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HotelRevenueMan
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Добавлен 24 дек 2016
My 4-step Daily Process For Hotel Revenue Management
Often hoteliers aren't sure how to "do" revenue management. Where do you start? What do you do next? This is some of my most valuable information. In this video I share my daily process for working with properties.
Do you need help with revenue management? You can hire me to help your property for as little as 1 hour per week. Chris@HotelRevenueMan.com
If this was interesting to you or a benefit would you please "like" it and subscribe to my channel? Thanks so much!
Do you need help with revenue management? You can hire me to help your property for as little as 1 hour per week. Chris@HotelRevenueMan.com
If this was interesting to you or a benefit would you please "like" it and subscribe to my channel? Thanks so much!
Просмотров: 2 892
Видео
Revenue Management - How To Increase Revenue At Your Hotel Even When You're Short-staffed
Просмотров 4,3 тыс.2 года назад
Someone found my website www.HotelRevenueMan.com and sent an email to me at Chris@HotelRevenueMan.com asking how to increase revenue at his property. This was my response: "The most effective thing you can do to increase the revenue (and more importantly the profit) at your property is to price rooms based on demand. That means lowering rates during times of low demand to increase bookings/occu...
What Happens When Every Day At Your Hotel Has The Same Rate?
Просмотров 2,2 тыс.3 года назад
A new client needed some help with revenue management. I recorded his occupancy and rate for each day until the end of the year and noticed that every day had the same rate. This caused the times of high demand, his weekends, to fill up too quickly which means he was passing up revenue, and it caused his hotel to sit empty during the weekdays. I showed him how to use his compset to increase his...
How to decrease operating expenses using green energy equipment to lower electricity bills 10%-15%
Просмотров 7125 лет назад
As a hospitality consultant I'm constantly looking for ways to help my clients increase profit. One way to do this is to decreases expenses. In my search to find new ways to save my clients money I came across a company named C3 Green Energy LLC. They have a world-wide patent on a piece of green energy equipment called The Powerhouse that saves businesses 10% to 15% or more on their monthly ele...
Hotel Revenue Management System and Strategies Presentation
Просмотров 1 тыс.5 лет назад
I gave a presentation at a 1 Million Cups networking event about the hotel revenue management system I developed that I teach to hoteliers. I discuss some of the strategies I use and we look at the results hoteliers have seen using my services and system. The group was kind enough to record this for me, but the audio and video quality are pretty rough. You might have to turn up your volume quit...
How To Use Non-Refundable, Noncancellable Rates For Hotels
Просмотров 4,3 тыс.6 лет назад
Non-refundable or noncancellable rates are a legitimate strategy to help increase revenue for lodging properties. In this video I explain what these rates are and how to use them. You will see what this looks like for the customer, and we'll discuss both the pros and cons of using these rates. I'll explain the different discount and booking window options. Please visit my site www.HotelRevenueM...
How Much Should I Pay For A Hotel? The Best Pricing Model
Просмотров 3,6 тыс.6 лет назад
When looking to purchase a hotel how do you know how much it's worth? How do you know how much you should pay for it? In this video I show you step-by-step the best pricing model. You can take this formula and apply it to the property you're looking to purchase to see if it's worth the asking price. Nearly every time they are asking too much by a long shot.
Length Of Stay Restrictions: What they are & how to use them
Просмотров 1,4 тыс.6 лет назад
Length of stay restrictions (or LOS) can be very helpful tools especially during times of high demand. In this video I explain what they are and I give you a strategy to use to help decrease cost, increase profit and lessen the burden on your staff.
Hotel Rate Parity: What is it? Is it important? How do I fix it?
Просмотров 2,6 тыс.6 лет назад
In this video I explain what rate parity is for hotels and lodging properties. I show you how to use and extranet to see if your hotel is in parity. I not only let you know the consequences of being out of parity, but also explain how to fix it. See more videos at www.HotelRevenueMan.com
Why a "keywords strategy" is important for hotel marketing
Просмотров 9576 лет назад
The most important part of a hotel's marketing strategy is often having a successful keywords or AdWords strategy. In this video I explain what keywords are and how they work. I also suggest reaching out to experts like www.10xdigitalinc.com/ who can setup your Google AdWords account and help you manage your ads and keywords strategy. Please visit my site at hotelrevenueman.com/.
My hotel's losing money! How to discover why revenue is down
Просмотров 2,4 тыс.6 лет назад
A hotelier reached out to me because YoY (Year Over Year) revenue was down significantly. In this video I describe the process I used to help find the problem. We also look at how using my services helped them after only two months. Please visit my site at hotelrevenueman.com/.
How does room mapping affect hotel revenue management?
Просмотров 3,2 тыс.6 лет назад
Room Mapping can be complicated, but here is an explanation of how it works and an example to see. If room mapping is not done correctly, then it can cause big problems for revenue management by selling the wrong rooms at the wrong prices. Please visit my updated site at hotelrevenueman.com/.
How to build a hotel compset to accurately price your rooms
Просмотров 8 тыс.7 лет назад
Is a competing property a good fit for you to include in your compset? I explain what a compset is and show you what criteria to use to best select properties to include in your compset. Please visit my updated site at hotelrevenueman.com/.
What is RevPAR and how is it calculated?
Просмотров 46 тыс.7 лет назад
RevPAR is the most important metric in hotel revenue management. In this video we look at a specific example, see how to calculate it and look at the reasons why it's so important. Please visit my updated site at hotelrevenueman.com/.
Hotel Revenue Management - How to track demand Part 5 Groups
Просмотров 8737 лет назад
Hotel Revenue Management - How to track demand Part 5 Groups
Hotel Revenue Management - How to track demand Part 4 Changing Rates Daily
Просмотров 1,2 тыс.7 лет назад
Hotel Revenue Management - How to track demand Part 4 Changing Rates Daily
Hotel Revenue Management - How to track demand Part 3 Recording Rates
Просмотров 1,4 тыс.7 лет назад
Hotel Revenue Management - How to track demand Part 3 Recording Rates
Hotel Revenue Management - How to track demand Part 2 Daily Occupancy
Просмотров 2,2 тыс.7 лет назад
Hotel Revenue Management - How to track demand Part 2 Daily Occupancy
Hotel Revenue Management - How to track demand Part 1 Setup
Просмотров 7 тыс.7 лет назад
Hotel Revenue Management - How to track demand Part 1 Setup
Hotel Revenue Management 101 Example
Просмотров 107 тыс.7 лет назад
Hotel Revenue Management 101 Example
A Hotel Revenue Manager tells you how to get the cheapest rate on a room
Просмотров 9567 лет назад
A Hotel Revenue Manager tells you how to get the cheapest rate on a room
Hotel Revenue Management - Sales Channel Cost Analysis will save you thousands of dollars!
Просмотров 4,4 тыс.7 лет назад
Hotel Revenue Management - Sales Channel Cost Analysis will save you thousands of dollars!
A Revenue Manager tells you how to book a cheap hotel room
Просмотров 1,7 тыс.7 лет назад
A Revenue Manager tells you how to book a cheap hotel room
Hotel Revenue Management - How to Calculate Room Cost
Просмотров 91 тыс.7 лет назад
Hotel Revenue Management - How to Calculate Room Cost
Question...so this means that as long as you raised the rate it don't matter the OCC? In terms of profit?
The more you raise the rate, the more profit you'll have for each room sold, but you'll sell fewer rooms. You could also lower the room rate, making less profit per room, but sell more rooms. When you sell more rooms though, your costs go up because you have more rooms to clean and more people to feed. Revenue management is trying to figure out what the best rate is to sell the right number of rooms that will make you the most money (profit).
@@hotelrevenueman5708Thanks. Actually this method of revenue that your teaching helps basically how to sell more rooms and maybe match the budget or just to balance the profit?
i can not find the link the the pick up sheet or video as you mentioned in the video. Could you please help? Thank a lot
Here's the first video that shows you how to begin building it: ruclips.net/video/s25iirLGclo/видео.html
@@hotelrevenueman5708 thank you so much for your kind and prompt support. Really appreciate it
thanks, very useful video
Hello sir, helpful videis! Im struggling on forecasting😊, May I email you sir please
Sure!
What about the extra income from inhouse guests from FnB and other sources?
That could be factored in to an example. For this video it's just focusing on the manipulation of room rates. Thanks for commenting!
One of the goats in this industry much respect
One of the goats in this industry much respect
One of the true goats in this industry!
Wow, thanks!
Can the hotel cancel a non refundable booking closer to the arrival date.? It's quite obvious the customer doesn't have a choice once he agrees to pay the non-refundable rate. I'm curious to know whether it can happen the other way around putting the traveler in a quite stressful situation.
I'm not a lawyer, but I would think that the traveler and the hotel have come to a legally binding agreement that the hotel doesn't have to refund the money, but that also means the traveler is guaranteed a room. The hotel could do whatever they want thought and claim it was a mistake, but that would be pretty shady. Thanks for the question!
thank you for sharing - increased the room rate weekend - lower on weekday - what is the amenity adding to be confident selling the room rate double during the weekend?
This is assuming that in this market the weekend is the time of high demand. With many people being out of school and work during the weekends, this is often true in many markets (in the USA). Thanks for the question!
www.youtube.com/@beboselections
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www.youtube.com/@beboselections
I have a question about the pickup sheet. If I understand correctly, the upper row shows the dates when you record the occupancy. My question is, why is there a record on the 16th (98%) for the 13th which is already in the past? I'm asking because maybe I don't understand the whole concept of the sheet.
Great question. You are actually really close to understanding the concept. Look at that 98%. That is where it finished (recorded after Friday ended). Now look to the left of that. That row is its daily progress. That Friday morning (when the data was recorded) this property was at 94%. It finished at 98%. So it picked up 4% on day of arrival.
Actually i was looking for the Hubbart formula
This video you show $20 expense per rented room. Shouldn’t have been $20 per room (100 rooms). Because of fixed cost like electricity, water, tv cable etc.
great stuff!!
Thanks, Raji!
Good info from an Corporate Operational & Revenue Manager.
Thanks, JR!
Nice. But its depand on meal plan and typ3 of property also. If a beach hotel where they don't have many restaurants nearby and guest booked on B&B, the working will change.
Great explanation 👍
Thanks!
I'm guessing this is to graph a 7-day booking window. Depends on your market though. Ours is last minute so 7 days out still gives you enough time to spot demand with enough time to react.
Yes, this example shows just 7 days, BUT you can record as far into the future as you want. I suggest a minimum of 1 month, but typically do 3 months out so that I can see when the numbers start to uptick. Thanks for the comment!
Nice strategy of using the rate to counter counter housekeeping ..#winwin
hi, i love your videos, why do you stop uploading? Hope you will keep uploading your videos in the future!
Thanks!
Yes do it continue, we love to. Learn more about revenue and e-commerce. Please let's continue 🙏 Prabath here from Sri Lanka
Hi there, our hotel also has a restaurant which generates 55% of our income (41% from rooms and 4% from activities and transport commissions). Most of our restaurant guests are from the hotel which means we get more income by having more guests staying in rooms . I am sure we are many with a similar business structure , could you please make a video about this particular case or get back to me by email at nicolasmalinowski@hotmail.fr ? Thanks a lot
How about getting low reviews when we sell our rooms too expensive during high demand ? Our standard may not match the high price but we sell out. It feels good short term but lower our image long term.
Sounds like it will hurt long term profitability and success You need to add value
Very good channel
Amazing
Awesome tips!
yo revenue man your video’s are great! Im currently going to school for culinary and this is one of the classes. You’ve really made is seem easier to understand with your videos then the classes ever did. This is something I look forward to doing in the future. Appreciate it 🙌🏾 !!
Thanks Yubby! Good luck!
Thank you so much. This video is so helpful.
Please note that there are "no parity countries" like Germany. So what you are explaining here may apply to the USA, but it does not apply to many European countries as demanding parity would be against certain consumer protection laws.
Thanks for the info!
So you say "you never want to sell out before the day of arrival" in your videos. Are you saying the demand is the highest on the same day of arrival? Why is that? I have a particular problem with bookings coming in for the same day. For my motel, and many in my city, some people who book on the same day of arrival, or walk ins, have been the undesirable types. Like drug user, homeless, young adults wanting a room to party, even gang members. I do do my best to turn those types of customers away, like if they don't have proper credit cards or ID. I would rather have the room empty than take the risk. So I'm happy when I'm quite full and turn on the No Vacancy Sign (many other motels in my city will do this after a certain time in the evening) and even block the remaining rooms out on the channel manager. Do you think there is a different way I should be approaching this? I would definitely sell the room to genuine customers. Been watching your vids and like to hear the little tips that I may not have thought about before. Thanks!
Exactly! I should have said "typically" rather than "never" sell out before the day of arrival because there are exceptions to every rule, but this is true for all the properties I've ever seen. Why is the day of arrival the highest demand? I don’t know. Haha! Probably lots of individual reasons.
The best way to fix your problem is to raise rates and don't take cash. Maybe raise your rates on the day of arrival?
😍😍😍
What is the total cost by the way?
Thanks for commenting. Can you give me some more info? "What is the total cost of" what?
can it be that there is a competition between different OTAs, so they change their own margin in order to get more bookings? more units x less earning per unit. in that case it has nothing to do with the hotel. the hotel can't go into fight btw different OTAs.
That's a good thought, but I think it's a violation of the typical agreement/contract between the hotel and OTAs.
Do someone knows a good book to learn this?
You need Hospitality Academy for this specific subject. You do not learn that in 8 grade anyways.
P𝐫O𝕞O𝓢m 😄
how to get the room revenue first to get the ADR?
This will be in the hotel's computer system (PMS - Property Management System). Look for the revenue, then look for the number of room nights sold for the same time period. Divide the revenue by the number of room night to get the ADR.
fantastic basic intro to the subject. helpful first-step on that long road towards starting that business.
very helpful video. but I have a question, if we make all the weeks as same as friday schedule is it going to be same. i mean what if we do $110 for all the weekdays and weekends. Does our business going to be the same every day?
Generally your weekdays would be basically empty, then you would get some bookings on the weekend. This is because generally weekdays have less demand, so you have to lower rates to get bookings. Here's a video I made that shows what happened at a real hotel who had all days priced the same. ruclips.net/video/eqSjP_Uv5qs/видео.html
@@hotelrevenueman5708 thank you so much!!!
i will join anew resort operated since 8 year can you give me some tips to start with.
Nashaat, as people reach out to me with new issues I make new videos. The best advice I have is to watch the videos on this channel to get a good overview, and even specific advice on the different aspects of hotel revenue management.
Excellent illustration!
Thank you for your kind words and encouragement!
I noticed you put “incremental”cost at the very end with the 400,000$. Did you mean to put “Actual Burdened”
Ty.
It helped me in doing my college assignment.Thanks allot.
Question, At 10x multiple that's $36,500 per room for a VERY nice hotel whereas at 1x it's $3,650 a room? is it really possible to buy a hotel for these prices? I have to be missing something because nobody in their right mind would build a hotel at minimum $100+ per sq ft with an average room is 400+sqft ($40,000) not including land, reception, hallways. Hotels that make zero profit cant be worth nothing.
How would I determine if revenue growth is attributed to rate increase or occupancy increase? - Thank you
What a great content! Very easy to understand. 👍🏼
Thanks, Kate!
Don't miss the opportunity to get more additional revenue in food & beverage, parking, wellness and many more services with higher occupancy.
Great stuff! I’m in sales and aspire to move to revenue team. This is helpful:)
Thanks, Jason!