RM Roundtable 5 focused on strategies for adjusting pricing ahead of peak seasons and large events, reacting to market demand and pacing, navigating owner expectations, and understanding the implications of cancellation policies and far-out premiums.
Key Discussion Topics:
- Pricing Adjustments: The importance of adjusting pricing strategies to reflect changing market conditions and demand, factoring in events like sports games and concerts which can significantly impact rates.
- Owner Expectations: The challenge of aligning owner expectations with market realities, especially when it requires lowering rates to meet reduced demand.
- Cancellation Policies: The impact of cancellation policies on booking patterns, explaining that more flexible policies can drive bookings but also lead to higher cancellation rates.
- Far-Out Premiums and Segmentation: The pitfalls of setting prices too high too far in advance (far-out premiums), and how segmenting properties based on booking windows and past performance can lead to more nuanced pricing strategies.
- Market Compression and Events: How market compression during large events like sports games can provide opportunities for higher rates, but also stress the importance of setting deadlines for when to adjust prices if bookings aren't materializing as expected.
