10 Best Dynamic Pricing Software for Hotels

July 6, 2022 | wheelhouse

The field of property management, particularly hotels, requires strategic planning–especially when determining optimal pricing for bookings. Pricing for hotels, as well as properties like Airbnbs and other short term rentals, can change depending on the market and supply and demand. 

Keeping up with those changes can seem almost impossible: how do you gather all the data, analyze that data, and make decisions in real time? The answer is dynamic pricing software. Dynamic pricing strategies can help you navigate and master revenue management to boost profits and save valuable time. Dynamic pricing software for hotels optimizes earnings through pricing and availability, making property management that much easier.

What is dynamic pricing software?

Dynamic pricing software tools analyze historical numbers, industry trends, and even competitor data to help hotels set prices more accurately. Dynamic pricing is now the norm across hotels, hostels and other property management.

Dynamic pricing is a pricing strategy in which hotels or rental properties set flexible prices for products or services based on current market demands. With hotels, short term rentals, and Airbnb pricing, this may mean having pricing specific to seasonality, day of week trends, and even actual sales in the market.

This data-driven pricing overpowers emotion or ambition: you won’t mistakenly price something too low to appease your customers or too high to hopefully make a quick profit. The best pricing software will also fluctuate pricing recommendations based on supply and demand.

 

A dynamic pricing software tool is a perfect way for hotels to set prices accurately. Today we’ll walk you through why your rental business needs dynamic pricing tools and a few examples of available tools.

Why do you need dynamic pricing tools? Benefits of using dynamic pricing tools for hotels

No more doing all the financial planning and analysis for room pricing on your own! Dynamic pricing tools eliminate the chance for human error in your pricing strategy. Bottom line? Optimal pricing helps you improve hotel profits. Here are a few more benefits of dynamic pricing software.


    • Time-efficient: With the market changing daily–or really, by the minute–it’s incredibly challenging to determine the best price for your hotel unless that’s all you’re spending your time on. Dynamic pricing softwares automates this time consuming process with less time and effort required on your part. 


    • Reduced costs: Of course, could hire data analysts to research pricing trends across years, competition, and location—a position with an average salary of about $82,000. Or, you could pay a modest subscription fee for dynamic pricing software. A nice bonus is many of them offer a free trial to assist your decision process. 


    • AI-powered: Many pricing tools use machine learning and state-of-the-art technology to provide you with the utmost accuracy. Artificial intelligence offers efficiency and laser-sharp precision to ensure your prices are optimized. 


    • Adaptable: Every property professional knows how crazy the market is. Ups and downs, market trends, and other factors influence scattered pricing. You can configure pricing tools to meet your requirements—minimums and maximums, locations, historical trends—with just a few clicks. 

Now, which pricing tools offer the most profitability and convenience? We’ve rounded up our top picks to help you decide.

10+ Best Dynamic Pricing Software Tools for Hotels

1. Wheelhouse

wheelhouse-logo-1

Wheelhouse is a pricing tool for every type of hotel or other property management. The software includes an adaptable pricing tool, market insights, competition data monitoring, and ultimate customization capabilities. With Wheelhouse’s highly adaptable pricing engine and detailed market reports, Wheelhouse can help you make faster and more informed decisions that can help boost revenue and efficiency. 

Simply enter details about your portfolio and watch the magic happen with easily adjustable pricing. Customers love the platform’s intuitive interface and endless customization capabilities, including far-future predictions and risk tolerance. 

Features

    • Base, minimum, and maximum price

    • Configurable risk tolerance

    • Weekend adjustments

    • Far-future pricing

    • Performance tracking. dashboards, and targets

    • Easy preview

    • Market insights

    • Worldwide

Pricing

    • Pro Plan #1: 1% of revenue with a minimum monthly fee of $2.99/month

      • Discounts for 100+ listings

    • Pro Plan #2: $19.99/month, with the following discounts: 

      • 15% ($16.99)for 10-49 listings

      • 30% ($13.99) for 50-100 listings

      • Contact for discounts on 100+ listings

    • Wheelhouse Enterprise

      • Contact for pricing, custom offerings for 100+ listings

2. Atomize

Atomize is a revenue management system for hotels and vertical industries. Atomize focuses on revenue to help drive profitability while saving time. It works to better understand traveler intent, helping to capture recovering demand with the right rates and offers based on forward-looking data.  

Features

    • Competitive analysis

    • Dynamic pricing

    • Forecasting

    • Inventory control

    • Price optimization

    • Yield management

Pricing

    • Pricing is not available online on their site.

3. Happyhotel

Happyhotel is a revenue and yield management system that supports the hotelier with data analysis with hotel KPIs. Happyhotel uses cloud-based software specially designed for small and medium sized hotels, but can be used for all hotel sizes.

Features


    • Competitive analysis 

    • Dynamic pricing

    • Forecasting

    • Price optimization

    • Reporting/analytics

    • Yield management

Pricing


    • The Revenue Pro: $5 per room per month. Includes analysis help, turnover and occupancy forecasts, machine learning algorithms, automated price transmission and live chat support.

    • Enterprise: Price not available online. 

4. AIOSell

Aiosell is a fully integrated cloud based property management system for hotels that integrates with the revenue management system, channel manager, reviews manager and booking engine It was designed for hotel owners, revenue managers and guest house owners to help with changing rates by utilizing AI and real-time updates.

Features


    • Competitive Analysis

    • CRM

    • Dynamic Pricing

    • Extended Stay

    • Forecasting

    • Inventory Control 

    • Online Booking

    • Point of Sale

    • Housekeeping Management 

  • Pricing

    • Property Management System: $75

    • Revenue Management System: $125

    • Reviews & Reputation Manager: $30

    • Group Hotels: $20

    • Booking Engine, Website & Google Free Links: 3.5%

    • Stores and Purchase Management System: $30

    • Accounting System Integration: $50

5. Hotelogix

Hotelogix is a cloud-based hotel management system that offers simplified reservations services It uses real-time integrations with all major Online Travel Agents (OTAs) as well as Global Distribution Systems ( GDS) to help expand market reach, increase occupancy rates and minimize booking errors.


  • Features

    • Activities booking

    • Booking notes

    • Built-in accounting

    • Extended stay

    • Group reservations

    • Maintenance management

    • Online booking

    • Rate management

    • Room booking

  • Pricing

    • Premium: $3.99 per room per month. Includes front Desk, housekeeping, web booking engine, Facebook Booking Engine, point of sale, review express, rate intelligence and 24/7 live chat support

    • Premium Plus: $5.99 per room per month. Includes Premium features plus any 3 interfaces of your choice: GDS, channel manager, payment gateway-web, payment gateway-frontdesk, revenue management, trip connect, loyalty connect, and accounting system

    • Platinum: $8.99 per room per month. Includes all Premium features any 6 interfaces of your choice: GDS, channel manager, payment gateway-web, payment gateway-frontdesk, revenue management, trip connect, loyalty connect, and accounting system

6. Room Price Genie

RoomPriceGenie is a pricing tool that is designed with owners of independent accomodations in mind, focusing on getting the job of pricing done. Users can set minimum and maximum prices, define room types and fine tune day-of-week cycles. 

RoomPriceGenie automates your pricing directly to your PMS. It allows for 18 months of future pricing, quickly react to changes within the market or bookings as well as price updates 12 times a day. 


  • Features

    • Forecasting 

    • Price Forecasting

    • Inventory Control

    • Market Data Analysis 

    • Pricing Analytics

    • Profitability Analysis

    • Yield Management 

  • Pricing

    • Basic: $109 monthly. Includes 12 months of pricing, basic controls and 1-auto update a week 

    • Flexible: $179 monthly. Includes 18 months of pricing, full pricing control, yield room types individually, access to all premium features, and 7 auto-updates a day

    • Pro: No price online, coming soon. Includes everything in the Flexible plan plus OTA insight integration, reporting, group bookings, full algorithm control and 12 auto-updates a day

7. IDeaS

IDeas’ describes itself as an easy-to-use revenue management solution. It utilizes accurate forecasts and distributes optimal pricing and revenue management strategies. IDeaS automates granular data analysis, forecasting and pricing to help you focus on strategy. 


  • Features

    • Forecasts

    • Market intelligence data

    • Productivity tools

    • Optimization levels

    • Reporting and dashboards 


    Pricing

    • No pricing is available on their site. You will need to contact IDeaS for pricing and request a demo.

8. RevControl

RevControl is a revenue management software that offers insight and tools a revenue manager may need. It uses a direct connection with your PMS, allowing you to see and manage your data. 

You can set up pickup alerts, getting notified when there is unexpected high pickup in the future. You’re also able to compare your current performance with historical data working with historical results and your given budget. 


  • Features

    • Autopublish

    • Competitor intelligence

    • Group rate recommendations 

    • Rate calendar

    • Reports and analytics

    • Competitor rate shopping

    • Rate buckets

    • Rate recommendations

  • Pricing

    • Pricing packages are: Plus, standard, and expert. You need to contact RevControl for pricing details. 

9. Beonprice

Beonprice uses AI and machine learning to help stay on top of things. Beonprice offers an integrated revenue management solution that allows customers to capture the maximum market share based on available information. 

Beonprice has a market intelligence functionality integrated into the RMS which provides insight on supply, demand forecast and online reputation analysis.


  • Features

    • Competitor price tracking

    • Market data analysis

    • Predictive data analysis

    • Price forecasting

    • Price list management

    • Price optimization

    • Profitability analysis


    Pricing

    • Beonprice offers three packages: Essential, Professional and a Custom package. Prices are not available online, customers must contact Beonprice directly to request pricing information.

10. Pricepoint

Pricepoint is a fully-automated revenue management system that helps analyze property performances. It does this by pushing back optimal prices to sites like Booking.com and AirBnB.com to allow increases in revenue and occupancy. 

Pricepoint uses AI-based price recommendations to help optimize prices after availability changes.


  • Features

    • Pricing optimization

    • Market intelligence and forecasting

    • Dashboard and reporting

    • Automation

    • Multi-property functionality

  • Pricing

    • Hotels: $6 per room monthly, minimum license of $129 or $199 depending on region. 

    • Hostels: $50 fixed fee monthly + $1 per bed monthly 

How to Choose the Best Dynamic Pricing Tool for Your Hotel

Many of the tools above share similar features, some with unique pricing plans and interface characteristics. Here’s the thing: what’s the best way to figure out which is best for your hotel? 

Think about what’s important to your business goals and values, and who will be using the tool. 

Tool features

How do you sift through countless features and determine the ones that matter? When browsing through different tools, make sure your selection has all of the following features:


    • Market insights and analysis

    • Automated pricing

    • Profitability analysis

    • Far-out predictions

    • Adaptability and easy adjustments

    • Personalized pricing for customers

But none of these features will help your business if you don’t know how to use them. This brings us to our next criterion:

Ease of use

Ease of use refers to how intuitive the platform is. Check out customer reviews describing the learning curve and how long it takes companies to get used to the platform. Additionally, think of your employees and partners when assessing ease of use. If your team is full of experienced programmers, a high learning curve may not pose an issue. 

However, it might prove difficult if your investors or partners want to explore the tool and examine pricing for themselves. 

Our customers found Wheelhouse extremely intuitive and easy to pick up with just a few days of use.

Affordability

Most of this list’s tools hover around a similar price range (around $19.99/month). But the devil’s in the details. Assess the price against your number of listings and consider whether it’s worth it. Additionally, look at customer reviews for experienced opinions about the tool’s value. Less expensive isn’t always a benefit: make sure the low price doesn’t equal poor performance.

Compatibility with your hotel

At the end of the day, the perfect dynamic pricing software should be compatible with your business model. Whether that means last-minute adjustments to cater to rapidly changing industry trends or easy integration with other software, the best dynamic pricing software will meet you where you are.

Conclusion: The Best Dynamic Pricing Software for Your Hotel?

There’s no shortage of dynamic pricing software out there. Technology advances daily, with new AI-powered tools popping up to enhance business continuity. 

Out of all the pricing tools listed on this site, Wheelhouse offers the most comprehensive, data-driven recommendations with abundant customization options. Customers love how easy it is to tailor the pricing options to fit their budgets, business goals, and unique needs. Moreover, the tool is intuitive, offering immense ease of use. 

On top of all that, we offer some of the most focused one-to-one customer care out of all the above pricing tools. Our dedicated staff works 24/7 to bring you clarity and confidence in using our tool to reach your rental business goals. 

Ready to price your listings with precision and confidence? Contact us to find out how to take your short-term rental business to the next level! 

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