How to Get the Best Possible Price

Below are some general guidelines that can help influence your price. They will vary based on your particular event, market conditions, and the location in question.

Be A Big Fish: Pick a location where you'll likely be one of the larger events they can accommodate, and you'll have better luck with pricing. For example, your 200 person event might mean more to a location that can accommodate up to 250 people than it would to a location that can accommodate 1,500 people.

Minimum Guarantee: Generally, the more you are willing to guarantee, the more flexible the location may be. Bear in mind that you will be responsible for paying for this amount of guests, even if fewer guests show up.

Lead Time: Lead time is the difference between when you inquire about an event and the date of your event. The shorter the lead time the better your pricing may be. Event spaces are perishable commodities, like airline seats, and once your event date goes by the location can not recapture that revenue. Therefore, you'll probably get a better price if you call up when your event is two weeks away as opposed to nine months away. The thinking is that the closer the event date is, the less likely the location will be to rent out their space. The drawback, of course, is that you may not have a lot of availability on short notice, and your event may be locked out of an acceptable location.

Time of Year: Usually the slow months are January, February, July and August, and places will likely be more flexible than in other months. This may not apply to certain locations such as beachfront properties, which may be busy in July and August.

Time of Day/Week: Generally, the afternoons are less expensive than evenings. Sundays are usually less in demand than Saturdays.

Promotional Value of Event: If your event is likely to generate substantial publicity, indicate that to the location and you may get a price break.

Gamble on a New Location: When a new location opens up they usually have very little events 'on the books' and are often flexible with pricing in their first year. The flipside is that you're part of their 'learning curve'. In addition many locations book events before they're open, which is common. Almost all open on schedule; however they cut things very close. If you don't mind a little nail-biting this could be for you.

 

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