Airbnb Adds New Tools For Renters To Maximize Profits

Airbnb hosted its Open Air event in Silicon Valley, wherein the company introduced a new tools for both hosts looking to make as much cash as possible from the service. Airbnb wants to lure more people to rent their home or apartment out for a night on its site, and giving renters new tools to maximize profits is a great way to grow its base of rental properties. The new tool, Price Tips, uses an easy-to-read calendar layout (much like browsing for airline flights) with suggested prices for your property based on an array of factors including location, listing type, current price, availability, and how far away future available dates are.

According to the company's on blog article, with Airbnb's Price Tips,

"You'll be able to get personalized, daily pricing information right in your calendar, so you can see how adjusting your price could increase your chances of getting booked, or take advantage of strong interest in visiting your area."

Price Tips' mathematical formula adapts to new information and is designed to become more accurate over time. There may be times when it suggests a price lower than what you are used to, but it is all for the purpose of securing a booking, allowing you to earn more money over time.

According to Airbnb, hosts who set prices within 5% of the Price Tip range, are almost 4 times more likely to get booked over hosts outside that price range. Tips will update daily, and savvy hosts will update their pricing, accordingly. With Price Tips, Airbnb is spelling out how easy it appears to be to profit from the service. This may be just what people on-the-fence about listing their properties need to join the platform.

Source: Airbnb