When running a holiday letting business, one of the most important factors to think about is setting your holiday let rental rates.
Whether you’re new to holiday letting or are an experienced owner, getting the pricing right can be a minefield. We know by charging premium prices for your holiday lodge it could reduce customer demand for bookings. Meanwhile, pricing your property at a discounted rate could impact your profit margins.
At Lake District Lodge Holidays we have an industry leading revenue management system that we use to maximise income for our owners, see below for more information on what you could expect as an income from Lake District holiday let…
Fallbarrow Holiday Park, Bowness on Windermere
What is Income Maximisation?
It is an advanced Revenue Management system, designed by leading pricing and revenue management specialists. By opting into Income Maximisation our Property Owners give us the discretion to vary their base price up to a certain percentage. We will increase or decrease prices dependent on how well similar properties in the area are selling, trends in website searches and previous years’ data.
This system is managed by a team of experts who review every recommendation before prices are changed.
It essentially takes the hassle of constantly monitoring and updating pricing from our Owners, as we will do it for you instead.
What are the different levels?
Lake District Lodge Owners have five choices of different levels of Income Maximisation.
Super Income Maximisation
This is our most popular option and the one that we would generally recommend.
Full Income Maximisation
Partial Plus Income Maximisation
Partial Income Maximisation
Fixed Income Maximisation
Which option is best for me?
Which type of Income Maximisation you choose is entirely up to you. However, the Super Income Max option is the fastest-growing option for a reason! And can generate approx 42% more owner revenue and 44% more bookings.
We do also offer our owners the option to be on Fixed Income Max pricing which is where the rental price is set by you. However, this option offers much less flexibility as the owner will need to monitor and adjust prices according to booking demand.
When partnered with offering short breaks throughout the year to guests, this popular way of pricing can offer our owners the chance to earn much more than their standard rental price.
Accept Short Breaks
Now more than ever, we are seeing demand for short breaks, so being flexible and accepting short breaks can be another way way to maximise your holiday rental income.
It may seem that accepting short breaks will detract from your more valuable week-long bookings, but you could get 2 bookings within 7 days. This flexibility allows guests the option of mid week or weekend options, rather than a week-long stay and will fill the gaps in your calendar and could help to attract guests throughout the year.
More income options…
Pets allowed
The Lakes is a huge pet friendly destination and allowing pets opens your lodge to a wider audience and will guarantee extra holiday let income. Data from our sister company Sykes Cottages suggests pet-friendly properties can earn an additional 18% or more in revenue.
More than half our holiday lodges welcomes our 4 legged friends and around 1 in every 3 Sykes bookings include pets. However your property will need to have everything in place to accommodate pets, such as beds, feeding bowls, waste bags and maybe even a treat or two in your welcome hamper. Read our blog on how to make your lodge pet friendly
Add a Hot Tub
Our guests just love a hot tub to sooth tired limbs from a days hiking in the Lake District or just to chill out and stargaze. Its Lake District Lodge Holidays most searched for feature, so its a wise investment option that will not only increase rental rates and boost bookings but you will stand out amongst others.
Read our blog on ways to improve your outdoor space for some tips and advice
The Stag – Crossgate Luxury Glamping, Hartsop Ref. 1094780
Want to know more? Get in touch!
Please contact the local team to chat through the above options in more detail and also discuss other options to help increase bookings, by phoning 015394 46748. Alternatively you can email us on newowners@lakedistrictlodgeholidays.co.uk
Or request your free Owner Pack today.
