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Should You Offer Discounts?
When should you discount the rates of your vacation rental property? During the low or off-season? For extended stays? For last-minute vacancies?
Discounts are difficult to determine for your vacation rental property. When should you and when should you not give a discount? During the low or shoulder season, I generally prefer to have my vacation home rented. However, for peak season I would rather risk not renting than give a discount. Understand that this is just my personal preference and opinion.
I have made my share of mistakes. In 2002 I had people contact me wanting 3 full weeks for 2003 during what was normally the time when I would not have rented. So, a full year away I chose to give a discount. Well lo and behold, the schools changed their schedules, and I gave my second home away for 3 weeks away for $500 a week. Subsequently, I had numerous calls and could have rented them for $1000 a week! The lesson I learned? Don't give discounts so far off, and do consult school calendars!
© Christine Karpinski 2006
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