Peak-season tactics raise stay income
Short-term let owners can maximise their profits by embracing new booking patterns and remaining flexible to their clients’ needs.
According to Sykes Holiday Cottages’ Holiday Letting Outlook Report, holiday let owners can earn an average of £7,070 in spring and £7,060 in summer. However, the company says that embracing new demand patterns – particularly around the bank holidays at the end of this month and in August – can further boost revenue.
Flexibility around changeover days
Ross Armstrong, head of portfolio optimisation at Sykes Holiday Cottages, said: “Recent booking data shows that short-break demand spikes around these periods, with last-minute getaways becoming increasingly common as travellers look to make the most of the long weekends.
“For owners willing to be strategic with pricing, availability and changeovers, the next few months can represent a significant earner,” he said.
While a number of vacationers book early, Armstrong said that last-minute bookings – within a month of departure – are increasingly common. He advised flexibility around changeover days in order to accept such bookings.
“The bank holiday period is short, and if your property has a standard changeover on Fridays, you might fit one 3-night break over a bank holiday.
“But, if you can be flexible, you could fit two bookings over the same period – for example, a changeover on Friday and Sunday to accommodate multiple stays over a short window, which can directly translate into revenue.
Standing out from competitors
In areas such as North Wales and the Lake District, the most popular regions during the spring bank holidays, Armstrong said property owners can be bolder with availability and pricing.
However, he advised a focus on value and amenities to stand out from competitors. “From last-minute deals to installing luxury features – like a hot tub or wood burner – to your property, there are plenty of ways to capture people’s attention during peak periods,” he said.