Ready to take your revenue management strategies to the next level? AirDNA’s dynamic pricing tool is here! Plus, it’s free for current MarketMinder subscribers!
Today we are excited to announce that we’ve taken our pricing recommendations one step further and can now deliver actionable, property-level dynamic pricing with “Recommended Rates.”
Simplicity AND Transparency in a Data-Driven Dynamic Pricing Tool
Building on the trusted short-term rental data that you rely on for market insights and revenue projections, our dynamic pricing algorithm leverages machine learning to combine signals from more than 20 different factors including real-time future demand, historical market seasonality, past property, and comp performance, amenities, and more.
We then use those signals to generate daily price recommendations for your individual properties up to 6 months into the future.
And while the Market Rates calendar you have used in the past shows you how your properties’ prices compare to overall market demand, the new “Recommended Rates” calendar looks at how your actual property has performed in the past and how it’s performing in the future (e.g. future reservations on-the-books) compared with the broader market to deliver the most personalized dynamic pricing recommendation possible.
The dynamic pricing suggestions within the Recommended Rates calendar will help you achieve the highest RevPAR by tailoring your revenue management strategies to maximize ADR and occupancy throughout high-demand compression events and high seasons, as well as low-demand seasons and less popular days of the week.
Unlike other dynamic pricing tools available today, our recommended rates do not rely on complex rate rules or user-generated base rates that may not reflect actual demand in the market. Plus, our motivations are aligned with yours – we build our tools to help you drive revenue, and not just bookings on a specific platform (we see you “smart pricing”).
Because we have an end-to-end view of supply and demand in the market, we are able to take away some of the complexity of pricing a property, while giving you a market rate baseline against which you can gut check our recommendations.
It’s a win-win for simplicity and transparency.
Start Dynamically Pricing Your Listings Today
Outperform the Competition with Better Pricing Recommendations
We are excited to offer our dynamic pricing data as a value-add at no additional cost for all MarketMinder subscribers.
To get started, first ensure that you are subscribed to a market within MarketMinder, and have onboarded and verified your Airbnb listings within the My Properties tab. This will enable both the rate adjustments within Market Rates (for all 80,000 markets worldwide), as well as the Recommended Rates calendar (currently for cities with >100 active short-term rental listings, which represent more than 23,000 markets and counting).
Once your properties are verified in MarketMinder, adjust your “Price Settings” by clicking on the individual property card.
Here you can set your minimum rate (in one of five currencies) and any orphan day discounts you would like to apply. Once you have saved your settings, click the “View Property Pricing” button to view the recommended rates for that property.
If you just verified a property for the first time, please note that it may take up to 24 hours for our system to generate recommended rates. To default to AirDNA’s recommended rates without any adjustments, simply leave the “Price Settings” fields blank or set them to zero.
Why is “Recommended Rates” in Beta?
We are really excited about all of the blood, sweat, tears, and data science that went into our personalized pricing recommendations. But like any good model, it is always learning and improving.
Since our customers operate across more than 80,000 short-term rental markets with dramatically different seasonality, property supply, channel distribution, and property performance benchmarks, we want to let the model run in beta until we can be confident that our Recommended Rates will outperform Market Rate recommendations 100% of the time.
Our initial beta testers have been overjoyed at the results and have been clamoring for direct integrations to Airbnb and their property management systems. Many have also requested the ability to price properties on HomeAway and Vrbo too.
Rest assured; we hear you. We have a lot planned in the coming months, so stay tuned.
For now, we want to make sure that we are delivering the best dynamic pricing recommendations in the market. Let us know what you think!