You’ll save money

Knowing what your guests value helps you make targeted investment in your amenities. Monitoring your competitor listings prevents wasteful spending on features that don’t add value to guests. For example, specialising in boutique hotels might mean your guests want lavish home decor, while guests frequenting a bed and breakfast may prefer functional furniture such as a fireplace.

You’ll make money

Price monitoring allows property managers to capitalise on trends. Investigate the price of other properties during the high season. Notice a price change during festivals, holidays, and off-seasons? If you monitor room rates right, you’ll be able to benefit from the increased income.

Your competitors are already doing it

Large hotel groups have the manpower to hire companies to do this. Staying ahead of market dynamics is how they get big in the first place. As property manager, if you want to grow your core business, you’re going to have to use monitoring to understand why guests will choose you over the rest.

You’ll make better, data informed decisions

We know it sounds a little scary, but you need to more get comfortable with data. Data-backed analysis grounds your decisions in real consumer insights. And staying aligned with guest expectations is quite literally your job.

You’ll achieve long term, sustainable growth

Adapting to short-term market behaviour makes you resilient to long-term changes. Your upgrades amenities, service quality, or property investment are permanent changes that build trust over time. Instead of chasing fires, data monitoring allows you to anticipate burning questions.

Manually monitoring hotel listings

Manually monitoring prices is easy. You can start with a platform like Booking.com, checking what other hotels potential guests view alongside your property. Manually navigate prices by:

1. Locating your listing on Booking.com and go to the bottom.

2. Under you’ll find a section of other properties guests may haven chosen over yours.

Using this, you can easily obtain their seasonal room rates, view amenities guests prefer, and understand where your property’s value lies.

Using monitoring technology makes everything easier

Having access to the right monitoring tools makes a difference. The right tool for your hotel should not just provide prices, but actionable insights to help with your more strategic pursuits. Consider a tool that prioritises:

• Integration: A hotel price monitoring tool should integrate seamlessly with your planned distribution channels. Bouncing between third party channels is going to slow you down.

• User-Friendly: If you need a support team to navigate one tool, it’s not the tool for you. The right monitoring tool’s interface should be easy enough for everyone on your staff to interact with.

• Customer Support: Monitoring services should be able to measure distribution channels with with multiple sites and large numbers of rooms. A business with many moving parts needs a team of experts able to keep them glued together.

• Automation: Price monitoring can take a lot of resources if done manually. The right tool should have a suite of automations that dynamically adjusts prices based on parameters set.

• Robust Data: Lastly, the right monitoring tool gives you valuable data insights that allows you to adapt your price. Whether it is competitor pricing, or seasonal insights, your chosen monitoring tool must help you take advantage of market trends.

Using artificial intelligence to enhance revenue

Sophisticated software solutions harness artificial intelligence to assimilate colossal datasets, offering hotel owners insights for dynamic pricing decisions. Pros include:

• High precision analytics

• Drawing from internal and market data

However, there are downsides like the expense and the hassle of manual syncing with booking sites to account for commissions.

Opt for a tool that seamlessly integrates with your PMS

Opting for an integrated solution like PriceAdvisor by Amenitiz, which merge with your PMS and Channel Manager seamlessly, could serve as an extended arm of your core business. It alleviates the manual strain, offering a real-time dashboard with insights into your hotel’s competitiveness.

This solution ensures accurate content and data-sync across platforms, sparing you the complexity of individual content verification service sets.

Pros: It makes monitoring easier

• Ensured accuracy and elimination of manual errors

• No extensive Excel skills required

• Automatic recalibration of prices on OTAs

• A valuable proactive approach to hotel industry pricing strategies

Cons: It might make content accuracy harder

Even a machine needs a bit of human ingenuity to keep it running. While A.I can speed up the process, these tools sometimes grapple with ensuring content accuracy. Hoteliers can avoid this by assigning a content monitor to the tool.

FAQ: Hotel Listing Monitoring

Can I monitor my competitors’ prices easily?

With the right technology and systems like PriceAdvisor, monitoring your competitors’ prices becomes not only easy but an integrated part of your daily operations.

What are the main benefits of hotel listing monitoring?

The most obvious benefit is enhanced revenue. Monitoring allows you to stay ahead of market changes allowing for more strategic pricing strategies.

Is manual monitoring of hotel prices effective?

If your goal is more reservations, manually monitoring room mates will work. But while effective, it’s also time-consuming and error-prone. We recommend using a service or solution to save time and money.

How do I choose the best hotel listing monitoring service?

Assess your hotel’s needs, consider your budget, and evaluate the value of manually monitoring listings for free or contracting services that will help you strategise your hotel rates.