As corporate hotel rates soar, staying within budget for your corporate event can be a challenge. With rising demand and constrained new supply in the hotel industry, booking accommodation at competitive rates is more crucial than ever. Securing the best rate starts with contract negotiation – a tricky practice that requires attention to detail and a knack for negotiation. When it comes to the logistics of hotel sourcing, we recommend leaning on an expert to save you time, secure the best deal and protect your stakeholders. Here’s why:
Logistical Expertise: Event planners have the logistical expertise to evaluate hotels based on factors such as location, transportation accessibility, room capacity, amenities, meeting spaces, and technical capabilities. They select hotels that can accommodate the event’s specific needs and ensure a seamless experience for attendees.
Negotiation Skills: Event planners are adept at negotiating with hotels to secure the best possible rates, concessions, and contract terms. They understand the intricacies of hotel contracts and can effectively negotiate room rates, meeting space fees, F&B minimums, and other important aspects to ensure you get the most value for your budget. Negotiating contracts can be tricky. Here’s why:
- Complexity of Language: Contracts often contain complex legal language and terminology that may be difficult to understand. This complexity can make it challenging for individuals to fully grasp the rights, obligations, and implications outlined in the contract.
- Lack of Experience: Negotiating contracts effectively requires experience and familiarity with negotiation tactics and strategies. Without prior experience, individuals may not know how to effectively advocate for their interests, leading to concessions or unfavorable terms.
- Emotional Attachment: Individuals may have a personal or emotional attachment to the negotiation outcome, which can cloud their judgment and impede their ability to negotiate objectively. Emotions such as fear, excitement, or desperation can lead to irrational decision-making and undermine negotiation efforts.
- Limited Information: Successful contract negotiation requires access to relevant information, such as market standards, industry benchmarks, and the other party’s priorities and constraints. Without access to this information or the ability to analyze it effectively, individuals may struggle to negotiate favorable terms.
Risk Management: Event planners are skilled at identifying and mitigating potential risks associated with hotel contracts, such as cancellation policies, attrition clauses, and force majeure provisions. They ensure that the contract terms are fair and reasonable, and that the client is adequately protected against unforeseen circumstances.
Industry Relationships: Experienced event planners often have established relationships with hotel sales managers, which can provide access to exclusive deals, discounts, and perks. These relationships can also streamline the negotiation process and make it easier to address any issues that may arise during contract negotiations.
Problem-Solving Abilities: In the event of unexpected challenges or changes, expert event planners excel at problem-solving and finding creative solutions to keep the event on track. Whether it’s resolving issues with the hotel staff, adjusting room layouts, or managing last-minute changes, event planners are resourceful and adaptable.
Overall, trusting an event planner provides invaluable support throughout the hotel sourcing process, ensuring that clients secure the best possible venues and contracts for their events while minimizing stress and maximizing success. Let us handle the logistics while you focus on the fun.
