We’ve been managing Salome’s apartment for a long time.
During the New Year period, we found out that there was a significant growth in demand compared to the amount of apartments on a market. So, we realized that we could increase the income of Salome’s apartment during this period.
What we did
While developing new pricing strategy for this apartment, we took into account many factors including the demand on the market during New Year days, prices of the competitors, general potential of this apartment and so on.
Sometimes we had to change price several times a day so that we would get maximal possible income and wouldn’t lose a day without a booking.
What was our goal
Our main goal was to profitably use increased demand on New Year days. Generally, prices rise in this period of year but only adding certain amount to the rent would not be sufficient for the best possible result.
So, in order to maximize the profit from New Year days we decided to develop New Year pricing strategy specifically for this apartment
Our pricing strategy helped us to get much more money than we would be able to make with Airbnb’s recommended prices. So, our algorithms helped us to double Salome’s income.