Stressed worrying about adjusting rates based on continually changing market demand for any given night? With a powerful rate management tool incorporated into your hotel Property Management System (PMS), you can help eliminate stress through automatic rate setting and optimization. How? Through a ‘Best Available Rate’ (BAR) pricing strategy.
A Best Available Rate pricing strategy is a tiered rate structure that is widely used by hoteliers to manage rates within high and low rate seasons. BAR can provide more flexibility over the traditional method of changing rack rates by date for each room type with additional follow-up required to make changes to other marketing programs.
With powerful Property Management System (PMS) revenue features, hoteliers can automatically optimize real-time guest room rates through pricing rules managing inventory value, enabling hotel operators to focus on other business areas. PMS rate management features, including seasonal pricing, day-of-week pricing, time-of-day pricing, premium and discount rates and packages, and daily override functionality, enable hoteliers to respond immediately to both predicted and unpredicted fluctuations in guest demand.
Revenue management is no longer just about ‘heads in beds’, nor is it just about rooms. Revenue streams such as conference hosting, recreational facilities, restaurants and spas – all factor into the equation. Hoteliers can fall short of achieving their revenue potential, even if a property reaches full occupancy, when they lack the ability to maximize revenue per available room (RevPAR) with a built-in revenue management solution.
Through a dynamic PMS platform like SkyTouch, rates and room inventory can be adjusted and modified based on changing market conditions from anywhere with an internet connection. Don’t stress if you have already gone home for the day, with the SkyTouch rate management tool, you can adjust rates and boost online exposure across multiple distribution channels with just the click of a button. And the more rooms that are sold at a higher price will increase likelihood of RevPAR increasing. Hoteliers can also establish customized rate seasons and consistently update pricing, eliminating stress and boosting confidence. What are some of the other features you should look for in a rate management system?
Top 10 Features of SkyTouch Technology’s Rate Management System:
1. Flexibility: Our rate management tool can accommodate numerous rate structures. With up to 9 rate levels, 4 demand levels, and configurable rate seasons, our solution is flexible for any property.
2. Stress-free Solution: Quickly create and edit multiple seasons based on demand for each year using a date range, identify and group rate plans that are not last room available, and easily be able to take an amount or percentage off BAR or fixed rates.
3. Intuitive: Save time while still getting the data you need to make accurate decisions through our easy-to-use system. Group rate plans or room types with the same rate and change them all at once, rather than individually.
4. Automation: Automatically optimize real-time guest room rates through pricing rules managing inventory value and better match actual market conditions with our BAR pricing strategy.
5. Stay Informed: Once occupancy or number of rooms sold has met a threshold, you will receive trigger alert notifications right away.
6. Ease-of-Use: We make it easy to assign last room availability or restrict the room type, to get the information you need quickly and at a glance.
7. Take Control: Control how many reservations are made per day with the same or similar offer and limit the number of rate plans within a bucket that can be sold per day.
8. Seamless Management: Input new and recurring events to best manage the rates offered.
9. Mobility: Since SkyTouch operates on the cloud, our rate management application is accessible on mobile devices, so you can quickly adjust rates as the market changes, from anywhere.
10. Maximum Exposure: Help reach your full revenue potential by effortlessly elevating online exposure across multiple distribution channels.
To help ensure your hotel is always achieving maximum rate for a room on any given night of the year, utilize a ‘Best Available Rate’ (BAR) pricing strategy through your hotel PMS’ rate management tool to aid in maximizing your property income opportunity.
Ready to see how a partner like SkyTouch can impact your operations and your revenue? Contact us today and book a demo of the SkyTouch Hotel Operations Platform.