Orange County is known for its beautiful coastlines, shopping adventures, and the original Disneyland itself. Millions of people visit this destination spot every year. Thus, if you own a second property in this city, this year is your chance to start generating side income from your vacant home.
Think about a pricing strategy as you take your first steps into the rental world. Price is the first thing prospective visitors look for when deciding on a vacation rental.
You don't have to keep the same price year-round, either. There is something called peak season pricing where you can price your rental higher as more crowds roll in.
Learn more about the ins and outs of pricing strategy.
Discover Your Rental Value First
Before you can set a price, you have to find the rental value of your property. You can get an estimated value based on a few factors and have the results emailed. Simply, request a rental analysis from the Harbor Beach website.
Data points to include in your analysis:
- Address of the rental
- Contact information
- Number of bedrooms included
- The number of bathrooms
- Square footage
- Property type (condo, townhome, etc.)
After filling in the information, click submit to receive a valuation estimate in your inbox. This value is your starting point, but it doesn't include other features and amenities guests are looking for. These features may include backyard entertaining like outdoor cooking accommodations, pools, and gazebos.
Conduct a Rental Inspection
You can increase the value of your rental with the addition of upgrades like pools, home theaters, and kitchen remodeling.
First, book an inspection to find any and all issues in need of repair, like chipping paint, old plumbing pipes, and HVAC units passed their expiration dates. You'll need to draw up a long list of features to check; you can do this by room.
Once you tend to immediate repairs, upgrade your rental accordingly. Assessing surrounding properties and their values will help with this process.
Check rental listing sites to discover more rentals with popular amenities and assess those pricing strategies. When you check year-round, you can see how these prices fluctuate, getting a clearer picture of peak season pricing.
When Are Peak Seasons In Orange Country?
The most popular time to visit this location is summertime. During this peak season, visitors enjoy beaches with warmer water and warm nights before for nighttime adventures at Disney Parks and downtown. Thus, peak season months are June, July, and August.
You can price your rentals higher during this time since there will be more demand in the area. However, don't discount the draw of shoulder seasons. Visitors also flock to Orange County as the city becomes less crowded; this is a big draw for people visiting Disneyland Parks.
Post-summer shoulder season months are September through December. Since it is Southern California, visitors can still expect nice weather in the city; however, beaches will remain chilly. You can also expect visitors in Spring as the beaches warm up; you can start to bump up your prices at this time.
Start Crafting a Peak Season Pricing Strategy
There are many things to do before you can start pricing your Orange County rentals. First, fix up your rental, upgrade accordingly, and understand the difference between peak season pricing and shoulder seasons.
Let PMI Harbor Beach help you make the most of your rental. Give us a call today!
