I have had 2 inquiries for 2018 in the past couple of days. I am about to forecast and post my rates for next year and wondered what other hosts plan to do with their 2018 rates? Are you planning on keeping them the same, or do you raise your rates each year?
We all know a lot of it is what the market will bear, but if you’re planning ahead now what does your intuition tell you?
I won’t set those rates or allow bookings until about October of this year.
What do you do when someone tries to book for further out than that?
I don’t get bookings that far out and like Kona am not sure I’d want them. However, I expect a recession in 2018. LOL.
I tell them I can’t take their booking that far ahead. To check back later. Especially the small ones. I do not want to be tied down to a weeney booking 8 months in advance.
Wow! This is very interesting. It must be the difference between the type of rentals. It’s not unusual for me to get requests 1-2 years away.
I run on 2-3 months ahead. No way I want to book anything later than that I don’t know what I might be doing !
Just block out your calendar if you don’t want want somebody booking way out ahead of time.
Thanks for the suggestion as the comments thus far are from people who don’t book in advance.
I’m not looking to block someone from booking that time, I’m trying to forecast rates a year down the road.
On another thread I saw someone say that they mark UP their rates in advance and bring them down closer to that time if they are still available. But I’ve tended to do the opposite. Right now I’ve frozen our rates for an advanced booking and would normally adjust them up when I see what my competition is doing.
I play it by ear. Today I received a booking for October. I’ve only once had a guest book a full year in advance.
But who know what will happen to the exchange rate, our areas and a load of other factors? For instance, when hurricane Wilma hit Florida in 2005, tourism went right down. Which was daft really because the chances of another hurricane hitting in the near future was miniscule. It was the same with the zika scare in Florida last year.
Yes it’s clear you’re asking how other hosts forecast. It just seems a lot of us operate only a few months ahead …
There is lots of research that guests (hotel/abb) that book far future dates (180+ days out) are much less price sensitive. Anyone that takes booking that far in advance should really raise there prices in order to maximize profits. I wouls put 2018 prices at least 3x the peice you booked for the same dates in 2016.
I’m not sure it makes sense to book very far ahead, unless you have an exceptionally settled, stable and orderly life. And/or have serious backup for your rental. What happens if you want to take a trip, for example?
I have my calendar open for 3 months in advance. Right now, I’ve only got booking to about 1 1/2 months out.
There’s also,the consideration that they could change the cancellation policy on us. If they did the Italy thing to us, I will not tie up my calendar with bookings so far in advance.
As it is, I don’t do it when two or three nighters enquire nine months in advance.
What if you charged 3-5x for a booking that far out? Mught be wirth it? Totally get the cancellation policy thing, but wouldnt that only happen for ‘new’ reservations. I don’t remember if it was retro active in Italy.
Possible… But people sure get snippy when I won’t take them nine months in advance for two lousy nights. I ask them to check back closer to their travel dates.
I don’t get many people who want to do that. Do you have your calendar open, or are they just contacting you speculatively?
I actually got someone for Northern Ireland who inquired about Feb 2017 months ago, I told him it wasn’t open. He said he’d check again later. The surprising thing is that he did, and booked exactly the dates he inquired about in the initial inquiry. That never happens - this has been the first time.
Good question. I guess it is open… And the reason is, if someone wants to book three weeks in August, I can take them. I know I will be here and not traveling and I’m desperate for bookings in summer.
It’s the small bookings I am hesitant about. The small bookings are used to fill in. Not tie me up months in advance,
Arguably it makes sense to @CanadianHost… though I am not sure what the advantage of booking that far in advance is or indeed how anyone knows they’re going to be in Canada in 2018.
The resort often completely fills up with people traveling in from all over the world, so people tend to book their vacation a year in advance in order to secure a spot. This is even more important to do when you’re booking for a large group getaway as there are less of those places available.
In fact, we get inquiries for 2-3 years down the road for holiday stays. With us letting our our family vacation home we have more limited availability because we want to use it, too. So 2017 was full by Jan 13th and we’re on to 2018 now.
Maybe it has something to do with the failing Canadian dollar increasing demand?? Most of our guests are Americans.