No matter the size of your property, you should be interested in freeing up your time to focus on more important things. Naturally, revenue management has reached new levels or artificial intelligence so we can confidently suggest that you use a service such as Room Price Genie to set some parameters and let it work for you, taking out all time pressures or emotional decision making.
Some of the hotel managers we have spoken with spend up to 25% of their working hours looking at data and trying to maximise their revenue manually. This usually entails only looking a couple of weeks or months ahead of time and then once a week looking further - if they get a chance. Even if you do not consider yourself a hotel manager and are managing just a few rooms or apartments in a rural area, you may still be missing out of optimising your revenue flow because of your own biases.
Traditionally, this is what the seasonal rates would look like for a typical hotel in Iceland.
With RoomPriceGenie, this is what it can look like, getting the most out of each day in your property.
RoomPriceGenie is a tool that monitors your internal performance as well as the pricing experts on your local market, to predict what your demand is and what your optimal room rate should be. You are still in charge of how low you are willing to price your rooms and what your average outcome should be but RoomPriceGenie will show you if your expectations are realistic or not.
RoomPriceGenie connects with The Booking Factory so it sees what rates you are offering and what occupancy level you have from now through the next year. Inside RoomPriceGenie, there is a calendar or a graph showing it´s suggestions. You can choose to accept the suggestions at any given time and eventually just hand over the reigns to RoomPriceGenie to adjust your rates according to what is happening in your property and around it. You may not always be expecting all the rates you receive but remember, this is about getting a net gain over a certain period and thereby serving your best business interest instead of celebrating singular wins in getting a certain rate booked once.
You may find it odd, if you are a small guesthouse owner, to be compared to a large local chain hotel but it is usually the big players in your market that spend the most resources monitoring the market and when they move, the whole market can move. Remember, in the end, you are all working in differing versions within the same field of hospitality.
If you are interested in knowing more about RoomPriceGenie, please do not hesitate to let us know. You can also just check out more info on their website.
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