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Shifting to Nightly Rates

24 Apr 2018
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Homeowners

The vacation rental industry is booming and more families are choosing vacation rentals over hotels than ever before. As pioneers of the industry, it is our job to set guest expectations for both the first-time visitor to the Outer Banks and for the guest who has never stayed in a vacation rental before. Our ability to meet or exceed guest expectations is key to our future success. This will require all of us to re-think some of our old-school business practices and lean into the mindset of the world traveler. 

Partial Rates & Turnover Days

  • Expectation: Guests expect to book accommodations to match their travel itinerary.

  • Problem: The Outer Banks market traditionally enforces turnover days.

Online travel agencies like Homeaway and Airbnb are doing their part in making vacation rentals mainstream accommodation options. Guests expect to be able to book a vacation rental for specific dates that match their travel itinerary. If their plan is to arrive on Friday and leave on Wednesday, these are the dates they enter into their search. By continuing to restrict availability to arrivals and departures on specific turnover days, you will be missing so many new travelers.

Solution: Flexible Booking Calendar

We’ve already taken a step in the right direction by decreasing the minimum night stay for all properties from 7 to 3. Depending on whether you offer partial rates determines if the guest receives a nightly rate or a weekly rate for any stays from 3 – 7 nights. It is clear that homes offering partial rates are receiving more exposure and bookings in the off-season, including Spring & Fall because they are priced more affordably and have no turnover day restrictions.

We highly encourage you to consider offering partial rates, especially if your home is open in the Winter, Spring or Fall. Currently, we are still limiting partial rates during the Summer to last minute reservations only, booked within 7 days of arrival, however the future of turnover days and back to back changeover is unknown… think more revenue with less wear and tear + more time between stays to keep your home in pristine condition!