Are you using a Pricing Software Tool for your STR business. If not, watch this

Welcome back to the Boostie Podcast where I give hosts just like you the tools, the tactics, the training, but most importantly the confidence to go and get more direct bookings. And today we're talking about pricing, most importantly pricing software tools. So very quickly in the comments below, are you using dynamic pricing software? If so, let me know what you're doing and who you're using because I have surveyed over 3,3000 hosts and I wanted to run a couple of questions and find out where everybody's at when.

It comes to everything in terms of getting in.

Direct bookings and pricing was one of the major things that I asked. So let's just go and very quickly share the screen.

I want to take a quick break from today's show to talk about something that's been on my mind for a.

While now and why it's important that.

Everybody acts on this as soon as possible. In 2016, Joe Gebbia, who is the co founder of Airbnb, spoke on a TED Talk stage about how Airbnb designs for trust. As a company, their main focus on the early years of their growth was trust. They had to convince both guests and hosts to be on their platform. Now they are one of the biggest OTA providers in the world and they have based everything on trust. The core focus for every host and property manager who wants to increase their direct bookings this year should be on trust. When you try and take a guest off the OTAs, the trust is reduced. If you can make a future potential guest trust the book with you directly, then you are going to come out the end of this year winning. The question is how do you build that trust? IPRAC is a globally recognized accreditation and certification service operating with thousands of members around the globe, including some of the biggest brands. When IPRAC reached out and said they wanted to partner with Boostly, it was a no brainer. I asked if they could offer something never been done before for the community. They were kind enough to go away and think of an amazing offer and.

Here'S what I've got for you today.

When you go to I-prac.com you can see they've got yearly memberships. An average membership is around about 200 pounds which is $250 a year. They have said that for every Boostly member that wants to sign up to IPRAC, they will get two years for the price of one. That works out at just under $10 a month, which is a bargain. To get this offer you have to email in. So you're going to email sandra@I-prac.com I'll.

Spell that for you.

S A N d r a at I hyphen p r a c dot com when you email, make sure you include the code Boostly 2022.

I just want to say thank you.

To Chris Marn of IPRAC for making this happen. Please make sure that you reach out to IPRAC directly and get the trust factor back into your business. Now let's get back on with the show.

Only 1,000, so 1 in 3 people answered this question out of 3,010 18 in total, as you can see, are right here. And again, if you're listening on the audio. So if you're on the Apple right now Apple podcast, please do jump over to the YouTube channel or jump onto Spotify because Spotify we've now got the video podcast. So hello, Spotify, YouTube, Facebook, Instagram, tickety talk and all that jazz. Hello. This is as per normal. Look at your screen. Look what I'm showing you right now. So out of 1018 people I asked, what pricing software tool are you using? And bearing in mind you could have Wheelhouse all the rooms, price labs beyond pricing or Nope. And guess what is the most common answer? You guessed it. Nope. Which is really worrying to me because when you're not using dynamic pricing software tools, when you're not utilizing AI technology to look at pricing, you're looking, you are leaving money on the table. And I've talked about this in detail in 2020. I spoke about it even more detail in 2021 and now in 2022. This is one of those PMS moments because when in the, when I first got started in 2016, so many people didn't have a property management software tool. And I recorded a video then saying if you don't have one, you're going to get left behind. And people were left behind. And this is where we're now at when it comes to pricing. If you have not utilizing pricing software tools, Wheelhouse is free. Wheelhouse at the top there, the one that's the most used. 18. Oh no, 1818 is I just look at what my local pricing is doing. The most common one used was. I just make it up. Nope, the most common one. Yeah, we are at bad levels here. Peoples price Labs was 17 most used. Okay. Price Labs, very low cost. Amazing Team Richie and the team behind the scenes, Arang behind the scenes. Fantastic. Wheelhouse is free, so there's no cost at all. To get access to all their data, just go to boostly.co.uk wheel create a free account. Make use of the data that they are giving you. Price Labs, boostly.co.uk Price Labs. You get money off on on signing up to their services beyond Price and amazing people behind the teams there. Don't try and just pluck a number out the sky. That's what we did in our family business and we lost so much revenue by doing so. Don't just have a flat rate that you're going to use throughout the year because you're going to lose money, you're going to waste money there. You've only got a limited amount of inventory, you've only got so many rooms that you can let out. It's not like Amazon where you've got literally unlimited inventory over there. So make sure that you are making as much money as possible per room. Now, the cool thing about these tools is that even if you don't automate it, even if you don't sign up to Demos Premium service and you just use it manually to look at the data, it will let you know what you should be charging. And again, you've got to take everything with a pinch of salt. This is what the algorithms are showing them based on what everybody else is doing. But look at it. Look at your calendar, look at what other people are doing. You've got to use it.

You can't just ignore it now.

And I don't care if you've got one property, you've got 100 plus properties. You need to be making sure that your pricing is spot on as we go into the middle of 2022 and as we move into 2023. So do me this one big favor. If you've not done anything yet, please do go and get started. I passed the podcast over to you like I always do. Comment below, whatever channel you're watching this on. Let me know who you're using and why and how. Okay, so who are you using, why and how? Is it Price Labs? Is it wheelhouse? Is it beyond who are we using out there for your pricing software tools? Let me know. As always, I'm going to jump into the comments for the next 30 minutes or so just to see what you're all using. So please do go and join in. Thank you so much for being here. Make sure you downloaded this. Make sure you're subscribing, make sure you share this in a Facebook group. Make sure you share this with another host. There's tons of people who are yet to discover Boostly, so please make sure that you share it and you spread the word. As always, if you haven't yet done so, pick up a copy of the book, Direct Playbook. It's literally less than $20. And all of this that I'm talking about now is covered. 10 years of the best stuff is in here. BookDirect Playbook is on Amazon. Go and grab a copy. Team boosting members, make sure you're looking out for some amazing news coming up very, very soon. But until then, thank you so much for stopping by. My name is Mark Simpson. Let's be proactive, let's not be reactive, and let's go and get some lovely direct bookings.