In recent years, we’ve noticed an increasingly common phenomenon – vacationers are booking their homes earlier and earlier. Last year, early bookings increased as much as 37% over the preceding year, and this year the trend appears to be continuing, already up an additional 11.6% over last year.
Financial advantage to homeowners
While larger homes tend to book more quickly than smaller ones, even some of the smaller ones are booking more quickly. And, of course, vacationers who book early are much more likely to pay the full asking price. The closer we get to the season, the more likely it is that vacationers will ask for – and even expect – a discount.
Don’t wait for past guest commitments
Some homeowners tell us that they like to wait until they hear from last summer’s renters before opening up their calendar for next summer. Our advice to them? Don’t wait! We recommend that you open up your calendar and add pricing as soon as the preceding summer instead of waiting until January or some other arbitrary date. You can extend the right of first refusal to any past renters who express interest in returning. Explain that you will contact them when you receive an inquiry for the same week and ask that they commit to the week with a signed lease and deposit. Read more about tentative bookings.
Generally, we see three categories of vacationers:
The Early Birds
They know what they want, they’re organized, and they just want to get it done. Maybe they missed out on the home of their choice the previous year and want to be ahead of the game this year. Some are organizing on behalf of family or a large group and know that larger homes book early.
The Post-Holiday Group
They discussed their summer plans with family during the Holidays and want to get a jump on it. This continues into early spring,
They are unsure of their summer plans, kids’ summer activities, etc., and finally decide to take action and book a home late in the booking season. Some book as late as just a week or two prior to their vacation. Naturally, due to logistics, most last-minute bookings tend to be for smaller homes. Last-minute vacationers can be desperate to find a good rental, of course, but they are also more apt to request a discount.
Remember to keep your calendar up to date so that you don’t miss out on any of these vacationers. And, by all means, if your listing is currently inactive, renew your subscription!