Bed and Breakfast Prices

How does an Inn keeper determine what price to give their rooms?

Check out the other B&Bs and hotels. Compare what you give in amenities to what they give and figure it out from there. That's what I did. But I don't quite have the nerve to charge what some of my neighbors do.
RIki

egoodell said:

Check out the other B&Bs and hotels. Compare what you give in amenities to what they give and figure it out from there. That's what I did. But I don't quite have the nerve to charge what some of my neighbors do.
RIki.

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egoodell said:

...I don't quite have the nerve to charge what some of my neighbors do.
RIki

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Riki, when you get your 3rd room open, you might consider bumping it up to what the neighbors charge, while leaving the others as they are now, and see how it goes. You might find people are willing to pay more since it's newer, and with time you could nudge the other two rooms up too.

When I opened, I had no mortgage to contend with, so I called the then existing B & B in a neighboring town and asked her prices. I knew she had private paths and I had a shared, so I made my prices $5 less.. Every couple years I raise my prices by $5 - more if I have added amenities like a private bathroon (went up by $25) or queen bed and TV (went up $15 w/shared).

Arkansawyer said:

egoodell said:

Check out the other B&Bs and hotels. Compare what you give in amenities to what they give and figure it out from there. That's what I did. But I don't quite have the nerve to charge what some of my neighbors do.
RIki.

Click to expand...

egoodell said:

...I don't quite have the nerve to charge what some of my neighbors do.
RIki

Click to expand...

Riki, when you get your 3rd room open, you might consider bumping it up to what the neighbors charge, while leaving the others as they are now, and see how it goes. You might find people are willing to pay more since it's newer, and with time you could nudge the other two rooms up too.
.

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Arkansawyer said:

egoodell said:

...I don't quite have the nerve to charge what some of my neighbors do.
RIki

Click to expand...

Riki, when you get your 3rd room open, you might consider bumping it up to what the neighbors charge, while leaving the others as they are now, and see how it goes. You might find people are willing to pay more since it's newer, and with time you could nudge the other two rooms up too.

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Nope what they charge is obscene. They are a "five star hotel" and a "five star country inn" some charging over $3-- = $400 a night. I already am one of the highest rates for B&Bs and on weekends they automatically are on the wine tours. I don't see charging them over $275 a night. The neighbors are attracting people I do not want.
RIki

What I am doing is researching the local B&B prices and also the available hotel/motel prices. Checking their prices and their amenities.
Doing the typical SWOT. Strengths, weaknesses, opportunities and threats.
The price you decide on is the highest price you can charge where the guest still perceives it as a value.

For me its easy to be lazy as I just put harrogate into Trivago! and it shows me everyone. Ive been slowly creeping up prices as the PO's did them far too low which puts people off from coming now, however am building up a good base of people who pay proper prices. Also have added a ton of amenities in the last 18 months so can charge more for those rooms ie last 2 large flat screen televisions went in today, room 7 last room with textured wallpaper was finished being redecorated and put back together today, 12,7,8 and 9 new bathrooms, a ton of new furniture, new mattresses, new bed bases, carpets etc I can't charge more for the work done on the windows though it has vastly improved the general look of the property or the work that I am booking in for the roof but at least once that is done its all paid for. We are also planning on adding an orangery extension on the back, then this will be used as lounge and reception which means we can change the current lounge and reception into two large doubles which will be a lot cheaper than the other extension idea we had (ie a 1/3 of the price) and will make bigger rooms. (it was DH's idea so Im giving him his props) then we will have 13 rooms as we will give up the private bathroom of 5 as a laundry store/office and knock room 5 single bedoom into room 4 small double bedroom to make a large and much more saleable double. To be blunt people want large doubles generally.

You have to do a market survey of accommodations in your area and compare amenities and value.

Samster said:

You have to do a market survey of accommodations in your area and compare amenities and value..

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Samster said:

You have to do a market survey of accommodations in your area and compare amenities and value.

Click to expand...

I agree.
I am one of the nicest places to stay in town, so my prices reflect that. But prices here are not high, and my place isn't that fancy, so there's only so far I can go.
Be sure not to be the cheapest!
=)
Kk.