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Tools for Creating a Smart Pricing Strategy and Boosting Profitability

Free dynamic pricing tools from booking platforms may not be enough. Learn how advanced options work.

01/04/2025 - Dynamic pricing is one of the pillars of ensuring your property achieves maximum profitability by adjusting prices based on market demand. Platforms like Airbnb and Booking.com offer their own automatic pricing tools, but for those who want more precise and efficient pricing control, specialized external tools are essential.

What are Smart Pricing Tools?

Smart pricing tools are software that uses market intelligence to automatically adjust prices based on demand, seasonality, location, and other factors, such as local events and holidays. These prices can be adjusted based on the market condition, ensuring that the rate remains competitive while maximizing each unit’s revenue.

These tools are designed to integrate with Property Management Systems (PMS) and help managers set prices based on real-time data, making operations more efficient and profitable. The price for each night fluctuates based on factors affecting supply and demand.

Platform-Native Pricing Tools:

Platforms like Airbnb and Booking.com offer automatic pricing tools called Smart Pricing. These tools adjust prices automatically based on demand and supply using the platform’s historical data. While these tools are useful and easily accessible, they have limitations in terms of customization and sophistication.

Why Platform-Native Tools May Not Be Enough?

Although Airbnb and Booking.com’s automatic pricing tools are helpful, they don’t provide the level of control and customization needed to maximize a property’s earnings. Some limitations include:

  • Lack of Customization: The tool doesn’t allow for price adjustments based on the specific features of the property or important local events.
  • No Integration Across Platforms: If the owner has their properties listed on multiple platforms, the Smart Pricing doesn’t adjust prices automatically across them.
  • Dependence on Internal Demand: It doesn’t take into account broader market factors or competition.

Paid Smart Pricing Tools:

Several external tools offer more control and additional resources to adjust pricing more accurately:

  • Intuitive dashboard, detailed pricing control, and adjustments based on historical data and demand forecasts. Reference: Wheelhouse.
  • Integration with multiple platforms and detailed market analysis, adjusting prices based on competitor data. Reference: Beyond Pricing.
  • Detailed pricing trends and the ability to adjust in blocks, based on seasonality and events. Reference: PriceLabs.
  • Uses AI to optimize pricing, especially effective in international markets. Reference: DPGO.

TeamCHECKiN’s Solution:

TeamCHECKiN uses smart pricing tools to increase revenue for units under its management without additional charges for property owners. These are advanced tools to ensure that the revenue from each property is continuously optimized. If you're a property owner and want to learn how to improve your pricing strategy, you can request a revenue estimate directly from our site.