of the most quintessential British traditions. The hiatus for afternoon teas became quite fashionable in the 1880’s when the high society ladies would change into their long gowns, hats and gloves to be served tea in their living room around 4pm. I don’t suggest donning the garb (that would just be odd!).  I do highly recommend though, trying out the Devonshire Cream Tea. It comes with tea or coffee, sandwiches without the crust and scones, jam and clotted cream. Try not to have a full blown row about which comes first, the jam or the cream nor whether a scone is pronounced “sc-on” or “sc-owe-n”. You can leave that to the locals. They still cannot decide this themselves all these year’s later!.  For places to experience the tradition this holiday season, try out Claridges, The Dorchester, The Ritz, The Savoy or Harrods.  You will be expected to dress smartly and maybe even put on a tie but then again, when in England, do as the English do (or at least how they used to).

 

Christmas Markets

 Feel the Holiday vibes with the locals and visit the Christmas markets. Try the St Marylebone Parish Church, ‘Cabbages and Frock’ market. On the contrary to what the name suggests. you can access an array of designer goodies ranging from Italian cashmere to cupcakes set in beautiful surroundings.

In addition to the traditional Real Food Christmas market, the Southbank has the famous German Christmas market that is a personal favourite of mine. I can’t wait to try the Glühwein (mulled wine), Bratwurst (German sausages) and ginger bread sold from the alluring German-style wooden huts alongside the river (between the Southbank and London bridge).

  

 Winter Wonderland Indeed!

This is quite a new annual spectacle in Hyde Park but has quickly become an unmissable fixture during the festive season. Glide through one of the largest ice rinks in London set around the Victorian bandstand lit with 100,000 lights. The experience doesn’t end there. The ‘Cirque Beserk’ is a modern-day circus with all the thrills of high wires, knife-throwing, fire and unique characters. Add a dash of luxury by taking advantage of the private VIP boxes with its luxury bubbly.

Enter the Magical Ice Kingdom and surround yourself with a breath-taking experience made out of over 200 tons of ice and snow.

Meet Santa himself at his workshop with his hard working elves! Or take a ride on the Santa Express. A perfect treat for the little (and big) ones with plenty of bonus points for the parents!

I wanted to save my favourite for last. The Giant Observation Wheel gives you the most stunning view of the vicinity. Infuse a little romance if you are with your loved one or even if you are not! Share a bottle of champagne or more as you soar 60 metres into the sky.

Do take a breather and enjoy the hundreds of stalls displaying clothes, handicraft, accessories and scrumptious eateries, during your stroll through Hyde Park.

 

 Tip: Plan and book your Christmas holidays in advance to avoid last minute disappointment of unavailability and steeper rates of tickets and accommodations. Try Central London Serviced Apartments at City Break Rentals

Why Choose Serviced Apartments Over Hotels

For example a one bedroom apartment can accommodate up to four guests and a two bedroom apartment up to six. This results in your bill being much cheaper whilst providing you with more luxury, comfort, privacy and security.

Spend your hard earned money on indulging in yourself rather than tipping hotel staff from the time to check in to the time you check-out! Let’s not forget when a bill is heftier when you helped yourself to ‘complimentary’ looking bottle of water or a basket of snack

Feel exasperated waking up at 7 am on your holiday after an enjoyable late night just because the breakfast timings are till 9 in the morning? Now YOU get to decide you get to decide when, what and how your meals need to be cooked and served in your lovely fully equipped kitchen in your apartment.

Going to restaurants for every meal can be heavy on your pocket. You can cook-up the local cuisine at a fraction of the cost and at your leisure with easy access to the nearby shops and markets! Or make your own picnic basket if you plan on visiting one of the very many parks in London.

Apartments that are centrally located give holiday makers great access to the major tourist attractions the popular night clubs. You don’t need to plan a tight schedule, pop in and out as and when you feel like it, perhaps returning for a quick bite you can make in your fully equipped kitchen or siesta!

Serviced Apartments are equally suited for corporate travelers. Many of them are in and around the location of conference centers plus and almost all apartments offer concierge services, free internet, laundry and maid services. Apartments provide a homely milieu, offering greater space and privacy to work or kick back and relax after a tedious day.

Tired of staying in a stuffy room? Now you have the opportunity to come back after a long day of sight –seeing or business meeting and kick back in your own living room and enjoy the home-entertainment system. A TV with cable or chose your favorite movie on the DVD while enjoying a glass of vino! Get all the space you deserve

Already Looking for you next holiday apartment !? Take a look at City Break Rentals