Dynamic pricing platform launched for vacation rentals
Long used as a trusty tool in airline and hotel revenue management departments, dynamic pricing is about to be unleashed on the sharing economy.
San Francisco based PriceMethod has launched a dynamic pricing platform for vacation rentals on Airbnb, VRBO, and HomeAway.
The company claims it can help hosts generate 20-40% more income by staying ahead of the curve to optimize pricing during periods of high demand.
Owners will also capture more bookings during slow periods, it says.
It has been launched in 60 markets in the US and makes use of software that collects 500 million data points and recommends the best prices for each property for any given night.
"Most hosts we speak to realize that they should be optimizing their pricing, but very few realize just how much money they’re leaving on the table," says Joe Fraiman, COO of PriceMethod.
"Optimizing pricing is the number one thing a host can do to increase their revenue."
"We’re trying to level the playing field by offering hosts the same kind of software that hotels have been using for years," added PriceMethod CEO Andrew Kitchell.
The company says it can tailor results to each individual listing with daily price updates.
Vacation rental owners can connect their Aibnb, VRBO or HomeAway account to see an optimized price for each night, with the ability to update prices with a single click.
The platform has been launched for 6,000 zip codes so far with plans to roll out nationwide in the future.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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