Already booked a hotel room? Here is how to snag a better deal

Are you getting the best deal when you book a hotel room? Now that travel is back, hotel prices are soaring, but there are ways to make sure you're getting the best price.

If you put a lot of time and effort into searching for the best hotel prices, but after you click confirm, you still wonder if you're getting the best price, you're not alone. According to Pruvo, an online service that tracks hotel prices, four out of 10 hotel reservations will experience a price drop from the moment they're booked until the last day to free cancellation.

Pruvo wants to take the guesswork out of your search and claims to help you save money by alerting you whenever there's a price drop on the exact room that you already booked.

Here is how it works:

Once you book a hotel reservation, you just need to make sure the room you confirmed is free cancelation and if so, after you booked, you enter the information in their app or online. "From that moment our system processes the reservation and they don't have to do anything else. We will alert them whenever there is a better price for the exact same room," said Doron Nadivi with Pruvo.

Pruvo is a free service to consumers. Nadivi said the company earns money from third-party booking sites. Whenever Pruvo finds you a better deal, they will show you all of the available offers through those partners. Then whenever the customer rebooks their rate at a lower price, Pruvo receives a commission from the booking site.

Of course, before booking, you always need to make sure you read the small print on the deal, and always look at the cancellation policy. Nowadays you want to make sure you have flexibility if you're plans change.