While ensuring your property is fully protected, be it by policies such as overseas holiday home insurance or unoccupied property insurance, ensuring your income is protected is equally important; and for some, this is one and the same thing. For those who rent their property out as a holiday home, ensuring they get the maximum level of income is a never ending task.
As part of keeping the money rolling – especially in such economically tough times – discounts can play a very important role. But learning to use them effectively is not always easy. Along with the winter months come many requests for discounts – from all sorts of people. Receiving such requests can sometimes get tiresome, if not irritating. But offering strategic discounts can help to maximise revenue.
For example, if you know that a particular time of the year is difficult to get full occupancy, offering a discount could be a good idea. Offering ‘late deals’ – a few weeks before a time period that has not been booked – can also be a good way of utilising the power of the discount.
The peak times for people to search for cheaper holidays are, generally speaking, January and July, so be ready for requests around this time. The best advice is to tell them that they are welcome to make contact again nearer the desired dates, when a discount may be available.
But offering discounts too readily can reduce the perception of your property being ‘high quality’. High prices are synonymous with high quality – so long as the service matches the cost!
Undeniably, though, discounts have their place in a carefully planned strategy for renting out your property, a place that can help bring in even more money than you currently make – ensure you use them wisely!