“Every time your client has to pay for one thing, it means they will have less money to pay for another thing. And that other thing could be you,” says May Yeo Silvers, as she explores the impact of room rental fees on overall event budgets. She emphasizes that event planners need to understand the broader financial picture, as every expense—whether it’s decor, catering, or venue rental—affects what’s left to cover their own fees.
May expresses her strong dislike for room rental fees, especially in the post-COVID environment where venues have become stricter due to rising operational costs. However, she also shares when it may be necessary to pay these fees, such as for events with large spaces or extensive setup needs. She touches on strategies like negotiating room rental fees alongside food and beverage minimums to create a win-win for both the client and the venue.
May encourages event professionals to think beyond their immediate tasks and adopt a more strategic view of the entire event budget which can strengthen relationships with clients and establish the planner as a trusted expert who can navigate financial decisions with ease.
Quotes
• “Remember, every time your client has to pay for one thing, it means they will have less money to pay for another thing. And that other thing could be you.” (01:14 | May Yeo Silvers)
• “You don’t want to have your blinders on and only focus on your one thing. It’s good to understand the whole picture when an event is happening or when your client needs help with an event. Knowing the event budget will really help because it shows your expertise as an event professional who has more knowledge than just doing that one thing. Your client gains more trust in you because you’ve been able to offer advice and guidance outside your scope of work.” (01:47 | May Yeo Silvers)
• “I’m a strategist. I don’t just take orders from my client. I understand their vision, their needs for the events, and then I go to work when it comes to doing the event budget. I try to strategize the best way to negotiate the best contract for my client.” (21:11 | May Yeo Silvers)
• “Should you advise your client to pay room rental? This is just touching the surface, but it’s a good tip you can learn, right? You, as a planner or an event strategist—if you want to call yourself that, just like I do—don’t just take orders. I question every single thing. I strategize every single component when planning the event. So, this is another piece of knowledge you can put in your tool bag to help your client and showcase your expertise and value.” (24:13 | May Yeo Silvers)
Links
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Connect with May at: [email protected]
Website: www.mayyeosilvers.com
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