If you are spending too much time manually adjusting your rates based on the level of occupancy, you should consider using an Auto Rate Management tool (also known as a Revenue Management System).
What does an Auto Rate Management tool do?
An Automatic Rate Management System is a powerful tool for hoteliers, assisting with automatically adjusting rates based on the occupancy level and lead time for every future date. You are in charge and set the rules to increase or decrease rates based on both numbers of days lead and level of occupancy.
The tool will respond to real time changes in inventory, so if you suddenly receive numerous bookings for a future date and your prices need to be increased the Auto Rate Manager will make the adjustments accordingly. Alternatively, if you have a period of low occupancy, decreasing the prices can attract more guests.
Why is Rate Management important?
Rate management is important to ensure that you are reaching your maximum potential revenue, regardless of whether you are in a period of low or high demand. Rather than just setting and forgetting your seasonal rates, rate management allows you to optimise your revenue earning potential.
Why should I use an Auto Rate Manager instead of doing it manually?
Having your rates adjusted automatically will simplify and streamline the process so you don’t spend countless hours manually reviewing the inventory and calculating new prices. A dedicated revenue manager likely only works Monday – Friday during business hours whilst Levart’s Auto Rate Manager updates the rates every 30 minutes, 24 hours a day, 7 days a week and allows your staff to focus on other areas.
If you would like more information on whether an Auto Rate Manager will work for your property you can request a free consultation with Levart here.