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How to figure out opening bid


3 replies to this topic

#1 Jeff Laguna

Jeff Laguna

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Posted 10 April 2008 - 11:57 PM

Hello everyone!

I am just wondering how everyone determines what their first bid is going to be. Does anyone refer to HOTWIRE's current rates? I read that some take the average of hotels in the area and then divide that by 2 (or some formula). You input is much obliged!

-Jeff

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#2 thereuare

thereuare

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Posted 11 April 2008 - 04:40 AM

Welcome to BetterBidding!

There is no easy answer of take x% of the average rate, the lowest hotel direct rate, or of HOTWIRE's rate. In some areas bidding 50% of the best rate you're able to find wouldn't be anywhere close to getting an accepted bid, while in other areas using the formula would usually result in an overbid.

If you continue this thread with the area(s) you're looking to stay, the dates of your stay, minimum star rating, and maximum bid, we'll move this thread to the correct section of the board and suggest a bidding strategy for you to follow.

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#3 powerplantop

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Posted 13 April 2008 - 10:49 PM

First I search to find out the going rate for my stay dates.

Second I decide what price would make me happy using PL. For me saving one or two dollars is not worth giving up choice of hotel and hotel points. (This is now my maximum bid).

Third I research (using this site) what others have won. (donít forget weekend and weekday wins can vary at the same property)

Then I look on HOTWIRE to get a rough idea about discounts for my days.

Next how much time do I have. Can I bid very low for a few days? Or do I need to lock in.

That is my process sometimes it works great, sometimes not so well.

#4 Jeff Laguna

Jeff Laguna

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Posted 14 April 2008 - 09:54 PM

Thanks for the sweet feedback guys!

Keep rockin'

-JLag



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