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Published on Dec 7, 2013
One of the hardest questions for anyone selling a product is 'how much should I charge?' This question becomes even harder when you're selling highly unique items: rare collectables, time, tasks, journeys, space. For disruptive companies that enable people to sell previously unavailable products and services in an open marketplace, the challenge is magnified as little historical data or comparative models exist.
At Airbnb we discovered one of the most nerve-wracking and confusing moments for a new host is setting their price. How much should they charge? When should they change it? Putting a price on your home and experience is challenging! Last year we set out to develop a predictive pricing model to help our hosts confidently set the best price for their space, and know when to change it. We integrated dozens of signals, some obvious and some unexpected and new.