Ready. Set. Go!
Updated on March 12, 2020
We are excited to announce PriceLabs, Inc.
We love sharing economy (less consumption, less waste!), and truly believe that it is here to stay. So much so that we started a business to enable sharing economy, and make it easier for people to share.
Marketplaces like Airbnb have done a tremendous job to make sharing mainstream, increase trust amongst individuals and create a sense of community. We wanted to partake in the revolution, so as a good business practice we asked a lot of hosts in various cities – what services could be of help. We heard home cleaning, property management, email response and many others. But one stood out and was repeated over and over.
Host didn’t really know how much rent to charge! So we wondered if we could use our engineering and business backgrounds to help them.
Over the last couple of months, we have been working from our hide outs to build out an algorithm that calculates optimal rent for a listing on marketplaces (like Airbnb) for any given day. Today we are closer than ever. We will be launching in Chicago soon and have started signup for a free private beta.
Whatever your goals might be as a host, having more guests or making more money, pricing directly affects it.
If your goal is to make more money, right pricing (or rent) is naturally for you. You must have wondered if you price too high, and no one would want to stay at your house but if you price too low, and you’d lose a business opportunity. Many of you have tried tricks such as, increasing your slowly price till you have enough reviews, increasing prices when there is a big event in the city (Super bowl, anyone?) or decreasing prices when you see a slump. But sometimes that’s not enough, you are losing business when your neighboring house lowers their price, or if there are more tourists coming on a given day, or there is that crazy convention next door.
However, if your goal is to have more guests (for the love of sharing and reduced consumption!), you are probably giving us a stinky eye right now. But you know that you need to stay competitive (may be even cheaper) to hotels or neighboring properties to make sure that you can have more guests. Guess what can help? Right pricing along with your judgment of whom you want to let into your house.
We don’t just intend to build another online tool; we wish to build a company along with you. We build an algorithm for each host based on their listing and their goals.
We are excited about what we are doing and are laser focused on building a company that makes sharing economy mainstream. If you are a host, talk to us today to know how we can help you! Send us a mail at email@example.com or visit us at www.pricelabs.co