Rates and Pricing for your Vacation Rental Property

Since our website re-vamp, we have placed a greater emphasis on rental rates, so that travelers can see accurate rates for the specific dates that they are looking to stay in an accommodation. It is now more important than ever for owners to input accurate rate information into their listing because travelers only pursue those opportunities that they know they can afford. Luckily for owners, inputting accurate rate information is a simple process with a powerful outcome: the more interested travelers you have, the more  inquiries you get, and the more bookings they generate.

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On the Rates page, there are several customizable items intended to make the rates displayed as accurate and personalized as possible. The first option you have is to decide on a currency in which the rates will display. There are 14 different currency options, including everything from the US dollar to the Brazilian real to the Indian rupee to the Russian rouble - and everything in between. Once you've picked your currency, it's onto inputting the rates themselves.

On FlipKey, you have the option of adding as many rates as necessary to fully inform guests of how pricing varies throughout the year. There are typically two ways to differentiate rates - by designating the season, or by designating the duration of stay. Some owners choose to have a minimum length of stay, others don't. How you personalize these options is up to you! Amongst the options when adding a new rate are:

  • Rate name
  • Start date
  • End date
  • Week night rate
  • Weekend night rate
  • Weekly rate
  • Monthly rate
  • Minimum stay

For each new rate you add, you have the option to set any or all of the above limitations, depending on how you operate your property. After you have submitted your desired rates, you also have the option of adding taxes, fees and adjustments that travelers should expect to incur when they stay with you. These fields include:

  • The type of fees (taxes, fees, security deposits)
  • The fee name
  • The description of that fee
  • The basis of the fee (whether it's a percentage of the rental, fixed rate, etc.)
  • The actual cost
  • Whether this fee is required

This area allows you to lay out exactly the expenses a traveler should expect to incur. And if that's still not enough, then there is a section for "Additional Rate Info," where you can highlight additional fee information, discounts, and other details about rates and fees for your property.

After rates are submitted and properties have gone live on the website, one question we often get is - 'why are my rates showing up in US dollars when I entered them in a different currency?' The answer is simple: All rates in the search results display in US dollars in order to make the search process easier for travelers. If we had results coming up in 14 different currencies, then it would be nearly impossible to compare prices  from one property to the next. This way, travelers scanning the search results can compare all of the rates in one currency. However, when the traveler clicks through to an individual listing, the rates will show up in the currency of your choice. Neat, right?!

Taryn Collins is a FlipKey owner services specialist and vacation rental marketing expert. Her bi-weekly blog, Ask FlipKey, aims to answer the difficult questions that vacation rental owners and managers ask every day. Submit your questions in the comments!

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