How to Create Negotiated Rates
Learning Objectives
At the end of this article you will know…
- Where to enter the negotiated rates for your accounts
- How they will appear on your standard negotiated rate contracts
- Where your negotiated rates appear on your accounts
Overview
Hotels that offer annual corporate or wholesale contracts to their customers need to track their negotiated rates, and other terms and conditions, so they can generate a contract.
During your system configuration, your leadership may have asked Thynk’s project team to create a wholesale and/or corporate contract pulling the fields from Thynk. If this contract wasn’t set up, but you see the need for this, please ask your Director if your Admin can create a standard negotiated rate contract for the team to use.
In addition, it’s important for the sales manager to see what negotiated rate production is coming from their PMS so they can compare actuals to their goals. Analyzing actual room night and revenue production helps the sales team in goal setting for the following year when it is time to renegotiate contracts.
Best Practices
- During your system setup and configuration, your leadership may have asked Thynk to create a wholesale or corporate contract pulling the fields from Thynk.
- If this contract wasn’t set up, but you see the need for this, please ask your Director if your Admin can create a standard negotiated rate contract for the team to use.
- Negotiated rate contracts can also pull low/high season dates, and blackout dates. You’ll need the help of the Admin to create these rate periods. Find the lesson here.
Resources
Overview on Rate Periods
Features available with Negotiated Rates
Related Articles
Overview on Negotiated Rates and Multi-Property Negotiated Rates
Learning Objectives: What are Negotiated Rates What is the difference between Multi-Property Negotiated Rates and Negotiated Rates What is the Thynk Standard flow for Multi-Property Negotiated Rates and Negotiated Rates What are Negotiated Rates ...
Linking Negotiated Rates to Accounts in your PMS (BETA)
Learning Objectives: What is a Negotiated Rate and Default Corporate Rate Understand how this New Feature works Understand how to re-send Negotiated Rate / Default Corporate Rate changes to your PMS Understanding when a Negotiated Rate / Default ...
How to add Blackout Dates and other Rate Periods
Learning Objective What are Rate Periods Why should you use Rate Periods How to create Rate Periods What are Rate Periods? Rate Periods are essential when users create Negotiated Rates using the Rate Type 'Static'. As an admin, you set up your ...
How to Create a New Booking from the Home Page
Learning Objectives Learn that there are several ways of creating a new booking in Thynk Know how to create a new booking straight from the Home Page Know how to see availability by room types Know how to add a room block to the booking Blocking a ...
Define your Property's Default Corporate Rate
Learning Objectives: Understand what is a Default Corporate Rate Why your organization may wandefine a Default Corporate Rate Plan How to define your Default Corporate Rate What is the difference between Negotiated Rates and Default Corporate Rates? ...