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