Pricing for Next Season
Pricing for Next Season
Hi all,
Our first year of renting, we charged US$1000 per high-season week for our property.
Our second year, we switched to the Euro and charged €1000 instead, which was at the time an increase of about 10%. Now that amount is almost US$1300.
This year, we stayed at the same price because the Euro was in a sense doing the price increase for us. I can't imagine this will go on forever, though.
Have you raised your prices in the past? How do you decide how much more to charge? Was it successful? Are you raising your prices again this year?
Cheers!
Our first year of renting, we charged US$1000 per high-season week for our property.
Our second year, we switched to the Euro and charged €1000 instead, which was at the time an increase of about 10%. Now that amount is almost US$1300.
This year, we stayed at the same price because the Euro was in a sense doing the price increase for us. I can't imagine this will go on forever, though.
Have you raised your prices in the past? How do you decide how much more to charge? Was it successful? Are you raising your prices again this year?
Cheers!
Brooke
We based our prices by looking around similar sized properties in the area with similar facilites. I think we are perhaps on the cheaper side but we've no problems with bookings so we're happy .
There is probably a fine line between hitting the correct price and getting bookings or going that bit more expensive, getting extra cash but not being full all season. (or being too cheap and not considered "quality" accommodation) Hopefully we have hit that, fingers crossed!! I also figure if we get folk thru the door they'll tell their friends how great we are or come back themselves
Hub reckons on about a 5% increase for next season but this could be adjusted if by Feb/Mar we're not crossing the dates off in red....
There is probably a fine line between hitting the correct price and getting bookings or going that bit more expensive, getting extra cash but not being full all season. (or being too cheap and not considered "quality" accommodation) Hopefully we have hit that, fingers crossed!! I also figure if we get folk thru the door they'll tell their friends how great we are or come back themselves
Hub reckons on about a 5% increase for next season but this could be adjusted if by Feb/Mar we're not crossing the dates off in red....
Last year was our first season so I charged really low prices because I wanted to get guests in first and foremost and then hope for repeaters and feedback etc.
This paid off and we have had several repeaters even though the prices have gone up. I feel the price we charge now is what it is worth but until I am more established I don't think I will raise my prices for one or even two more years.
This paid off and we have had several repeaters even though the prices have gone up. I feel the price we charge now is what it is worth but until I am more established I don't think I will raise my prices for one or even two more years.
Always Learning
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- Location: Glenridding, Ullswater Valley, Lake District, UK
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Hello Brooke and Sue. It's that long since I logged on that I've had to have a new password (thank you for yet another efficient service, Paolo ). We've been having all sorts of problems with our computer/telephone service, etc, etc. It's a long story ....
But we have given some thought to next year's pricesl. We have three bands of prices:
Low Season (Nov to March apart from school hols) £225
Mid Season (April to July & Sep to Nov, not school hos) £350
High Season (schools hols - you get the picture!) £425
For this season we're booked up for high season but we're now starting to advertise at £450 per week as in effect this is next year's bookings. No changes to the other "seasons". Short breaks are available from November to March from £130 for 3 nights.
Hope this helps - and that you're both well.
But we have given some thought to next year's pricesl. We have three bands of prices:
Low Season (Nov to March apart from school hols) £225
Mid Season (April to July & Sep to Nov, not school hos) £350
High Season (schools hols - you get the picture!) £425
For this season we're booked up for high season but we're now starting to advertise at £450 per week as in effect this is next year's bookings. No changes to the other "seasons". Short breaks are available from November to March from £130 for 3 nights.
Hope this helps - and that you're both well.
Christine
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
Hello Christine, lovely to hear from you again.
I seem to keep raising prices by 7-10% each year in a bid to find my true market value. That's either because I undervalued to start with, or everyone else is also raising prices every year in my area. Anyway I don't seem to have gone 'over the curve' yet.
Somewhere on the forum we talked about pricing like an airline - with the rate going up as more weeks are booked. Anyone planning on doing that?
I seem to keep raising prices by 7-10% each year in a bid to find my true market value. That's either because I undervalued to start with, or everyone else is also raising prices every year in my area. Anyway I don't seem to have gone 'over the curve' yet.
Somewhere on the forum we talked about pricing like an airline - with the rate going up as more weeks are booked. Anyone planning on doing that?
Paolo
Lay My Hat
Lay My Hat
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- Location: Glenridding, Ullswater Valley, Lake District, UK
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Hello Paolo. It's good to be back. I've certainly missed the Forum advice/chatter/humour/information.
As an addendum to your question:
How many price bands do you have?
We keep to three - low, mid and high season. But I am aware that some holiday cottage agencies almost charge on a week by week basis. There are probably 20 - 30 different prices. This means we appear cheap/good value for some weeks (mainly high season) and bit on the expensive side for mid season. What do others do?
As an addendum to your question:
How many price bands do you have?
We keep to three - low, mid and high season. But I am aware that some holiday cottage agencies almost charge on a week by week basis. There are probably 20 - 30 different prices. This means we appear cheap/good value for some weeks (mainly high season) and bit on the expensive side for mid season. What do others do?
Christine
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
holiday cottages in Glenridding, Ullswater
http://www.stybarrowcottage.co.uk
http://www.grisedalelodge.co.uk
http://www.grisedalecottage.co.uk
I was surprised at how quickly July and August sold, and despite having stated clearly on most listing sites that these months are fully booked, I am still getting regular enquiries for them, so for next year I am tempted to push the high season prices higher. Mid and low season are still a bit of a grey area though, so I might leave them at the same level.
Rugby world cup
We have had a couple of enquiries for the Rugby World Cup in Sept - Oct 2007.
Unsure of putting together prices. Do we offer this years' rate plus 10/20%? Or do we be business minded and charge high prices?
I keep thinking of a bird in the hand is worth 2 in a bush!
What do you think?
Duchess (17 Charente Maritime)
Unsure of putting together prices. Do we offer this years' rate plus 10/20%? Or do we be business minded and charge high prices?
I keep thinking of a bird in the hand is worth 2 in a bush!
What do you think?
Duchess (17 Charente Maritime)
Interesting... I would feel badly charging them more than my current advertised prices. We've had a couple of bookings before for a year or more in advance, and we just booked them at the current prices and put it to them as "the earlybird gets the worm, and you get a deal on next season for making a firm booking!"
Now, if I had already posted what my prices would be for the following season or even for the 2007 season, that'd be a different story.
Now, if I had already posted what my prices would be for the following season or even for the 2007 season, that'd be a different story.
Brooke
Our prices are dictated by what the market will support. If there will be huge demand during the rugby World Cup, I think you should give your prices a lift, at least to peak summer levels.Unsure of putting together prices. Do we offer this years' rate plus 10/20%? Or do we be business minded and charge high prices?
Last edited by paolo on Sun May 01, 2005 8:01 pm, edited 1 time in total.
Paolo
Lay My Hat
Lay My Hat
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I'm just trying to work out my rental charges for our first winter season (ski resort!!) . The Winter Olympics are being held in Turin next Feb, with the main skiing events being held only 30 mins from our apartment. It is also the peak half term period, so how far do I
go, bearing in mind it's our first season.
Helen
go, bearing in mind it's our first season.
Helen