How do you turn Idaho into a bigger tourist destination?
You need to promote it to the right market segments. This strategy begins with investing in the right vacation destinations. One notable spot is Teton Valley.
Teton Valley is known for its scenic beauty; it's an idyllic location for outdoor recreation.
Tourist draws include:
- White water rafting
- Hiking
- Camping
- Fishing
- Horseback riding
- River floating
- Biking
Peak season pricing runs from May to September, the perfect weather for the above activities.
However, this area can capitalize on shoulder seasons. Winter, for example, draws visitors for snowboarding and skiing; crisp autumn and spring weather also attracts enough crowds for shoulder season pricing.
Plan Peak Season Pricing Ahead
Don't wait until the last minute to promote Teton Valley rentals. You could miss out on attracting responsible guests and longer short-term rental stays.
Follow peak (and shoulder) season rental pricing so that your strategy aligns with market rates but remains competitive within the area. Consider any events or attractions that may attract more visitors than usual.
One of the best seasonal pricing tips is to adjust prices accordingly. Don't hesitate to do this during higher visitor influxes when demand is high and available rentals are low.
Enjoy a Rental Income Boost With Upgrades
Visitors start thinking about summer vacations during the chilly winter months.
Perform upgrades during winter and early spring to meet market standards. Rental conditions must justify the peak price. Research the surrounding rental market for upgrade ideas to make your rental prices more competitive.
Outdoor Upgrades to consider include
- An inground pool and hot tub
- Backyard decks
- larger patio space
- Fresh landscaping
- New outdoor lighting (including garden lights)
- An additional ADU (or granny flat)
- Outdoor furniture and grills
- Enclosed areas (including pergolas and awnings)
You can always remodel your rentals to accommodate larger families. Remember to check with any local laws governing vacation rental remodels.
Rental interiors should be fully furnished. You may want to consider remodeling your rentals with an open layout plan that doesn't section off the kitchen from the living room. This design accommodates more guests and facilitates more hosting experiences.
Open interior layouts may also flow seamlessly into large patio spaces. Replace wall spaces with large sliding glass doors to create an even larger space for entertaining.
Work With Vacation Home Management
A property manager can help you command maximum peak season pricing through professional services.
They can oversee maintenance and upgrades, even recommending top contractors for upgrades and remodeling. Property management companies work with a network of local services to improve investment properties.
Property managers also handle every marketing element to ensure your rentals are promoted to the right market segments. This strategy also includes rigorous guest screening protocols to ensure consistent rental income.
Craft the Ideal Vacation Rental Pricing Strategy
Don't let peak season pricing stop you from generating income year-round. There are plenty of ways to capitalize on those crisp and chilly off-seasons. Remember to consider upgrades that maximize pricing and marketing strategies that appeal to your ideal guests.
The team at PMI Grand Tetons are property management experts who understand Teton Valley culture inside and out. We're experienced in marketing, rental maintenance, and guest screening services that ensure passive income.
Schedule a consultation to learn more about our strategies for the vacation rental market.
