Originally writen for Built in Chicago blog. Link here
The PriceLabs team is excited to announce that our services are now live for all Chicago Airbnb hosts (visit us at PriceLabs.co). PriceLabs calculates ideal price for any Chicago Airbnb listing on any given day.
How can PriceLabs help Airbnb hosts? Anyone who has ever sold a product or personal item has struggled with the same question, “How much money can I charge?” Airbnb hosts face this same question when renting their spaces every day. Airbnb solved part of the puzzle (see here). But, when there is a great deal of demand, hosts consider increasing their prices, and when there is less demand, they decrease. For most Airbnb hosts, their pricing strategy has been based upon intuition alone. Until now.
We have developed a proprietary tool to tackle this very problem. PriceLabs gives Airbnb hosts the ability to price their properties at the optimal amount, which directly translates to a decrease in vacancies and an increase in earnings.
What’s even more exciting? PriceLabs not only looks at demand-based pricing, but gets smarter and better acquainted with a particular listing each day, once someone signs up. PriceLabs employs adaptive machine learning, which basically means that the more data we feed in to our tool, the smarter the results the tool provides.
Sounds like a lot, huh? Well the good news is that our process takes only a few minutes for Airbnb hosts to access the information they need to find the perfect price point for their listing. It really is as easy as setting up an account with PriceLabs, adding your Airbnb listing and automating pricing to your Airbnb calendar, which is updated each night at 3 a.m. Now hosts can worry less about updating their Airbnb calendar and spend more time taking care of their guests, or, you know, shopping online. We don’t judge.
Stay tuned for exciting news from the PriceLabs team by following us on Twitter @price_labs. Have a question about how PriceLabs works? Shoot us an email at firstname.lastname@example.org. We look forward to helping you find your best price.
P.S.: Interested in learning more about machine learning? Check out this great article.