According to the City of Lake Ozark, Missouri's Lake of the Ozarks, a reservoir boasting 1,150+ miles of shoreline and 55,000 acres of surface area, attracts over three million visitors annually.
Considering Osage Beach, MO, is so close that it's known as the "heart" of the lake, it has become a top destination for tourists heading to Lake of the Ozarks. So, if you own property here and want to earn extra income, it's time to transform it into a vacation rental. Coupled with peak season pricing strategies, you can turn it into a profit-generator.
The experts at PMI Ozark Professionals have shared seasonal pricing methods and vacation rental tips to help you get started, so read on.
Understand Peak Season Pricing
Peak season pricing involves adjusting rental rates based on demand fluctuations. The right price optimization strategies can make all the difference in times of high demand, such as late May to late September. As WeatherSpark.com recommends, this period is the best time to visit Osage Beach, MO, since visitors can enjoy rainless days with clear skies and pleasant temperatures of 64.4 °F to 80.6 °F (18 °C to 27 °C).
Other holidays and local events that attract tourists also warrant rental price increases. The more visitors there are, the higher the demand for accommodations.
Stay Up-to-Date of Local Events
Osage Beach, MO, plays host to many annual programs and events, such as:
- The Fall Festival
- Managed Bow Deer Hunt
- Fishing Derby
- Seasonal In-Water Boat Shows
The dates of those events change yearly, so always stay up-to-date to know when it's best to increase your vacation rental rates.
Offer Discounts
Early bird discounts are booking optimization techniques that encourage reservations in advance and provide cash flow before the season starts. Consider running these promotions three to four months before the peak season starts.
Extended stay promos can also help with rental revenue increases. First, set minimum stay requirements during peak seasons to maximize occupancy and revenues. Then, sweeten the deal for potential guests by offering a discounted rate if they book more.
For instance, you can offer 20% off the last day of a five-day stay or a 10% total discount for a seven-day booking.
Use Short-Term Rental Property Management Solutions
Take the burden off your shoulders and boost your rental income potential with the help of a professional vacation property management team. They offer full-service solutions, such as:
- Use of high-powered dynamic pricing and real-time centralized property calendar
- Non-invasive yet intelligent guest screening
- Automated check-ins and check-outs
- Clear and prompt guest communication
- Accounting
- Property maintenance
With professional insights and expertise, you can better navigate the ever-changing landscape of vacation property accounting and pricing.
Position Your Property for Success
Peak season pricing requires knowledge of Osage Beach's tourism, expertise in local vacation rental landscapes, and accounting and financial management skills. Our vacation rental management firm, PMI Ozark Professionals, offers all these and more.
We're a locally owned and operated company, but we're also proud to be part of the PMI franchise. PMI has been a fast-growing, nationally recognized leader in the property management sector for over twenty years. Our owners also bring decades of business leadership, property management, finance, and accounting to the firm.
Call us today to discover how we can help and request your free property consultation!
