As the seasons change, your room rates should too. Throughout the year, your business is going to experience peak periods of occupancy as well as off-peak seasons, and it’s important that you’re doing everything you can to maximize your revenue and occupancy in each of these instances.
Is summer the busiest season at your property? It’s important to adjust your room rates accordingly. With holidays and long weekends, make sure that your room rates stay competitive with competition in your area, as well as reflect the experiences that your guests will receive while staying at your property. If you’re providing something special, make sure your room rates increase to reflect what your guests will be receiving.
Rates don’t have to stay stagnant throughout the season. Feel free to adjust rates depending on what is going around in your community. Is there a big festival in town? Increase your rates. But while doing so,make sure you’re staying competitive with other lodging options. For example, providing transportation or partnering with an event can lead to an increased rate because of the perks your guests will receive with your property as opposed to the others.
Every property will hit a slow season at some point in the year. During this time, it’s important that you do not just discount your room rates to attract visitors. This will not create demand or increase your room revenue, since you’re going to be losing out from the discount. Instead of making things cheaper, find ways to add value to the experience your guests will have at your property, even in the off season.
Creating packages and special offers is a great way generate interest in your property even during the off season. Find attractions that would interest local visitors and do your best to attract people based on what’s happening in your area. Just because your property may be in its off-season, doesn’t mean that other attractions in your area are.
Keeping up with the Calendar
Planning rate changes is no small task, but the return can be large. Analyzing your year and the events taking place on and around of your property is a great place to start filling in when rates should rise, and when you’ll need to promote packages to attract visitors. The great thing is there are systems to help you with this.