Artificial Intelligence Makes What Once Seemed Unattainable in Airbnb Management Possible
Platforms are moving towards real-time comprehensive market analysis, transforming pricing practices through concrete data on occupancy, supply, and demand.
Airbnb management increasingly relies on the smart use of data to refine pricing strategies and services. Recent advances show that it will soon be possible to adjust prices in real time to attract demand without setting rates too low, or even target a specific traveler profile based on their online searches. These improvements allow for optimized results while meeting the needs of both hosts and guests.
AI now enables platforms to search and analyze competitor prices in real time. Dynamic pricing tools, which help hosts quickly adapt to market fluctuations, are one example of using this data. In the future, temporary offers with constantly updated data will be generated based on user searches.
Artificial intelligence is already widely used in automated communication and the optimization of check-in and check-out processes, thus facilitating the management of rental units. Travelers can now describe their trip and receive personalized suggestions for accommodations, flights, tourist attractions, and more, all through one app. However, the challenge remains to go beyond these services.
For Airbnb hosts, AI offers the promise of maximizing revenue, while for travelers, it could reduce travel costs. However, the key to maximizing these revenues lies in the proper use of AI tools. For example, pre-defined offers can lead to reduced revenue if a large number of properties use the same tool.
AI tools utilize an increasingly large volume of data: real-time pricing, property characteristics, reputation scores, occupancy rates, and seasonality. Host preferences and search behavior are also tracked, along with their reviews and feedback. This allows for personalized search results and the display of properties most likely to meet travelers' expectations, at the moment they are ready to book.
In the future, hosts and travelers will be less surprised by a drop in bookings due to a lack of knowledge on areas to improve within the property, or by bookings for places that don't meet their expectations. Artificial intelligence will enable the proactive prediction and adjustment of these elements.
Examples of services already available to hosts and travelers on platforms such as Airbnb, Booking.com, VRBO, as well as by connectivity providers integrating two or more platforms into one interface:
- Dynamic pricing
- Demand forecasting tools
- Automated responses to guest messages
- Personalized travel recommendations
- Automation of check-in and check-out schedules with temporary password generation
Stay updated on technological innovations and smart services on TeamCHECKiN's blog, The World of Property Management.