Many factors can contribute to pricing volatility–one of the biggest being local events. They draw crowds of people, and crowds of people need somewhere to stay. Of course not all events will have the same impact. It will depend on your units proximity to the event location and what is the expected number of participants.
As demand goes up, so does price per night! Paying close attention and tracking events in your area will allow you to learn when rates may go up or down for your unit.
There’s good news, you don’t need to plan too far ahead. The average travel lead time is about 18 days. The farther out you look, the better you can adjust your pricing calendar. Not doing this means you’re willingly leaving money on the table. It takes about 30 minutes a week, so just do it.
Types of Events
- Long-Range: Holidays, regular season sports schedules, annual conventions, anything planned 12+ months in advance
- Mid-Range: Concerts, semi-annual conventions/conferences, anything planned 6+ months in advance
- Short-Range: Playoff sports, impromptu appearances, award shows, carnivals/fairs, anything planned <10 weeks in advance
Where to Find Events
- Google, “conventions in your city“
- Holidays (Outlook , Gmail)
- Pro/College sports team webpages for schedules
- Concerts – LiveNation.com
- Playoff Sports (Gmail)
- Craigslist
- Local newspapers
- Alternative weekly magazines (LA Weekly or Metro Times)
- Regional Facebook Groups
Added Benefit
Having this knowledge also empowers you to become a tour guide, an ambassador of your city. Some people travel for a specific purpose like going to Disneyland, where as others just want to go to Los Angeles. The latter guest may only have only a few nights planned and this is where your ambassador skills will come in handy for them. When they write a review, this may be mentioned and could become something you can eventually charge a premium for.
