Greetings hoteliers! 🌟🏨
As we approach the end of the year, it's not just about holiday decorations—it's also the Negotiated Rate Loading season! 📊 With potentially over a hundred corporate rates to manage, the hustle is real. How do you handle this annual rate management push?
A reminder from one of our experienced members: It's good practice to extend corporate rates beyond the end of the year. This ensures that even during ongoing renegotiations, your property continues to capture that lucrative corporate business. Share your thoughts on this strategy and how it has impacted your hotel's bottom line! 💰
Now, diving into the Negotiated Rate Loading season: Some properties may have in excess of 100 different corporate rates, catering to businesses in the surrounding area. Imagine the diverse corporate clientele—business travelers, tradesmen, workers—all contributing to your property's success.
As the year-end approaches, there's a significant push to update and load these rates. With the dynamic nature of the industry, you might be accepted one year and face challenges the next. This season is a prime opportunity for housekeeping—not just in rooms but in your rate management strategy. 💥
Ensure your rates are accurate, updated, and loaded correctly for any negotiated rates carrying into the new year. Now, here's an exciting addition to your arsenal: the ability to have dependent rates. Picture this – you have the Best Available Rate (BAR) as your base rate, and then you can have Member rates at BAR - 5%, Last-minute rates at BAR -10%, and even special bundled rates like BARB, which includes breakfast. Once you update the BAR, all dependent rates automatically get updated too. 😎
Here's a quick tip regarding corporate rates: It's advisable to avoid using dependent rates for contracted companies, as these rates are often based on specific contracts. This approach allows flexibility in pricing adjustments. However, for uncontracted companies, consider using a single dependent corporate rate for added flexibility while maintaining the integrity of contracted rates. This feature streamlines the rate management process, saving you time and ensuring consistency across your rate categories.
Have you faced any unique challenges during this rate loading season? How do you manage your rates, rooms, and policies to stay competitive? Let's discuss the intricacies of rate management, share tips for a smooth loading season, and ensure our properties are poised for success in the corporate world! 💻🔄
Read more about rates and discover the power of dependent rates here. 👈