Data for sharing
Start-up watch: If you’re part of the sharing economy which makes a bit of cash renting out a property, it's not enough to simply lean on Airbnb alone. You need data. That’s where Beyond Pricing comes in. The number-crunching outfit wants to give rental owners the ability to tap into the same info that hotels and airlines use to determine pricing and maximise the performance of their sharing economy assets. In fact, Beyond Pricing views this as nothing less than the ‘democratisation of data’.
How does it work? Beyond Pricing will give a property a health check to determine how it’s performing, then analyse the performance of similar listings in the hood and model local demand each night using the likes of hotel, flight and conference data to help determine a competitive rate. That price is then updated automatically every day.
Beyond Pricing is now up and running in nine US cities, having just launched in Portland. It should do well there. The city has worked closely with Airbnb to develop new regulations for short-term rentals, while Airbnb also collects lodging taxes for Portland from users.