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How Beyond Uses AI to Revolutionize Vacation Rental Pricing and Insights

October 24, 2024

At Beyond, artificial intelligence (AI) isn't just a buzzword—it's a driving force behind our technology that’s shaping the future of the vacation rental industry. Our journey with machine learning (ML), a branch of AI, began in 2018 when we set out to enhance our price prediction accuracy.

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The result? We've improved performance more than five times over in just a few years!

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Since then, we’ve continuously refined our AI-driven pricing engine, introducing thousands of updates annually, each powered by cutting-edge techniques like large-scale data analysis and AI models designed to boost our customers’ revenue, save them time, and provide deeper insights into their specific markets.

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This continuous innovation means more revenue for our customers, less time spent on manual tasks, and deeper insights into the market. Let’s take a closer look at how our AI-driven technology works to supercharge your success.

Key Highlights of Our AI-Powered Pricing Algorithm

Market and Price Predictions

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Our technology does more than just set prices—it anticipates the future. We leverage advanced AI methods to forecast market trends, cluster dynamics, and potential price variations. By predicting how the market might change, we help you stay ahead of the curve and make data-driven decisions.

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Event Detection

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Whether it's a major festival, sports event, or sudden surge in local demand, our system uses advanced methods to spot rare events or deviations that could impact pricing. Unexpected events, including outlier spikes or dips in demand, are also detected by the system. For instance, if demand drops below typical levels, it automatically adjusts pricing strategies to attract bookings and maintain occupancy during those periods. This means you can respond to market shifts in real-time, maximizing your profits during peak periods.

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Product Testing

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Innovation never sleeps at Beyond. We’re constantly refining our pricing algorithm by systematically testing and measuring every update. This iterative process ensures that each change adds value, delivering optimized pricing to enhance your property’s performance.

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Amenities Normalization

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Standardizing amenities data is no small feat, but our AI makes it look easy. Using Natural Language Processing (NLP) and LLMs, we normalize amenities information across all listings, enabling accurate analytics and better recommendations. This ensures that your properties are always positioned for maximum appeal.

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Profit Optimization

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Our algorithm goes beyond traditional rate-setting by balancing rates, availability, and demand in real-time to maximize your property’s profitability. With AI on your side, you can be sure that your pricing strategy is always aligned with market conditions.

Introducing Our Newest AI-Driven Feature: Sage AI

We're thrilled to announce the launch of Sage AI, the latest innovation in our AI toolkit. Part of our new Owner Insights feature, Sage AI is designed to make data analysis simpler and more accessible. Once you've built your custom report in Owner Insights, Sage AI steps in to analyze the data with just one click, providing a clear, easy-to-read summary and actionable insights.

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Why AI Matters for the Future of Vacation Rentals

AI technology is a huge part part of our technology stack. With capabilities like predictive analytics, event detection, and real-time pricing optimization, our AI solutions are delivering significant benefits to our customers, driving revenue, and providing a competitive edge in the evolving landscape of vacation rentals.

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As we continue to refine our AI technology, we're committed to ensuring that our customers not only keep up with the trends but lead the way in this fast-paced industry.

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