Mark Simpson recommends dynamic pricing software for short-term rentals, citing 10-50% revenue increases. Wheelhouse, PriceLabs, Beyond Pricing, and Boy are the tools he suggests. He says 95% of local competitors aren't using dynamic pricing yet.
And this is something that I have been talking about a lot this year and it's dynamic pricing software. So hopefully you all listened to me back in January and February and you went and linked up and you got on board with a dynamic pricing software tool, whether that was Wheelhouse or Price Labs or Beyond Pricing or we Pricing, and you've activated it and you are making lots and lots and lots and lots of extra revenue this year because I've seen some results and I've seen some case studies in the hospitality community in the Booster Academy, and it's fantastic to see so many people selling exactly the same product, selling exactly the same property and getting 10, 20, 30, 40, 50% upmark and much more on their rooms and properties. So if you haven't yet, I strongly advise you to invest in dynamic pricing software again. Wheelhouse, Price Labs, beyond Pricing Boy, there's a couple of referral links if you want them. Booster.co.uk Wheel is for wheelhouse. Booster.co.uk Pricelabs is for price Labs. I don't have one for beyond and I don't have one for Boy, but I recommend all four which one to go with. In my personal, personal opinion, I think Wheelhouse is fantastic. I'm a little bit disappointed that they haven't gone for the Wheelhouse everywhere just yet. I pester them on a weekly basis and unfortunately they've been let down on data centers. It's one of those things. But stick with them. It's free at the moment because they want everybody to get on board and they want to help as many hosts as possible. 2022, they will start taking away the free features, but it's definitely worth sticking around and even if you can just have a little look at the software is good. Price Labs is a very good second place. Price Labs and Beyond are very much the same. You may be using them and Boy is a new one to the market. If you've been in Clubhouse at all, you will know that the founder of Boy is on there a lot and he's sharing amazing advice. So I recommend any form, not one over the other. Now, the reason why Dynamic Pricing Software Tools is important is that it will predict the market for you and in the slow season, prices will go up and prices will drop down, up and down, up and down, up and down, up and down. And one of the big things that I always want to encourage in everybody is to try and get as much time back in the day as possible. I've been there in hospitality, I've worn the T Shirt been doing silly, silly stuff, silly, silly hours. And unfortunately I missed a lot of Alfie and Charlie growing up because I was just trying to do all of the things, all of the things. Never really looked at automation, never really looked at outsourcing. And when it comes to pricing, unless you've got a full time member of staff that is literally taking charge of pricing for you and unless you are otherwise doing it all yourself and trying to amend it every day, then you're never going to be as effective as a dynamic pricing software tool. And that's just fact. A lot of them now through fancy technology can sync straight in to your property management software. You set a maximum high price, you set a minimum low price that you're willing to go to and it will do the work for you. Is such an important tool. And I really wish when I first got started in hospitality in 2011, we had something like this because I hate to think the amount of revenue that we left on the table from literally just plucking a number out of our, out of the sky and adjusting as of when. So if you don't know what I'm talking about, just look at dynamic pricing software tools. There's much more clever people that talk about it. I've seen some fantastic results this year and it's been, it's been one of my most amazing things that I have seen is seeing hosts using it and using it, using it really well and having some big, big wins. And it's going to be really effective in the slow season because it will help look after you. Because 95% of your local competition will not be using dynamic pricing software tools. 95% of your local competition will just be plucking a number out the air. Unfortunately, a lot of them will try to do the race to the bottom. Dynamic pricing software tools will mean that you won't get suckered into that. And what it will also mean is, is that if you nail number three, if you nail number two, so your avatar and your marketing, you have a good price point, then you will appeal a lot more to somebody on the same street as you in the same area who's just trying to race to the bottom. People don't always just go on price. In fact, if you always just focus on price as your main customer avatar, that's when you get the guests that are scumbags, that's when you get the idiots, that's the ones that give you the biggest headache. So again, when it comes to pricing, dynamic pricing software tools for the win and if you have got a win on dynamic pricing software tool. Please do leave it in the chat.
Having a blast. Gonna get it on the Bruce Lee podcast. Bruce Lee like Bruce Lee because it's so hard and the tea is loosely making up those rhymes. Don't write it, just do it loosely.
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