June/July calendars not booked, Can it be hurricane Helene effect?

Question

Hi Bigger Pockets FriendsI have 2bed/2 bath cabin in Maggie Valley, NC, .   In years past my calendars have been 90% full year round. This year has been good up until this summer. I know it may be a little early to start being concerned about June, July, August bookings, but I only have a few bookings for the summer months.  I have already lowered my prices for the summer but I don't want to lower them too much.   I wonder if  hurricane Helene had an affect on tourism to our area for the summer. I know my lead time is usually 24days so maybe it is to early to be concerned.  Does anyone have any thoughts about being proactive instead of waiting until  the last minute to lower my prices too much?

Joseph Sauer · Answer

I'm learning that lowering prices should be one of the last moves you make, cause then it's just a race to the bottom with the competition.

I'd look and see if other STRs in the area are experiencing similar issues first, before doing anything. Then you'll know if it's just you or the market. If you're doing your job as a host, then it's probably not you.

Then I'd do all the other things (i.e. update listing pages, rearrange/update photos, etc.) before price lowering. Also, from everything thing I've read book lead times are shortening nationwide, so I'd hold off on any price edits just yet.

Gary Campanaro · Answer

Thanks Joseph for your recommendation of not lowering prices too prematurely, and doing other things with my listing such as updating photos and updating listing pages.

Thank you Mark,regarding its probably not the hurricane Helene effect and probably about the tarriffs and not lowering prices prematurely.

Thank you John mentioning to check my competition and if I see some bookings coming in to start to raise my prices back to normal. Also to check my cancellation policy and discounts.

Thank you Carolyn for your mentioning that the university layoffs may be affecting your MTR bookings and that lead times may be shrinking.  I suspect that may be the case.

Thanks Collin,for your insight to strive to be better than average, and yes we love Maggie valley when we visit from California.

Josh Sedivy · Answer

It’s still early for summer bookings, so don’t worry yet. Instead of lowering prices too much, offer discounts for longer stays or last-minute bookings. Highlight your cabin’s unique features. Keep monitoring trends to adjust if needed, but avoid drastic price cuts for now.

Andrew Steffens · Answer

I think it could be a combination of factors.  Currently here in Tampa our June/Jul is very strong. Most of my rentals are family friendly larger pool homes near the beach, and kids are out of school, so its strong demand.  I do not think the tariffs are effecting much.  I do think the hurricane is not helping.  I manage in Napes/Ft Myers and it took a while to get demand back after Ian - the area was stigmatized and people moved to non affected areas.  Ultimately I would check your prices.  Unfortunately if you are priced above your competition you will seldom book.

Collin Hays · Answer

In our portfolio, we are finding that premium properties - those offering a view, a water amenity, or an outstanding location are doing as well as ever.

Some of our more average properties are struggling for summer bookings.  Average cabins very near Gatlinburg are still doing ok, but the further away they get, the slower it is for an average cabin.

I love the Maggie Valley area - it is definitely a quiet alternative to Gatlinburg.

Carolyn Fuller · Answer

Experiences from market to market often vary significantly so what's going on in your market is unlikely to be the same thing that is going on in my market.

That said, my market has gone bonkers. My MTR market has completely vaporized in a matter of months (i.e., since February of this year!).

My STR market was behaving so unpredictably earlier this year that I decided to just rent our STR mid term for the calendar year.

I'm guessing the reason my MTR world is crashing is because I rely heavily on visiting scholars and our universities are under attack. Not a clue why my STR market went to heck in a basket. I suspect the STR issue is that booking lead times are shrinking.

Mark Miles · Answer

This is the tariff effect, not the hurricane Helene effect. It’s not like people are saying wow, we must go there in March and April and May but not June and July because of hurricane helene. People are not saying that at all, it’s the effect of tariffs on the broader economy. Also lotta layoffs in the federal government in DC which is a good swath of your target market, etc

That said, you have to be careful not to lower your prices prematurely because then it becomes a race to the bottom which is really bad for everyone

John Underwood · Answer

I agree with Joseph on check your competition to see if this is widespread in your area or just your property.

It is very hard to not lower prices when you see an open calendar. If you see some bookings start coming in, I would raise your prices back to normal.

What is your minimum night stay? Maybe it's too long?

Also look at your cancellation policy.

Do you offer a 10% discount on stays of over 7 days? This supposedly will help on Vrbo.