Rental Rates

[maria-g]

I am not sure if this question has already been asked before, but just wondering about how you set your rental rates, is this based on the ongoing rates for the same size of house in the area or is this mainly based on the running cost of your villa?

[Fraise]

If you look at the rates of a variety of properties in your area, or a similar area, then fine tune the search for similar properties you soon get an idea of how much to charge.You know the standard you are offering and the type of people you wish to attract

[Giddy Goat]

Exactly as Fraise says Maria - research, research, research. And it doesn't stop - I am always keeping an eye on my competition, checking their prices and looking at their availability.

When first starting out, I set my prices just a bit below what comparable property owners were asking. We were inundated. For 2006, I increased them a little. Did extremely well again. Have just raised them some more (not a huge jump each time, as it discourages people from rebooking). It's a delicate balance to strike,and although it's tempting to start higher,particularly after all the expense of setting up, it's not a good idea - unless you want to live dangerously and set the prices as high as you realistically think you can get away with, with a view to lowering them in, say, around April for the summer of the same year. (Our market is largely June to late Sept/ earlyOctober; yours may be different). But for that you have to have a strong constitution!

[maria-g]

Thanks very much for your replies. The reason I am asking this question is because we have a rental home here in Scotland, our rental months is the same around summer starting from May to October, then nothing in the winter. If we are lucky we sometimes get 3-6 months lease (mostly 3 months as this is a minimum) from doctors/consultant from the hospital. Not relying on the winter rent, we have to calculate our rates based on 20 weeks occupancy which we did not achieve this summer because we think our rates is higher than our competition in the area.

We are now hoping to get some renters from the hospital this winter to cover the difference.

We need to re-evaluate our rental rates so that we can be competitive next summer.

[gh]

You have a fantastic location, golf, fishing, nature and walking-hiking access to the whole of Scotland with Ferries on your doorstep.

I know the area well, 40 minutes from me. Now the area has advertised so much more thanks to the www to offer.

Links to Ireland and Gretna the Highlands and Islands, Scottish and Irish culture is within a day trip if they want.

You seem to be targeting Hospitals, Ayrshire and Arran is close, they should know what a beautiful area you have, perhaps you can list on a Medical forum, even better an American site.

Get out there, competition is a word, get out there,you have a wonderful selling point, you 're one of the most beautiful and scenic areas of Scotland.

'Disclaimer' Scottish and proud.

[maria-g]

Thanks for the tips Johnel, much appreciated.

Maria

[Big Sis..]

But for that you have to have a strong constitution!

And noone has a better one than the average goat.....And Gasconys MUCH more than average