Mark Simpson explains the benefits of using dynamic pricing software for hospitality properties, arguing that such tools provide data-driven pricing instead of guesswork. He cites past mistakes of manually adjusting prices and names examples of vendors (PriceLabs, Wheelhouse, Beyond), urging hosts with any number of properties to adopt these tools.
I absolutely love dynamic pricing software tool because what it will do is it gives you not just like what you think, what you assume. It gives you the data that is behind it. And there's some really cool tools that are available now to host. Doesn't matter if you've got one property or 100 plus. It was the biggest mistake that we made 10 years ago, literally, when it came to pricing. We just put our finger in the air and go, okay, what are we doing? Let's just put it back by a dollar or a pound every year. It was ridiculous. But now you've got to take advantage of the software and the tools that are available. Price Labs, Wheelhouse Beyond. There's loads and there's more and more coming, which is so cool.
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