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So, this week we are looking at PRICE, the third factor of the four marketing principles we apply when marketing and promoting our portfolio of self-catering holiday cottages, predominately in North Devon but also in some fantastic locations on Exmoor, in Somerset and Cornwall, and even on the Scottish Highlands.
When pricing your property for holiday letting, you must consider that whilst it’s important to get as much as possible as you can for your holiday cottage, it is an extremely price sensitive market and therefore it doesn’t take much to push the price, just that little bit too high so it doesn’t end up competing with local competition.
Potential bookers when looking for self-catering accommodation for their next short break or getaway will search for suitable options. A short list will be compiled based on what’s available for their chosen dates, ideal budget and preferred area. Then, holiday holidays that are considered too expensive or even too cheap will be knocked out from this list. Guests will then look within their chosen price range what extras the cottage has to offer in order to select the winning property.
Therefore, it is crucial to check out the competition. Look at what your local rivals are doing to make a judgement as where your property fits within this competitive mix. Consider there is always a ceiling for the size, type and location of property. So, always do your research before publishing prices.
Other things to consider when pricing your holiday home include seasonal pricing, short break discounts, additional charges, refundable and non-refundable deposits.
INTERESTED TO LEARN MORE
Would you like to understand more about these four basic marketing principles can be applied to help maximise the bookings for your holiday letting.
Simply, get in touch here and we’ll email you a FREE guide.