Trade Secrets: Making a Profit

10 quick tips to price your rooms smarter today!

price smarter B&B pms

Here are 10 things you can do with your pricing today to get your property noticed on travel websites and earn more money!

 

1. Take advantage of local events

You should set your rates higher when you know a local event is happening!

 

2. Weekend vs weekday prices

If Friday and Saturday are busier days, your prices should be higher! And if Sundays are quieter than you should consider lowering your rate.

 

3. Know your seasons

Work out when your high and low seasons are and adjust your rates accordingly.

 

4.  Offer cheaper rates for longer stays

This may encourage guests to stay longer!

 

5. Offer early bird discounts

Get bookings confirmed in the diary in advance.

 

6. Single occupancy rates

This way you can sell an available double to a single guest rather than have it remain empty.

 

7. Fully refundable and non-refundable deals

Sell your rooms quickly with fully-refundable deals but lock in booking with non-refundable deals.

 

8. Load your rates 12 months in advance

Make sure the early bookers can find you and get your best prices. For more advice, read our guide on having a competitive pricing strategy a year in advance.

 

9. Keep your rates competitive

Stand out against the competition with competitive rates. Read our guide on how to price your rooms competitively. 

 

10. Be careful with ‘minimum length of stay restrictions

Having these restrictions on days when you have low occupancy means you’re missing out on the one-night bookers.

In short: You need to match supply and demand! When demand for your rooms is high, prices should be higher but when demand is low, your prices should be too!

If you follow these tips, your B&B could get a lot busier! But don’t worry, eviivo are here to help. Our award-winning product, eviivo suite, is designed to make life as easy as possible for independent hoteliers and property owners, so you have time for the more important things like looking after guests!

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