How frustrating when you have a gap in your calendar! The average year for most of us is 24 weeks, so the likelihood is there will be gaps. 2013 saw further growth in last minute bookings with as much as 30% being reported from the biggest companies.
We’ve seen our bookings double over the past 12 months and with over 10,000 people searching on the site every month this is definitely an area of the market that should be taken seriously. You may be asking yourself questions like ‘what is considered a last minute booking?’ and ‘How much discount should I give?’
What Is A Last Minute Booking?
Late Lettings stats show that 80% of our bookings are made within 8 weeks of the arrival date, and there’s no doubt about it – people are booking later and later in search of a good deal. Property owners can receive as much as 30% extra revenue by offering their empty properties with an attractive discount.
Discounting
Discounting should always be strategic and is unique to your business requirements. Remember that when demand for properties is high, supply is low – so make sure your discount policy is seasonal and reflects what’s going on with your business at the time.
What we find works best is to offer a tiered discount scheme starting at perhaps 10% increasing as the arrival date approaches to ensure you get maximum money for your property.
Our TOP TIPS for Being Last Minute Friendly
- Keep your last minute availability and pricing up to date. A guest’s decision making process is quicker than a long lead booking so providing up to date information will help secure the reservation.
- Be strategic when deciding on discounting and don’t ever give it away!
- Be pro-active by promoting late bookings on your website and other marketing tools you use.
- Make sure your property is clean and always ready to take a last minute booking.
- Turn a last minute booking into a return guest by adding them to your database there’s every chance they will return and recommend you to friends.
LateLettings has teamed up with SuperControl to make it fast and easy for you to promote your properties to the last minute market. The integration enables you to upload all of your properties and availability is shown live on the site. It’s free to use and you only pay when your property gets let; make sure you mention you are with SuperControl to take advantage of the special rate of 12.5% commission. For agencies please contact LateLettings to discuss your requirements, tel: 0844 800 5938 or email emily@latelettings.com.
