How much is too much?

All of us probably have really, really busy periods where there's a waiting list for rooms in the area. IF you adjust your pricing for high/low periods, how much is too much to go up on really busy times?
I know we're not a hotel, but... hotels jump from $99 to $219 for prime weekends. And I'm not talking the pricier versions of the brand, either. They go over $300.
So, here we are, plodding along at our 'regular' rate of $179 while all around the rates are skyrocketing. Are we stupid? We're not going to book any slower by raising the rates if these are the last rooms. Why not make a few dollars more? Conversely, if I have raised rates enough, I can lower them and still make a few dollars extra.
I do know that a lot of folks don't believe in charging more because we have a 'limited supply'. But it seems like there's some hay to be made while the sun is shining. (And, at this point, if someone has waited this long they are not going to be happy with any price so another 3 on 'value' on TA isn't going to make a bit of difference.)

We talked about adjusting rates for holiday weekends and decided it was more work than it was worth. But I could see for a place with maybe a NASCAR event or the Kentucky Derby.
It bugs me when I go to work in NYC during "fashion week" and the room I generally get for $300 is suddenly worth $600. So I guess if it bugs me, I assume it would bug my guests.

We adjust all the time. Ever weekend is $20 dearer. Long weekends we put up the final night to the weekend price and put it up $10. Selling out too quickly? $20 more. We change minimums as well.
For our biggest weekend? We double our prices and have a 3 day minimum... this year, it sold out to previous guests in November. (But we like it like that, we don't have any check-ins... an extra bonus.)

We sell out a few weekends a year, the first weekend in July, August and September are always sell outs with 3 day minimums.

TheBeachHouse said:

We talked about adjusting rates for holiday weekends and decided it was more work than it was worth. But I could see for a place with maybe a NASCAR event or the Kentucky Derby.
It bugs me when I go to work in NYC during "fashion week" and the room I generally get for $300 is suddenly worth $600. So I guess if it bugs me, I assume it would bug my guests..

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Would $350 bug you?
Just trying to get a feel for how much is too much.

Morticia said:

TheBeachHouse said:

We talked about adjusting rates for holiday weekends and decided it was more work than it was worth. But I could see for a place with maybe a NASCAR event or the Kentucky Derby.
It bugs me when I go to work in NYC during "fashion week" and the room I generally get for $300 is suddenly worth $600. So I guess if it bugs me, I assume it would bug my guests..

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Would $350 bug you?
Just trying to get a feel for how much is too much.
.

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Morticia said:

Would $350 bug you?
Just trying to get a feel for how much is too much.

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For an event that is known to be hard to attend. Like the Superbowl or Derby, I'd pay it happily. For 4th of July, I'd pay it grumbling. Either way, I'd pay.

Morticia said:

TheBeachHouse said:

We talked about adjusting rates for holiday weekends and decided it was more work than it was worth. But I could see for a place with maybe a NASCAR event or the Kentucky Derby.
It bugs me when I go to work in NYC during "fashion week" and the room I generally get for $300 is suddenly worth $600. So I guess if it bugs me, I assume it would bug my guests..

Click to expand...

Would $350 bug you?
Just trying to get a feel for how much is too much.
.

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The reason that particular car race died around here was that with this large a city the hotels weren't getting a premium and that particular crowd was more "work" than others.
For our biggest weekend, we know that we are going to lose a certain amount of towels and we provide some extras that normally aren't included. But it's double the normal price

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier.

gillumhouse said:

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier..

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gillumhouse said:

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier.

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Don't you use your online system when quoting rates? There's no way either of us would quote rates without looking right at them. I used to keep a cheat sheet but we have to be on the rez system to take down the guest info anyway.

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

Morticia said:

gillumhouse said:

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier..

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gillumhouse said:

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier.

Click to expand...

Don't you use your online system when quoting rates? There's no way either of us would quote rates without looking right at them. I used to keep a cheat sheet but we have to be on the rez system to take down the guest info anyway.
.

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Not always. I have taken reservations while we were whizzing down the Interstate. I take the info since we are talking to get the stuff I would be calling about anyway and then tell them to go online and book it because I am not near a computer. If I am not home and Himself gets a call for a reservation, he could not take it on the computer because all he knows re computers is to ask me to do a Goo

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb..

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Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

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$30! Wow! And you're busy, too. It's slow as can be here. Maybe I'll think about that for next year.

Morticia said:

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb..

Click to expand...

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

Click to expand...

$30! Wow! And you're busy, too. It's slow as can be here. Maybe I'll think about that for next year.
.

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Slow is not the word for it here also. A couple elopements and all will be well. Sigh.

The last couple of years I have been doing more of this than in the past. For us it is a roll of the dice.
We did finally adjust our weekend prices up $10 across the board. For regular rates, that is about as high as I can go for this area.
For big events, mostly events in neighboring big city where we get the overflow, I raise my rates between $20 and $40 depending on the event. When the city hosted the Superbowl I bumped it up $50. Events also come with a 2 or 3 day min.... I usually do not have a min.
Now I do suggest 1) keeping a close watch on the neighboring hotels as they adjust their rates, they know what they are doing. 2) be aware that if you go too high you may get dinged in reviews for value

Morticia said:

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb..

Click to expand...

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

Click to expand...

$30! Wow! And you're busy, too. It's slow as can be here. Maybe I'll think about that for next year.
.

Click to expand...

We had the best ever May in 10 years to compensate for what we lost this winter. June, meh, not so much comparatively. 'Tis always hope for the second half... am concerned about our new tourism honcho...

Momma Smurf said:

Morticia said:

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb..

Click to expand...

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

Click to expand...

$30! Wow! And you're busy, too. It's slow as can be here. Maybe I'll think about that for next year.
.

Click to expand...

We had the best ever May in 10 years to compensate for what we lost this winter. June, meh, not so much comparatively. 'Tis always hope for the second half... am concerned about our new tourism honcho...
.

Click to expand...

Momma Smurf said:

am concerned about our new tourism honcho...

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State level or local?

Harborfields said:

Momma Smurf said:

Morticia said:

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb..

Click to expand...

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

Click to expand...

$30! Wow! And you're busy, too. It's slow as can be here. Maybe I'll think about that for next year.
.

Click to expand...

We had the best ever May in 10 years to compensate for what we lost this winter. June, meh, not so much comparatively. 'Tis always hope for the second half... am concerned about our new tourism honcho...
.

Click to expand...

Momma Smurf said:

am concerned about our new tourism honcho...

Click to expand...

State level or local?
.

Click to expand...

state level
and our Visit(state).com had a terrible new interface. how does one find any one inn or place? used to get 20 hits plus a day, am lucky if we now get two.

Momma Smurf said:

Morticia said:

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb..

Click to expand...

Momma Smurf said:

We've always added a $20 premium for Weekends: Fri-Sat. This year it's up to $30 additional on most weekends. I adjust up and down as the week and bookings flow or ebb.

Click to expand...

$30! Wow! And you're busy, too. It's slow as can be here. Maybe I'll think about that for next year.
.

Click to expand...

We had the best ever May in 10 years to compensate for what we lost this winter. June, meh, not so much comparatively. 'Tis always hope for the second half... am concerned about our new tourism honcho...
.

Click to expand...

Momma Smurf said:

We had the best ever May in 10 years to compensate for what we lost this winter. June, meh, not so much comparatively. 'Tis always hope for the second half... am concerned about our new tourism honcho...

Click to expand...

Worst. May. Ever. New owners are asking me if this is the way it always is. They are scared to death.

I have learned, it took me 20 years, to raise my prices. Rooms for rent, be it B&B, hotel/motel or cottages/cabins, are extremely limited here. I used to never raise my prices even for weekends. Since last summer, if I have very little availability, I raise my prices anywhere from $10 to $30.
Last year up in the upper peninsula, one of the B est W esterns sold rooms for $ 590 per night. That was for a measly motel room. Not even a hotel.
People here get so desperate to get lodging, I figured that it's time to put some money in my pockets as well. Of course, I am not going to upset my regulars with these kinds of shenanigans, after all, I want them to come back and back again

gillumhouse said:

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier..

Click to expand...

gillumhouse said:

It is not that I do not believe in adjusting the rates, it is because himself has a hard enough time remembering the rates as they are. If I did adjustments he would be lost in Yonkers and give it away regardless. I find ME having a hard time remembering the new rate on the Gillum Room. IF you can get it - go for it. Let them carp about the rate - they will anyway. in the response you can always cite what other rates were to show what a bargain you were. Meanwhile your bank account is going to be happier.

Click to expand...

We only started adjusting when we started with RK. that way I can see the prices when I quote them. I could never do that with my desk calendar of old.

Iris said:

I have learned, it took me 20 years, to raise my prices. Rooms for rent, be it B&B, hotel/motel or cottages/cabins, are extremely limited here. I used to never raise my prices even for weekends. Since last summer, if I have very little availability, I raise my prices anywhere from $10 to $30.
Last year up in the upper peninsula, one of the B est W esterns sold rooms for $ 590 per night. That was for a measly motel room. Not even a hotel.
People here get so desperate to get lodging, I figured that it's time to put some money in my pockets as well. Of course, I am not going to upset my regulars with these kinds of shenanigans, after all, I want them to come back and back again.

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That is the nice thing about being in a Destination. I had to make us a destination. And then the hotels started to get built. We are the only B & B to survive in my County. Many in my Tourism Region have closed, retired, whatever. Those that sold were sold as residences. Sigh
I have raised my prices every couple years until 2008 and then I held steady for a few years - until I made upgrades (replaced a full with a queen and got flat screens and wifi). Then in December when I got a king and said bye-bye to the last full I raised again. If things do not pick up soon, I may back-track a little on the king. I do not know if it is just a VERY slow summer or I went too far. Will decide by mid-July after my last one on the books leaves. Not getting a lot of asking rates even and that is unusual.